10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X)   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended December 31, 2008
or
( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number        0-26200

BOSTON CAPITAL TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)    (Zip Code)

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes  No ý

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  No ý

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2008

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Financial Statements
		Balance Sheets	3-30
		Statements of Operations	31-86
		Statements of Changes in Partners'  Capital (Deficit)	87-101
		Statements of Cash Flows	102-157
		Notes to Financial Statements	158-192
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		193-258
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		259
	Item 4T. Controls and Procedures		259
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		260
	Item 1A. Risk Factors		260
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		260
	Item 3. Defaults Upon Senior Securities		260
	Item 4. Submission of Matters to a Vote of Security Holders		260
	Item 5. Other Information		260
	Item 6. Exhibits		260
	Signatures		261

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	193,117,910	$	207,743,560
OTHER ASSETS
Cash and cash equivalents		6,436,062		6,849,444
Notes receivable		892,005		892,005
Acquisition costs net		30,082,855		31,189,499
Other assets		1,550,479		1,326,274
	$	232,079,311	$	248,000,782
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	63,389	$	71,462
Accounts payable affiliates		44,744,341		40,753,556
Capital contributions payable		2,659,485		2,821,576
		47,467,215		43,646,594
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  83,651,080 issued and outstanding		189,932,197		209,476,866
General Partner		(5,320,101)		(5,122,678)
		184,612,096		204,354,188
	$	232,079,311	$	248,000,782

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 20

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,010,100	$	1,204,188
OTHER ASSETS
Cash and cash equivalents		172,454		168,406
Notes receivable		-		-
Acquisition costs net		63,407		66,086
Other assets		22,166		22,166
	$	1,268,127	$	1,460,846
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	10,000	$	381
Accounts payable affiliates		3,060,754		2,857,440
Capital contributions payable		-		-
		3,070,754		2,857,821
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,866,700 issued and outstanding		(1,476,349)		(1,074,754)
General Partner		(326,278)		(322,221)
		(1,802,627)		(1,396,975)
	$	1,268,127	$	1,460,846

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 21

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	150,568	$	209,082
OTHER ASSETS
Cash and cash equivalents		3,279		6,279
Notes receivable		236,476		236,476
Acquisition costs net		34,681		36,146
Other assets		263,232		263,232
	$	688,236	$	751,215
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		1,926,315		1,765,217
Capital contributions payable		236,479		236,479
		2,162,794		2,002,077
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  1,892,700 issued and outstanding		(1,297,861)		(1,076,402)
General Partner		(176,697)		(174,460)
		(1,474,558)		(1,250,862)
	$	688,236	$	751,215

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 22

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	554,992	$	580,501
OTHER ASSETS
Cash and cash equivalents		72,715		81,744
Notes receivable		-		-
Acquisition costs net		108,981		113,586
Other assets		5,437		5,437
	$	742,125	$	781,268
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		3,013,059		2,808,499
Capital contributions payable		9,352		9,352
		3,022,411		2,818,232
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,564,400 issued and outstanding		(2,038,401)		(1,797,512)
General Partner		(241,885)		(239,452)
		(2,280,286)		(2,036,964)
	$	742,125	$	781,268

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 23

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	662,879	$	680,481
OTHER ASSETS
Cash and cash equivalents		27,650		40,491
Notes receivable		-		-
Acquisition costs net		162,070		168,918
Other assets		6,135		6,135
	$	858,734	$	896,025
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		2,500,155		2,306,057
Capital contributions payable		-		-
		2,500,155		2,306,438
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,336,727 issued and outstanding		(1,340,160)		(1,111,462)
General Partner		(301,261)		(298,951)
		(1,641,421)		(1,410,413)
	$	858,734	$	896,025

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 24

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	221,201	$	286,029
OTHER ASSETS
Cash and cash equivalents		117,208		135,973
Notes receivable		-		-
Acquisition costs net		181,133		188,786
Other assets		-		-
	$	519,542	$	610,788
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	678	$	1,059
Accounts payable affiliates		2,350,958		2,230,156
Capital contributions payable		9,999		9,999
		2,361,635		2,241,214
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,169,878 issued and outstanding		(1,638,374)		(1,428,824)
General Partner		(203,719)		(201,602)
		(1,842,093)		(1,630,426)
	$	519,542	$	610,788

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 25

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,223,106	$	2,477,296
OTHER ASSETS
Cash and cash equivalents		277,762		187,189
Notes receivable		-		-
Acquisition costs net		181,907		189,593
Other assets		40,320		40,320
	$	2,723,095	$	2,894,398
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	978	$	1,359
Accounts payable affiliates		2,141,269		1,986,762
Capital contributions payable		61,733		61,733
		2,203,980		2,049,854
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,026,109 issued and outstanding		771,368		1,093,543
General Partner		(252,253)		(248,999)
		519,115		844,544
	$	2,723,095	$	2,894,398

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 26

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,606,568	$	5,982,367
OTHER ASSETS
Cash and cash equivalents		594,273		202,820
Notes receivable		129,062		129,062
Acquisition costs net		325,399		338,077
Other assets		3,633		6,509
	$	6,658,935	$	6,658,835
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	15,000	$	381
Accounts payable affiliates		3,205,907		3,429,840
Capital contributions payable		29,490		29,490
		3,250,397		3,459,711
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,995,900 issued and outstanding		3,714,706		3,507,386
General Partner		(306,168)		(308,262)
		3,408,538		3,199,124
	$	6,658,935	$	6,658,835

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 27

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	6,591,460	$	6,799,406
OTHER ASSETS
Cash and cash equivalents		97,605		87,690
Notes receivable		-		-
Acquisition costs net		265,304		276,514
Other assets		104,014		104,014
	$	7,058,383	$	7,267,624
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		2,891,456		2,642,897
Capital contributions payable		39,749		39,749
		2,931,205		2,683,027
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,460,700 issued and outstanding		4,292,353		4,745,198
General Partner		(165,175)		(160,601)
		4,127,178		4,584,597
	$	7,058,383	$	7,267,624

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 28

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	4,646,165	$	5,524,970
OTHER ASSETS
Cash and cash equivalents		178,950		185,940
Notes receivable		-		-
Acquisition costs net		58,587		61,062
Other assets		2,595		2,595
	$	4,886,297	$	5,774,567
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		652,935		477,348
Capital contributions payable		40,968		40,968
		693,903		518,697
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,000,738 issued and outstanding		4,494,218		5,547,059
General Partner		(301,824)		(291,189)
		4,192,394		5,255,870
	$	4,886,297	$	5,774,567

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 29

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,579,273	$	3,506,468
OTHER ASSETS
Cash and cash equivalents		143,552		174,993
Notes receivable		-		-
Acquisition costs net		58,725		61,209
Other assets		573		573
	$	2,782,123	$	3,743,243
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		2,149,538		1,897,697
Capital contributions payable		10,328		45,783
		2,159,866		1,943,861
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,991,800 issued and outstanding		954,681		2,120,035
General Partner		(332,424)		(320,653)
		622,257		1,799,382
	$	2,782,123	$	3,743,243

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 30

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	3,902,296	$	4,341,662
OTHER ASSETS
Cash and cash equivalents		264,665		276,205
Notes receivable		-		-
Acquisition costs net		376,942		392,871
Other assets		6,675		6,675
	$	4,550,578	$	5,017,413
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		980,588		865,960
Capital contributions payable		127,396		127,396
		1,107,984		993,737
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,651,000 issued and outstanding		3,635,225		4,210,496
General Partner		(192,631)		(186,820)
		3,442,594		4,023,676
	$	4,550,578	$	5,017,413

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 31

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,094,021	$	5,822,035
OTHER ASSETS
Cash and cash equivalents		177,638		258,422
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		134,137		134,137
	$	5,405,796	$	6,214,594
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	5,357
Accounts payable affiliates		1,527,620		1,304,506
Capital contributions payable		66,294		66,294
		1,593,914		1,376,157
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,417,857 issued and outstanding		4,153,023		5,169,312
General Partner		(341,141)		(330,875)
		3,811,882		4,838,437
	$	5,405,796	$	6,214,594

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 32

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,568,035	$	8,742,643
OTHER ASSETS
Cash and cash equivalents		247,123		306,548
Notes receivable		46,908		46,908
Acquisition costs net		539,682		562,479
Other assets		133,638		133,638
	$	8,535,386	$	9,792,216
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		2,126,936		1,905,278
Capital contributions payable		298,561		298,561
		2,425,497		2,204,220
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,754,198 issued and outstanding		6,455,151		7,918,477
General Partner		(345,262)		(330,481)
		6,109,889		7,587,996
	$	8,535,386	$	9,792,216

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 33

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,898,526	$	6,206,010
OTHER ASSETS
Cash and cash equivalents		178,641		186,282
Notes receivable		-		-
Acquisition costs net		484,219		504,677
Other assets		125,000		125,000
	$	6,686,386	$	7,021,969
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	447
Accounts payable affiliates		1,274,823		1,131,261
Capital contributions payable		194,154		194,154
		1,468,977		1,325,862
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,636,533 issued and outstanding		5,391,015		5,864,926
General Partner		(173,606)		(168,819)
		5,217,409		5,696,107
	$	6,686,386	$	7,021,969

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 34

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	6,394,593	$	7,235,804
OTHER ASSETS
Cash and cash equivalents		54,878		66,702
Notes receivable		-		-
Acquisition costs net		769,532		802,049
Other assets		-		-
	$	7,219,003	$	8,104,555
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		2,326,415		2,091,915
Capital contributions payable		8,244		8,244
		2,334,659		2,100,540
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,529,319 issued and outstanding		5,135,892		6,244,366
General Partner		(251,548)		(240,351)
		4,884,344		6,004,015
	$	7,219,003	$	8,104,555

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 35

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,079,865	$	9,704,927
OTHER ASSETS
Cash and cash equivalents		117,791		148,626
Notes receivable		-		-
Acquisition costs net		2,180,777		2,272,925
Other assets		12,739		14,109
	$	11,391,172	$	12,140,587
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	7,198
Accounts payable affiliates		1,099,892		953,622
Capital contributions payable		-		-
		1,099,892		960,820
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,300,463 issued and outstanding		10,470,392		11,349,994
General Partner		(179,112)		(170,227)
		10,291,280		11,179,767
	$	11,391,172	$	12,140,587

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 36

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,680,580	$	6,035,254
OTHER ASSETS
Cash and cash equivalents		92,335		97,695
Notes receivable		-		-
Acquisition costs net		1,497,397		1,560,667
Other assets		1,691		3,061
	$	7,272,003	$	7,696,677
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		1,456,597		1,348,538
Capital contributions payable		-		-
		1,456,597		1,348,919
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,106,837 issued and outstanding		5,935,916		6,462,944
General Partner		(120,510)		(115,186)
		5,815,406		6,347,758
	$	7,272,003	$	7,696,677

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 37

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	8,192,590	$	9,109,138
OTHER ASSETS
Cash and cash equivalents		279,791		305,864
Notes receivable		-		-
Acquisition costs net		1,687,432		1,754,921
Other assets		81,235		81,235
	$	10,241,048	$	11,251,158
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	522
Accounts payable affiliates		1,171,611		1,042,963
Capital contributions payable		138,438		138,438
		1,310,049		1,181,923
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,512,500 issued and outstanding		9,057,252		10,184,106
General Partner		(126,253)		(114,871)
		8,930,999		10,069,235
	$	10,241,048	$	11,251,158

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 38

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	10,122,611	$	10,629,006
OTHER ASSETS
Cash and cash equivalents		240,277		133,521
Notes receivable		-		-
Acquisition costs net		1,941,996		2,013,922
Other assets		4,875		4,875
	$	12,309,759	$	12,781,324
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		1,122,923		1,024,623
Capital contributions payable		-		-
		1,122,923		1,025,004
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,543,100 issued and outstanding		11,293,252		11,857,041
General Partner		(106,416)		(100,721)
		11,186,836		11,756,320
	$	12,309,759	$	12,781,324

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 39

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,992,654	$	8,575,183
OTHER ASSETS
Cash and cash equivalents		230,054		158,655
Notes receivable		-		-
Acquisition costs net		1,799,548		1,865,383
Other assets		-		-
	$	10,022,256	$	10,599,221
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		929,699		852,099
Capital contributions payable		-		-
		929,699		852,480
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,292,152 issued and outstanding		9,198,073		9,845,715
General Partner		(105,516)		(98,974)
		9,092,557		9,746,741
	$	10,022,256	$	10,599,221

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 40

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,868,903	$	10,446,429
OTHER ASSETS
Cash and cash equivalents		108,917		142,164
Notes receivable		-		-
Acquisition costs net		2,206,147		2,282,946
Other assets		9,873		9,873
	$	12,193,840	$	12,881,412
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	36,733	$	37,114
Accounts payable affiliates		1,721,300		1,566,350
Capital contributions payable		102		8,694
		1,758,135		1,612,158
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,630,256 issued and outstanding		10,556,290		11,381,504
General Partner		(120,585)		(112,250)
		10,435,705		11,269,254
	$	12,193,840	$	12,881,412

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 41

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	8,227,078	$	8,842,020
OTHER ASSETS
Cash and cash equivalents		33,774		21,723
Notes receivable		-		-
Acquisition costs net		2,397,281		2,483,931
Other assets		1,217		1,217
	$	10,659,350	$	11,348,891
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	9,584
Accounts payable affiliates		2,145,674		1,941,535
Capital contributions payable		100		100
		2,145,774		1,951,219
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,891,626 issued and outstanding		8,677,609		9,552,864
General Partner		(164,033)		(155,192)
		8,513,576		9,397,672
	$	10,659,350	$	11,348,891

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 42

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,894,108	$	12,469,734
OTHER ASSETS
Cash and cash equivalents		364,127		649,411
Notes receivable		292,933		292,933
Acquisition costs net		2,481,611		2,567,183
Other assets		184,612		66,984
	$	15,217,391	$	16,046,245
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		1,059,839		995,597
Capital contributions payable		452,937		457,148
		1,512,776		1,453,126
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,744,262 issued and outstanding		13,808,507		14,688,126
General Partner		(103,892)		(95,007)
		13,704,615		14,593,119
	$	15,217,391	$	16,046,245

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 43

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	15,795,393	$	16,587,969
OTHER ASSETS
Cash and cash equivalents		179,857		343,255
Notes receivable		186,626		186,626
Acquisition costs net		3,227,204		3,338,381
Other assets		202,917		85,289
	$	19,591,997	$	20,541,520
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		1,039,115		859,030
Capital contributions payable		307,738		310,006
		1,346,853		1,169,417
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,637,987 issued and outstanding		18,384,215		19,499,904
General Partner		(139,071)		(127,801)
		18,245,144		19,372,103
	$	19,591,997	$	20,541,520

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 44

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	12,525,406	$	13,358,199
OTHER ASSETS
Cash and cash equivalents		811,280		864,250
Notes receivable		-		-
Acquisition costs net		2,287,808		2,364,068
Other assets		197,058		197,058
	$	15,821,552	$	16,783,575
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	381
Accounts payable affiliates		392,930		229,402
Capital contributions payable		590,561		702,126
		983,491		931,909
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,701,973 issued and outstanding		14,927,129		15,930,598
General Partner		(89,068)		(78,932)
		14,838,061		15,851,666
	$	15,821,552	$	16,783,575

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 45

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	21,513,346	$	22,717,292
OTHER ASSETS
Cash and cash equivalents		872,963		1,030,160
Notes receivable		-		-
Acquisition costs net		2,745,957		2,837,508
Other assets		6,707		12,142
	$	25,138,973	$	26,597,102
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	678
Accounts payable affiliates		284,224		159,301
Capital contributions payable		16,724		16,724
		300,948		176,703
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,014,367 issued and outstanding		24,943,307		26,509,857
General Partner		(105,282)		(89,458)
		24,838,025		26,420,399
	$	25,138,973	$	26,597,102

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 46

		December 31, 2008 (Unaudited)		March 31, 2008 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	19,121,593	$	19,669,467
OTHER ASSETS
Cash and cash equivalents		496,503		588,436
Notes receivable		-		-
Acquisition costs net		2,019,128		2,085,611
Other assets		-		-
	$	21,637,224	$	22,343,514
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	1,667
Accounts payable affiliates		191,809		79,663
Capital contributions payable		20,138		20,138
		211,947		101,468
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,980,998 issued and outstanding		21,473,768		22,282,369
General Partner		(48,491)		(40,323)
		21,425,277		22,242,046
	$	21,637,224	$	22,343,514

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

		2008		2007
Income
Interest income	$	45,477	$	222,477
Other income		899,471		143,312
		944,948		365,789
Share of loss from  Operating Partnerships (Note D)		(4,306,910)		(5,476,477)
Expenses
Professional fees		88,861		146,530
Fund management fee (Note C)		1,582,517		1,352,998
Amortization		402,563		402,563
General and administrative expenses		240,063		443,280
		2,314,004		2,345,371
NET INCOME (LOSS)	$	(5,675,966)	$	(7,456,059)
Net income (loss) allocated to  assignees	$	(5,619,209)	$	(7,381,499)
Net income (loss) allocated to general partner	$	(56,757)	$	(74,560)
Net income (loss) per BAC	$	(.07)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 20

		2008		2007
Income
Interest income	$	986	$	2,833
Other income		-		-
		986		2,833
Share of loss from  Operating Partnerships (Note D)		(75,880)		(115,346)
Expenses
Professional fees		2,265		3,386
Fund management fee (Note C)		63,507		43,107
Amortization		893		893
General and administrative expenses		9,082		17,838
		75,747		65,224
NET INCOME (LOSS)	$	(150,641)	$	(177,737)
Net income (loss) allocated to  assignees	$	(149,135)	$	(175,960)
Net income (loss) allocated to general partner	$	(1,506)	$	(1,777)
Net income (loss) per BAC	$	(.04)	$	(.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 21

		2008		2007
Income
Interest income	$	17	$	72
Other income		254		-
		271		72
Share of loss from  Operating Partnerships (Note D)		(5,360)		(26,075)
Expenses
Professional fees		2,312		17,901
Fund management fee (Note C)		44,763		41,304
Amortization		488		488
General and administrative expenses		5,772		12,686
		53,335		72,379
NET INCOME (LOSS)	$	(58,424)	$	(98,382)
Net income (loss) allocated to  assignees	$	(57,840)	$	(97,398)
Net income (loss) allocated to general partner	$	(584)	$	(984)
Net income (loss) per BAC	$	(.03)	$	(.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 22

		2008		2007
Income
Interest income	$	50	$	217
Other income		1,214		9,772
		1,264		9,989
Share of loss from  Operating Partnerships (Note D)		(7,898)		(22,025)
Expenses
Professional fees		4,570		11,494
Fund management fee (Note C)		62,148		58,816
Amortization		1,535		1,535
General and administrative expenses		8,094		12,669
		76,347		84,514
NET INCOME (LOSS)	$	(82,981)	$	(96,550)
Net income (loss) allocated to  assignees	$	(82,151)	$	(95,585)
Net income (loss) allocated to general partner	$	(830)	$	(965)
Net income (loss) per BAC	$	(.03)	$	(.04)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 23

		2008		2007
Income
Interest income	$	99	$	424
Other income		801		1,335
		900		1,759
Share of loss from  Operating Partnerships (Note D)		(37,589)		(28,057)
Expenses
Professional fees		1,789		2,122
Fund management fee (Note C)		49,502		57,752
Amortization		2,283		2,283
General and administrative expenses		8,540		16,464
		62,114		78,621
NET INCOME (LOSS)	$	(98,803)	$	(104,919)
Net income (loss) allocated to  assignees	$	(97,815)	$	(103,870)
Net income (loss) allocated to general partner	$	(988)	$	(1,049)
Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 24

		2008		2007
Income
Interest income	$	72	$	934
Other income		-		29,520
		72		30,454
Share of loss from  Operating Partnerships (Note D)		(5,723)		(68,152)
Expenses
Professional fees		1,535		2,909
Fund management fee (Note C)		56,725		52,400
Amortization		2,551		2,551
General and administrative expenses		6,988		14,073
		67,799		71,933
NET INCOME (LOSS)	$	(73,450)	$	(109,631)
Net income (loss) allocated to  assignees	$	(72,716)	$	(108,535)
Net income (loss) allocated to general partner	$	(734)	$	(1,096)
Net income (loss) per BAC	$	(.03)	$	(.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 25

		2008		2007
Income
Interest income	$	1,232	$	2,295
Other income		-		32,499
		1,232		34,794
Share of loss from  Operating Partnerships (Note D)		(10,667)		(36,806)
Expenses
Professional fees		8,051		2,627
Fund management fee (Note C)		68,169		53,369
Amortization		3,805		3,805
General and administrative expenses		7,886		15,595
		87,911		75,396
NET INCOME (LOSS)	$	(97,346)	$	(77,408)
Net income (loss) allocated to  assignees	$	(96,373)	$	(76,634)
Net income (loss) allocated to general partner	$	(973)	$	(774)
Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 26

		2008		2007
Income
Interest income	$	15,045	$	2,650
Other income		823,335		2,040
		838,380		4,690
Share of loss from  Operating Partnerships (Note D)		(97,269)		(89,379)
Expenses
Professional fees		2,579		3,028
Fund management fee (Note C)		100,190		94,922
Amortization		4,226		4,226
General and administrative expenses		10,985		19,463
		117,980		121,639
NET INCOME (LOSS)	$	623,131	$	(206,328)
Net income (loss) allocated to  assignees	$	616,900	$	(204,265)
Net income (loss) allocated to general partner	$	6,231	$	(2,063)
Net income (loss) per BAC	$	.15	$	(.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 27

		2008		2007
Income
Interest income	$	78	$	730
Other income		-		-
		78		730
Share of loss from  Operating Partnerships (Note D)		(21,439)		(100,538)
Expenses
Professional fees		1,507		2,503
Fund management fee (Note C)		78,801		77,553
Amortization		3,914		3,914
General and administrative expenses		6,864		13,484
		91,086		97,454
NET INCOME (LOSS)	$	(112,447)	$	(197,262)
Net income (loss) allocated to  assignees	$	(111,323)	$	(195,289)
Net income (loss) allocated to general partner	$	(1,124)	$	(1,973)
Net income (loss) per BAC	$	(.05)	$	(.08)

The accompanying notes are an integral part of this statement

Boston Capital Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 28

		2008		2007
Income
Interest income	$	1,011	$	1,436
Other income		-		85
		1,011		1,521
Share of loss from  Operating Partnerships (Note D)		(225,942)		(235,849)
Expenses
Professional fees		1,869		3,851
Fund management fee (Note C)		64,776		47,979
Amortization		825		825
General and administrative expenses		9,660		17,273
		77,130		69,928
NET INCOME (LOSS)	$	(302,061)	$	(304,256)
Net income (loss) allocated to  assignees	$	(299,040)	$	(301,213)
Net income (loss) allocated to general partner	$	(3,021)	$	(3,043)
Net income (loss) per BAC	$	(.07)	$	(.08)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 29

		2008		2007
Income
Interest income	$	110	$	1,953
Other income		35,455		-
		35,565		1,953
Share of loss from  Operating Partnerships (Note D)		(350,219)		(379,805)
Expenses
Professional fees		4,943		9,630
Fund management fee (Note C)		72,057		37,136
Amortization		828		828
General and administrative expenses		9,592		17,382
		87,420		64,976
NET INCOME (LOSS)	$	(402,074)	$	(442,828)
Net income (loss) allocated to  assignees	$	(398,053)	$	(438,400)
Net income (loss) allocated to general partner	$	(4,021)	$	(4,428)
Net income (loss) per BAC	$	(.10)	$	(.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 30

		2008		2007
Income
Interest income	$	1,577	$	1,901
Other income		-		37,161
		1,577		39,062
Share of loss from  Operating Partnerships (Note D)		(94,403)		(92,134)
Expenses
Professional fees		1,482		4,636
Fund management fee (Note C)		44,142		20,704
Amortization		5,310		5,310
General and administrative expenses		7,432		13,874
		58,366		44,524
NET INCOME (LOSS)	$	(151,192)	$	(97,596)
Net income (loss) allocated to  assignees	$	(149,680)	$	(96,620)
Net income (loss) allocated to general partner	$	(1,512)	$	(976)
Net income (loss) per BAC	$	(.06)	$	(.04)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 31

		2008		2007
Income
Interest income	$	813	$	1,370
Other income		-		900
		813		2,270
Share of loss from  Operating Partnerships (Note D)		(209,410)		(894,385)
Expenses
Professional fees		8,047		34,888
Fund management fee (Note C)		80,538		56,060
Amortization		-		-
General and administrative expenses		9,841		17,850
		98,426		108,798
NET INCOME (LOSS)	$	(307,023)	$	(1,000,913)
Net income (loss) allocated to  assignees	$	(303,953)	$	(990,904)
Net income (loss) allocated to general partner	$	(3,070)	$	(10,009)
Net income (loss) per BAC	$	(.07)	$	(.22)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 32

		2008		2007
Income
Interest income	$	1,299	$	3,246
Other income		5,250		3,450
		6,549		6,696
Share of loss from  Operating Partnerships (Note D)		(303,817)		(344,322)
Expenses
Professional fees		4,494		5,777
Fund management fee (Note C)		75,686		49,664
Amortization		9,181		9,181
General and administrative expenses		10,617		17,840
		99,978		82,462
NET INCOME (LOSS)	$	(397,246)	$	(420,088)
Net income (loss) allocated to  assignees	$	(393,274)	$	(415,887)
Net income (loss) allocated to general partner	$	(3,972)	$	(4,201)
Net income (loss) per BAC	$	(.08)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 33

		2008		2007
Income
Interest income	$	387	$	528
Other income		3,300		1,050
		3,687		1,578
Share of loss from  Operating Partnerships (Note D)		(92,786)		(186,357)
Expenses
Professional fees		1,330		2,951
Fund management fee (Note C)		43,022		42,554
Amortization		6,820		6,820
General and administrative expenses		7,226		13,447
		58,398		65,772
NET INCOME (LOSS)	$	(147,497)	$	(250,551)
Net income (loss) allocated to  assignees	$	(146,022)	$	(248,045)
Net income (loss) allocated to general partner	$	(1,475)	$	(2,506)
Net income (loss) per BAC	$	(.06)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 34

		2008		2007
Income
Interest income	$	25	$	110
Other income		3,600		1,650
		3,625		1,760
Share of loss from  Operating Partnerships (Note D)		(268,924)		(319,330)
Expenses
Professional fees		1,564		3,188
Fund management fee (Note C)		68,860		59,093
Amortization		10,984		10,984
General and administrative expenses		8,806		15,278
		90,214		88,543
NET INCOME (LOSS)	$	(355,513)	$	(406,113)
Net income (loss) allocated to  assignees	$	(351,958)	$	(402,052)
Net income (loss) allocated to general partner	$	(3,555)	$	(4,061)
Net income (loss) per BAC	$	(.10)	$	(.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 35

		2008		2007
Income
Interest income	$	118	$	504
Other income		3,000		1,950
		3,118		2,454
Share of loss from  Operating Partnerships (Note D)		(184,610)		(127,460)
Expenses
Professional fees		1,495		3,142
Fund management fee (Note C)		57,090		42,090
Amortization		32,309		32,309
General and administrative expenses		8,419		15,009
		99,313		92,550
NET INCOME (LOSS)	$	(280,805)	$	(217,556)
Net income (loss) allocated to  assignees	$	(277,997)	$	(215,380)
Net income (loss) allocated to general partner	$	(2,808)	$	(2,176)
Net income (loss) per BAC	$	(.08)	$	(.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 36

		2008		2007
Income
Interest income	$	95	$	1,042
Other income		1,050		300
		1,145		1,342
Share of loss from  Operating Partnerships (Note D)		(111,760)		(166,124)
Expenses
Professional fees		3,630		1,783
Fund management fee (Note C)		39,861		37,678
Amortization		22,116		22,116
General and administrative expenses		6,625		12,349
		72,232		73,926
NET INCOME (LOSS)	$	(182,847)	$	(238,708)
Net income (loss) allocated to  assignees	$	(181,019)	$	(236,321)
Net income (loss) allocated to general partner	$	(1,828)	$	(2,387)
Net income (loss) per BAC	$	(.09)	$	(.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 37

		2008		2007
Income
Interest income	$	1,291	$	3,693
Other income		1,650		600
		2,941		4,293
Share of loss from  Operating Partnerships (Note D)		(260,310)		(229,071)
Expenses
Professional fees		2,624		2,380
Fund management fee (Note C)		51,216		29,163
Amortization		23,705		23,705
General and administrative expenses		8,523		15,277
		86,068		70,525
NET INCOME (LOSS)	$	(343,437)	$	(295,303)
Net income (loss) allocated to  assignees	$	(340,003)	$	(292,350)
Net income (loss) allocated to general partner	$	(3,434)	$	(2,953)
Net income (loss) per BAC	$	(.14)	$	(.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 38

		2008		2007
Income
Interest income	$	1,106	$	1,480
Other income		2,700		750
		3,806		2,230
Share of loss from  Operating Partnerships (Note D)		(124,723)		(135,752)
Expenses
Professional fees		2,690		1,821
Fund management fee (Note C)		36,100		37,755
Amortization		24,728		24,728
General and administrative expenses		8,943		15,647
		72,461		79,951
NET INCOME (LOSS)	$	(193,378)	$	(213,473)
Net income (loss) allocated to  assignees	$	(191,444)	$	(211,338)
Net income (loss) allocated to general partner	$	(1,934)	$	(2,135)
Net income (loss) per BAC	$	(.08)	$	(.08)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 39

		2008		2007
Income
Interest income	$	1,388	$	2,520
Other income		1,650		900
		3,038		3,420
Share of loss from  Operating Partnerships (Note D)		(183,358)		(150,996)
Expenses
Professional fees		3,192		1,768
Fund management fee (Note C)		30,700		34,200
Amortization		22,581		22,581
General and administrative expenses		8,272		14,938
		64,745		73,487
NET INCOME (LOSS)	$	(245,065)	$	(221,063)
Net income (loss) allocated to  assignees	$	(242,614)	$	(218,852)
Net income (loss) allocated to general partner	$	(2,451)	$	(2,211)
Net income (loss) per BAC	$	(.11)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 40

		2008		2007
Income
Interest income	$	92	$	393
Other income		2,550		1,050
		2,642		1,443
Share of loss from  Operating Partnerships (Note D)		(210,778)		(220,150)
Expenses
Professional fees		2,473		1,875
Fund management fee (Note C)		46,004		47,524
Amortization		28,433		28,433
General and administrative expenses		8,852		16,248
		85,762		94,080
NET INCOME (LOSS)	$	(293,898)	$	(312,787)
Net income (loss) allocated to  assignees	$	(290,959)	$	(309,659)
Net income (loss) allocated to general partner	$	(2,939)	$	(3,128)
Net income (loss) per BAC	$	(.11)	$	(.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 41

		2008		2007
Income
Interest income	$	71	$	307
Other income		2,850		2,100
		2,921		2,407
Share of loss from  Operating Partnerships (Note D)		(228,273)		(311,479)
Expenses
Professional fees		4,559		2,258
Fund management fee (Note C)		57,999		60,212
Amortization		33,482		33,482
General and administrative expenses		9,997		18,299
		106,037		114,251
NET INCOME (LOSS)	$	(331,389)	$	(423,323)
Net income (loss) allocated to  assignees	$	(328,075)	$	(419,090)
Net income (loss) allocated to general partner	$	(3,314)	$	(4,233)
Net income (loss) per BAC	$	(.11)	$	(.14)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 42

		2008		2007
Income
Interest income	$	3,029	$	137,579
Other income		2,562		1,500
		5,591		139,079
Share of loss from  Operating Partnerships (Note D)		(216,840)		(190,953)
Expenses
Professional fees		8,767		3,443
Fund management fee (Note C)		52,126		40,678
Amortization		29,283		29,283
General and administrative expenses		10,217		14,664
		100,393		88,068
NET INCOME (LOSS)	$	(311,642)	$	(139,942)
Net income (loss) allocated to  assignees	$	(308,526)	$	(138,543)
Net income (loss) allocated to general partner	$	(3,116)	$	(1,399)
Net income (loss) per BAC	$	(.11)	$	(.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 43

		2008		2007
Income
Interest income	$	1,413	$	3,917
Other income		1,200		2,700
		2,613		6,617
Share of loss from  Operating Partnerships (Note D)		(198,791)		(260,001)
Expenses
Professional fees		1,705		2,344
Fund management fee (Note C)		71,795		72,468
Amortization		41,837		41,837
General and administrative expenses		10,975		29,700
		126,312		146,349
NET INCOME (LOSS)	$	(322,490)	$	(399,733)
Net income (loss) allocated to  assignees	$	(319,265)	$	(395,736)
Net income (loss) allocated to general partner	$	(3,225)	$	(3,997)
Net income (loss) per BAC	$	(.09)	$	(.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 44

		2008		2007
Income
Interest income	$	6,336	$	10,925
Other income		1,650		2,400
		7,986		13,325
Share of loss from  Operating Partnerships (Note D)		(276,309)		(233,325)
Expenses
Professional fees		1,344		1,842
Fund management fee (Note C)		14,717		34,771
Amortization		28,252		28,252
General and administrative expenses		9,231		16,728
		53,544		81,593
NET INCOME (LOSS)	$	(321,867)	$	(301,593)
Net income (loss) allocated to  assignees	$	(318,648)	$	(298,577)
Net income (loss) allocated to general partner	$	(3,219)	$	(3,016)
Net income (loss) per BAC	$	(.12)	$	(.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 45

		2008		2007
Income
Interest income	$	4,779	$	17,589
Other income		2,400		4,800
		7,179		22,389
Share of loss from  Operating Partnerships (Note D)		(358,647)		(352,074)
Expenses
Professional fees		3,872		11,050
Fund management fee (Note C)		91,641		74,890
Amortization		36,221		36,221
General and administrative expenses		12,038		20,883
		143,772		143,044
NET INCOME (LOSS)	$	(495,240)	$	(472,729)
Net income (loss) allocated to  assignees	$	(490,288)	$	(468,002)
Net income (loss) allocated to general partner	$	(4,952)	$	(4,727)
Net income (loss) per BAC	$	(.12)	$	(.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 46

		2008		2007
Income
Interest income	$	2,958	$	21,829
Other income		3,000		4,800
		5,958		26,629
Share of loss from  Operating Partnerships (Note D)		(145,185)		(160,532)
Expenses
Professional fees		4,173		1,933
Fund management fee (Note C)		60,382		49,156
Amortization		25,973		25,973
General and administrative expenses		10,586		18,322
		101,114		95,384
NET INCOME (LOSS)	$	(240,341)	$	(229,287)
Net income (loss) allocated to  assignees	$	(237,938)	$	(226,994)
Net income (loss) allocated to general partner	$	(2,403)	$	(2,293)
Net income (loss) per BAC	$	(.08)	$	(.08)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

		2008		2007
Income
Interest income	$	130,220	$	399,012
Other income		1,103,929		173,832
		1,234,149		572,844
Share of loss from  Operating Partnerships (Note D)		(13,773,552)		(16,622,868)
Expenses
Professional fees		793,976		940,496
Fund management fee (Note C)		4,574,655		4,639,719
Amortization		1,207,685		1,207,685
General and administrative expenses		626,373		893,747
		7,202,689		7,681,647
NET INCOME (LOSS)	$	(19,742,092)	$	(23,731,671)
Net income (loss) allocated to  assignees	$	(19,544,669)	$	(23,494,353)
Net income (loss) allocated to general partner	$	(197,423)	$	(237,318)
Net income (loss) per BAC	$	(.23)	$	(.28)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 20

		2008		2007
Income
Interest income	$	3,496	$	9,083
Other income		57,972		20,109
		61,468		29,192
Share of loss from  Operating Partnerships (Note D)		(194,088)		(311,925)
Expenses
Professional fees		30,009		32,466
Fund management fee (Note C)		215,953		191,898
Amortization		2,679		2,679
General and administrative expenses		24,391		38,390
		273,032		265,433
NET INCOME (LOSS)	$	(405,652)	$	(548,166)
Net income (loss) allocated to  assignees	$	(401,595)	$	(542,684)
Net income (loss) allocated to general partner	$	(4,057)	$	(5,482)
Net income (loss) per BAC	$	(.10)	$	(.14)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 21

		2008		2007
Income
Interest income	$	74	$	205
Other income		1,489		-
		1,563		205
Share of loss from  Operating Partnerships (Note D)		(58,514)		(96,011)
Expenses
Professional fees		21,005		42,587
Fund management fee (Note C)		128,556		135,530
Amortization		1,465		1,465
General and administrative expenses		15,719		24,393
		166,745		203,975
NET INCOME (LOSS)	$	(223,696)	$	(299,781)
Net income (loss) allocated to  assignees	$	(221,459)	$	(296,783)
Net income (loss) allocated to general partner	$	(2,237)	$	(2,998)
Net income (loss) per BAC	$	(.12)	$	(.16)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 22

		2008		2007
Income
Interest income	$	229	$	2,110
Other income		16,476		18,948
		16,705		21,058
Share of loss from  Operating Partnerships (Note D)		(25,509)		(71,818)
Expenses
Professional fees		32,892		55,970
Fund management fee (Note C)		176,715		177,899
Amortization		4,605		4,605
General and administrative expenses		20,306		34,139
		234,518		272,613
NET INCOME (LOSS)	$	(243,322)	$	(323,373)
Net income (loss) allocated to  assignees	$	(240,889)	$	(320,139)
Net income (loss) allocated to general partner	$	(2,433)	$	(3,234)
Net income (loss) per BAC	$	(.09)	$	(.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 23

		2008		2007
Income
Interest income	$	429	$	1,152
Other income		801		1,335
		1,230		2,487
Share of loss from  Operating Partnerships (Note D)		(17,602)		(90,728)
Expenses
Professional fees		28,291		32,463
Fund management fee (Note C)		156,884		176,134
Amortization		6,848		6,848
General and administrative expenses		22,613		35,271
		214,636		250,716
NET INCOME (LOSS)	$	(231,008)	$	(338,957)
Net income (loss) allocated to  assignees	$	(228,698)	$	(335,567)
Net income (loss) allocated to general partner	$	(2,310)	$	(3,390)
Net income (loss) per BAC	$	(.07)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 24

		2008		2007
Income
Interest income	$	1,335	$	3,045
Other income		34,107		29,823
		35,442		32,868
Share of loss from  Operating Partnerships (Note D)		(48,065)		(112,174)
Expenses
Professional fees		28,497		32,802
Fund management fee (Note C)		145,231		161,697
Amortization		7,653		7,653
General and administrative expenses		17,663		26,801
		199,044		228,953
NET INCOME (LOSS)	$	(211,667)	$	(308,259)
Net income (loss) allocated to  assignees	$	(209,550)	$	(305,176)
Net income (loss) allocated to general partner	$	(2,117)	$	(3,083)
Net income (loss) per BAC	$	(.10)	$	(.14)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 25

		2008		2007
Income
Interest income	$	4,407	$	6,211
Other income		54,696		32,499
		59,103		38,710
Share of loss from  Operating Partnerships (Note D)		(150,050)		(351,295)
Expenses
Professional fees		42,854		34,731
Fund management fee (Note C)		155,795		183,415
Amortization		11,414		11,414
General and administrative expenses		24,419		32,489
		234,482		262,049
NET INCOME (LOSS)	$	(325,429)	$	(574,634)
Net income (loss) allocated to  assignees	$	(322,175)	$	(568,888)
Net income (loss) allocated to general partner	$	(3,254)	$	(5,746)
Net income (loss) per BAC	$	(.11)	$	(.19)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 26

		2008		2007
Income
Interest income	$	17,837	$	7,615
Other income		825,082		2,146
		842,919		9,761
Share of loss from  Operating Partnerships (Note D)		(270,736)		(471,131)
Expenses
Professional fees		47,729		52,225
Fund management fee (Note C)		275,976		282,087
Amortization		12,678		12,678
General and administrative expenses		26,386		40,597
		362,769		387,587
NET INCOME (LOSS)	$	209,414	$	(848,957)
Net income (loss) allocated to  assignees	$	207,320	$	(840,467)
Net income (loss) allocated to general partner	$	2,094	$	(8,490)
Net income (loss) per BAC	$	.05	$	(.21)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 27

		2008		2007
Income
Interest income	$	950	$	2,100
Other income		703		-
		1,653		2,100
Share of loss from  Operating Partnerships (Note D)		(206,973)		(634,422)
Expenses
Professional fees		25,810		27,481
Fund management fee (Note C)		197,069		226,920
Amortization		11,741		11,741
General and administrative expenses		17,479		26,898
		252,099		293,040
NET INCOME (LOSS)	$	(457,419)	$	(925,362)
Net income (loss) allocated to  assignees	$	(452,845)	$	(916,108)
Net income (loss) allocated to general partner	$	(4,574)	$	(9,254)
Net income (loss) per BAC	$	(.18)	$	(.37)

The accompanying notes are an integral part of this statement

Boston Capital Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 28

		2008		2007
Income
Interest income	$	2,157	$	5,941
Other income		4,492		85
		6,649		6,026
Share of loss from  Operating Partnerships (Note D)		(816,251)		(808,667)
Expenses
Professional fees		35,619		39,063
Fund management fee (Note C)		190,765		184,929
Amortization		2,475		2,475
General and administrative expenses		25,015		35,939
		253,874		262,406
NET INCOME (LOSS)	$	(1,063,476)	$	(1,065,047)
Net income (loss) allocated to  assignees	$	(1,052,841)	$	(1,054,397)
Net income (loss) allocated to general partner	$	(10,635)	$	(10,650)
Net income (loss) per BAC	$	(.26)	$	(.26)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 29

		2008		2007
Income
Interest income	$	2,537	$	6,373
Other income		35,455		-
		37,992		6,373
Share of loss from  Operating Partnerships (Note D)		(926,261)		(981,747)
Expenses
Professional fees		37,906		49,896
Fund management fee (Note C)		222,735		180,119
Amortization		2,484		2,484
General and administrative expenses		25,731		37,822
		288,856		270,321
NET INCOME (LOSS)	$	(1,177,125)	$	(1,245,695)
Net income (loss) allocated to  assignees	$	(1,165,354)	$	(1,233,238)
Net income (loss) allocated to general partner	$	(11,771)	$	(12,457)
Net income (loss) per BAC	$	(.29)	$	(.31)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 30

		2008		2007
Income
Interest income	$	3,963	$	6,208
Other income		-		37,161
		3,963		43,369
Share of income (loss) from  Operating Partnerships (Note D)		(404,235)		(281,023)
Expenses
Professional fees		29,559		42,180
Fund management fee (Note C)		116,003		95,494
Amortization		15,929		15,929
General and administrative expenses		19,319		27,598
		180,810		181,201
NET INCOME (LOSS)	$	(581,082)	$	(418,855)
Net loss allocated to  assignees	$	(575,271)	$	(414,666)
Net loss allocated to general partner	$	(5,811)	$	(4,189)
Net loss per BAC	$	(.22)	$	(.16)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 31

		2008		2007
Income
Interest income	$	2,252	$	3,391
Other income		5,609		900
		7,861		4,291
Share of loss from  Operating Partnerships (Note D)		(723,781)		(1,632,997)
Expenses
Professional fees		41,134		68,613
Fund management fee (Note C)		242,764		215,968
Amortization		-		-
General and administrative expenses		26,737		37,237
		310,635		321,818
NET INCOME (LOSS)	$	(1,026,555)	$	(1,950,524)
Net income (loss) allocated to  assignees	$	(1,016,289)	$	(1,931,019)
Net income (loss) allocated to general partner	$	(10,266)	$	(19,505)
Net income (loss) per BAC	$	(.23)	$	(.44)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 32

		2008		2007
Income
Interest income	$	6,180	$	9,913
Other income		5,250		3,450
		11,430		13,363
Share of loss from  Operating Partnerships (Note D)		(1,169,863)		(1,051,171)
Expenses
Professional fees		35,973		38,666
Fund management fee (Note C)		228,103		215,431
Amortization		27,542		27,542
General and administrative expenses		28,056		38,884
		319,674		320,523
NET INCOME (LOSS)	$	(1,478,107)	$	(1,358,331)
Net income (loss) allocated to  assignees	$	(1,463,326)	$	(1,344,748)
Net income (loss) allocated to general partner	$	(14,781)	$	(13,583)
Net income (loss) per BAC	$	(.31)	$	(.28)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 33

		2008		2007
Income
Interest income	$	921	$	2,638
Other income		3,300		1,050
		4,221		3,688
Share of loss from  Operating Partnerships (Note D)		(301,929)		(577,478)
Expenses
Professional fees		16,953		19,287
Fund management fee (Note C)		125,004		118,447
Amortization		20,458		20,458
General and administrative expenses		18,575		26,647
		180,990		184,839
NET INCOME (LOSS)	$	(478,698)	$	(758,629)
Net income (loss) allocated to  assignees	$	(473,911)	$	(751,043)
Net income (loss) allocated to general partner	$	(4,787)	$	(7,586)
Net income (loss) per BAC	$	(.18)	$	(.28)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 34

		2008		2007
Income
Interest income	$	118	$	1,176
Other income		3,600		1,650
		3,718		2,826
Share of loss from  Operating Partnerships (Note D)		(840,775)		(916,846)
Expenses
Professional fees		25,302		27,375
Fund management fee (Note C)		202,292		205,691
Amortization		32,953		32,953
General and administrative expenses		22,067		32,060
		282,614		298,079
NET INCOME (LOSS)	$	(1,119,671)	$	(1,212,099)
Net income (loss) allocated to  assignees	$	(1,108,474)	$	(1,199,978)
Net income (loss) allocated to general partner	$	(11,197)	$	(12,121)
Net income (loss) per BAC	$	(.31)	$	(.34)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 35

		2008		2007
Income
Interest income	$	529	$	2,406
Other income		3,000		1,950
		3,529		4,356
Share of loss from  Operating Partnerships (Note D)		(620,284)		(567,055)
Expenses
Professional fees		14,364		17,218
Fund management fee (Note C)		138,770		148,767
Amortization		96,926		96,926
General and administrative expenses		21,672		31,188
		271,732		294,099
NET INCOME (LOSS)	$	(888,487)	$	(856,798)
Net income (loss) allocated to  assignees	$	(879,602)	$	(848,230)
Net income (loss) allocated to general partner	$	(8,885)	$	(8,568)
Net income (loss) per BAC	$	(.27)	$	(.26)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 36

		2008		2007
Income
Interest income	$	1,112	$	2,460
Other income		1,050		300
		2,162		2,760
Share of loss from  Operating Partnerships (Note D)		(348,537)		(410,858)
Expenses
Professional fees		19,212		17,833
Fund management fee (Note C)		83,418		111,441
Amortization		66,347		66,347
General and administrative expenses		17,000		23,378
		185,977		218,999
NET INCOME (LOSS)	$	(532,352)	$	(627,097)
Net income (loss) allocated to  assignees	$	(527,028)	$	(620,826)
Net income (loss) allocated to general partner	$	(5,324)	$	(6,271)
Net income (loss) per BAC	$	(.25)	$	(.30)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 37

		2008		2007
Income
Interest income	$	5,993	$	10,400
Other income		1,650		750
		7,643		11,150
Share of loss from  Operating Partnerships (Note D)		(892,132)		(727,919)
Expenses
Professional fees		17,126		17,353
Fund management fee (Note C)		143,148		129,095
Amortization		71,115		71,115
General and administrative expenses		22,358		28,731
		253,747		246,294
NET INCOME (LOSS)	$	(1,138,236)	$	(963,063)
Net income (loss) allocated to  assignees	$	(1,126,854)	$	(953,432)
Net income (loss) allocated to general partner	$	(11,382)	$	(9,631)
Net income (loss) per BAC	$	(.45)	$	(.38)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 38

		2008		2007
Income
Interest income	$	2,908	$	4,042
Other income		2,700		750
		5,608		4,792
Share of loss from  Operating Partnerships (Note D)		(344,461)		(417,871)
Expenses
Professional fees		19,632		19,415
Fund management fee (Note C)		113,627		119,955
Amortization		74,184		74,184
General and administrative expenses		23,188		29,454
		230,631		243,008
NET INCOME (LOSS)	$	(569,484)	$	(656,087)
Net income (loss) allocated to  assignees	$	(563,789)	$	(649,526)
Net income (loss) allocated to general partner	$	(5,695)	$	(6,561)
Net income (loss) per BAC	$	(.22)	$	(.26)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 39

		2008		2007
Income
Interest income	$	4,075	$	6,655
Other income		1,650		900
		5,725		7,555
Share of loss from  Operating Partnerships (Note D)		(481,663)		(429,717)
Expenses
Professional fees		22,324		21,218
Fund management fee (Note C)		66,736		102,600
Amortization		67,743		67,743
General and administrative expenses		21,443		27,341
		178,246		218,902
NET INCOME (LOSS)	$	(654,184)	$	(641,064)
Net income (loss) allocated to  assignees	$	(647,642)	$	(634,653)
Net income (loss) allocated to general partner	$	(6,542)	$	(6,411)
Net income (loss) per BAC	$	(.28)	$	(.28)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 40

		2008		2007
Income
Interest income	$	417	$	2,325
Other income		2,550		1,050
		2,967		3,375
Share of loss from  Operating Partnerships (Note D)		(559,671)		(634,308)
Expenses
Professional fees		28,265		28,062
Fund management fee (Note C)		140,472		138,819
Amortization		85,297		85,297
General and administrative expenses		22,811		30,118
		276,845		282,296
NET INCOME (LOSS)	$	(833,549)	$	(913,229)
Net income (loss) allocated to  assignees	$	(825,214)	$	(904,097)
Net income (loss) allocated to general partner	$	(8,335)	$	(9,132)
Net income (loss) per BAC	$	(.31)	$	(.34)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 41

		2008		2007
Income
Interest income	$	303	$	796
Other income		31,485		2,100
		31,788		2,896
Share of loss from  Operating Partnerships (Note D)		(596,254)		(1,095,194)
Expenses
Professional fees		31,482		47,323
Fund management fee (Note C)		162,018		166,896
Amortization		100,446		100,446
General and administrative expenses		25,684		35,357
		319,630		350,022
NET INCOME (LOSS)	$	(884,096)	$	(1,442,320)
Net income (loss) allocated to  assignees	$	(875,255)	$	(1,427,897)
Net income (loss) allocated to general partner	$	(8,841)	$	(14,423)
Net income (loss) per BAC	$	(.30)	$	(.49)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 42

		2008		2007
Income
Interest income	$	11,330	$	144,177
Other income		2,562		1,500
		13,892		145,677
Share of loss from  Operating Partnerships (Note D)		(572,931)		(636,233)
Expenses
Professional fees		39,899		37,635
Fund management fee (Note C)		175,591		157,208
Amortization		87,850		87,850
General and administrative expenses		26,125		31,326
		329,465		314,019
NET INCOME (LOSS)	$	(888,504)	$	(804,575)
Net income (loss) allocated to  assignees	$	(879,619)	$	(796,529)
Net income (loss) allocated to general partner	$	(8,885)	$	(8,046)
Net income (loss) per BAC	$	(.32)	$	(.29)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 43

		2008		2007
Income
Interest income	$	6,482	$	12,579
Other income		1,200		2,700
		7,682		15,279
Share of loss from  Operating Partnerships (Note D)		(725,150)		(795,926)
Expenses
Professional fees		33,430		41,271
Fund management fee (Note C)		220,824		222,489
Amortization		125,512		125,512
General and administrative expenses		29,725		50,925
		409,491		440,197
NET INCOME (LOSS)	$	(1,126,959)	$	(1,220,844)
Net income (loss) allocated to  assignees	$	(1,115,689)	$	(1,208,636)
Net income (loss) allocated to general partner	$	(11,270)	$	(12,208)
Net income (loss) per BAC	$	(.31)	$	(.33)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 44

		2008		2007
Income
Interest income	$	19,045	$	32,855
Other income		1,650		3,076
		20,695		35,931
Share of loss from  Operating Partnerships (Note D)		(763,786)		(893,886)
Expenses
Professional fees		20,607		22,348
Fund management fee (Note C)		141,081		175,953
Amortization		84,760		84,760
General and administrative expenses		24,066		32,810
		270,514		315,871
NET INCOME (LOSS)	$	(1,013,605)	$	(1,173,826)
Net income (loss) allocated to  assignees	$	(1,003,469)	$	(1,162,088)
Net income (loss) allocated to general partner	$	(10,136)	$	(11,738)
Net income (loss) per BAC	$	(.37)	$	(.43)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 45

		2008		2007
Income
Interest income	$	19,258	$	50,309
Other income		2,400		4,800
		21,658		55,109
Share of loss from  Operating Partnerships (Note D)		(1,178,280)		(907,705)
Expenses
Professional fees		41,225		52,288
Fund management fee (Note C)		244,341		254,867
Amortization		108,663		108,663
General and administrative expenses		31,523		42,428
		425,752		458,246
NET INCOME (LOSS)	$	(1,582,374)	$	(1,310,842)
Net income (loss) allocated to  assignees	$	(1,566,550)	$	(1,297,734)
Net income (loss) allocated to general partner	$	(15,824)	$	(13,108)
Net income (loss) per BAC	$	(.39)	$	(.32)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 46

		2008		2007
Income
Interest income	$	11,883	$	62,847
Other income		3,000		4,800
		14,883		67,647
Share of loss from  Operating Partnerships (Note D)		(535,771)		(716,763)
Expenses
Professional fees		26,877		22,727
Fund management fee (Note C)		164,784		159,970
Amortization		77,918		77,918
General and administrative expenses		26,302		35,526
		295,881		296,141
NET INCOME (LOSS)	$	(816,769)	$	(945,257)
Net income (loss) allocated to  assignees	$	(808,601)	$	(935,804)
Net income (loss) allocated to general partner	$	(8,168)	$	(9,453)
Net income (loss) per BAC	$	(.27)	$	(.31)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Partners' capital (deficit)   April 1, 2008	$	209,476,866	$	(5,122,678)	$	204,354,188
Net income (loss)		(19,544,669)		(197,423)		(19,742,092)
Partners' capital (deficit),   December 31, 2008	$	189,932,197	$	(5,320,101)	$	184,612,096

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)


Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 20
Partners' capital (deficit)   April 1, 2008	$	(1,074,754)	$	(322,221)	$	(1,396,975)
Net income (loss)		(401,595)		(4,057)		(405,652)
Partners' capital (deficit),   December 31, 2008	$	(1,476,349)	$	(326,278)	$	(1,802,627)

		Assignees		General Partner		Total
Series 21
Partners' capital (deficit)   April 1, 2008	$	(1,076,402)	$	(174,460)	$	(1,250,862)
Net income (loss)		(221,459)		(2,237)		(223,696)
Partners' capital (deficit),   December 31, 2008	$	(1,297,861)	$	(176,697)	$	(1,474,558)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 22
Partners' capital (deficit)   April 1, 2008	$	(1,797,512)	$	(239,452)	$	(2,036,964)
Net income (loss)		(240,889)		(2,433)		(243,322)
Partners' capital (deficit),   December 31, 2008	$	(2,038,401)	$	(241,885)	$	(2,280,286)

		Assignees		General Partner		Total
Series 23
Partners' capital (deficit)   April 1, 2008	$	(1,111,462)	$	(298,951)	$	(1,410,413)
Net income (loss)		(228,698)		(2,310)		(231,008)
Partners' capital (deficit),   December 31, 2008	$	(1,340,160)	$	(301,261)	$	(1,641,421)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 24
Partners' capital (deficit)   April 1, 2008	$	(1,428,824)	$	(201,602)	$	(1,630,426)
Net income (loss)		(209,550)		(2,117)		(211,667)
Partners' capital (deficit),   December 31, 2008	$	(1,638,374)	$	(203,719)	$	(1,842,093)

		Assignees		General Partner		Total
Series 25
Partners' capital (deficit)   April 1, 2008	$	1,093,543	$	(248,999)	$	844,544
Net income (loss)		(322,175)		(3,254)		(325,429)
Partners' capital (deficit),   December 31, 2008	$	771,368	$	(252,253)	$	519,115

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PRTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 26
Partners' capital (deficit)   April 1, 2008	$	3,507,386	$	(308,262)	$	3,199,124
Net income (loss)		207,320		2,094		209,414
Partners' capital (deficit),   December 31, 2008	$	3,714,706	$	(306,168)	$	3,408,538

		Assignees		General Partner		Total
Series 27
Partners' capital (deficit)   April 1, 2008	$	4,745,198	$	(160,601)	$	4,584,597
Net income (loss)		(452,845)		(4,574)		(457,419)
Partners' capital (deficit),   December 31, 2008	$	4,292,353	$	(165,175)	$	4,127,178

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 28
Partners' capital (deficit)   April 1, 2008	$	5,547,059	$	(291,189)	$	5,255,870
Net income (loss)		(1,052,841)		(10,635)		(1,063,476)
Partners' capital (deficit),   December 31, 2008	$	4,494,218	$	(301,824)	$	4,192,394

		Assignees		General Partner		Total
Series 29
Partners' capital (deficit)   April 1, 2008	$	2,120,035	$	(320,653)	$	1,799,382
Net income (loss)		(1,165,354)		(11,771)		(1,177,125)
Partners' capital (deficit),   December 31, 2008	$	954,681	$	(332,424)	$	622,257

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 30
Partners' capital (deficit)   April 1, 2008	$	4,210,496	$	(186,820)	$	4,023,676
Net income (loss)		(575,271)		(5,811)		(581,082)
Partners' capital (deficit),   December 31, 2008	$	3,635,225	$	(192,631)	$	3,442,594

		Assignees		General Partner		Total
Series 31
Partners' capital (deficit)   April 1, 2008	$	5,169,312	$	(330,875)	$	4,838,437
Net income (loss)		(1,016,289)		(10,266)		(1,026,555)
Partners' capital (deficit),   December 31, 2008	$	4,153,023	$	(341,141)	$	3,811,882

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 32
Partners' capital (deficit)   April 1, 2008	$	7,918,477	$	(330,481)	$	7,587,996
Net income (loss)		(1,463,326)		(14,781)		(1,478,107)
Partners' capital (deficit),   December 31, 2008	$	6,455,151	$	(345,262)	$	6,109,889

		Assignees		General Partner		Total
Series 33
Partners' capital (deficit)   April 1, 2008	$	5,864,926	$	(168,819)	$	5,696,107
Net income (loss)		(473,911)		(4,787)		(478,698)
Partners' capital (deficit),   December 31, 2008	$	5,391,015	$	(173,606)	$	5,217,409

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 34
Partners' capital (deficit)   April 1, 2008	$	6,244,366	$	(240,351)	$	6,004,015
Net income (loss)		(1,108,474)		(11,197)		(1,119,671)
Partners' capital (deficit),   December 31, 2008	$	5,135,892	$	(251,548)	$	4,884,344

		Assignees		General Partner		Total
Series 35
Partners' capital (deficit)   April 1, 2008	$	11,349,994	$	(170,227)	$	11,179,767
Net income (loss)		(879,602)		(8,885)		(888,487)
Partners' capital (deficit),   December 31, 2008	$	10,470,392	$	(179,112)	$	10,291,280

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 36
Partners' capital (deficit)   April 1, 2008	$	6,462,944	$	(115,186)	$	6,347,758
Net income (loss)		(527,028)		(5,324)		(532,352)
Partners' capital (deficit),   December 31, 2008	$	5,935,916	$	(120,510)	$	5,815,406

		Assignees		General Partner		Total
Series 37
Partners' capital (deficit)   April 1, 2008	$	10,184,106	$	(114,871)	$	10,069,235
Net income (loss)		(1,126,854)		(11,382)		(1,138,236)
Partners' capital (deficit),   December 31, 2008	$	9,057,252	$	(126,253)	$	8,930,999

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 38
Partners' capital (deficit)   April 1, 2008	$	11,857,041	$	(100,721)	$	11,756,320
Net income (loss)		(563,789)		(5,695)		(569,484)
Partners' capital (deficit),   December 31, 2008	$	11,293,252	$	(106,416)	$	11,186,836

		Assignees		General Partner		Total
Series 39
Partners' capital (deficit)   April 1, 2008	$	9,845,715	$	(98,974)	$	9,746,741
Net income (loss)		(647,642)		(6,542)		(654,184)
Partners' capital (deficit),   December 31, 2008	$	9,198,073	$	(105,516)	$	9,092,557

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 40
Partners' capital (deficit)   April 1, 2008	$	11,381,504	$	(112,250)	$	11,269,254
Net income (loss)		(825,214)		(8,335)		(833,549)
Partners' capital (deficit),   December 31, 2008	$	10,556,290	$	(120,585)	$	10,435,705

		Assignees		General Partner		Total
Series 41
Partners' capital (deficit)   April 1, 2008	$	9,552,864	$	(155,192)	$	9,397,672
Net income (loss)		(875,255)		(8,841)		(884,096)
Partners' capital (deficit),   December 31, 2008	$	8,677,609	$	(164,033)	$	8,513,576

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 42
Partners' capital (deficit)   April 1, 2008	$	14,688,126	$	(95,007)	$	14,593,119
Net income (loss)		(879,619)		(8,885)		(888,504)
Partners' capital (deficit),   December 31, 2008	$	13,808,507	$	(103,892)	$	13,704,615

		Assignees		General Partner		Total
Series 43
Partners' capital (deficit)   April 1, 2008	$	19,499,904	$	(127,801)	$	19,372,103
Net income (loss)		(1,115,689)		(11,270)		(1,126,959)
Partners' capital (deficit),   December 31, 2008	$	18,384,215	$	(139,071)	$	18,245,144

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 44
Partners' capital (deficit)   April 1, 2008	$	15,930,598	$	(78,932)	$	15,851,666
Net income (loss)		(1,003,469)		(10,136)		(1,013,605)
Partners' capital (deficit),   December 31, 2008	$	14,927,129	$	(89,068)	$	14,838,061

		Assignees		General Partner		Total
Series 45
Partners' capital (deficit)   April 1, 2008	$	26,509,857	$	(89,458)	$	26,420,399
Net income (loss)		(1,566,550)		(15,824)		(1,582,374)
Partners' capital (deficit),   December 31, 2008	$	24,943,307	$	(105,282)	$	24,838,025

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine months Ended December 31, 2008
(Unaudited)

		Assignees		General Partner		Total
Series 46
Partners' capital (deficit)   April 1, 2008	$	22,282,369	$	(40,323)	$	22,242,046
Net income (loss)		(808,601)		(8,168)		(816,769)
Partners' capital (deficit),   December 31, 2008	$	21,473,768	$	(48,491)	$	21,425,277

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(19,742,092)	$	(23,731,671)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		1,207,685		1,207,685
Distributions from Operating    Partnerships		689,074		368,986
Share of (Income) Loss from     Operating Partnerships		13,773,552		16,622,868
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(8,073)		(6,503)
Decrease (Increase) in accounts    receivable		(224,205)		165,133
(Decrease) Increase in accounts    payable affiliates		3,990,785		4,473,849
Net cash (used in) provided by  operating activities		(313,274)		(899,653)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(100,108)		(1,333,501)
(Advances to) repayments from Operating Partnerships		- -		430,193
Net cash (used in) provided by investing activities		(100,108)		(903,308)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(413,382)		(1,802,961)
Cash and cash equivalents, beginning		6,849,444		9,316,159
Cash and cash equivalents, ending	$	6,436,062	$	7,513,198

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	860,207
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	544,756
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	61,983	$	78,896

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 20

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(405,652)	$	(548,166)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		2,679		2,679
Distributions from Operating    Partnerships		- -		14,900
Share of (Income) Loss from     Operating Partnerships		194,088		311,925
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		9,619		- -
Decrease (Increase) in accounts    receivable		- -		(38,151)
(Decrease) Increase in accounts    payable affiliates		203,314		153,314
Net cash (used in) provided by  operating activities		4,048		(103,499)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,048		(103,499)
Cash and cash equivalents, beginning		168,406		241,848
Cash and cash equivalents, ending	$	172,454	$	138,349

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 20

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 21

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(223,696)	$	(299,781)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		1,465		1,465
Distributions from Operating    Partnerships		- -		- -
Share of (Income) Loss from     Operating Partnerships		58,514		96,011
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		161,098		192,947
Net cash (used in) provided by  operating activities		(3,000)		(9,358)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(3,000)		(9,358)
Cash and cash equivalents, beginning		6,279		12,391
Cash and cash equivalents, ending	$	3,279	$	3,033

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 21

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 22

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(243,322)	$	(323,373)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		4,605		4,605
Distributions from Operating    Partnerships		- -		- -
Share of (Income) Loss from     Operating Partnerships		25,509		71,818
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		204,560		204,588
Net cash (used in) provided by  operating activities		(9,029)		(42,362)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		(14,663)
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		(14,663)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,029)		(57,025)
Cash and cash equivalents, beginning		81,744		129,911
Cash and cash equivalents, ending	$	72,715	$	72,886

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 22

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 23

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(231,008)	$	(338,957)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		6,848		6,848
Distributions from Operating    Partnerships		- -		- -
Share of (Income) Loss from     Operating Partnerships		17,602		90,728
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		194,098		198,286
Net cash (used in) provided by  operating activities		(12,841)		(43,095)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(12,841)		(43,095)
Cash and cash equivalents, beginning		40,491		64,648
Cash and cash equivalents, ending	$	27,650	$	21,553

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 23

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 24

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(211,667)	$	(308,259)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		7,653		7,653
Distributions from Operating    Partnerships		16,763		5,888
Share of (Income) Loss from     Operating Partnerships		48,065		112,174
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		120,802		170,802
Net cash (used in) provided by  operating activities		(18,765)		(11,742)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,765)		(11,742)
Cash and cash equivalents, beginning		135,973		164,634
Cash and cash equivalents, ending	$	117,208	$	152,892

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 24

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 25

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(325,429)	$	(574,634)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		11,414		11,414
Distributions from Operating    Partnerships		100,412		30,031
Share of (Income) Loss from     Operating Partnerships		150,050		351,295
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		154,507		179,507
Net cash (used in) provided by  operating activities		90,573		(2,387)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		90,573		(2,387)
Cash and cash equivalents, beginning		187,189		249,177
Cash and cash equivalents, ending	$	277,762	$	246,790

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 25

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 26

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	209,414	$	(848,957)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		12,678		12,678
Distributions from Operating    Partnerships		105,063		112,944
Share of (Income) Loss from     Operating Partnerships		270,736		471,131
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		14,619		- -
Decrease (Increase) in accounts    receivable		2,876		- -
(Decrease) Increase in accounts    payable affiliates		(223,933)		276,067
Net cash (used in) provided by  operating activities		391,453		23,863
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		391,453		23,863
Cash and cash equivalents, beginning		202,820		218,953
Cash and cash equivalents, ending	$	594,273	$	242,816

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 26

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 27

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(457,419)	$	(925,362)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		11,741		11,741
Distributions from Operating    Partnerships		442		236
Share of (Income) Loss from     Operating Partnerships		206,973		634,422
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		248,559		252,140
Net cash (used in) provided by  operating activities		9,915		(26,823)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		9,915		(26,823)
Cash and cash equivalents, beginning		87,690		100,228
Cash and cash equivalents, ending	$	97,605	$	73,405

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 27

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 28

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,063,476)	$	(1,065,047)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		2,475		2,475
Distributions from Operating    Partnerships		62,554		100,519
Share of (Income) Loss from     Operating Partnerships		816,251		808,667
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		175,587		150,587
Net cash (used in) provided by  operating activities		(6,990)		(2,799)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(6,990)		(2,799)
Cash and cash equivalents, beginning		185,940		256,644
Cash and cash equivalents, ending	$	178,950	$	253,845

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 28

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 29

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,177,125)	$	(1,245,695)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		2,484		2,484
Distributions from Operating    Partnerships		934		- -
Share of (Income) Loss from     Operating Partnerships		926,261		981,747
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		251,841		253,485
Net cash (used in) provided by  operating activities		4,014		(7,979)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(35,455)		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		(35,455)		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(31,441)		(7,979)
Cash and cash equivalents, beginning		174,993		194,755
Cash and cash equivalents, ending	$	143,552	$	186,776

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 29

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 30

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(581,082)	$	(418,855)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		15,929		15,929
Distributions from Operating    Partnerships		35,131		26,451
Share of (Income) Loss from     Operating Partnerships		404,235		281,023
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		(6,503)
Decrease (Increase) in accounts    receivable		- -		16,499
(Decrease) Increase in accounts    payable affiliates		114,628		114,628
Net cash (used in) provided by  operating activities		(11,540)		29,172
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(11,540)		29,172
Cash and cash equivalents, beginning		276,205		291,351
Cash and cash equivalents, ending	$	264,665	$	320,523

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 30

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 31

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,026,555)	$	(1,950,524)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		-		-
Distributions from Operating    Partnerships		4,233		1,363
Share of (Income) Loss from     Operating Partnerships		723,781		1,632,997
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(5,357)		- -
Decrease (Increase) in accounts    receivable		- -		(24,200)
(Decrease) Increase in accounts    payable affiliates		223,114		317,192
Net cash (used in) provided by  operating activities		(80,784)		(23,172)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		10
Net cash (used in) provided by investing activities		- -		10
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(80,784)		(23,162)
Cash and cash equivalents, beginning		258,422		118,708
Cash and cash equivalents, ending	$	177,638	$	95,546

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 31

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	544,756
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 32

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,478,107)	$	(1,358,331)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		27,542		27,542
Distributions from Operating    Partnerships		- -		- -
Share of (Income) Loss from     Operating Partnerships		1,169,863		1,051,171
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		221,658		248,658
Net cash (used in) provided by  operating activities		(59,425)		(30,960)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(59,425)		(30,960)
Cash and cash equivalents, beginning		306,548		305,931
Cash and cash equivalents, ending	$	247,123	$	274,971

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 32

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 33

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(478,698)	$	(758,629)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		20,458		20,458
Distributions from Operating    Partnerships		5,555		1,783
Share of (Income) Loss from     Operating Partnerships		301,929		577,478
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(447)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		143,562		145,498
Net cash (used in) provided by  operating activities		(7,641)		(13,412)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(7,641)		(13,412)
Cash and cash equivalents, beginning		186,282		189,375
Cash and cash equivalents, ending	$	178,641	$	175,963

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 33

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 34

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,119,671)	$	(1,212,099)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		32,953		32,953
Distributions from Operating    Partnerships		- -		1,539
Share of (Income) Loss from     Operating Partnerships		840,775		916,846
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		234,500		236,518
Net cash (used in) provided by  operating activities		(11,824)		(24,243)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(11,824)		(24,243)
Cash and cash equivalents, beginning		66,702		83,640
Cash and cash equivalents, ending	$	54,878	$	59,397

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 34

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 35

			2008		2007
Cash flows from operating activities:
Net income (loss)		$	(888,487)	$	(856,798)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization			96,926		96,926
Distributions from Operating    Partnerships			- -		2,000
Share of (Income) Loss from     Operating Partnerships			620,284		567,055
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses			(7,198)		- -
Decrease (Increase) in accounts    receivable			1,370		- -
(Decrease) Increase in accounts    payable affiliates			146,270		146,270
			-		-
Net cash (used in) provided by  operating activities			(30,835)		(44,547)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships			- -		- -
(Advances to) repayments from Operating Partnerships			- -		- -
Net cash (used in) provided by investing activities			- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(30,835)		(44,547)
Cash and cash equivalents, beginning			148,626		351,387
Cash and cash equivalents, ending	$		117,791	$	306,840

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 35

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 36

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(532,352)	$	(627,097)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		66,347		66,347
Distributions from Operating    Partnerships		3,060		7,191
Share of (Income) Loss from     Operating Partnerships		348,537		410,858
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		1,370		- -
(Decrease) Increase in accounts    payable affiliates		108,059		134,936
Net cash (used in) provided by  operating activities		(5,360)		(7,765)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,360)		(7,765)
Cash and cash equivalents, beginning		97,695		91,246
Cash and cash equivalents, ending	$	92,335	$	83,481

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 36

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 37

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,138,236)	$	(963,063)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		71,115		71,115
Distributions from Operating    Partnerships		20,790		9,139
Share of (Income) Loss from     Operating Partnerships		892,132		727,919
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(522)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		128,648		128,648
Net cash (used in) provided by  operating activities		(26,073)		(26,242)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,073)		(26,242)
Cash and cash equivalents, beginning		305,864		309,615
Cash and cash equivalents, ending	$	279,791	$	283,373

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 37

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 38

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(569,484)	$	(656,087)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		74,184		74,184
Distributions from Operating    Partnerships		159,676		2,045
Share of (Income) Loss from     Operating Partnerships		344,461		417,871
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		98,300		73,300
		-		-
Net cash (used in) provided by  operating activities		106,756		(88,687)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		106,756		(88,687)
Cash and cash equivalents, beginning		133,521		205,640
Cash and cash equivalents, ending	$	240,277	$	116,953

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 38

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 39

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(654,184)	$	(641,064)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		67,743		67,743
Distributions from Operating    Partnerships		98,958		- -
Share of (Income) Loss from     Operating Partnerships		481,663		429,717
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		77,600		2,600
Net cash (used in) provided by  operating activities		71,399		(141,004)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		71,399		(141,004)
Cash and cash equivalents, beginning		158,655		274,404
Cash and cash equivalents, ending	$	230,054	$	133,400

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 39

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 40

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(833,549)	$	(913,229)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		85,297		85,297
Distributions from Operating    Partnerships		765		1,480
Share of (Income) Loss from     Operating Partnerships		559,671		634,308
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		154,950		150,012
		-		-
Net cash (used in) provided by  operating activities		(33,247)		(42,132)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(33,247)		(42,132)
Cash and cash equivalents, beginning		142,164		177,375
Cash and cash equivalents, ending	$	108,917	$	135,243

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 40

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	8,592	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 41

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(884,096)	$	(1,442,320)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		100,446		100,446
Distributions from Operating    Partnerships		4,892		18,252
Share of (Income) Loss from     Operating Partnerships		596,254		1,095,194
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(9,584)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		204,139		226,113
Net cash (used in) provided by  operating activities		12,051		(2,315)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		12,051		(2,315)
Cash and cash equivalents, beginning		21,723		18,375
Cash and cash equivalents, ending	$	33,774	$	16,060

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 41

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 42

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(888,504)	$	(804,575)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		87,850		87,850
Distributions from Operating    Partnerships		417		2,212
Share of (Income) Loss from     Operating Partnerships		572,931		636,233
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		(117,628)		985
(Decrease) Increase in accounts    payable affiliates		64,242		207,071
Net cash (used in) provided by  operating activities		(281,073)		129,776
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(4,211)		(164,252)
(Advances to) repayments from Operating Partnerships		- -		322,033
Net cash (used in) provided by investing activities		(4,211)		157,781
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(285,284)		287,557
Cash and cash equivalents, beginning		649,411		460,921
Cash and cash equivalents, ending	$	364,127	$	748,478

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 42

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 43

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,126,959)	$	(1,220,844)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		125,512		125,512
Distributions from Operating    Partnerships		53,091		7,774
Share of (Income) Loss from     Operating Partnerships		725,150		795,926
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		(117,628)		10,000
(Decrease) Increase in accounts    payable affiliates		180,085		90,085
Net cash (used in) provided by  operating activities		(161,130)		(191,547)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(2,268)		(88,443)
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		(2,268)		(88,443)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(163,398)		(279,990)
Cash and cash equivalents, beginning		343,255		596,017
Cash and cash equivalents, ending	$	179,857	$	316,027

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 43

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 44

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,013,605)	$	(1,173,826)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		84,760		84,760
Distributions from Operating    Partnerships		7,116		12,387
Share of (Income) Loss from     Operating Partnerships		763,786		893,886
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(381)		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		163,528		98,528
Net cash (used in) provided by  operating activities		5,204		(84,265)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(58,174)		- -
(Advances to) repayments from Operating Partnerships		- -		108,150
Net cash (used in) provided by investing activities		(58,174)		108,150
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(52,970)		23,885
Cash and cash equivalents, beginning		864,250		832,233
Cash and cash equivalents, ending	$	811,280	$	856,118

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 44

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	53,391	$	78,896

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 45

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(1,582,374)	$	(1,310,842)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		108,663		108,663
Distributions from Operating    Partnerships		8,554		8,200
Share of (Income) Loss from     Operating Partnerships		1,178,280		907,705
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(678)		- -
Decrease (Increase) in accounts    receivable		5,435		- -
(Decrease) Increase in accounts    payable affiliates		124,923		99,923
Net cash (used in) provided by  operating activities		(157,197)		(186,351)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		(8,359)
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		(8,359)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(157,197)		(194,710)
Cash and cash equivalents, beginning		1,030,160		1,404,092
Cash and cash equivalents, ending	$	872,963	$	1,209,382

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 45

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 46

		2008		2007
Cash flows from operating activities:
Net income (loss)	$	(816,769)	$	(945,257)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Amortization		77,918		77,918
Distributions from Operating    Partnerships		668		2,652
Share of (Income) Loss from     Operating Partnerships		535,771		716,763
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(1,667)		- -
Decrease (Increase) in accounts    receivable		- -		200,000
(Decrease) Increase in accounts    payable affiliates		112,146		22,146
Net cash (used in) provided by  operating activities		(91,933)		74,222
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		- -		(1,057,784)
(Advances to) repayments from Operating Partnerships		- -		- -
Net cash (used in) provided by investing activities		- -		(1,057,784)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(91,933)		(983,562)
Cash and cash equivalents, beginning		588,436		1,972,660
Cash and cash equivalents, ending	$	496,503	$	989,098

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 46

			2008		2007
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	860,207
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring and, as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited p artner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, whic h registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002 an amendment to Form S- 11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003 an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

Below is a summary of the BACs sold and total equity raised by series as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$38,667,000
Series 21	December 31, 1994	1,892,700	$18,927,000
Series 22	December 28, 1994	2,564,400	$25,644,000
Series 23	June 23, 1995	3,336,727	$33,366,000
Series 24	September 22, 1995	2,169,878	$21,697,000
Series 25	December 29, 1995	3,026,109	$30,248,000
Series 26	June 25, 1996	3,995,900	$39,959,000
Series 27	September 17, 1996	2,460,700	$24,607,000
Series 28	January 29, 1997	4,000,738	$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,837	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,152	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2008 and for the nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

Amortization

The Fund began amortizing unallocated and deferred acquisition costs over 330 months as of June 1999. Accumulated amortization of acquisition costs by Series as of December 31, 2008 and 2007 are as follows:

	2008	2007
Series 20	$  34,828	$ 31,256
Series 21	19,050	17,096
Series 22	59,864	53,724
Series 23	84,698	75,567
Series 24	99,493	89,289
Series 25	99,920	89,672
Series 26	167,052	150,148
Series 27	145,731	130,784
Series 28	32,176	28,876
Series 29	32,145	28,834
Series 30	206,940	185,702
Series 32	295,087	264,689
Series 33	265,051	237,775
Series 34	420,936	377,580
Series 35	1,194,220	1,071,355
Series 36	815,529	731,169
Series 37	784,096	694,110
Series 38	695,263	599,358
Series 39	614,453	526,672
Series 40	609,762	507,365
Series 41	778,738	663,205
Series 42	649,746	535,650
Series 43	842,527	694,291
Series 44	507,455	405,775
Series 45	589,184	467,116
Series 46	418,116	329,471
	$10,462,060	$8,986,529

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management Limited Partnership as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2008 and 2007, are as follows:

	2008	2007
Series 20	$   84,438	$   84,438
Series 21	45,093	41,304
Series 22	63,648	63,648
Series 23	60,066	60,066
Series 24	56,934	56,934
Series 25	68,169	68,169
Series 26	108,689	108,689
Series 27	78,801	78,801
Series 28	83,529	83,529
Series 29	82,851	84,495
Series 30	46,542	46,542
Series 31	91,038	99,360
Series 32	81,686	82,886
Series 33	43,491	43,491
Series 34	73,299	73,299
Series 35	57,090	57,090
Series 36	40,149	40,149
Series 37	51,216	51,216
Series 38	41,100	41,100
Series 39	34,200	34,200
Series 40	50,004	50,004
Series 41	61,708	61,708
Series 42	63,081	63,081
Series 43	76,695	76,695
Series 44	71,176	71,176
Series 45	91,641	91,641
Series 46	62,382	62,382
	$1,768,716	$1,776,093

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the nine months ended December 31, 2008 and 2007 are as follows:

	2008	2007
Series 20	$   50,000	$ 100,000
Series 24	50,000	-
Series 25	50,000	25,000
Series 26	550,000	50,000
Series 28	75,000	100,000
Series 30	25,000	25,000
Series 31	50,000	-
Series 32	25,000	-
Series 35	25,000	25,000
Series 36	25,000	-
Series 37	25,000	25,000
Series 38	25,000	50,000
Series 39	25,000	100,000
Series 42	125,000	-
Series 43	50,000	140,000
Series 44	50,000	115,000
Series 45	150,000	175,000
Series 46	75,000	165,000
	$1,450,000	$1,095,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2008 and 2007 the Fund has limited partnership interests in 510 and 513 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2008 and 2007 are as follows:

	2008	2007
Series 20	22	22
Series 21	13	13
Series 22	29	29
Series 23	22	22
Series 24	24	24
Series 25	22	22
Series 26	45	45
Series 27	16	16
Series 28	26	26
Series 29	21	22
Series 30	18	18
Series 31	26	27
Series 32	16	17
Series 33	10	10
Series 34	14	14
Series 35	11	11
Series 36	11	11

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	21	21
Series 42	23	23
Series 43	23	23
Series 44	10	10
Series 45	30	30
Series 46	15	15
	510	513

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at December 31, 2008 and 2007 are as follows:

	2008	2007
Series 21	$ 236,479	$ 236,479
Series 22	9,352	4,107
Series 24	9,999	9,999
Series 25	61,733	61,733
Series 26	29,490	29,490
Series 27	39,749	39,749
Series 28	40,968	40,968
Series 29	10,328	45,783
Series 30	127,396	127,396
Series 31	66,294	66,394
Series 32	298,561	298,561
Series 33	194,154	194,154
Series 34	8,244	8,244
Series 35	-	163,782
Series 37	138,438	138,438
Series 40	102	8,694
Series 41	100	100
Series 42	452,937	549,222
Series 43	307,738	402,079
Series 44	590,561	702,126
Series 45	16,724	894,475
Series 46	20,138	392,966
	$2,659,485	$4,414,939

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2008.

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

		2008		2007
Revenues
Rental	$	123,989,661	$	120,823,886
Interest and other		5,835,626		5,875,516
		129,825,287		126,699,402
Expenses
Interest		31,943,885		33,453,556
Depreciation and amortization		38,778,211		37,669,861
Operating expenses		78,108,721		76,035,839
		148,830,817		147,159,256
NET LOSS	$	(19,005,530)	$	(20,459,854)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(18,815,477)	$	(20,255,254)
Net loss allocated to other Partners	$	(190,053)	$	(204,600)

* Amounts include $5,161,395 and $4,227,333 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 20

		2008		2007
Revenues
Rental	$	7,158,539	$	6,809,696
Interest and other		749,109		714,726
		7,907,648		7,524,422
Expenses
Interest		1,878,467		1,938,679
Depreciation and amortization		1,836,238		2,026,743
Operating expenses		4,604,124		4,266,095
		8,318,829		8,231,517
NET LOSS	$	(411,181)	$	(707,095)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(407,069)	$	(700,024)
Net loss allocated to other Partners	$	(4,112)	$	(7,071)

* Amounts include $212,981 and $388,099 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 21

		2008		2007
Revenues
Rental	$	3,173,605	$	3,252,906
Interest and other		101,445		98,620
		3,275,050		3,351,526
Expenses
Interest		922,230		1,113,752
Depreciation and amortization		657,396		686,385
Operating expenses		1,972,110		2,365,676
		3,551,736		4,165,813
NET LOSS	$	(276,686)	$	(814,287)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(273,919)	$	(806,144)
Net loss allocated to other Partners	$	(2,767)	$	(8,143)

* Amounts include $215,405 and $710,133 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 22

		2008		2007
Revenues
Rental	$	4,393,041	$	4,386,732
Interest and other		263,591		282,881
		4,656,632		4,669,613
Expenses
Interest		941,834		947,414
Depreciation and amortization		1,353,233		1,266,018
Operating expenses		3,261,315		3,177,675
		5,556,382		5,391,107
NET LOSS	$	(899,750)	$	(721,494)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(890,753)	$	(714,279)
Net loss allocated to other Partners	$	(8,997)	$	(7,215)

* Amounts include $865,244 and $642,461 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 23

		2008		2007
Revenues
Rental	$	4,963,065	$	5,159,162
Interest and other		240,855		265,630
		5,203,920		5,424,792
Expenses
Interest		1,191,282		1,212,957
Depreciation and amortization		1,327,098		1,271,026
Operating expenses		3,484,922		3,628,865
		6,003,302		6,112,848
NET LOSS	$	(799,382)	$	(688,056)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(791,387)	$	(681,174)
Net loss allocated to other Partners	$	(7,995)	$	(6,882)

* Amounts include $773,785 and $590,446 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 24

		2008		2007
Revenues
Rental	$	4,082,456	$	3,788,968
Interest and other		87,193		158,132
		4,169,649		3,947,100
Expenses
Interest		1,013,951		938,490
Depreciation and amortization		1,186,087		1,040,776
Operating expenses		2,745,077		2,550,295
		4,945,115		4,529,561
NET LOSS	$	(775,466)	$	(582,461)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(767,711)	$	(576,636)
Net loss allocated to other Partners	$	(7,755)	$	(5,825)

* Amounts include $719,646 and $464,462 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 25

		2008		2007
Revenues
Rental	$	6,957,713	$	6,817,047
Interest and other		210,899		167,178
		7,168,612		6,984,225
Expenses
Interest		1,667,551		1,730,676
Depreciation and amortization		1,527,307		1,357,420
Operating expenses		4,751,736		4,415,921
		7,946,594		7,504,017
NET LOSS	$	(777,982)	$	(519,792)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(770,202)	$	(514,594)
Net loss allocated to other Partners	$	(7,780)	$	(5,198)

* Amounts include $620,152 and $163,299 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 26

		2008		2007
Revenues
Rental	$	8,358,154	$	8,006,217
Interest and other		338,328		370,041
		8,696,482		8,376,258
Expenses
Interest		1,637,544		1,810,382
Depreciation and amortization		2,243,392		2,180,698
Operating expenses		5,399,581		5,247,149
		9,280,517		9,238,229
NET LOSS	$	(584,035)	$	(861,971)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(578,195)	$	(853,351)
Net loss allocated to other Partners	$	(5,840)	$	(8,620)

* Amounts include $307,459 and $382,220 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 27

		2008		2007
Revenues
Rental	$	5,926,321	$	5,652,081
Interest and other		108,479		137,699
		6,034,800		5,789,780
Expenses
Interest		1,975,892		2,023,138
Depreciation and amortization		1,312,412		1,307,553
Operating expenses		2,955,913		3,125,554
		6,244,217		6,456,245
NET LOSS	$	(209,417)	$	(666,465)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(207,323)	$	(659,800)
Net loss allocated to other Partners	$	(2,094)	$	(6,665)

* Amounts include $350 and $25,378 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 28

		2008		2007
Revenues
Rental	$	5,004,850	$	5,026,132
Interest and other		152,287		117,068
		5,157,137		5,143,200
Expenses
Interest		1,075,627		1,111,330
Depreciation and amortization		1,784,298		1,645,111
Operating expenses		3,213,525		3,213,981
		6,073,450		5,970,422
NET LOSS	$	(916,313)	$	(827,222)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(907,150)	$	(818,950)
Net loss allocated to other Partners	$	(9,163)	$	(8,272)

* Amounts include $90,899 and $10,283 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 29

		2008		2007
Revenues
Rental	$	5,039,154	$	4,954,662
Interest and other		308,978		409,071
		5,348,132		5,363,733
Expenses
Interest		1,466,132		1,555,900
Depreciation and amortization		1,866,972		1,842,869
Operating expenses		3,545,018		3,164,705
		6,878,122		6,563,474
NET LOSS	$	(1,529,990)	$	(1,199,741)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,514,690)	$	(1,187,744)
Net loss allocated to other Partners	$	(15,300)	$	(11,997)

* Amounts include $588,429 and $205,997 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 30

		2008		2007
Revenues
Rental	$	3,755,516	$	3,637,301
Interest and other		139,245		196,939
		3,894,761		3,834,240
Expenses
Interest		703,923		709,924
Depreciation and amortization		856,568		887,243
Operating expenses		2,742,588		2,520,935
		4,303,079		4,118,102
NET LOSS	$	(408,318)	$	(283,862)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(404,235)	$	(281,023)
Net loss allocated to other Partners	$	(4,083)	$	(2,839)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 31

		2008		2007
Revenues
Rental	$	7,518,222	$	7,847,003
Interest and other		339,275		402,761
		7,857,497		8,249,764
Expenses
Interest		1,601,100		1,819,525
Depreciation and amortization		2,301,755		2,467,145
Operating expenses		4,734,958		5,077,471
		8,637,813		9,364,141
NET LOSS	$	(780,316)	$	(1,114,377)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(772,513)	$	(1,103,233)
Net loss allocated to other Partners	$	(7,803)	$	(11,144)

* Amounts include $48,732 and $65,183 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 32

		2008		2007
Revenues
Rental	$	4,481,893	$	4,341,719
Interest and other		184,633		222,827
		4,666,526		4,564,546
Expenses
Interest		1,176,672		1,171,179
Depreciation and amortization		1,999,937		1,856,276
Operating expenses		2,690,965		2,656,774
		5,867,574		5,684,229
NET LOSS	$	(1,201,048)	$	(1,119,683)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,189,038)	$	(1,108,486)
Net loss allocated to other Partners	$	(12,010)	$	(11,197)

* Amounts include $138,645 and $57,315 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 33

		2008		2007
Revenues
Rental	$	2,538,069	$	2,549,900
Interest and other		106,138		85,330
		2,644,207		2,635,230
Expenses
Interest		721,417		785,783
Depreciation and amortization		908,189		942,111
Operating expenses		1,437,397		1,490,646
		3,067,003		3,218,540
NET LOSS	$	(422,796)	$	(583,310)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(418,568)	$	(577,478)
Net loss allocated to other Partners	$	(4,228)	$	(5,832)

* Amounts include $116,639 and $- for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 34

		2008		2007
Revenues
Rental	$	4,558,848	$	4,389,727
Interest and other		255,231		217,783
		4,814,079		4,607,510
Expenses
Interest		1,368,916		1,345,758
Depreciation and amortization		1,689,978		1,662,278
Operating expenses		2,632,486		2,525,581
		5,691,380		5,533,617
NET LOSS	$	(877,301)	$	(926,107)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(868,528)	$	(916,846)
Net loss allocated to other Partners	$	(8,773)	$	(9,261)

* Amounts include $27,753 and $- for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,

Series 35

		2008		2007
Revenues
Rental	$	3,772,857	$	3,296,196
Interest and other		191,676		161,483
		3,964,533		3,457,679
Expenses
Interest		983,226		1,003,314
Depreciation and amortization		1,300,650		1,155,628
Operating expenses		2,468,958		2,037,670
		4,752,834		4,196,612
NET LOSS	$	(788,301)	$	(738,933)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(780,418)	$	(731,544)
Net loss allocated to other Partners	$	(7,883)	$	(7,389)

* Amounts include $160,134 and $164,489 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 36

		2008		2007
Revenues
Rental	$	2,434,559	$	2,482,245
Interest and other		94,522		96,835
		2,529,081		2,579,080
Expenses
Interest		748,953		801,583
Depreciation and amortization		792,577		813,987
Operating expenses		1,343,884		1,381,584
		2,885,414		2,997,154
NET LOSS	$	(356,333)	$	(418,074)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(352,770)	$	(413,893)
Net loss allocated to other Partners	$	(3,563)	$	(4,181)

* Amounts include $4,233 and $3,035 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 37

		2008		2007
Revenues
Rental	$	3,310,817	$	3,273,349
Interest and other		155,357		118,084
		3,466,174		3,391,433
Expenses
Interest		901,224		994,697
Depreciation and amortization		1,151,623		1,199,596
Operating expenses		2,314,469		1,932,412
		4,367,316		4,126,705
NET LOSS	$	(901,142)	$	(735,272)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(892,132)	$	(727,919)
Net loss allocated to other Partners	$	(9,010)	$	(7,353)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 38

		2008		2007
Revenues
Rental	$	2,534,743	$	2,474,182
Interest and other		132,954		126,568
		2,667,697		2,600,750
Expenses
Interest		628,841		597,189
Depreciation and amortization		872,687		891,168
Operating expenses		1,514,109		1,534,485
		3,015,637		3,022,842
NET LOSS	$	(347,940)	$	(422,092)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(344,461)	$	(417,871)
Net loss allocated to other Partners	$	(3,479)	$	(4,221)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 39

		2008		2007
Revenues
Rental	$	1,855,630	$	1,866,780
Interest and other		179,145		158,587
		2,034,775		2,025,367
Expenses
Interest		441,145		452,929
Depreciation and amortization		784,480		759,540
Operating expenses		1,295,678		1,246,956
		2,521,303		2,459,425
NET LOSS	$	(486,528)	$	(434,058)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(481,663)	$	(429,717)
Net loss allocated to other Partners	$	(4,865)	$	(4,341)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 40

		2008		2007
Revenues
Rental	$	2,823,151	$	2,832,286
Interest and other		151,771		88,028
		2,974,922		2,920,314
Expenses
Interest		696,834		729,206
Depreciation and amortization		1,062,795		1,025,392
Operating expenses		1,780,616		1,806,430
		3,540,245		3,561,028
NET LOSS	$	(565,323)	$	(640,714)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(559,671)	$	(634,308)
Net loss allocated to other Partners	$	(5,652)	$	(6,406)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 41

		2008		2007
Revenues
Rental	$	3,882,259	$	3,771,532
Interest and other		159,590		137,214
		4,041,849		3,908,746
Expenses
Interest		1,234,406		1,398,104
Depreciation and amortization		1,338,516		1,470,832
Operating expenses		2,086,787		2,146,211
		4,659,709		5,015,147
NET LOSS	$	(617,860)	$	(1,106,401)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(611,681)	$	(1,095,337)
Net loss allocated to other Partners	$	(6,179)	$	(11,064)

* Amounts include $15,427 and $143 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 42

		2008		2007
Revenues
Rental	$	4,312,293	$	4,231,126
Interest and other		149,735		133,942
		4,462,028		4,365,068
Expenses
Interest		1,114,283		1,173,194
Depreciation and amortization		1,452,325		1,379,636
Operating expenses		2,604,139		2,477,409
		5,170,747		5,030,239
NET LOSS	$	(708,719)	$	(665,171)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(701,632)	$	(658,519)
Net loss allocated to other Partners	$	(7,087)	$	(6,652)

* Amounts include $128,701 and $22,286 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 43

		2008		2007
Revenues
Rental	$	4,950,013	$	4,799,469
Interest and other		170,320		170,665
		5,120,333		4,970,134
Expenses
Interest		1,057,036		1,153,710
Depreciation and amortization		1,848,220		1,828,552
Operating expenses		3,059,120		2,948,050
		5,964,376		5,930,312
NET LOSS	$	(844,043)	$	(960,178)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(835,603)	$	(950,576)
Net loss allocated to other Partners	$	(8,440)	$	(9,602)

* Amounts include $110,453 and $154,650 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 44

		2008		2007
Revenues
Rental	$	5,839,231	$	5,395,337
Interest and other		436,996		258,205
		6,276,227		5,653,542
Expenses
Interest		1,885,441		1,935,489
Depreciation and amortization		1,821,963		1,466,778
Operating expenses		3,340,325		3,154,190
		7,047,729		6,556,457
NET LOSS	$	(771,502)	$	(902,915)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(763,786)	$	(893,886)
Net loss allocated to other Partners	$	(7,716)	$	(9,029)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 45

		2008		2007
Revenues
Rental	$	6,628,445	$	6,380,379
Interest and other		326,546		479,432
		6,954,991		6,859,811
Expenses
Interest		1,795,620		1,939,461
Depreciation and amortization		2,334,661		2,213,625
Operating expenses		4,031,385		3,802,845
		8,161,666		7,955,931
NET LOSS	$	(1,206,675)	$	(1,096,120)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,194,608)	$	(1,085,159)
Net loss allocated to other Partners	$	(12,067)	$	(10,961)

* Amounts include $16,328 and $177,454 for 2008 and 2007, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2008

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 46

		2008		2007
Revenues
Rental	$	3,736,217	$	3,401,752
Interest and other		101,328		99,787
		3,837,545		3,501,539
Expenses
Interest		1,114,338		1,059,793
Depreciation and amortization		1,166,854		1,025,475
Operating expenses		2,097,536		2,140,274
		4,378,728		4,225,542
NET LOSS	$	(541,183)	$	(724,003)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(535,771)	$	(716,763)
Net loss allocated to other Partners	$	(5,412)	$	(7,240)

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2008
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2008 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2008. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statemen ts included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds is the proceeds of the Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee.  Fund management fees accrued during the quarter ended December 31, 2008 were $1,768,716 and total fund management fees accrued as of December 31, 2008 were $43,139,246. During the nine months ended December 31, 2008, $1,450,000 of accrued fund management fees was paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund.  The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

















Liquidity (continued)

As of December 31, 2008, an affiliate of the general partner of the Fund advanced a total of $1,605,095 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. During the nine months ended December 31, 2008, $129,749 was advanced to the Fund from an affiliate of the general partner. The advances made in the nine months ended, as well as the total advances made as of December 31, 2008, are as follows:

	Nine Months
	Ended	Total
Series 21	$ 25,819	$  105,274
Series 22	13,617	34,237
Series 23	13,900	44,424
Series 27	12,155	38,920
Series 33	13,089	31,128
Series 34	14,603	43,543
Series 36	12,611	106,732
Series 38	-	69,191
Series 39	-	220,455
Series 40	4,938	302,668
Series 41	19,017	335,426
Series 42	-	221,615
Series 43	-	51,482
	$129,749	$1,605,095

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,257, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, 2008.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in two of the Operating Partnerships and 22 remain.

Prior to the quarter ended December 31, 2008, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in one of the Operating Partnership and 13 remain.

During the quarter ended December 31, 2008, Series 21 did not record any releases of capital contributions. Series 21 has outstanding contributions payable to 1 Operating Partnership in the amount of $236,479 as of December 31, 2008, all of which has been loaned to the Operating Partnership. The loans will be converted to capital when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748.

During the quarter ended December 31, 2008, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $9,352 as of December 31, 2008. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278.

Prior to the quarter ended December 31, 2008, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309.

During the quarter ended December 31,2008, Series 24 did not record any releases of capital contributions. Series 24 has outstanding contributions payable to 1 Operating Partnership in the amount of $9,999 as of December 31, 2008. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539.

During the quarter ended December 31, 2008, Series 25 did not record any releases of capital contributions. Series 25 has outstanding contributions payable to 2 Operating Partnerships in the amount of $61,733 as of December 31, 2008. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215.

During the quarter ended December 31, 2008, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable to 3 Operating Partnerships in the amount of $29,490, as of December 31, 2008. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574.

During the quarter ended December 31, 2008, Series 27 did not record any releases of capital contributions. Series 27 has outstanding contributions payable to 3 Operating Partnerships in the amount of $39,749 as of December 31, 2008. Of the amount outstanding, $6,500 has been advanced to one of the Operating Partnerships. The advance will be converted to capital and the remaining contributions of $33,249 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 28

The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983.

During the quarter ended December 31, 2008, Series 28 did not record any releases of capital contributions. Series 28 has outstanding contributions payable to 3 Operating Partnerships in the amount of $40,968 as of December 31, 2008. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in one of the Operating Partnership and 21 remain.

During the quarter ended December 31, 2008, Series 29 recorded capital contribution releases of $35,455. Series 29 has outstanding contributions payable to 3 Operating Partnerships in the amount of $10,328 as of December 31, 2008. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in two of the Operating Partnerships and 18 remain.

During the quarter ended December 31, 2008, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 4 Operating Partnerships in the amount of $127,396 as of December 31, 2008. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in one of the Operating Partnerships and 26 remain.

During the quarter ended December 31, 2008, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of December 31, 2008. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in one of the Operating Partnerships and 16 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operatin g Partnerships for this investment.

During the quarter ended December 31, 2008, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 4 Operating Partnerships in the amount of $298,561 as of December 31, 2008. Of the amount outstanding, $46,908 has been advanced or loaned to some of the Operating Partnerships. In addition, $125,000 has been funded into escrow accounts on behalf of another Operating Partnership. The loans and escrowed funds will be converted to capital and the remaining contributions of $126,653 will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100.

During the quarter ended December 31, 2008, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 3 Operating Partnerships in the amount of $194,154 as of December 31, 2008. Of the amount outstanding $125,000 has been funded into an escrow account on behalf of another Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $69,154 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978.

During the quarter ended December 31, 2008, Series 34 did not record any releases of capital contributions. Series 34 has outstanding contributions payable to 1 Operating Partnership in the amount of $8,244 as of December 31, 2008. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its respective partnership agreement.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391.

Prior to the quarter ended December 31, 2008, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041.

Prior to the quarter ended December 31, 2008, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142.

During the quarter ended December 31, 2008, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of December 31, 2008. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, 2008, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of December 31, 2008. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, 2008, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,033,772 as of December 31, 2008. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended December 31, 2008, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of December 31, 2008. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their respective partnership agreements.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. Series 41 has since sold its interest in two of the Operating Partnership and 21 remain.

During the quarter ended December 31, 2008, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of December 31, 2008. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120.

During the quarter ended December 31, 2008, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 4 Operating Partnerships in the amount of $452,937 as of December 31, 2008. Of the amount outstanding, $333,819 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $119,118 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in December 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 43.

During the quarter ended December 31, 2008, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 5 Operating Partnerships in the amount of $307,738 as of December 31, 2008. Of the amount outstanding, $250,302 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $57,436 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 44.

During the quarter ended December 31, 2008, Series 44 recorded capital contribution releases of $58,174. Series 44 has outstanding contributions payable to 2 Operating Partnerships in the amount of $590,561 as of December 31, 2008. Of the amount outstanding, $196,604 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $393,957 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 45. Series 45 has since sold its interest in one of the Operating Partnership and 30 remain.

During the quarter ended December 31, 2008, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of December 31, 2008. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in their respective partnership agreement.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 46.

During the quarter ended December 31, 2008, Series 46 did not record any releases of capital contributions. Series 46 has outstanding contributions payable to 3 Operating Partnerships in the amount of $20,138 as of December 31, 2008. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Results of Operations

As of December 31, 2008 and 2007, the Fund held limited partnership interests in 510 and 513 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2008, are as follows:

	3 Months Management Fee Net of Reporting Fee	3 Months Reporting Fee	9 Months Management Fee Net of Reporting Fee	9 Months Reporting Fee
Series 20	$   63,507	$ 20,931	$   215,953	$ 37,361
Series 21	44,763	330	128,556	6,723
Series 22	62,148	1,500	176,715	14,228
Series 23	49,502	10,564	156,884	23,314
Series 24	56,725	209	145,231	25,571
Series 25	68,169	-	155,795	48,712
Series 26	100,190	8,499	275,976	50,091
Series 27	78,801	-	197,069	39,335
Series 28	64,776	18,753	190,765	59,822
Series 29	72,057	10,794	222,735	29,106
Series 30	44,142	2,400	116,003	23,625
Series 31	80,538	10,500	242,764	30,350
Series 32	75,686	6,000	228,103	18,555
Series 33	43,022	469	125,004	5,469
Series 34	68,860	4,439	202,292	17,605
Series 35	57,090	-	138,770	32,500
Series 36	39,861	288	83,418	37,030
Series 37	51,216	-	143,148	10,500
Series 38	36,100	5,000	113,627	9,673
Series 39	30,700	3,500	66,736	35,864
Series 40	46,004	4,000	140,472	9,540
Series 41	57,999	3,709	162,018	23,104
Series 42	52,126	10,955	175,591	13,651
Series 43	71,795	4,900	220,824	9,261
Series 44	14,717	56,459	141,081	72,447
Series 45	91,641	-	244,341	30,582
Series 46	60,382	2,000	164,784	22,362
	$1,582,517	$186,199	$4,574,655	$736,381

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

As of December 31, 2008 and 2007 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 20 reflects a net loss from Operating Partnerships of $(411,181) and $(707,095), respectively, which includes depreciation and amortization of $1,836,238 and $2,026,743, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

East Douglas Apartments (East Douglas Apartments Limited Partnership) has historically operated at or just below breakeven due to a combination of the low rent structure mandated by the state tax credit monitoring agency, the Illinois Housing Development Authority, and high debt. The 2007 average occupancy was 81% and the average occupancy for 2008 was 82%, with an average of only 75% for the second half of 2008. Occupancy decreased significantly in 2007 due to ten units that went off-line as the result of two separate sprinkler damage events. The units were back on-line later in 2007 and the damage was covered by the property's insurance. Occupancy decreased again at the end of the second quarter of 2008, due to a number of evictions. Management has had trouble re-leasing those vacated units for two reasons: (i) many applicants were failing required background checks and (ii) the site manager, who also works as the maintenance technician, has not been proactively leasing and marketing the property. Leas ing traffic had been strong, so the regional manager went back through old applications and determined that some of the screening criteria were too stringent. The regional manager relaxed some criteria, such as work history, and so far this has resulted in nine applicants that would have previously been denied. Two of those applications were approved for move-in and the others, which are in the final stages of the review process, are expected to be approved as well. In addition, a new site manager is scheduled to start in January 2009. The regional manager is advertising for a part time maintenance technician. In the meantime, a temporary maintenance employee has started working at the site until a permanent replacement can be found. The management company also has listed the property on two internet sites promoting area apartment rentals. With these changes, management is anticipating a strong increase in occupancy over the next quarter.

Due to the reduced occupancy noted above, cash flow deteriorated further in 2007, necessitating $17,112 of funding from the investment partnership to bring the real estate tax escrow current, pay down certain third party payables, and pay the property payroll. The property operated slightly below breakeven for the year 2007 and has continued to operate slightly below breakeven for 2008; however, no funding from the investment partnership was required in 2008.

The operating general partner tried to improve the property's financial performance by refinancing the mortgage, but was unsuccessful. Currently, an affiliate of the investment general partner is serving as the operating general partner. The investment general partner has been attempting to find a replacement operating general partner and had been in discussions with several interested parties; however, no offers resulted from these conversations. As a result, the investment general partner hired a real estate broker to evaluate the operating general partner interest and help identify additional operating general partner replacements. To date it has been difficult to find an unrelated third party willing to step in as the operating general partner on an underperforming property; however, the broker has suggested that the most likely replacement general partner would be a non-profit entity. The investment general partner plans to seek assistance from the Illinois Development and Housing Authority, which is the lender and the tax credit agency for the property, in identifying such a non-profit. The mortgage, property taxes and insurance are all current. Third party accounts payable have been reduced to less than $10,000. The Tax Increment Financing, a reduced real estate tax program from the city, will expire in December 2009. The operating general partner will apply to renew the applicable agreement at that time. The low income housing tax credit compliance period expires on December 31, 2010.

2730 Lafferty Street Apartments L.P. (Gardenview Apartments) is a 309-unit property located approximately twenty miles outside Houston, Texas. The property suffered a fire in the second quarter of 2006, causing twenty units to come off-line. The property was issued 8823s for the units taken off-line. Additionally, 8823s were issued to the property as a result of a state inspection completed prior to the fire. Management has sent corrective documents to the Texas Department of Housing and corrected 8823s were received in the third quarter of 2008. Although 2008 average occupancy improved through the first two quarters, it decreased during the second half of the year to 78% as a result of vacancies caused by water damage from Hurricane Ike. In total, 64 units were affected, of which 46 were off-line. There are currently 34 units off-line with a completion date expected in the first quarter 2009. All liability issues were addressed and corrected immediately following the storm. The total cost, to date for repairs is $203,000 with insurance proceeds covering all expenses. Marketing efforts have been focused on local medical offices as well as the City of Pasadena and Harris County Housing Authorities. In addition, a move-in concession of $99 and a resident referral program of a $300 discount are in place. The tax credit delivery period ended in 2005 and the low income housing tax credit compliance period expires in December 2009. The mortgage, taxes, and insurance payments are current.

In December 2006, the investment general partner of Boston Capital Tax Credit Fund II - Series 14, Boston Capital Tax Credit Fund III - Series 17 and Series 20 transferred 33% of their interest in College Greene Rental Associates Limited Partnership to entities affiliated with the operating general partners for their assumption of one third of the outstanding mortgage balance. The cash proceeds received by Series 14, Series 17, and Series 20 were $25,740, $7,919, and $65,341, respectively. Of the proceeds received, $1,950, $599, and $4,951 for Series 14, Series 17, and Series 20, respectively, was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds received by Series 14, Series 17, and Series 20 of $23,790, $7,320 and $60,390, respectively, were applied against the investment limited partners' investment in the Operating Partnership in accordance with the equity method of accounting. The remaining 67% investment limited partner interest is ant icipated to be transferred as follows: 50% in January 2010 for $150,000 and 17% in February 2011 for $51,000. The future proceeds will be allocated to the investment limited partnerships based on their original equity investments in the Operating Partnership.

Series 21

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 21 reflects a net loss from Operating Partnerships of $(276,686) and $(814,287), respectively, which includes depreciation and amortization of $657,396 and $686,385, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Atlantic City Housing Urban Renewal Associates, LP (Atlantic City Apartments) filed for bankruptcy in June of 2001. A Plan of Reorganization propounded by a large bondholder was confirmed in September 2003. Although the Plan was confirmed, the transactions necessary to conclude the bankruptcy did not close. The Plan proponent effectively took control of and managed the property through a management company that was engaged in late 2004. Despite significant improvements to the physical condition of the property, property expenses (especially security, maintenance and insurance) remained stubbornly high and the property was not able to generate cash flow as projected under the Plan.

For the first half of 2006, despite occupancy in excess of 90% both net operating income and cash flow were negative ($123,893). This performance was not sufficient to service the debt contemplated under the Plan of Reorganization. Beginning in the first quarter of 2006, the investment general partner raised its concern that, given this performance, the Plan was no longer feasible. In June 2006, HUD threatened to terminate the Housing Assistance Payment contract supporting the property, which caused the property management company to resign. At the same time, the prospective indenture trustee withdrew.

In July 2006, all parties acknowledged that the proponent's Plan was unlikely to become effective. On September 6, 2006, the Court converted the case from Chapter 11 to Chapter 7 and a Trustee was appointed to oversee the sale of the property. On February 23, 2007, the Trustee conducted an auction at which the property was sold for $3,650,000; the sale closed on April 25, 2007. The investment general partner was uncertain whether the new owner would continue to operate the property in compliance with the requirements of Section 42, and as a result, it did not post a Section 42 Disposition Bond. As a result, the investors experienced recapture in 2007. Annual losses generated by the Operating Partnership, which were applied against the investment limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's investment in the Operating Partnership to zero. Accordingly, no gain or loss on the forec losure of the investment general partner interest has been recorded. The Operating Partnership lost $52,306 in credits and experienced recapture and interest of $1,462,036. This represents credit loss and recapture of $27 and $757, respectively, per 1,000 BACs.

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a 48-unit family property located in Chippewa, Wisconsin. The property operated with an average occupancy of 98% in 2008, consistent with the prior year. Operating expenses are below the investment general partner's state average. Although occupancy is high and expenses remain reasonable, low rental rates in the area prevented the property from achieving breakeven operations in 2008. The management company continues to market the available units by working closely with the housing authority, and by continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Black River Run, LP (River Run Apartments) is a 48-unit, family property located in Black River Falls, Wisconsin. The property operated with an average occupancy of 96% in 2007. Occupancy has been consistent with the prior year averaging 94% in 2008. Although occupancy is high and expenses remained below the investment general partners' state average, low rental rates in the area prevented the property from achieving breakeven operations in 2008. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Lookout Ridge LP (Lookout Ridge Apts.) is a 30-unit development located in Covington, KY. The property continues to operate below breakeven due to high operating expenses and low occupancy. On August 20, 2007, the investment general partner received a fax, via management, from the Internal Revenue Service stating that due to continued non-compliance at Lookout Ridge Apartments, credits could not be calculated for the year, and that the previous credits claimed are subject to recapture. The specific non-compliance issues cited by the Internal Revenue Service are: management failed to correctly complete or document tenant's annual income certification; violation(s) of local inspection standards; the project failed to meet minimum set-aside requirements; violation(s) of the Vacant Unit Rule under Reg. 1.42-5(c)(1)(ix); and the project is no longer in compliance with nor participating in the Section 42 Program.

Although the operating general partner has advanced significant funds to keep accounts current, the operational outlook for this property is not favorable. Occupancy numbers are running at historic lows and expenses continue to climb. Both the operating general partner and management have proven their inability to effectively run this property by not following Section 42 guidelines. Furthermore, Kentucky Housing has provided management with a number of opportunities to correct various non-compliance issues which management failed to act upon. Other non-compliance issues are costly capital expense items which include: replacement of concrete pads, replacement of entry stairs, replacement of landscaping ties, correction of drainage issues, and deck repairs.

The operating general partner has requested use of operating reserve funds in order to pay for 2008 taxes. After the withdrawals, the operating reserve balance will be depleted. In total, the operating general partner has funded operating deficits of $324,422. The operating general partner continues to advance funds as needed. As of December 2008, occupancy is 70% and averaging 76% year-to-date.

In summary, the property has a history of unstable financial performance and inefficient management. These problems are compounded by continued non-compliance, significant costs necessary to correct capital improvement items, a building fire destroying all tenant files and an IRS letter indicating removal from the Section 42 program. Due to the removal from the Section 42 program the Operating Partnership experienced recapture, interest and penalties of $858,975. This represents recapture, interest and penalties of $445 per 1,000 BACs, which was reflected on the 2007 tax return. The operating general partner has worked with their attorney and Kentucky Housing in an attempt to get the property back into the Section 42 program, but upon review, Kentucky Housing denied reinstatement back into the Section 42 tax credit program. At this time, the investment general partner and its legal counsel are discussing a plan of action for this Operating Partnership. The investment general partner, operating general partner and Kentucky Housing continue to be in contact regarding possible alternatives to legal action.

In December 2008, the investment general partner performed a site visit at the property. The property is in extremely poor physical condition. In addition, the tenant files were incomplete and the management office disorderly. Overall, the condition of the property, files and units are in desperate need of assistance.

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family property located in Menomonie, Wisconsin. The property operated with an average occupancy of 95% in 2007. Occupancy has been consistent with the prior year, averaging 96% in 2008. The property's operating expenses are below the investment general partner's state average. Despite occupancy above 90%, low rental rates in the area prevented the property from achieving breakeven operations in 2008. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Series 22

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 22 reflects a net loss from Operating Partnerships of $(899,750) and $(721,494), respectively, which includes depreciation and amortization of $1,353,233 and $1,266,018, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Elks Tower Apartments, LP (Elks Tower Apartments) is a 27-unit development located in Litchfield, IL. Occupancy in 2008 averaged 90%, a slight decrease from the 2007 average of 93%. The property continues to operate below breakeven status. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in the area. A 50-unit affordable housing complex is currently under construction nearby, and expected to begin leasing in February 2009. The property is sponsored by Illinois Development Housing Authority, and will rent units to tenants at or below 30% and 50% of the average medium income. Elks Tower rents to tenants at or below 60% of the average medium income. The operating general partner believes the new development may have a significant impact on their ability to lease units. In order to improve the curb appeal, the operating general partner plans to replace the carpets, roof and repaint, as funds are available. In 2007, new billboards were instal led at the front of the complex to attract more foot and drive-by traffic to the property. The mortgage, real estate taxes, and insurance payments are current.

Black River Run, LP (River Run Apartments) is a 48-unit, family property located in Black River Falls, Wisconsin. The property operated with an average occupancy of 96% in 2007. Occupancy has been consistent with the prior year, averaging 94% in 2008. Although occupancy is high and expenses remain below the investment general partner's state average, low rental rates in the area prevented the property from achieving breakeven operations in 2008. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Roxbury Veterans Housing, LP (Highland House) is a 14-unit property located in Roxbury, Massachusetts. The Department of Housing and Community Development informed the investment general partner that the Department of Mental Health would be terminating its contract with Roxbury Veterans Housing due to sub-par property conditions. Upon notification, the investment general partner inspected the property and found areas of concern regarding the overall condition of the property. The investment general partner also learned that the operating general partner terminated the management contract of the third-party agent late in 2006, with the intention of self-managing for an indeterminate period of time. Operating reports have been unavailable since that time. In May 2007, the investment general partner was informed of a default notice sent to the operating general partner by One United Bank, the holder of the first mortgage note. The investment general partner learned that there was a mortgagee sale of the pro perty scheduled for June 14, 2007 and that this sale date had been extended from May 2007.

Subsequently, the investment general partner contacted all critical stakeholders including the City of Boston Department of Neighborhood Development (DND), the Department of Housing and Community Development (DHCD), the operating general partner and their respective attorneys to come to a workout plan with the lender. After much negotiation and the threat of a bankruptcy filing that would reinstate the loan on its original terms, the lender agreed to a forbearance agreement. This agreement, signed June 13, 2007, allowed a 60-day window during which the operating general partner interest was to be sold and the PAR value of the note ($355,000) held by One United was to be paid in full. The new operating general partner was agreed to by all of the parties, and on September 14, 2007 the One United note was paid in full. The new operating general partner holds the first soft mortgage and began planning property upgrades to be funded by DND and DHCD. The property was expected to be re-occupied prior to year - -end 2007; however, the work was delayed due to the funding agencies' frequent requests for additional information and the prolonged process of releasing funds. Although units remain vacant through the fourth quarter of 2008 occupancy is anticipated, with project-based Section 8 applicants, by early in the first quarter of 2009. Throughout negotiations regarding the foreclosing lender, the operating general partner transfer, and additional funding, the credit allocating agency repeatedly assured that credits would not be in jeopardy. Since that time, there have been senior staff changes at the credit agency that prompted the investment general partner to seek reconfirmation of the credit situation. Over the past two quarters, the investment general partner has made repeated attempts to contact the agency, with no response. The tax credit delivery period ended in 2007 and the low income housing tax credit compliance period expires in 2011.

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) is a 48-unit family development located in Longmont, CO. The property suffers from low occupancy due to a weak rental market. In addition, the property has mostly three-bedroom units (42 of the 48) and these units have comparable rents to single-family rental homes, which are more desirable. The poor quality of the school system also makes it difficult to attract families with children. The site manager developed a good relationship with the local police who have initiated nighttime patrols. To attract applicants, management continues to offer rental concessions and resident referral fees. Banners and signs have been redesigned for increased visibility; a rotating model unit is shown to applicants; and advertising on the Internet, and in adjacent towns, has increased. A consultant visited the property in August 2008, and reported that the property was in excellent condition. The 2008 average annual occupancy is 94%. The operating general partner continues to fund all operating deficits. Accounts payable, mortgage, taxes, and insurance are current. The last year for credit delivery was 2005 and the low income housing tax credit compliance period expires in 2010.

Edmond Properties, LP (Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK. The property operated with an average occupancy of 85% for 2007 and 83% through the first three quarters of 2008. Despite the low occupancy, the Operating Partnership operated above breakeven in 2007, and continues to do so in 2008, due to management's ability to control operating expenses. In addition, in 2007, management increased rents. At the end of 2007, due to continued occupancy issues, the operating general partner replaced the management company. At that time, the entire site staff left and new management was not able to replace the site staff until June 2008. During the 2008 site visit it was determined that management was not making units ready for occupancy in a timely manner and was cannibalizing vacant units in order to make other units rent-ready. The reason for the number of non-rent ready units was due mainly to staffing issues as there was only one maintenance person on staff to manage 160 units. Many of the tenants who had been approved by the prior management company were problematic and upon eviction and/or move-out left the units with significant damages. In September 2008, management hired an assistant maintenance technician. As of December 2008, all but four of the units noted during the 2008 site visit had been brought back on-line. In addition, management put into place more stringent applicant approval criteria, and as a result, evictions are down at the property and turn-over costs have declined since June 2008. Collections have improved as well due to becoming a primary focus of the staff. Through November 2008, the property was operating above breakeven and economic vacancy had declined significantly since the beginning of the year. Marketing efforts in 2008 have been effective. The operating general partner is planning on upgrading the amenities at the site as well as completing exterior improvements to enhance the marketability of the property. The investment general pa rtner will continue to monitor and assist management with marketing and leasing strategies and conduct the annual site visit during the first half of 2009 to ensure that any deferred maintenance is being addressed effectively. All real estate tax, insurance and mortgage payments are current.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property located in Riverview, FL. Average occupancy in 2007 was 90% and the property operated below breakeven due to a combination of increased vacancy and a $40,000 increase in insurance expense from 2006. Due to a number of job losses in the area, turnover increased and occupancy dipped to 85% by year-end 2007. In addition, the loss of jobs resulted in an increase in bad debt and evictions. In 2008, the investment general partner performed a site inspection and noted a number of maintenance concerns including erosion issues due to poor drainage and units not being made ready for occupancy. Since that time, all units have been brought back on-line, drainage and erosion issues are being addressed and occupancy has improved from 79% in March 2008, to 85% as of December 2008, for an average occupancy of 86% for the year. Management has reduced rents in efforts to remain competitive in a difficult market as ongoing job loss has led to increas ed evictions and migration from the area. As a result of high economic vacancy, the property is operating below breakeven for the year. Operating expenses are below 2007 levels; however, vacancy, concessions and bad debt are all significantly higher than 2007. Management has increased its marketing outreach and is improving the curb appeal of the property to improve traffic. The buildings are being touched up and cleaned, and the frontage is being enhanced with improved landscaping and signs. The investment general partner has scheduled a site visit during the first quarter of 2009 to assess the marketability of the property. The investment general partner will continue to work with management to reduce economic vacancy, improve physical appearance and reduce expenses. All real estate tax, insurance and mortgage payments are current.

Richmond Hardin (Richmond Square Apartments) is a 32-unit family property located in Richmond, Missouri. Occupancy began to decline in July 2008 reaching 78%, from a previous six month average of 86%. By year-end 2008, occupancy declined to 71%. The property is not in a highly populated area, limiting the applicant pool. The site manager has increased advertising and outreach. Additionally, resident referral and rental concession programs have been implemented. Property taxes and insurance are current. The low income housing tax credit compliance period expires at year-end 2009.

Series 23

As of December 31, 2008 and 2007 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 23 reflects a net loss from Operating Partnerships of $(799,382) and $(688,056), respectively, which includes depreciation and amortization of $1,327,098 and $1,271,026, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Colonna Redevelopment Company (Colonna House) is a 36-unit development located in Hempstead, NY. Despite being 98% occupied and achieving above breakeven operations through the third quarter of 2008, reserves have not been fully funded and accounts payable are excessive. The balance sheet indicates that over $300,000 is due from an operating general partner affiliate for unapproved loans from the Operating Partnership. Asset management fees are guaranteed and outstanding. The most recent discussion with the operating general partner revealed that they are currently looking to refinance the property or to purchase investment general partner interest. All taxes, insurance and mortgage payments are current.

Mathis Apartments, LTD. (Mathis Apartments) is a 32-unit multifamily development located in Mathis, Texas. Despite being 95% occupied during 2007 and implementing a rent increase, the Operating Partnership operated below breakeven. The deficit was directly attributable to inadequate rents combined with an increase in real estate taxes and maintenance costs. The maintenance expense increased about 31% due to costs for supplies and repairs related to prior hurricane damage. Real estate taxes and insurance costs more than doubled from 2006 levels. Increasing payables and accruing management fees, as well as withdrawals from the reserve account, funded the 2007 operating deficit. The operating general partner also advanced approximately $12,320 towards the deficit. Occupancy was consistent, averaging 95% in 2008. A rent increase of $20 per unit was implemented in 2008 but this was somewhat offset by increases in the utility allowances ranging from $10 to $15, depending on the unit size. The stron g occupancy and raised rents generated additional revenue, and it appears that overall operating expenses have decreased. It is expected that operations will come close to breakeven in 2008. The operating general partner is funding deficits as necessary. The guarantee is unlimited in amount until the end of the low income housing tax credit compliance period in 2009. All real estate tax, mortgage, and insurance payments are current.

South Hills Apartments, LP (South Hills Apartments) is a 72-unit, family property located in Bellevue, Nebraska. The property operated with an average occupancy of 84% in 2008. There are few qualified prospective residents that can afford the tax credit rents without obtaining rental assistance. Currently there is limited assistance as evidenced by a nine-month waiting list at the local housing authority. There is also competition in the area from newer properties offering superior amenity packages. Management has increased concessions and resident referral rewards. Management is in constant communication with the nearby Air Force base and local employers, is placing advertising in the weekly newspaper, and has a website for the property. The new manager is focusing on strengthening the resident base, increasing resident retention, and improving collections. The manager has been proactive in an attempt to improve lease renewals by contacting every resident to ask if they need any additional services. The on-site manager has made personal contact with specific employers in the immediate area that best support the property and received permission to display brochures to promote the community in break rooms and at front desks. Management also changed the office hours to better accommodate working residents. As the result of the low occupancy and overly burdensome debt service, the property was not able to operate above breakeven in 2008. Per an agreement with the operating general partner, the management company (an affiliate of the operating general partner) is deferring all fees until operations improve and the property can support itself. The operating general partner continues to fund the operating deficits. The operating general partner operating deficit guarantee is unlimited in time and amount. The mortgage, taxes, and insurance payments are current.

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) is a 48-unit family development located in Longmont, CO. The property suffers from low occupancy due to a weak rental market. In addition, the property has mostly three-bedroom units (42 of the 48) and these units have comparable rents to single-family rental homes, which are more desirable. The poor quality of the school system also makes it difficult to attract families with children. The site manager developed a good relationship with the local police who have initiated nighttime patrols. To attract applicants, management continues to offer rental concessions and resident referral fees. Banners and signs have been redesigned for increased visibility; a rotating model unit is shown to applicants; and advertising on the Internet, and in adjacent towns, has increased. A consultant visited the property in August 2008, and reported that the property was in excellent condition. The 2008 average annual occupancy is 94%. The operating general partner continues to fund all operating deficits. Accounts payable, mortgage, taxes, and insurance are current. The last year for credit delivery was 2005 and the low income housing tax credit compliance period expires in 2010.

Broderick Housing Associates, LP (Country Hill Apartments, Phase II) is a 92-unit family complex located in Cedar Rapids, Iowa. The property operated below breakeven in the first quarter of 2008 due to increased heating and appliance repair expenses and high seasonal utility costs. To offset high operating expenses, a rent increase was implemented in May 2008. Monthly rents increased by an average of $15 to $25 per unit, increasing gross potential revenue by approximately $2,000 per month. Reduced operating expenses, along with the rent increase, allowed the property to operate slightly above breakeven in the second quarter. The property would have continued to operate above breakeven in the third quarter of 2008 had it not incurred a $16,000 snow removal expense. Management had a dispute with the company contracted to do snow removal and the bill wasn't settled until July. The July snow removal expense reflects services provided during December 2007 and January 2008. Efforts to reduce operating expenses allowed the property to operate above breakeven in the fourth quarter. These efforts included limiting the hours of the part-time leasing agent and reducing contractor work by completing more maintenance and repair tasks in-house. As of December 31, 2008, the property was 91% occupied. Despite an expired guarantee, the operating general partner has a longstanding history of funding operating deficits and continues to fund deficits as necessary. All taxes, insurance and mortgage payments are current.

Edmond Properties, LP (Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK. The property operated with an average occupancy of 85% for 2007 and 83% through the first three quarters of 2008. Despite the low occupancy the Operating Partnership operated above breakeven in 2007 and continues to do so in 2008, due to management's ability to control operating expenses. In addition, in 2007, management increased rents. At the end of 2007, due to continued occupancy issues, the operating general partner replaced the management company. At that time, the entire site staff left and new management was not able to replace the site staff until June 2008. During the 2008 site visit it was determined that management was not making units ready for occupancy in a timely manner and was cannibalizing vacant units in order to make other units rent-ready. The reason for the number of non-rent ready units was due mainly to staffing issues as there was only one maintenance person on staff to manage 160 u nits. Many of the tenants who had been approved by the prior management company were problematic and upon eviction and/or move-out left the units with significant damages. In September 2008, management hired an assistant maintenance technician. As of December 2008, all but four of the units noted during the 2008 site visit had been brought back on line. In addition, the new management put into place more stringent applicant approval standards, and as a result, evictions are down at the property and turn-over costs have declined since June 2008. Collections have been improved since the management change as well as this has become a primary focus of the staff. Through November 2008, the property was operating above breakeven and economic vacancy had declined significantly since the beginning of the year. Marketing activity has been effective over the past year. The operating investment partner is planning on upgrading the amenities at the site as well completing exterior improvements to enhance the mar ketability of the property. The operating general partner will continue to monitor and assist management with marketing and leasing strategies and conduct the annual site visit during the first half of 2009 to ensure that any deferred maintenance is being addressed effectively. All real estate tax, insurance and mortgage payments are current.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property located in Riverview, FL. Average occupancy in 2007 was 90% and the property operated below breakeven due to a combination of increased vacancy and a $40,000 increase in insurance expense from 2006. Due to a number of job losses in the area, turnover increased and occupancy dipped to 85% by year-end 2007. In addition, the loss of jobs resulted in an increase in bad debt and evictions. In 2008, the investment general partner performed a site inspection and noted a number of maintenance concerns including erosion issues due to poor drainage and units not being made ready for occupancy. Since that time, all units have been brought back on-line, drainage and erosion issues are being addressed and occupancy has improved from 79% in March 2008, to 85% as of December 2008, for an average occupancy of 86% for the year. Management has reduced rents in efforts to remain competitive in a difficult market as ongoing job loss has led to increas ed evictions and migration from the area. As a result of high economic vacancy, the property is operating below breakeven for the year. Operating expenses are below 2007 levels; however, vacancy, concessions and bad debt are all significantly higher than 2007. Management has increased its marketing outreach and is improving the curb appeal of the property to improve traffic. The buildings are being touched up and cleaned, and the frontage is being enhanced with improved landscaping and signs. The investment general partner has scheduled a site visit during the first quarter of 2009 to assess the marketability of the property. The investment general partner will continue to work with management to reduce economic vacancy, improve physical appearance and reduce expenses. All real estate tax, insurance and mortgage payments are current.

Series 24

As of December 31, 2008 and 2007 the average Qualified Occupancy for the series was 100% and 99.9%, respectively. The series had a total of 24 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 24 reflects a net loss from Operating Partnerships of $(775,466) and $(582,461), respectively, which includes depreciation and amortization of $1,186,087 and $1,040,776, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Elm Street Associates, Limited Partnership (Elm Street Apartments) is located in Yonkers, New York. The neighborhood has been a difficult one in which to operate due to high crime. Almost all tenants have some public subsidy, making this a very management-intensive property. Poor tenancy has historically resulted in operating deficits. Although management has been proactive in addressing these concerns, other management issues, including poor rent collections and deferred maintenance, have negatively impacted the property. Although occupancy started showing signs of improvement in the first three-quarters of 2007, the fourth quarter saw occupancy decline to 80% in November and December. This trend continued into 2008 with occupancy averaging 83%.

Management is trying to be proactive in trying to keep residents in the units by supplying life skills workers to families who are having trouble paying rent. After referring families to rent assistance services, they offer counseling for basic budgeting skills to avoid future evictions. Many tenants have given up possession of their units, as they are unable to catch up with rent payments owed in arrears. In addition to the occupancy issues, operating expenses have also increased significantly. Management had previously been diligent in controlling operating expenses in order to reduce their operating deficit. Maintenance expenses increased in conjunction with the increased turnover. One unit required mold abatement, which drove up maintenance costs. Payroll expenses have also increased due to the increased staffing to handle maintenance. Water and sewer expenses have also seen significant increases. Due to the decreased occupancy, bad debt, and the increase in operating expenses, the property continues to operate below breakeven. The mortgage, real estate tax, insurance and required reserves are all current. The Operating Partnership is dependent on the operating general partner funding the operating deficits by cash infusions, and deferring management fees. The goal of management is to work on improving and stabilizing the neighborhood in order to attract and retain residents. The operating general partner has a longstanding and ongoing commitment to the residents of Southwest Yonkers where their housing programs and service offices are located.

The operating general partner's most intensive community development work is focused in Nodine Hill where the property is located. The community organizer serves as the coordinator of the US Department of Justice's "Weed to Seed" initiative which combines law enforcement and social services in a coordinated effort to remediate problems in the neighborhood. The operating general partner has been instrumental in operating the Elm Street Neighborhood Center. The center offers neighborhood residents access to after school children's programs, job training for adults and teens, and work services programs for adults. The operating general partner has been proactive and successful in obtaining grants such as a recent award under the New York State Main Street program which was designed to stimulate downtown revitalization. Funds have been utilized for building renovations, streetscape enhancements, and commercial and affordable housing development. Recently there have been some positive signs of dev elopment in the community, including a family medical practice, a deli, and a fish market. The tot lot has opened on the property and is a bright addition to the neighborhood. The operating general partner remains committed to the property and the neighborhood and expressed a willingness to continue funding deficits until the property stabilizes. The operating general partner has a significant investment in the community in which the property is located, and all attempts to stabilize the property are geared for the long term. The City of Yonkers is currently undergoing significant growth. A casino has opened in the Yonkers Racetrack, and a water shuttle service has come on line that connects to the financial district in Manhattan. It is hoped that this growth will make this neighborhood a better place to live. In the short term, the operating general partner is working to increase occupancy levels, as well as working to educate the tenants so they do not fall behind in rent payments. The investment gen eral partner will continue to monitor this Operating Partnership until property operations have stabilized.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Average occupancy for 2007 was 90%, down 6% from the 2006 average occupancy. Through November 2008, average occupancy is 94%, and operations are just below breakeven. The reason for the decline in performance in 2007 was due to having to relocate tenants out of an entire building for structural repairs. In 2003 an engineer's report identified foundation and stress cracks in a number of buildings on site. The total cost of the project was estimated at $320,000; however, there were additional repairs required due to plumbing breaks as the foundations were being repaired, resulting in a total project cost of $360,000. The construction repairs were funded by a capital contribution from the operating general partner, and the project was completed in November of 2007 and all units were brought back on-line at that time. During the fourth quarter of 2008, the operating general partner notified the investment general partner that an additional building was experiencing differential settlement issues and two units were being brought off-line until repairs could be made. Repairs are scheduled to be performed in February 2009 at a cost of approximately $80,000. This will be funded via an advance from the operating general partner. While occupancy has improved through 2008, expenses remain high and inhibit the property from operating above breakeven. The most significant expenses are utilities and maintenance. The high maintenance expenses are turnover related as management has seen an increase in turnover from historical figures due mainly to market related issues. In addition, many of the appliances are reaching the end of their useful life and are requiring replacement or repairs. Management is exploring options for reducing utility expenses. The investment general partner will continue to work with management to improve occupancy and reduce expenses and will follow up with the operating ge neral partner to ensure the structural damages are addressed. The mortgage, trade payables, property taxes and insurance are current.

Zwolle Partnership (Lakeway Apartments) is a 32-unit multifamily development located in Zwolle, Louisiana. During 2007, a rental increase was implemented effective for new move-ins or upon lease renewal. The rent increase caused a considerable amount of vacancies, as tenants could not afford the new rates. Although the Operating Partnership operated above breakeven during 2007, occupancy declined 11% to average 88% for the year. Although much of the occupancy decline was due to the rent increase, it was also attributed to the continued weakening of the local economy. Lakeway Apartments is approximately twelve miles away from the nearest town, Many, Louisiana. In Many, most of the apartment complexes offer rental assistance and substantial concessions. This is causing tenants and potential residents to vacate the Zwolle area. Both Many and Zwolle are towns struggling to keep residents in the area because several businesses have closed and there are not many employment opportunities. This is evidenc ed at Lakeway as there are twenty-two rental assistance slots, but only two Department of Housing and Urban Development (HUD) voucher tenants as of November 2008. Although the operating general partner has a good rapport with the HUD representative in the parish, there are no new HUD vouchers to be provided. In addition, turnover of the on-site manager position has continued to hinder the circumstances on-site. Occupancy averaged just 82% in 2008. Management is trying to control operating expenses, but the Operating Partnership is operating below breakeven. In an effort to attract qualified traffic, the manager is blanketing the immediate area with flyers and working with local non-profit agencies, churches, and area employers. The operating general partner is funding all deficits as necessary. The guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current.

Los Lunas Apartments, LP (Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property. Average physical occupancy for 2007 was 88% and the property operated above breakeven. Through the third quarter 2008, physical occupancy has averaged 92%. In the fourth quarter, this property continues to operate with strong average physical occupancy of 95%. However, due to high maintenance expenses, the property was not able to operate above breakeven for the year. As a result of the age of the property, there is a demand for repairs to maintain the integrity of the asset, resulting in increased maintenance expenses. In 2008, management replaced a number of appliances. To increase and maintain the occupancy, management continues to market the property through local media and civic organizations. The operating general partner has also renegotiated the laundry contract with the vendor and all of the machines were upgraded. The property has received funds from the vendor for re-signing the contract. The r eal estate taxes, insurance, and mortgage payments are current.

New Hilltop Apartments, Phase II (Hilltop Apartments) is a 72-unit property located in Laurens, SC. Industrial decline in the area has led to a dwindling population base from which to draw qualified residents. Only 21 of the property's 72 units have rental assistance. Consequently, the property has trouble competing with properties that offer more units with rental assistance. As of December 31, 2008, occupancy was 86%, and the property continues to operate below breakeven. The primary reasons that the property operates below breakeven status include: insufficient rental rates, vacancy loss, various capital improvement projects and additional replacement reserve funding per a Rural Housing workout plan. Management continues to market the property through local media and civic organizations, as well as investigating the possibility of obtaining additional project-based rental assistance subsidy. The mortgage, real estate tax, insurance and payables to non-related entities are current. The operating g eneral partner's guarantee is unlimited in time and amount. The low income housing tax credit compliance period expires in 2009.

Century East IV, LP (Century East IV Apartments) is a 24-unit development located in Bismarck, ND. In 2006 the property operated with a cash deficit due to maintaining an average occupancy of 88%. In 2007, average occupancy improved to 93% and the property began operating above breakeven. Through 2008, average occupancy is 91%, and the property is operating right about breakeven. In the fourth quarter of 2007, the site manager was replaced and marketing efforts were increased. This resulted in significantly more traffic. In addition, management has begun a process of re-tenanting the property in an effort to reduce bad debt expenses, skips, and evictions. As a result, many problematic tenants have been evicted and replaced with more stable tenants. It is important to note that, in the past, the operating general partner has funded all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor the property's performance. The mortgage, trade payables, property taxes, and insurance are current.

Century East V, LP (Century East V Apartments) is a 24-unit development located in Bismarck, ND. In 2006 the property operated with a cash deficit due to maintaining an average occupancy of 89%. In 2007, average occupancy improved to 93% and the property began operating above breakeven. Through 2008, average occupancy is 90% and the property is operating slightly above breakeven. In the fourth quarter of 2007, the site manager was replaced and marketing efforts were increased. This resulted in significantly more traffic. In addition, management has begun a process of re-tenanting the property in an effort to reduce bad debt expenses, skips, and evictions. As a result, many problem tenants have been evicted and replaced with more stable tenants. It is important to note that, in the past, the operating general partner has funded all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor the property's performance. The mo rtgage, trade payables, property taxes and insurance are current.

North Hampton Place, LP (North Hampton Place Apartments) is a 36-unit family property located in Columbia, Missouri. Occupancy began to decline in 2006 to an average of 82%, primarily due to lack of marketing. Management increased the frequency of newspaper advertising and occupancy improved through 2006 and 2007, reaching 91% by December 2007. However, the property operated below breakeven. In the fourth quarter of 2008 occupancy decreased to 83%. The operating general partner is funding deficits as necessary and the mortgage, property taxes, and insurance are current. The tax credit delivery period ended in 2006. The low income housing tax credit compliance period expires in 2010.

Centenary Housing, LP. (Centenary Tower Apartments) is a 100-unit senior property located in St. Louis, MO. The property operated at a deficit for the first time in 2005, due to operating expenses which exceeded the state average by 25%. Throughout 2006, third party management reports to the operating general partner and the investment general partner suggested that the property was operating adequately, although there were a few reports that drug use and other undesirable activity were increasing at the property. In the first quarter of 2007, the investment general partner learned that the City of St Louis had cited the property as a nuisance twice in 2006. The property's security and habitability had deteriorated sharply during the second half of 2006 and the first quarter of 2007, with over 700 police calls from June 15, 2006 - February 28, 2007. After an additional citation from the City in the first quarter of 2007, the management company resigned effective February 1, 2007. The operating general partner took over management and hired new security personnel, but security guards were ineffective. On February 28, 2007, the on-site manager was assaulted on the premises and the operating general partner was unable to re-establish a management presence at the property.

On March 2, 2007, the City of St. Louis conducted a hearing and ordered the building closed pursuant to public nuisance ordinances. The Department of Housing and Urban Development terminated the Housing Assistance Payment contract. The trustee for the bonds declared default under the bond documents. The operating general partner chose not to contest the City's order or HUD's contract termination after determining that the highest recovery for the bondholders and limited partners might result from a sale to a developer who would convert the property to a non-affordable use. The operating general partner worked with HUD and local municipal officials to

relocate the tenants, which concluded in early July 2007. The operating general partner engaged a broker who began marketing the property, but after three months of market exposure during the third quarter of 2007, the property had failed to elicit any strong expressions of interest. The lack of interest was in part attributable to the general problems in the credit market that occurred in the third quarter of 2007. In October 2007, the operating general partner determined that it would be costly to carry the property through the winter and offered to consensually transfer the property to the bondholders' trustee. As of December 2007, the bondholders' trustee had effectively taken control of the property, although it had not formally accepted the deed. Since late 2007, the bondholders' trustee has been attempting to market the property. Despite a few promising offers, to date no transaction has been consummated. Given the price levels that potential purchasers have offered, however, repayment of amoun ts due the bondholders is likely to consume the entire amount of sale proceeds, leaving no excess proceeds available to the Operating Partnership.

Due to the property being shut down in 2007, investors lost 2007 tax credits and experienced recapture. The Operating Partnership lost $88,635 in credits and experienced recapture of $496,442. This represents credits and recapture of $40 and $224, respectively, per 1,000 BACs. The operating general partner has unlimited guarantees and the investment general partner intends to pursue payment under these guarantees in order to offset some or all of the expected recapture of tax credits. However, it is not certain at this time how much can be collected under the guarantees, based on the unknown financial strength of the guarantors.

Lake Apartments Limited Partnership (Lake Apartments I) is a 24-unit property located in Fargo, ND. During 2007, the property operated with an average occupancy of 93%, which was a 12% improvement from the prior year. Through 2008, average occupancy is 91%, but the property is operating below breakeven. According to the regional manager, a significant part of the tenant base is comprised of new Americans. As a result, the property is affected by unique cultural concerns. As many of these tenants move as a group, it is not uncommon to have a dramatic number of move-outs as an entire extended family may move-out all at once. In addition, many of the tenants are unfamiliar with apartment living. As such, maintenance and utility costs are inordinately high compared to other area properties. Management and Lutheran Social Services (LSS) have made concerted efforts to educate the tenants in order to reduce costs. Further, there have been a number of incidents at the property as a result of tenant confl icts. This has resulted in a poor reputation in the community. Management is addressing this by creating more of a management presence at the property by installing a leasing office in the area. In addition, management is now screening the LSS referred tenants to ensure they do not become problematic down the road. In the past, they had accepted LSS's screening information. Physical improvements are also being made to the site in order to improve marketability at the property. Occupancy dipped in the middle of the year due to management not renewing the leases of a number of problematic tenants. The operating general partner continues to fund all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts and reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current.

Series 25

As of December 31, 2008 and 2007 the average Qualified Occupancy for the series was 100% and 99.9%, respectively. The series had a total of 22 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 25 reflects a net loss from Operating Partnerships of $(777,982) and $(519,792), respectively, which includes depreciation and amortization of $1,527,307 and $1,357,420, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Sutton Place Apartments, LP (Sutton Place Apartments) is a 360-unit apartment complex located in Indianapolis, Indiana. In January of 2005, the Operating Partnership underwent a change in the operating general partner, which was accompanied, by a change in management. In 2005, the property's performance dipped below breakeven due to high operating expenses, mainly due to deferred maintenance. Given the size and difficult tenant base/market of the property, the original operating general partner did not have the resources to support the property long term. As a result, deferred maintenance items were not addressed and the property's physical condition declined. As a result, when the new operating general partner assumed the position there was a significant amount of deferred maintenance and a number of vacant units, which could not be rented due to significant costs required make them marketable. Many of the more costly vacant units were down in efforts to turn over the other less costly units. The new management endeavored to address the maintenance items utilizing the existing replacement reserve account and available cash flow. Unfortunately, the available escrowed funds and cash flow have not proven to be sufficient. Capital expenditures in the amounts of $133,000 for 2005 and $190,000 for 2006 were contributed by the operating general partners; however, this was not enough to address all physical concerns. As a result, the property failed the 2007 Real Estate Assessment Center (REAC) inspection and management lost the confidence of HUD, resulting in a HUD required management change. With the approval of the investment general partner, the operating general partner secured a $500,000 bridge loan to address all items raised by REAC, as well as additional rehab items on all units.

A new management company was hired to assume management duties in February 2008. Since that time, they have rehabbed all the vacant and down units and have made significant improvements to the tenant base at the property. The site manager was replaced with a more seasoned manager. A number of problematic tenants were evicted and screening criteria were strengthened in efforts to re-tenant the property. In addition, the new management company has been working closely with local outreach and the local authorities in order to preserve the security at the property and improve the reputation in the community. New programs and amenities including a computer room have been introduced. A stronger maintenance team has also been employed. Since assuming duties, management has steadily improved occupancy through 2008 to an annual average of 91% with a fourth quarter average of 96%. In addition, criminal incidents are down for the year as the property is being re-tenanted. Utilizing the bridge loan funds, th e rehab project was completed in November 2008. HUD performed its Real Estate Assessment Center inspection and the property successfully passed and is no longer being monitored by HUD's Department Enforcement Center. The operating general partner is currently working to negotiate terms on refinancing the debt and the bridge loan. Now that the REAC has been passed, management has turned its focus to the high tenant receivables it inherited. Through payment arrangements and ongoing evictions, outstanding rents are being collected and non-paying tenants are being evicted. Prior to the new management company assuming management duties, maintenance requests were not being addressed by the site staff. The new maintenance staff has been aggressive in addressing all outstanding tenant maintenance requests as well as developing a comprehensive preventative maintenance program. As a result, maintenance expense for 2008 is significantly higher then historical, but should normalize in 2009. Since assumption of t he operating general partner position, the operating general partner has continued to fund operating deficits despite fulfilling the obligations per the Operating Partnership Agreement. The investment general partner will continue to work with the operating general partner in refinancing the outstanding debt as well as continue to work with the new management company to assist in improving collection and leasing efforts. All real estate tax, insurance, and mortgage payments are current.

M.R.H., LP (The Mary Ryder Home), a 48-unit property located in St. Louis, MO, received a 60-day letter issued by the IRS proposing to reduce the amount of low income housing tax credits allowable because it asserts that certain fees and other expenditures were not includible in the eligible basis of the property. The 60-day letter was the result of an IRS audit of the Operating Partnership's books and records. As a result of their audit, the IRS proposed an adjustment that would disallow approximately 18% of past and future tax credits. The adjustment would also include interest. The investment general partner and its counsel, along with the operating general partner and its counsel, filed an appeal on June 30, 2003 and continued negotiations with the IRS Appeals Office.

On March 23, 2004, the Operating Partnership received a Notice of Final Partnership Administrative Adjustment denying the appeal of June 30, 2003. The Operating Partnership had the opportunity to challenge the denial and petition the tax court.

On June 22, 2004, the operating general partner and its counsel filed a petition in tax court for the tax years ending 2000 and 2001. The investment general partner and its counsel continued to monitor the court proceedings.

Final Closing Agreements were issued in October 2005. Under the agreements, the general partner reached a resolution with the IRS so the adjustments to the tax credits and depreciation expense will be made only for the tax years

2005 and 2006, avoiding amending tax returns already filed for the years 2000 and 2001.

On November 23, 2005 the United States Tax Court issued final agreements reporting no changes for the tax years ending 2000 and 2001. Additionally, on December 28, 2005 the Internal Revenue Service issued a Partial Agreement, Closing Agreement on Final Determination Covering Specific Matters for the years ending 2005 and 2006. Under this agreement the credits and depreciation expense adjustments applicable to 2000 and 2001 will be made in the years ending in 2005 and 2006 to avoid amending tax returns for the years 2000 and 2001. The Operating Partnership lost approximately $52,688 in tax credits (.18%) and $16,436 in depreciation expense for each year 2005 and 2006. The 2000 and 2001 audits are closed.

Despite strong occupancy, the property operated with a deficit in 2007. The loss was due to a large increase in real estate taxes in 2007. In 1997 the City of St. Louis granted the property a tax abatement which expired in 2006. The operating general partner erroneously thought the abatement went through 2007, so they had not budgeted for the large increase in real estate taxes. Per the operating general partner the City of St. Louis will not extend the abatement; however, the operating general partner is working with his counsel to appeal the assessment for the upcoming tax year. If the appeal process is not successful, the investment general partner and operating general partner will work together to determine if a withdrawal request from the operating reserve will be required to cover the real estate tax expense. The property continues to operate below breakeven through 2008 due to high operating expenses; specifically, administrative and maintenance costs. Despite the cash deficit, the Operating Partnership has no debt. The operating deficit guarantee is unlimited in time and amount.

Dogwood Park L.P. (Dogwood Park Apartments) is a 127-unit family development located in Athens, Georgia. Although 2007 occupancy averaged 95% and expenses were reduced by $75 per unit, the property still operated below breakeven due to stagnant rent levels and high debt service. At the end of the second quarter of 2008, the operating general partner interest was transferred. As part of the transfer, the new operating general partner agreed to extend the operating deficit guarantee, which had previously expired, for a period of three years. Occupancy averaged 98% in 2008 with the property operating slightly below breakeven. The mortgage, taxes and insurance are current. The low income housing tax credit compliance period expires in 2011.

Series 26

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 45 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 26 reflects a net loss from Operating Partnerships of $(584,035) and $(861,971), respectively, which includes depreciation and amortization of $2,243,392 and $2,180,698, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Cameron Apartments (Cameron Apartments Partnership) was a 40-unit apartment complex located in Cameron, Louisiana. In 2005, the property was completely destroyed by Hurricane Rita and the National Flood Insurance Program wrote off the property as a complete loss. The operating general partner determined that rebuilding the property on the same site would be cost prohibitive and operations would not support the property's insurance premium. Based on the local conditions, the investment general partner on behalf of the Operating Partnership informally requested forgiveness from the Internal Revenue Service of the tax credit recapture that will result from not rebuilding the property at the original location; however, no such reprieve was granted. As a result, the investors experienced in 2007 the reversal of tax credits claimed for 2005 and 2006 (after the property was destroyed) of $260,955, and recapture and interest of $563,818. This represents credit loss of $65 and recapture of $141, respectively, pe r 1,000 BACs.

In accordance with the terms Operating Partnership Agreement, the investment partnership received insurance proceeds, which were returned to fund reserves. In addition, it is anticipated that the Operating Partnership will be liquidated in 2009. Any assets remaining from the liquidation will be distributed in accordance with the terms of the Operating Partnership Agreement.

Willows, (The Willows Apartments) is a 32-unit multifamily development located in Smithville, Texas. During the first half of 2007, occupancy declined as a result of management evicting non-paying tenants as well as tenants moving out due to the condition of the property. The property is in need of interior and exterior rehabilitation. The operating general partner is working with Rural Development to set up a work out plan because the complex does not have the cash flow to cover the cost of the necessary repairs. In addition, a 2007 inspection performed by The Texas Department of Housing and Community Affairs (TDHCA) found multiple items that will need to be addressed in the near future. Some of the issues noted were: missing shingles and wood sections, exterior painting, rust removal, mortar and brick repairs, dryer vents replaced, and door and wall repainting. The inspection also noted buildings two and four are missing accessibility entrances, so handicap ramps will need to be installed. In 200 7, occupancy averaged 90%, but the property operated below breakeven status. In 2008, occupancy averaged 92%. Management requested a rent increase from Rural Development of approximately $60 per unit for 2008, but was denied. Operations remain below breakeven with numerous deferred maintenance items to be addressed at the site. In addition, there are the mandatory TDHCA repairs noted above that still need to be addressed and completed. Because there is a low balance in the reserve account and no other available funds to make these repairs, TDHCA and Rural Development have encouraged the operating general partner to file an application for a Housing Trust Fund loan totaling $500,000 to rehabilitate the property.  The operating general partner submitted the application and is awaiting reply. In the meantime, management is diligently following up with recent traffic and inquiries, as well as posting advertisements on free on-line sites, local grocery stores, businesses and restaurants in an effort t o increase occupancy to generate additional revenue. Other measures include blanketing the immediate area with flyers and working with local non-profit agencies and area employers. The investment general partner will continue to monitor the property's occupancy, operations, repairs and work out plan with Rural Development as well as assist management in determining ways to increase revenue and occupancy while reducing expenses. The investment general partner will monitor the progress of the proposed Housing Trust Fund loan while exploring the benefits to the Operating Partnership. The low income housing tax credit compliance period expires in 2010. All real estate tax, mortgage, and insurance payments are current.

Country Edge, LP (Country Edge Apts.) is a 48-unit property located in Fargo, North Dakota. During 2007 the property operated with an average occupancy of 90%, which was a 10% increase from the prior year. Despite this increase, there was a decline in occupancy during the last two months of 2007, as occupancy declined to 77%. Through 2008, occupancy has slowly recovered to an annual average of 89%. According to the regional manager, a significant part of the tenant base is comprised of new Americans. As a result, the property is affected by unique cultural concerns. As many of these tenants move as a group, it is not uncommon to have a dramatic number of move-outs as an entire extended family may move-out all at once. In addition, many of the tenants are unfamiliar with apartment living. As such, maintenance and utility costs are inordinately high compared to other area properties. Management and Lutheran Social Services have made concerted efforts to educate the tenants in order to reduce costs. In addition, there have been a number of incidents at the property as a result of tenant conflicts. This has resulted in a poor reputation in the community. Management is addressing this by creating more of a management presence at the property by installing a leasing office in the areas. In addition, management is now screening the LSS referred tenants to ensure they do not become problematic down the road. In the past, they had accepted LSS's screening information. Physical improvements are also being made to the site in order to improve marketability at the property. Despite the improved occupancy, the property is still operating below breakeven due to high economic vacancy and high utility and maintenance expenses. The operating general partner continues to fund all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor operations to insure occupancy continues to improve and stabilizes above 90%. The mortgage, trad e payables, property taxes, and insurance are current.

Grandview Apartments, LP (Grandview Apts.) is a 36-unit property located in Fargo, North Dakota. Average occupancy for 2007 was 92%, an 11% improvement from the prior year. Despite this improvement, Grandview operated below breakeven for the year due to higher than average expenses from turnover costs and bad debt. Through 2008 average occupancy is 80% and the property's performance has declined due to the increased vacancy loss. As such, concessions and vacancy are both trending much higher then 2007 operations. In addition, maintenance is trending much higher than the 2007 expenses due mainly to increased turnover costs. According to the regional manager, a significant part of the tenant base is comprised of new Americans. As a result, the property is affected by unique cultural concerns. As many of these tenants move as a group, it is not uncommon to have a dramatic number of move-outs as an entire extended family may move-out all at once. In addition, many of the tenants are unfamiliar with a partment living. As such, maintenance and utility costs are inordinately high compared to other area properties. Management and Lutheran Social Services have made concerted efforts to educate the tenants in order to reduce costs. In addition, there have been a number of incidents at the property as a result of tenant conflicts. This has resulted in a poor reputation in the community. Management is addressing this by creating more of a management presence at the property by installing a leasing office in the area. In addition, management is now screening the LSS referred tenants to ensure they do not become problematic down the road. In the past, they had accepted LSS's screening information. Physical improvements are also being made to the site in order to improve marketability at the property. The drop in occupancy at the beginning of the year is due to management not renewing leases of a number of problematic tenants in efforts to improve the property's tenant base. The operating general partner continues to fund all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts and reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current.

Lake Apartments IV Limited Partnership (Lake Apartments IV) is a 24-unit property located in Fargo, ND. During 2007 the property operated with an average occupancy of 92%, which was a 12% improvement from the prior year when, due to excessive vacancy loss, the property was unable to operate above breakeven. Through 2008, average occupancy was 87%, and is operating below breakeven. According to the regional manager, a significant part of the tenant base is comprised of new Americans. As a result, the property is affected by unique cultural concerns. As many of these tenants move as a group, it is not uncommon to have a dramatic number of move-outs as an entire extended family may move-out all at once. In addition, many of the tenants are unfamiliar with apartment living. As such, maintenance and utility costs are inordinately high compared to other area properties. Management and Lutheran Social Services have made concerted efforts to educate the tenants in order to reduce costs. In addition, ther e have been a number of incidents at the property as a result of tenant conflicts. This has resulted in a poor reputation in the community. Management is addressing this by creating more of a management presence at the property by installing a leasing office in the area. In addition, management is now screening the LSS referred tenants to ensure they do not become problematic down the road. In the past, they had accepted LSS's screening information. Physical improvements are also being made to the site in order to improve marketability at the property. Occupancy dipped in the middle of the year due to management opting to not renew leases of a number of problematic tenants. The operating general partner continues to fund all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts and reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current.

Calgory Apartments II, LP (Calgory Apartments II) is a 24-unit development in Bismarck, ND. In 2007 the property operated with an average occupancy of 86%, which was down by 6% from the prior year. As a result of the increase in vacancies, the property operated slightly below breakeven for 2007. During the fourth quarter of 2007, occupancy improved and through 2008, average occupancy is 94% and the property was operating above breakeven for the year. In the fourth quarter of 2007, the site manager was replaced and marketing efforts were increased. This resulted in significantly more traffic. In addition, management has begun a process of re-tenanting the property in efforts to reduce bad debt expenses, evictions and skips. As a result, many prior problematic tenants have been evicted and replaced with more stable tenants. According to the new site manager, they are leasing up the units as fast they can turn them. The investment general partner will continue to monitor the property's performance. All real estate tax, mortgage, and insurance payments are current.

East Park II, LP (East Park Apartments II) is a 24-unit development in Dilworth, MN. Average occupancy for 2007 was 72%, with a fourth quarter average occupancy of 75%. The property was operating below breakeven due to a combination of increased vacancy loss as well as a significant increase in turnover costs. The property is located in a highly competitive area. The 2007 decline in occupancy was due to new townhouse units with garages being built in the immediate area, offering rents that were competitive with those at the Operating Partnership. The Operating Partnership is comprised primarily of two and three bedroom units. As a result, the majority of these units appeal to families. The property had experienced an increase in turnover as the families move to the larger townhouse homes. In early 2007, a Wal-Mart opened next to the property. This had a significant impact on the property's performance as the property became highly visible and was now located in a more desirable area. In addition , more resources are being committed to the property in order to make the units more marketable. In 2008, the operating general partner began replacing appliances, carpet and flooring. In addition, the roof was replaced. In 2009, new siding is being installed and the parking lot will be resurfaced and re-striped. Occupancy has improved to 95% as of November 2008 and the property is operating well above breakeven. The investment general partner will continue to work with the operating general partner to monitor occupancy and ensure ongoing improvement. All real estate tax, mortgage, and insurance payments are current.

Butler Estates A L.D.H.A. (Butler Estates Apartments) is a 10-unit development located in Leesville, Louisiana. In 2007, the property operated with an average occupancy of 60% and below breakeven status. In July 2008, the investment general partner conducted a site inspection at the property. The results indicated that the property was in need of repairs and cleaning. At the time of the inspection, all ten units were vacant, so there were no files to audit. The operating general partner reports that the complex has been shut down, as it is not viable in its current condition. As a result the Operating Partnership could experience recapture. The investment general partner will continue to encourage the operating general partner to improve the property and lease the vacant units in 2009. It is expected that the market area will improve over the next six months. The Army has reassigned a training brigade to Fort Polk. The brigade is projected to officially activate in the spring of 2009. Additional ly, a few hundred troops from Fort Polk who are currently overseas are expected to return in March 2009. The operating general partner's guarantee expired in 2002. The low income housing tax credit compliance period expires in 2011. All real estate tax, mortgage, and insurance payments are current. The operating general partner has confirmed he will continue to keep these items current.

Series 27

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 27 reflects a net loss from Operating Partnerships of $(209,417) and $(666,465), respectively, which includes depreciation and amortization of $1,312,412 and $1,307,553, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Holly Heights, LP (Holly Heights Apartments) is a 30-unit property located in Storm Lake, Iowa. The property continues to incur operating deficits due to high tenant turnover and low rental rates. This property operated with an average occupancy of 93% in 2008. There are limited job opportunities in the area and, as a result, residents continue to move to other areas to find work. In response to the declining occupancy, the management agent intensified leasing efforts by offering concessions of one month free rent and other incentives, including lower rents, no security deposits and increased resident referral rewards. Due to low rental rents coupled with a high interest rate on the permanent mortgage, the property continues to operate below breakeven. Management has presented the loan to various lenders, but net operating income cannot support a new loan. The investment general partner will continue to closely monitor the property. Per an agreement with the operating general partner, the management comp any (an affiliate of the operating general partner) is deferring all fees until operations improve. The operating general partner continues to fund the operating deficits in accordance with his guarantee, which is unlimited in time and amount. The mortgage, taxes, and insurance payments are current.

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property located in Harlem, New York. The Operating Partnership operated below breakeven in 2007 due to increasing resident receivables and high operating expenses. Occupancy was at 100% as of December 2008, but tenant collections remain an issue and accounts payable continued to increase. Management has been pursuing and maintaining a more aggressive collection and eviction procedure and has had recent success in the eviction of two non-paying residents in the third quarter of 2008. The operating general partner and the investment general partner continue to proactively monitor these problematic collections closely. A 2% rent increase was effective for January 2009 and the operating general partner will additionally apply and request a special increase for the maximum amount allowable in January 2009. The request will hinge on the property's inability to pay expenses at the current rent levels. The operating general partner and management contin ue to explore options to reduce utility costs, including educating residents about conservation and seeking grants from utility companies. Management and the operating general partner filed an application for assistance to replace windows and boilers with New York State Energy Research and Development Authority. However, in the second quarter of 2008, the operating general partner stated that the applications are on hold by the State due to budgeting and lack of funds for grants. The property pays no property taxes as the result of their non-profit, tax-exempt status. The mortgage payment is one month in arrears but no default notices have been issued or are expected due to the operating general partner's relationship with the mortgage holder. In January 2009, the investment general partner demanded that the operating general partner bring the mortgage current. Insurance payments are current and the operating general partner is funding deficits, but not at the levels required.

Kiehl Partners (Park Crest Apartments) is a 216-unit property located in Sherwood, AR. Through the fourth quarter of 2008 the property operated below breakeven due to low occupancy, bad debt, high maintenance expenses and high utilities. Occupancy continued to struggle and averaged 77% in fourth quarter of 2008. High maintenance expenses are related to the turnover at the property. Many residents have been evicted for non-payment of rent and violating the rules and regulations of the property. Evicted residents have left the property without paying past due money and tend to leave units in poor condition. The management company is currently working to increase occupancy, retain residents and decrease expenses. To increase occupancy management has increased local advertising and is offering concessions. Management has revised their screening and collections policy to make them more stringent. To retain residents, management has increased activities at the site to make residents feel more at home. The y have at least two events per month including birthday parties, holiday parties and GED classes. The investment general partner commissioned a third party shop to assess the leasing performance of new management. Based on the report, the property manager's leasing efforts appear strong. The property has also been hurt by the increased utility expenses. Utilities have increased due to an increase in local rates. Management is currently researching ways to potentially reduce consumption. The investment general partner will continue bi-monthly conference calls with the regional manager to monitor operations and ensure that occupancy improves and expenses decrease. Since the property never converted to a fixed rate financing, any operating deficits are guaranteed by the operating general partner's operating deficit guaranty until they convert to permanent fixed rate financing. The operating general partner funds operating deficits as necessary. All tax, mortgage, and insurance payments are current.

Lake Apartments II Limited Partnership (Lake Apartments II) is a 24-unit property located in Fargo, ND. During 2007 the property operated with an average occupancy of 95%, which was a 10% improvement from the prior year when, due to excessive vacancy loss, the property was unable to operate above breakeven. Through 2008, average occupancy was 91%, and the property is operating just below breakeven. According to the regional manager, a significant part of the tenant base is comprised of new Americans. As a result, the property is affected by unique cultural concerns. As many of these tenants move as a group, it is not uncommon to have a dramatic number of move-outs as an entire extended family may move-out all at once. In addition, many of the tenants are unfamiliar with apartment living. As such, maintenance and utility costs are inordinately high compared to other area properties. Management and Lutheran Social Services have made concerted efforts to educate the tenants in order to reduce costs. Further, there have been a number of incidents at the property as a result of tenant conflicts. This has resulted in a poor reputation in the community. Management is addressing this by creating more of a management presence at the property by installing a leasing office in the area. In addition, management is now screening the LSS referred tenants to ensure they do not become problematic down the road. In the past, they had accepted LSS's screening information. Physical improvements are also being made to the site in order to improve marketability at the property. Occupancy dipped in the middle of the year due to management not renewing the leases of a number of problematic tenants. The operating general partner continues to fund all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts and reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current.

Series 28

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 28 reflects a net loss from Operating Partnerships of $(916,313) and $(827,222), respectively, which includes depreciation and amortization of $1,784,298 and $1,645,111, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Cottonwood Partnership (Cottonwood Apartments) is a 24-unit multifamily development located in Cottonwood, Louisiana. During 2007, occupancy averaged 83% and the property operated below breakeven status. Rents were increased in 2007 and a number of residents were evicted as a result of non-payment of rent, lease violations, or suspected criminal activity. In 2008, the rent increase added approximately $3,000 in additional revenue and operating expenses decreased substantially from 2007. Maintenance costs related to unit turnover and curb appeal were reduced by about 42%. However, the accounts payable balance remains high waiting for reimbursement of the approved repairs from the reserve account. During the first three quarters of 2008, occupancy steadily declined, ending at a low of 63% in August 2008.

During the first week of September 2008, Hurricane Gustav hit land southwest of New Orleans as a Category Two storm causing damages to the complex. An insurance adjuster has been to the site to review damages. Preliminary reports cite shingles missing from all buildings, the complex sign is down, and screens and windows need to replaced and/or repaired. An insurance claim has been submitted and all related labor and materials are being priced. The operating general partner is planning to use his construction company to complete the repairs. The insurance proceeds are not expected to be released until the first quarter of 2009. The Operating Partnership is not expected to breakeven for 2008. The investment general partner will continue to monitor occupancy and assist management in finding ways to improve operations going forward. Furthermore, the investment general partner will continue to monitor the progress of the insurance claim and the repairs to the property, as well as assisting the operatin g general partner gaining approval for a much needed rent increase. The operating general partner is funding deficits as necessary. The guarantee is unlimited in amount until the end of the low income housing tax credit compliance period in 2012. All real estate tax, mortgage, and insurance payments are current.

Maplewood Apartments Partnership (Maplewood Apartments) is a 40-unit property located in Winnfield, Louisiana. In 2006 the property operated below breakeven due to increased maintenance expenses caused by the repair of damages sustained during the 2005 hurricane season. The property was insured, but damages were not great enough to cover the insurance deductible, and the repairs were paid for out of operations. A small rent increase was applied in 2006, but rents were still inadequate to cover normal operating expenses. Even though expenses were reasonable, the insufficient rents led to the 2006 deficit. In 2007, the operating general partner was forced to reach out to the Louisiana Housing Finance Agency (LHFA) to prove that a substantial rent increase was essential to keep the complex running. Management was aware that the complex would lose most of the tenants when the new rates were applied. However, they were able to illustrate that this would be the groundwork for turning the project around. LHFA agreed and a $50 per unit rent increase was implemented on all units. As expected, tenants moved out or skipped, as they could not afford the new rates. As a result, occupancy averaged 62% for 2007, yet the rent increase generated as much revenue as in 2006 at 82% occupied. Even though operating expenses were in line with the prior year state averages, the Operating Partnership operated well below breakeven for 2007. However, the accounts payable balance was reduced by half and the operating general partner advanced approximately $41,859 to fund the deficit.

During the first three quarters of 2008, occupancy declined further reaching a low of 48% in June. Although occupancy increased to 73% in November, the year-to-date average was just 62%, 21% below 2007 and 32% below 2006. In addition to the rent increases, the vacancy problems were also attributed to a new manager who was experienced with troubled properties. Aggressive efforts to improve the resident base resulted in many evictions filed as a result of non-payment of rent, lease violations, and/or suspected criminal activity. The operating general partner is hopeful that her experience will improve occupancy and operations in 2009. In an effort to bring in more qualified traffic, the manager is blanketing the immediate area with flyers and working with local non-profit agencies and area employers. The operating general partner will continue to fund all deficits as necessary. The guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current.

1374 Boston Road, LP (1374 Boston Road) is a 15-unit property located in the Bronx, New York. The operating general partner reported that occupancy through the fourth quarter of 2008 was 98% and operations were stable. In 2003, the Operating Partnership recorded an $112,000 loan from the operating general partner to pay for a tax lien. Further investigation showed that the tax lien was incurred during the construction period, and should have been funded by the operating general partner, without reimbursement, as part of his obligation to complete construction of the property per the Operating Partnership Agreement and the development agreement. The investment general partner's repeated requests to restructure the loan went unheeded. In September 2005, legal counsel for the investment general partner sent a letter demanding a removal of the loan from the Operating Partnership account and the return of all payments made on this loan. The operating general partner's response did not address the issue sa tisfactorily. Additionally, in December 2005, a title search on the Operating Partnership showed at least $60,000 in liens incurred by the operating general partner that were never reported to the investment general partner. The investment general partner evaluated what the impact of removing the operating general partner would be since these lien issues remain unresolved. The investment general partner has decided not to proceed due to the inadequate value of the property (based on size and location), as well as the operating general partner's continued funding, neither of which supports an extended legal battle for removal. The investment general partner continues to monitor this property. The mortgage, property taxes and insurance are current. The tax credit delivery period ended in 2007, with the low-income housing tax credit compliance period expiring in 2011.

Sumner House LP (Sumner House Apartments) is a 79-unit property located in Hartford, CT. Occupancy averaged 94% in 2007. Despite the high occupancy, the property operated significantly below breakeven in 2007 due to low rental rates. For the past year and a half, the operating general partner implemented a strict resident selection process to improve the resident base as well as offer leasing concessions to help increase occupancy. Through December 2008, the property averaged 98% occupancy. The operating general partner reports that police have been actively patrolling the surrounding area, and crime is decreasing. An adjacent low-income tax apartment, that was a primary source for the neighborhood criminal activity, was recently sold and is currently undertaking an extensive rehabilitation. Due to the significant increase in occupancy and income, the property is now operating above breakeven. Taxes, insurance, and mortgage payments are current.

Series 29

As of December 31, 2008 and 2007, the average Qualified Occupancy for the Series was 96.4% and 100%, respectively. The series had a total of 21 properties at December 31, 2008, of which 20 were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 29 reflects a net loss from Operating Partnerships of $(1,529,990) and $(1,199,741), respectively, which includes depreciation and amortization of $1,866,972 and $1,842,869, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Lombard Partners, LP (Lombard Heights Apts.) located in Springfield, Missouri, operated below breakeven starting in 2005. The property suffered from ineffective management which led to poor physical condition and low occupancy. Average occupancy was 72%, 47% and 70%, respectively, in 2005, 2006 and 2007. In the first quarter of 2007, the investment general partner learned that the property was five months in arrears on its mortgage and that the lender had issued a notice of default. The lender replaced on-site management with a third-party management company at the end of the second quarter of 2007. To stabilize the property, the lender depleted the replacement reserve account to fund unit turnovers which improved occupancy to the mid-90s.  The investment general partner and the lender discussed a possible workout which included replenishing the reserves and paying down the outstanding mortgage. In December 2007, the lender polled the bondholders for t heir preference in resolving the default. They were given the options of foreclosure sale, 18-month debt forbearance as part of a workout plan, or refinancing the property. On June 30, 2008 the lender notified the investment general partner that the bondholders had approved proceeding with a foreclosure sale. The property was sold on July 31, 2008 for $772,800. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain from the sale of the Operating Partnership has been recorded.

The Operating Partnership will lose remaining credits of $48,318. The investment general partner has determined that the new owner will not continue to operate the property as a Section 42 property. Therefore, investors will also experience recapture and interest of $202,165. This represents an estimated loss of future credits, and recapture and interest of $12 and $50, respectively, per 1,000 BACs. The investment general partner is currently preparing to pursue the guarantors under the guaranty with a view to recovering the investment limited partner's losses. The guarantors' financial strength and likelihood of recovery are unknown at this time.

Bryson Apartments, Limited Partnership (Pecan Hill Apartments) is a 16-unit development located in Bryson, TX. Despite average occupancy of 79% during 2007, the property operated above breakeven. In an effort to increase occupancy, a new site manager was hired in the fourth quarter of 2007. Occupancy has shown signs of improvement, averaging 85% for 2008. Year-to-date operations appear to be slightly below breakeven. The operating general partner continues to fund deficits as necessary. The mortgage, taxes and insurance are all current.

Forest Hill Apartments, L.P. (The Arbors) is an 85-unit, senior property located in Richmond, VA. In the first quarter of 2004, the property was severely damaged by a fire. There were no reported injuries as a result of the loss and all of the residents were successfully relocated. The fire marshal has been unable to definitively determine the cause of the fire. The operating general partner received an initial insurance payment totaling $500,000 and at that time it was determined that the building should be razed due to the significant fire and water damage. In the third quarter 2004, the lender approved the release of sufficient insurance proceeds of $148,000 to raze the property. After bidding the property repairs, the operating general partner determined that there were additional costs of approximately $1.4 million due to building code changes since its original construction in 1998. The operating general partner's primary underwriter, and their excess property insurance carrier, determined that the policy did not cover code changes of more than $10,000. The operating general partner appealed their initial determination regarding additional coverage and in February 2006 the appeal was denied. The operating general partner received an additional insurance payment totaling $3 million dollars, representing the insurance company's estimate to rebuild the community minus the code change upgrades in dispute. The lender is currently holding the insurance proceeds. The operating general partner was able to reduce the original construction budget by $1,167,306. The main reductions in costs were site work, verticals and contingency. The reduction of the construction budget greatly reduced the originally anticipated shortfall of $1,257,519. As a result, in early October 2006, the operating general partner received a commitment letter from the Virginia Housing Development Authority indicating approval of the additional debt of $1,600,000. The construction of the project started in early November 2006 , and was expected to be complete within nine to ten months. However, the Operating Partnership encountered some difficulties with permits during the early stages of construction, causing construction delays. The property received final certificates of occupancy in January 2008. As of March 2008, the property was 20% occupied. Lease-up is progressing slowly on this property. Through second quarter 2008, management was only able to lease-up a few units bringing physical occupancy to 24% in June 2008. In September 2008, physical occupancy increased to 52%. Lease-up continued to be very slow through the fourth quarter and as of December 2008 this property was 54% physically occupied and 58% leased. According to management the slow lease up is due to poor economic conditions. Many potential residents (seniors) are unable to sell their houses and many seniors are moving in with their children to provide an extra income for the family. To accelerate leasing, management is advertising on local buses and in all loc al senior newspapers, and offering one month free rent as a referral fee to its current residents. Also, management hosts monthly Bingo sessions and offers daily blood pressure screenings. Due to unanticipated slow lease-up, management is revising its original projections and pushing the lease-up date from October 2008 to March 2009.

Jackson Partners, LP, (Arbor Park Apartments) is a 160-unit property located in Jackson, Mississippi. The property continues to operate below breakeven through the fourth quarter of 2008. The property operated below breakeven due to high utility costs, high taxes, high maintenance costs associated with turnover, and low occupancy. Utility expenses are high due to exorbitant water rates in the City of Jackson. Management continues to contact the city about potentially lowering rates, but has been unsuccessful. Management has also appealed the high taxes to the City of Jackson, but the city did not lower the assessment. The maintenance costs have increased due to turnover at the property. Vacating residents have left the units in poor condition and the units need work to become rent ready. The drop in occupancy and high turnover is due to management evicting non-paying or troublesome residents and the Jackson, Mississippi market being oversaturated with new tax credit properties. The occupancy was 75 % at the end of the fourth quarter of 2008. There are currently 800 new tax credit units within 10 miles of this property. This has also prevented the property from raising rents to create additional income. In order to compete with the new competition, management is promoting move-in specials such as one free month of rent, no security deposits and waiving application fees. To retain residents and decrease turnover, management is offering incentives to current residents such as carpet cleanings, touch up painting and a renewal concession of half off first month's rent. The investment general partner will continue to work with management to mitigate high water costs, help lower maintenance costs and increase occupancy. The investment general partner performed a site inspection in November of 2008 and found the property to be in good physical condition. All tax, mortgage, and insurance payments are current.

Kiehl Partners (Park Crest Apartments) is a 216-unit property located in Sherwood, AR. Through the fourth quarter of 2008 the property operated below breakeven due to low occupancy, bad debt, high maintenance expenses and high utilities. Occupancy continued to struggle and averaged 77% in fourth quarter of 2008. High maintenance expenses are related to the turnover at the property. Many residents have been evicted for non-payment of rent and violating the rules and regulations of the property. Evicted residents have left the property without paying past due money and tend to leave units in poor condition. The management company is currently working to increase occupancy, retain residents and decrease expenses. To increase occupancy management has increased local advertising and is offering concessions. Management has revised their screening and collections policy to make them more stringent. To retain residents, management has increased activities at the site to make residents feel more at home. They h ave at least two events per month including birthday parties, holiday parties and GED classes. The investment general partner commissioned a third party shop to assess the leasing performance of new management. Based on the report, the property manager's leasing efforts appear strong. The property has also been hurt by the increased utility expenses. Utilities have increased due to an increase in local rates. Management is currently researching ways to potentially reduce consumption. The investment general partner will continue bi-monthly conference calls with the regional manager to monitor operations and ensure that occupancy improves and expenses decrease. Since the property never converted to a fixed rate financing, any operating deficits are guaranteed by the operating general partner's operating deficit guaranty until they convert to permanent fixed rate financing. The operating general partner funds operating deficits as necessary. All tax, mortgage, and insurance payments are current.

Series 30

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 30 reflects a net loss from Operating Partnerships of $(408,318) and $(283,862), respectively, which includes depreciation and amortization of $856,568 and $887,243, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Bellwood Four, LP (Whistle Stop Apartments) is a 28-unit family complex in Gentry, AR. Through November of 2008, occupancy averaged 84%. Several tenants were evicted in 2007 for non-payment of rent. The site manager has worked to improve the tenant base, and reports that collections have improved in 2008. In 2007 this property operated below breakeven, even with operating expenses decreasing by 12% from 2006 levels. In 2008 the property operated above breakeven due to increased rental revenue and lower maintenance expenses. All taxes, mortgage, and insurance payments are current.

Mesa Grande, LP (Mesa Grande Apartments) is a 72-unit, family property located in Carlsbad, New Mexico. In April 2003, the mortgage lender issued a default notice and, after the operating general partner took no steps to remedy the situation, accelerated the note. In November 2003, the investment general partner replaced the management company. In 2004, the investment general partner filed a civil action against the operating general partner to force it to honor its obligation to fund operating deficits. In October 2004, the investment general partner removed the operating general partner.

In September 2004, the original lender sold the non-performing loan to a new lender who accelerated the loan. The investment general partner met with the lender to propose a work-out plan that included restructuring the debt to allow for a significant cash infusion for deferred maintenance and back taxes. The lender refused to restructure the debt and began the foreclosure process in December 2004.

Throughout 2005, the investment general partner made several attempts to resolve the debt, all of which were rejected by the lender. On November 16, 2005, the investment general partner received a Notice of Non-Compliance with Section 42 from the New Mexico Mortgage Finance Authority. The management company addressed as many of the cited issues as it could with funds available from the property, but was unable to make some roof and exterior repairs because the lender declined to release insurance proceeds it had received related to these repairs.

The lender suspended active efforts to foreclose its mortgage throughout most of 2005, but renewed its efforts in January 2006, by filing a Motion for Summary Judgment in the foreclosure action. The Operating Partnership and the New Mexico Mortgage Finance Authority agreed to stipulate to a judgment of foreclosure. The Stipulation was recorded and the property was sold at foreclosure sale in July 2006, with the lender bidding in the property for the amount of its debt claim. The lender had been in possession of the property, collecting rents and directing the operations of the property, since May 1, 2006. Annual losses generated by the Operating Partnership, which were applied against the investment limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the investment general partner intere st has been recorded. As a result of the 2006 event, the Operating Partnership lost $1,108,590 in credits and experienced recapture and interest of $964,832. The represents credit loss and recapture of $410 and $357, respectively, per 1,000 BACs.

Sunrise Homes, LP (Sunrise Homes and Broadway Place Apartments) consists of two family properties containing a total of 44 units, located in Hobbs, New Mexico. In April 2003, the mortgage lender issued a default notice and, after the operating general partner took no steps to remedy the situation, accelerated the note. In November 2003, the investment general partner replaced the management company. In 2004, the investment general partner filed a civil action against the operating general partner to force it to honor its obligation to fund operating deficits. In October 2004, the investment general partner removed the operating general partner.

In September 2004, the original lender sold the non-performing loan to a new lender who accelerated the loan. The investment general partner met with the lender to propose a work-out plan that included restructuring the debt to allow for a significant cash infusion for deferred maintenance and back taxes. The lender refused to restructure the debt and began the foreclosure process in December 2004.

Throughout 2005, the investment general partner made several attempts to resolve the debt, all of which were rejected by the lender. On November 16 2005, the investment general partner received a Notice of Non-Compliance with Section 42 from the New Mexico Mortgage Finance Authority. The management company addressed as many of the cited issues as it could with funds available from the property, but was unable to make some roof and exterior repairs because the lender declined to release insurance proceeds it had received related to these repairs.

The lender suspended active efforts to foreclose its mortgage throughout most of 2005, but renewed its efforts in January 2006, by filing a Motion for Summary Judgment in the foreclosure action. The Operating Partnership and the New Mexico Mortgage Finance Authority agreed to stipulate to a judgment of foreclosure. The Stipulation was recorded and the property was sold at foreclosure sale in July 2006, with the lender bidding in the property for the amount of its debt claim. The lender had been in possession of the property, collecting rents and directing the operations of the property, since May 1, 2006. Annual losses generated by the Operating Partnership, which were applied against the investment limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the investment general partner's inte rest has been recorded. As a result of the 2006 event, the Operating Partnership lost $907,491 in credits and experienced recapture and interest of $835,017. The represents credit loss and recapture of $336 and $309, respectively, per 1,000 BACs.

JMC, LLC (Farwell Mills Apts.) is a 27-unit development located in Lisbon, ME. Despite low occupancy, the property operated above breakeven in 2006 due to a favorable debt structure where a portion of the property's debt service is payable only if there is surplus cash. The property operated with a significant cash deficit in the first quarter of 2007 due to low occupancy, which was caused by application processing delays at the management company's corporate office which was understaffed. Many prospective residents were discouraged by the delays and often chose to live elsewhere. The investment general partner worked with the operating general partner to improve his affiliated management company's policies and procedures to increase application-processing speed and improve leasing techniques. As of December 31, 2007, occupancy improved to 100%, and occupancy remains strong averaging 94% through year end 2008. In 2008, advertising expenses decreased as a result of significant improvements in occupancy. Utilities are an issue for the property and fluctuate with seasonal demand. Management is researching a "Co-Gen" energy system, which utilizes micro-turbines and natural gas to produce heat as a by-product. The payback analysis has not been completed at this time; however, the operating general partner's engineers have determined that the Co-Gen system will be compatible with the property's current heating system. The operating general partner is testing the Co-Gen system at one of his other properties. If the results are favorable, Farwell Mills Apartments will be the next site to implement the system. The operating general partner visited the investment general partner in October 2008 to discuss the energy alternatives he is researching throughout his portfolio including JMC LLC. Contractual services were high in the first quarter because the grounds service company was not billing the property in a timely manner. Accumulated invoices from the past year were all received in the first qua rter of 2008. The property has terminated its contract with this company and going forward grounds will be maintained in-house. To further reduce expenses, Pen Bay Builders took over the full janitorial contract. The maintenance expenses decreased, and the property was able to operate above breakeven from April through August 2008. Bad debt was high in September; management reviews accounts receivables periodically and writes off items such as back rent, damages, and cleaning charges following move-outs once they have been deemed uncollectible. In the third quarter, occupancy dipped below 90% due to greater turnover than anticipated. Management increased radio and newspaper ads, and occupancy improved to 93% in the fourth quarter. The high bad debt and increase in utility fuel costs coupled with the dip in occupancy resulted in below breakeven operations for 2008. The operating general partner will fund the cash deficit by deferring fees owed to his management company and his maintenance company (Pen Bay Builders). All tax, insurance, and mortgage payments are current. The operating general partner's operating deficit guarantee, capped at $400,000, expires in July 2013.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA. This property has had inconsistent occupancy levels since 2003. In 2007 the property operated below breakeven due to increased utility and administrative expenses. Through the fourth quarter of 2008 occupancy remained consistent at 90%. There is a new 120-unit market rate property in close proximity to the property coming online that will create additional competition for Linden II as the rental rates are not much higher than Linden's Section 42 rents. There is also construction being done on a nearby highway that is deterring prospective drive-by applicants from the property. Due to lack of cash for addressing the on-going past due accounts payable issues and many deferred maintenance items that require attention, there have been no funds available to effectively advertise or market the property. Replacement reserves have not been funded. A spring storm during the second quarter of 2008 resulted in siding and roof damage at the site. The management company had filed an insurance claim and received a settlement in the third quarter of 2008 that covers the cost to replace the roofs and all siding on the buildings. The work began in October 2008, and is 2/3 complete as of December 31, 2008. The roofs are complete and siding repairs will be completed as weather permits. The investment general partner will monitor work progress through completion. A site visit completed by the investment general partner revealed that there are substantial capital improvements and deferred maintenance items at the site. The operating general partner hopes that there will be remaining funds from the claim that will be allowed to fund additional required repairs. The investment general partner will continue to monitor occupancy and work with the operating general partner to improve operations. The operating general partner will continue to fund the property as needed in order to complete physical improvements and co ver any operating deficits that arise. The taxes, insurance, and mortgage payments are all current.

Nocona Apartments, LP (Nocona Apartments) is a 36-unit property located in Nocona, Texas. Historically, the property has been plagued with low occupancy due to a stagnant local economy and a challenging rural location. Despite average occupancy of 87% during 2007, the property operated above breakeven mainly due to a rent increase implemented during the year. The 2007 occupancy declined due to evictions of undesirable tenants involved in drug related activity. It is reported that no illegal activity took place on the property but several good tenants chose to leave. The management company immediately trained a new site manager and focused on marketing and outreach. As a result, the fourth quarter occupancy rose to an average of 82%. Occupancy continues to show signs of improvement averaging 90% for 2008. The operating general partner has an unlimited guarantee in time and amount and continues to fund any shortfalls. The mortgage, taxes, and insurance are all current. The tax credit delivery pe riod ended in 2008 and the low income housing tax credit compliance period expires in 2011.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit family property located in Douglasville, Georgia. Historically, the property struggled in a highly competitive market. The operating general partner responded with move-in specials and increased advertising with local businesses and rental guides. As a result, occupancy has significantly improved, but expenses remain high, and operations were just below breakeven in 2007. At the end of the second quarter of 2008, the operating general partner interest was transferred. As part of the transfer, the new operating general partner agreed to extend the operating deficit guarantee, which had previously expired due to the cap, for a period of three years. Through December of 2008, the property was operating slightly below breakeven with occupancy averaging 95% at year-end. The investment general partner found the property to be in good condition upon a site inspection in November of 2008. The mortgage, taxes and insurance are all current.

Jeffries Associates, LP (New River Gardens Apartments) is a 48-unit property located in Radford, VA. The property has had a steady decline in occupancy throughout 2008. Occupancy has fallen from 90% in July 2008 to 75% at year-end 2008. The property has no rental assistance. Overall operating costs are within the budgeted amount, but due to a lack of rental income the property is operating below breakeven for the year. In an attempt to boost occupancy, management is continuing to advertise in the local paper and the regional paper. They have also advertised in local flyers and invested in additional signage now posted along the adjacent streets. They have also recently called all local HUD offices and local social service organizations to keep them aware that there are apartments available.

Series 31

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100% and 99.9%, respectively. The series had a total of 26 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 31 reflects a net loss from Operating Partnerships of $(780,316) and $(1,114,377), respectively, which includes depreciation and amortization of $2,301,755 and $2,467,145, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Summerdale Partners LP, II (Summerdale Commons - Phase II) is a 108-unit property located in Atlanta, GA. Starting in 2005, under the stewardship of the former operating general partner, the property began to deteriorate both physically and financially. At the end of the fourth quarter 2007, occupancy had fallen to 58%. The operating general partner refused to honor his guaranty to support operating deficits and the deficits resulted in unacceptably high payables, various liens and a large amount of deferred maintenance. Thirty percent of the units are public housing units that receive an insufficient subsidy under the Section 9 program of $200/month. Because of a deteriorating relationship with the operating general partner, the Atlanta Housing Authority which, in addition to administering the Section 9 contract, holds the second mortgage on the property, was unwilling to address the insufficient subsidy while the former operating general partner remained in place.

In the fourth quarter of 2006, the investment general partner and the Authority began seeking a replacement operating general partner. Although a number of parties were identified, all ultimately declined because of the magnitude of the property's capital needs and liens/payables. Even though no alternative third party operating general partner was identified, the investment general partner proceeded to remove the operating general partner. In June 2007, the special limited partner issued a removal notice, and in October 2007 an affiliate of the investment general partner was inserted as the new operating general partner.

In July 2007, the first mortgage lender notified the Operating Partnership that the Operating Partnership was in default due to the existence of liens and an insufficient level of replacement reserves (based upon a physical needs assessment that the lender had commissioned). In August 2007, the first mortgage lender accelerated the debt, based on these defaults, although debt payments were at this time current. In September 2007, the investment general partner and the Atlanta Housing Authority proposed a tentative plan to recapitalize and reposition the property. This included substituting a Section 8 contract on 40% of the units for the existing Section 9 contract and identified $1.2 million in funding sources, $400,000 of which was to come from the replacement reserves held by the first mortgage lender.

The first mortgage lender rejected the proposal and proceeded to initiate a foreclosure by advertisement. Although discussions were ongoing between the first and second mortgage lender regarding the potential purchase of the first mortgage debt, the first mortgage lender was unwilling to postpone the foreclosure sale, which was scheduled for December 4, 2007.

In order to prevent the foreclosure sale from occurring, the Operating Partnership filed bankruptcy under Chapter 11 on December 3, 2007. At the time of filing, the investment general partner believed that a viable Plan of Reorganization could be crafted, essentially similar to the recapitalization plan formulated in September 2007 and outlined above. However, early in the bankruptcy case, it became evident that the Authority was not willing to firmly commit to providing the subsidy upon which any viable Plan of Reorganization would depend. Without the Authority's firm commitment, the ability of the Operating Partnership to attract new capital to remediate the property's condition disappeared.

As a result, the debtor and secured lenders agreed before the Court that there was little prospect of reorganizing and that the first mortgage lender should be allowed to advertise a foreclosure sale during January 2008. The foreclosure sale occurred on February 5, 2008, with the first mortgage lender bidding in the property for $1,280,000. As a result of the foreclosure, the Operating Partnership lost future credits of $557,088 and will record recapture of $1,571,031 on its 2008 tax return. This represents estimated credits and recapture of $124 and $349, respectively, per 1,000 BACs. In addition, an impairment loss in the amount of $594,947 was recorded to reduce the investment balance to zero, as of December 31, 2007.

Pilot Point Apartments, LP (Pilot Point Apartments) is a 40-unit property located in Pilot Point, TX. During 2007, the property operated well above breakeven as occupancy increased by 7% from the prior year and rental increases were approved. Pilot Point has had to contend with a declining local economy in recent years, as there has been a reduction in the population from the area due to a lack of jobs. The closest large employers are thirty to forty miles away. Management also received approval for an additional rent increase beginning January 1, 2008. While occupancy improved throughout 2007 to average 91% for the year, it did dip back down to end the year at 85%, as there were an inordinate amount of move-outs during the fourth quarter of 2007. Through December, average occupancy has improved to 92%, and operations are above breakeven. The investment general partner will continue to monitor the property's operations to ensure occupancy remains stabile. All taxes, insurance a nd mortgage payments are current.

Seagraves Apartments LP (Western Hills Apartments) is a 16-unit development located in Ferris, Texas. In 2006, due to market conditions, occupancy dropped to 80% for the year. Average occupancy improved to 90% in 2007; however, this was not enough to allow the property to breakeven. As the property is very small, slight changes in occupancy have a significant effect on the overall operations. Operating expenses are higher than state average on a per unit basis. Maintenance expense has steadily increased over the last few years due to increased deferred maintenance as the property ages. Management increased marketing efforts in the area including fliers and newspaper ads, and was able to achieve 100% occupancy in August 2008. Management has been able to maintain 100% occupancy through the fourth quarter of 2008 and as a result was able to achieve breakeven operations by year-end 2008. In addition, a site visit was conducted in December 2008, and the property was noted to be in good condition. The investment general partner will work with management to ensure occupancy remains stabile going forward and expenses are reduced as possible in 2009. All taxes, mortgage, and insurance payments are current.

Series 32

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2008, all of which were at 100% Qualified Occupancy

For the nine month periods ended December 31, 2008 and 2007, Series 32 reflects a net loss from Operating Partnerships of $(1,201,048) and $(1,119,683), respectively, which includes depreciation and amortization of $1,999,937 and $1,856,276, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

FFLM Associates is an Operating Partnership that owns three limited partner interests, one of which is Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) is an 18-unit property for seniors located in Old Bridge, New Jersey. Historically this property has operated with a cash flow deficit and does not fund a replacement reserve account. Capital expenses are funded from the operations. In 2007, occupancy averaged 100%, but the property operated below breakeven due to high debt service and real estate taxes. The property's debt service represents about 50% of its total income. Average occupancy in 2008 was 97%. The investment general partner conducted a site visit in September 2008. The property was in good condition. Management reports that rent collection has improved and maintenance expenses have decreased throughout the year. The operating general partner continues to fund all deficits. The mortgage, taxes, insurance and payables are current.

Indiana Development, LP (Clear Creek Apartments) is a 64-unit development, located in North Manchester, Indiana. The property has historically operated below breakeven as a result of low occupancy. During 2006, occupancy averaged 79% and in 2007 average occupancy improved to 86%. The property suffered cash losses of ($53,329), ($39,990) and ($5,196) for the years 2005, 2006 and 2007, respectively. The property's physical appearance and condition are good; however, management has been ineffective. The operating general partner does not have an affiliated management company and has sought to manage the property using third party management companies which, in the past, have not been effective. The operating general partner has engaged five management companies in five years, with the most recent change occurring in early 2008 in connection with a portfolio-wide debt restructuring. The current third party management company appears much stronger than any of the past management firms as evidenced by the property's improved average occupancy of 92% through December 2008. The property operated slightly above breakeven for the first three quarters of 2008. However, the property operated slightly below breakeven through year end 2008 due to a small decline in occupancy in the fourth quarter and an increase in bad debt expense. To date, the operating general partner has funded all operating deficits, although its unlimited operating deficit guarantee expired in September 2004. The mortgage and taxes are current. However, the operating general partner has a portfolio of properties in Michigan, some of which were operating at deficits prior to their recent debt restructuring, so its ability to continue to fund operating deficits for Clear Creek Apartments may be limited.

Martinsville I Limited (Martinsville Apartments) is a 13-unit project located in Shelbyville, KY. Occupancy averaged 85% in 2007. This property is located in a high crime neighborhood that is known to have drug activity. In October 2007 a resident filed a complaint with the Kentucky Housing Agency regarding safety concerns in and around the site. As a result, the Kentucky Housing Agency began granting residents the option to break leases and transfer to other properties. In addition, the Agency did not approve a subsidy for new residents. The investment general partner worked with the operating general partner to address the safety concerns by exploring a number of security initiatives to implement. These initiatives include a neighborhood block watch program, improved communications between the property staff and local police officials, adding security cameras to the exterior, and increased security lighting. A petition was sent to the mayor, governor, and other officials to increase crime control in the neighborhood. In order to pay for increased security, the operating general partner requested a rent increase and renewal of Section 8 subsidies. A modest rent increase was approved. However, the Kentucky Housing Agency was unable to guarantee Section 8 payments, as the Agency is legally obligated to allow residents with Section 8 vouchers to leave the property if they do not feel safe. The operating general partner was not willing to fund any additional money for this site.

Since the operating general partner and the Kentucky Housing Agency exhibited little commitment to improving the property, the investment general partner made the decision to allow this property to go into foreclosure. The investment general partner made a payment to the accountants in order to receive the 2007 tax returns. The investment general partner received a default notice on April 8, 2008. Through the second quarter, occupancy averaged 67%. In July 2008, the investment general partner was notified that all residents had moved out of the complex. The foreclosure and sale occurred on August 22, 2008.

The Operating Partnership will experience $205,735 loss in credits and $239,117 for recapture and interest. This represents an estimated loss of future credits and recapture and interest of $42 and $49, respectively, per 1,000 BACs. The investment general partner intends to pursue the guarantors under the guaranty with a view to recovering the investment limited partner's losses. The guarantors' financial strength and likelihood of recovery are unknown at this time. In addition, an impairment loss in the amount of $119,470 was recorded to reduce the investment balance to zero, as of September 30, 2008.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, New York. The property operated below breakeven in 2005, 2006 and 2007 due to high utility, maintenance and administrative expenses combined with collection loss. Management is exploring options to reduce utility costs, including tenant education on conservation and possible grant funding from non-profit agencies to conserve energy. Most recently, management and the operating general partner filed an application for assistance to replace windows and boilers with the New York State Energy Research and Development Authority. However, in the second quarter of 2008, the operating general partner stated that the State is holding all applications due to budget restrictions and lack of grant funding available. A site visit by the investment general partner is planned in the first quarter of 2009. A rent increase of 2% was effective January 1, 2009, and another special rent increase will be requested in January 200 9. Management is working to reduce tenant delinquencies by aggressively filing late notices and pursuing evictions through the housing court. Collections remain an on-going and serious issue. Physical occupancy was 100% as of December 2008. As outlined in the cooperative documents, management is assessing unit maintenance charges to all the residents. The investment general partner continues to work with the operating general partner to improve operations. The December 2008 mortgage payment is past due. No default notice has been issued by the mortgage holder. In January 2009 the investment general partner will demand that the operating investment partner bring the mortgage current. The insurance payments are current. The property pays no real estate taxes as the result of a tax-exempt status.

Series 33

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 33 reflects a net loss from Operating Partnerships of $(422,796) and $(583,310), respectively, which includes depreciation and amortization of $908,189 and $942,111, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

FFLM Associates is an Operating Partnership that owns three limited partner interests, one of which is Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) is an 18-unit property for seniors located in Old Bridge, New Jersey. Historically this property has operated with a cash flow deficit and does not fund a replacement reserve account. Capital expenses are funded from the operations. In 2007, occupancy averaged 100%, but the property operated below breakeven due to high debt service and real estate taxes. The property's debt service represents about 50% of its total income. Average occupancy in 2008 was 97%. The investment general partner conducted a site visit in September 2008. The property was in good condition. Management reports that rent collection has improved and maintenance expenses have decreased throughout the year. The operating general partner continues to fund all deficits. The mortgage, taxes, insurance and payables are current.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing) is a 20-unit property in Millinocket, ME that provides housing to seniors. In 2006, occupancy averaged 90% and the property operated below breakeven due to high operating expenses. The property continued to operate below breakeven in 2007 due to vacancy loss and high utility expenses. Management believes occupancy declined due to the lack of vouchers in the Millinocket area. Management addressed this issue with the local housing agency and with the Maine State Housing Authority, or MSHA, which put pressure on the local housing agency to expedite the processing of all necessary paperwork in order to release additional vouchers. These measures increased occupancy at the property in the second quarter of 2007 and strong occupancy was maintained in the third and fourth quarters. As of December 31, 2007 occupancy reached 90%, and occupancy remained at a 90% average throughout the first and second quarter of 2008. Occupancy has further improv ed to 92% through December 2008.

Despite the improvement in occupancy, the property operated below breakeven in 2007 and continued to operate below breakeven in 2008 due to high utility costs incurred in the winter months. In an effort to reduce operating expenses, management allowed the Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency at the property. The recommendations were broken down into two categories: low cost do-it-yourself operations or maintenance procedures, and capital improvement projects. Management implemented the low cost operations and maintenance procedure recommendations, including weather-stripping, adding caulking around doors and windows, and shutting down the ventilation system during unoccupied times. Per the energy audit, the main problem is that too much of the building is heated but not occupied due to inefficient use of space. The commission recommended that the heating system be rezoned and an energy management s ystem that sets back the temperature in areas when they become unoccupied should be installed. Management is currently looking into an alternative energy system that could substantially reduce the heating costs at the property. Chip-tech toured the property in May and felt the property would be an ideal candidate for its wood chip technology, which uses wood chips, and even garbage (under EPA standards) rather than oil to produce heat. Realty Resources Management, Thayer Corporation (the general contractor for Stearns' energy work) and Evergreen Home Performance (energy auditor) met June 20, 2008, to discuss the overall picture at Stearns. The operating general partner visited the investment general partner in October 2008 to discuss the energy alternatives he is researching throughout his portfolio including Stearns Assisted. The operating general partner submitted the loan application to Maine State Housing Authority in December 2008. The engineers held a conference call with MSHA the last week in Dec ember to answer any additional questions/concerns. An official decision is expected from MSHA in the first quarter of 2009. If approved, MSHA provides 100% financing up to 30 years at a fixed rate of 4.75%. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All tax and insurance payments are current, and there is no hard debt associated with the property's financing.

Series 34

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 34 reflects a net loss from Operating Partnerships of $(877,301) and $(926,107), respectively, which includes depreciation and amortization of $1,689,978 and $1,662,278, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Hwy 18 Partners, LP (Summer Park) is a 104-unit property located in Jackson, MS. The property has operated below breakeven through the fourth quarter of 2008. Below breakeven operations are due to the exorbitant water rates from the City of Jackson, a decline in occupancy and turnover costs. Management continues to contact the City of Jackson about the high water costs, but has been unsuccessful in lowering the cost. The decrease in occupancy and increase in turnover is due to the opening of a new 375-unit single-family home development near the property. The homes are part of an affordable home ownership program, and the monthly mortgage payments are comparable to Summer Park's monthly rental rates. Management is conducting daily outreach to local businesses and churches to increase traffic. Average occupancy in the fourth quarter was 87%. To help retain residents, management is increasing activities on the site for the residents and plans to hire two courtesy officers. They feel by creating more of a community feel at the property, they will be able to retain more residents. The investment general partner will monitor management's resident retention efforts. Any operating deficits through the compliance period are guaranteed by the operating general partner's operating deficit guaranty unless the Operating Partnership converts to a fixed rate permanent financing. All taxes, insurance, and mortgage payments are current.

RHP 96-I, LP (Hillside Club I Apartments) is a 56-unit property located in Petosky, Michigan. Hillside Club operated below breakeven as a result of low occupancy, which averaged 79% in 2006, but improved to 81% average occupancy in 2007. The property suffered cash losses of ($50,619), ($71,828) and ($66,013) for the years 2005, 2006, and 2007, respectively. Through the fourth quarter of 2008 occupancy averaged 87% and the property operated below breakeven. The property's physical appearance and condition is good; management, however, has been ineffective. The operating general partner does not have an affiliated management company and has sought to manage the property using third-party management companies which, in the past, have not been effective (five management companies in the past five years). The current third party management company appears much stronger than any of the past management firms, although it has not yet succeeded in bringing Hillside Club I to breakeven. The operating general pa rtner's unlimited operating deficit guarantee expired as of July 31, 2003. The operating general partner continued to fund deficits through the third quarter of 2006, but ceased to fully support the property's operations in the fourth quarter of 2006. At the end of the fourth quarter 2008, the Operating Partnership is three months delinquent on its mortgage and 2007 and 2008 real estate taxes have not been paid. To date, the lender has not declared the loan in default and has agreed, in principle, to a forbearance agreement which would modify the loan payments to include unpaid interest. Formal documentation of the forbearance agreement was anticipated in the second quarter but has not occurred to date. The investment general partner is actively exploring alternatives, which include a workout plan with the existing operating general partner or the replacement of the operating general partner.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit family property located in Douglasville, Georgia. Historically, the property struggled in a highly competitive market. The operating general partner responded with move-in specials and increased advertising with local businesses and rental guides. As a result, occupancy has significantly improved, expenses remain high, and operations were just below breakeven in 2007. At the end of the second quarter of 2008, the operating general partner interest was transferred. As part of the transfer, the new operating general partner agreed to extend the operating deficit guarantee, which had previously expired due to the cap, for a period of three years. Through December of 2008, the property was operating slightly below breakeven with occupancy averaging 95% at year-end. The investment general partner found the property to be in good condition upon a site inspection in November of 2008. The mortgage, taxes and insurance are all current.

Series 35

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 35 reflects a net loss from Operating Partnerships of $(788,301) and $(738,933), respectively, which includes depreciation and amortization of $1,300,650 and $1,155,628, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due to competition from low priced homes for sale throughout the area. Average occupancy was down to 88% in 2007 and as low as 77% in 2008. Due to management's efforts to increase residency through effective marketing and a more stringent resident screening process, occupancy increased to 93% as of November 30, 2008. According to the operating general partner, four move-outs in the month of December 2008 decreased occupancy to 89%. However, the operating general partner states they are 95% leased with move-ins expected to occur over the next 60 days. The partnership increased rental revenue, but significant expense increases over the same time period outweighed the additional revenue. This expense increase is attributed to higher than expected turnover expenses, as well as administrative expenses which we re significantly higher during the first half of the year as the operating general partner was trying to determine best use of staff in terms of numbers at each property, who should be kept on staff, etc. As a result, there was some shifting of staff, terminations, training, etc, all of which contributed to the increase in administrative costs. These administrative cost overruns were reduced through the second half of the year once all staffing issues stabilized, but the property operated at a deficit through 2008. The investment general partner met with the operating general partner and visited this site in October 2008. The property was very well maintained and the tax credit files were in very good order. The new site manager continues to improve operations on a monthly basis. Several capital improvement projects are planned for the upcoming year: re-finishing the swimming pool, exterior siding repairs and painting. These improvement projects will be funded fr om replacement reserves. Real estate tax, insurance and mortgage payments are current. The operating general partner's guarantee to fund operating deficits is unlimited in amount until the time of rental achievement, which has not yet occurred.

Mulvane Housing Associates Limited Partnership (Country Walk Apartments) is a 68-unit family property located in Mulvane, Kansas. The property operated below breakeven in the first quarter of 2008 due to high seasonal operating expenses such as heating costs and snow removal. Seasonal operating expenses normalized in the second quarter of 2008. Reduced operating expenses, along with a rent increase, allowed the property to operate slightly above breakeven in the second quarter, despite a dip in occupancy. The property continued to operate above breakeven in July and August, but expended cash in September due to declining occupancy. As of September 30, 2008, the property was 79% occupied. To increase occupancy, management ran move-in specials and conducted outreach to local employers in the fourth quarter. The site enjoys high traffic, but 99% of the applications were being denied due to poor credit or criminal history.  In the fourth quarter the resident selection criteria were modified to allow cre dit challenged households' opportunities to rent with increased security deposits. This measure combined with increased marketing helped to stabilize occupancy. By December 31, 2008, occupancy increased to 98%. To date collections have not been impacted. High occupancy allowed the property to operate above breakeven in November and December. The operating general partner has continued to fund all operating deficits despite an expired guarantee and has stated that he will continue to do so until the end of the tax credit compliance period in 2014. All real estate taxes, insurance and mortgage payments are current.

New Caney Housing II, LP (Garden Gates Apartments) is a 32-unit family property located in New Caney, TX. In 2007, occupancy averaged 85% and the property operated below breakeven due to low occupancy. As of December 31, 2008, the property was 90% occupied. The property struggles with low occupancy due to soft market conditions. Low occupancy has continued to be an issue at this property because of the increased competition in the primary market area. Management did not adapt their marketing plans to address the increased competition quickly enough. In addition, the regional manager has stated that the market area offers a limited number of eligible prospects because the maximum income limits used to qualify residents are too low. The management team has been working diligently to rebuild the tenant base and revamp their outreach program. They focused on strengthening the resident base, increasing resident retention and improving collections. In order to increase resident retention and overall occupancy, the company implemented an in-depth tenant screening process. Management took steps to aggressively enforce lease provisions by either moving for eviction or not renewing leases for residents who violated terms outlined in their rental agreement. Management has also added concessions and other incentives to improve occupancy. They are currently offering one month rent-free pro-rated over 12 months. Management is also working with a local housing authority in an effort to increase the referral of prospective residents and to lobby the agency for additional Section 8 vouchers. Management reports that the resident profile and resident retention have both improved. The property continued to operate below breakeven through the fourth quarter of 2008. The mortgage, taxes and insurance are all current. The management company is deferring all fees until operations improve. The investment general partner will continue to monitor the property's occupancy and operations.

Series 36

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 36 reflects a net loss from Operating Partnerships of $(356,333) and $(418,074), respectively, which includes depreciation and amortization of $792,577 and $813,987, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Farmington Meadows Apartments (Aloha Housing Limited Partnership) is a 69-unit apartment complex located in Aloha, OR, with project-based Section 8 subsidy on 100% of the units. Historically, the property has had strong operations. Occupancy at the start of 2008 was 100% and year-to-date occupancy through the fourth quarter of 2008 was 94%; however, management took several units off-line for repairs in June 2008, causing occupancy to drop to 90% by the end of the fourth quarter. The property requires very high occupancy (97% to 98%) to maintain operations above breakeven, due to its high debt service; so the drop in occupancy resulted in below breakeven operations. A number of other issues have also affected cash flow, resulting in several late payments on the mortgage.

On July 21, 2008, the Operating Partnership was served with a lawsuit from a former resident alleging that her two children contracted asthma as a result of mold in two units in which they had lived. The lawsuit claims damages in the amount of $200,000. The operating general partner is currently working with the Operating Partnership's counsel and insurance carrier on this issue.

The property's balconies have deteriorated over the past two years. While awaiting contractors' bids to repair the balconies, management issued letters directing residents not to use their balconies until they were repaired. Despite the letters, one resident sprained her ankle when the balcony off her unit collapsed in August 2008. The incident was reported to both parties' insurance companies, but no legal action has been taken by the resident or her insurance company. After the incident, all doors to the balconies were boarded up immediately. Work to remediate the balconies is proceeding at this time and was approximately 90% complete by year end.

Due to constrained funds, the property has alternated between paying vendors and meeting its debt service. After the sewer line was repaired in July 2008 for $60,000, the contractor who performed the work filed a lien on the property. Payment has since been made, but caused some arrearage in the mortgage payments. The operating general partner has since brought the mortgages current, but payables have begun to build.

In March 2008, the operating general partner replaced the management agent with a new one which appears to be skilled in all areas of LIHTC property management and has been working to address all of the issues above, including performing mold remediation on all affected units. Management was able to reschedule the HUD site inspection, originally scheduled for August 2008, to sometime in the first quarter of 2009, in anticipation that the balcony and mold issues will be remediated by then. Some of the balcony repair costs have been paid out of the property's replacement reserve. The investment general partner will continue to monitor the progress of each issue, including improving occupancy. The operating general partner has confirmed its commitment to continue funding deficits.

Nowata Village Limited Partnership (Nowata Village) is a 28-unit family property located in Nowata, OK. Occupancy began to decline in the third quarter of 2008, to an average of 82% with below breakeven operations. With increased presence from the regional manager and improved marketing efforts, management was able to increase occupancy to 96% by December. Management expects the high occupancy levels to continue into 2009 and to bring the property back above breakeven operations in the near future. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes and insurance payments are all current.

Series 37

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 37 reflects a net loss from Operating Partnerships of $(901,142) and $(735,272), respectively, which includes depreciation and amortization of $1,151,623 and $1,199,596, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Hwy 18 Partners, LP (Summer Park) is a 104-unit property located in Jackson, MS. The property has operated below breakeven through the fourth quarter of 2008. Below breakeven operations are due to the exorbitant water rates from the City of Jackson, the drop in occupancy and turnover costs. Management continues to contact the City of Jackson about the high water costs, but has been unsuccessful in lowering the cost. The decrease in occupancy and increase in turnover is due to the opening of a new 375-unit single-family home development near the property. The homes are part of an affordable home ownership program, and the monthly mortgage payments are comparable to Summer Park's monthly rental rates. Management is conducting daily outreach to local businesses and churches to increase traffic. Average occupancy in the fourth quarter was 87%. To help retain residents, management is increasing activities on the site for the residents and plans to hire two courtesy officers. They feel by creating more of a community feel at the property, they will be able to retain more residents. The investment general partner will monitor management's resident retention efforts. Any operating deficits through the compliance period are guaranteed by the operating general partner's operating deficit guaranty unless the Operating Partnership converts to a fixed rate permanent financing. All taxes, insurance, and mortgage payments are current.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due to competition from low priced homes for sale throughout the area. Average occupancy was down to 88% in 2007 and as low as 77% in 2008. Due to management's efforts to increase residency through effective marketing and a more stringent resident screening process, occupancy increased to 93% as of November 30, 2008. According to the operating general partner, four move-outs in the month of December 2008 decreased occupancy to 89%. However, the operating general partner states they are 95% leased with move-ins expected to occur over the next 60 days. The partnership increased rental revenue, but significant expense increases over the same time period outweighed the additional revenue. This expense increase is attributed to higher than expected turnover expenses, as well as administrative expenses which we re significantly higher during the first half of the year as the operating general partner was trying to determine best use of staff in terms of numbers at each property, who should be kept on staff, etc. As a result, there was some shifting of staff, terminations, training, etc, all of which contributed to the increase in administrative costs. These administrative cost overruns were reduced through the second half of the year once all staffing issues stabilized, but the property operated at a deficit through 2008. The investment general partner met with the operating general partner and visited this site in October 2008. The property was very well maintained and the tax credit files were in very good order. The new site manager continues to improve operations on a monthly basis. Several capital improvement projects are planned for the upcoming year: re-finishing the swimming pool, exterior siding repairs and painting. Real estate tax, insurance and mortgage paym ents are current. The operating general partner's guarantee to fund operating deficits is unlimited in amount until the time of rental achievement, which has not yet occurred.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing) is a 20-unit property in Millinocket, ME that provides housing to seniors. In 2006, occupancy averaged 90% and the property operated below breakeven due to high operating expenses. The property continued to operate below breakeven in 2007 due to vacancy loss and high utility expenses. Management believes occupancy declined due to the lack of Section 8 vouchers in the Millinocket area. Management addressed this issue with the local housing agency and with the Maine State Housing Authority, which put pressure on the local housing agency to expedite the processing of all necessary paperwork in order to release additional vouchers. These measures increased occupancy at the property in the second quarter of 2007 and strong occupancy was maintained in the third and fourth quarters. As of December 31, 2007 occupancy reached 90%, and occupancy remained at a 90% average throughout the first and second quarter of 2008. Occupancy has further impro ved to 92% through December 2008.

Despite the improvement in occupancy, the property operated below breakeven in 2007 and continued to operate below breakeven in 2008 due to high utility costs incurred in the winter months. In an effort to reduce operating expenses, management allowed the Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency at the property. The recommendations were broken down into two categories: low cost do-it-yourself operations or maintenance procedures, and capital improvement projects. Management implemented the low cost operations and maintenance procedure recommendations, including weather-stripping, adding caulking around doors and windows, and shutting down the ventilation system during unoccupied times. Per the energy audit, the main problem is that too much of the building is heated but not occupied due to inefficient use of space. The commission recommended that the heating system be rezoned and an energy management s ystem that sets back the temperature in areas when they become unoccupied should be installed. Management is currently looking into an alternative energy system that could substantially reduce the heating costs at the property. Chip-tech toured the property in May and felt the property would be an ideal candidate for its wood chip technology, which uses wood chips, and even garbage (under EPA standards) rather than oil to produce heat. Realty Resources Management, Thayer Corporation (the general contractor for Stearns' energy work) and Evergreen Home Performance (energy auditor) met June 20, 2008, to discuss the overall picture at Stearns. The operating general partner visited the investment general partner in October 2008 to discuss the energy alternatives he is researching throughout his portfolio including Stearns Assisted. The operating general partner submitted the loan application to Maine State Housing Authority in December 2008. The engineers held a conference call with MSHA the last week in Dec ember to answer any additional questions/concerns. An official decision is expected from MSHA in the first quarter of 2009. If approved, MSHA provides 100% financing up to 30 years at a fixed rate of 4.75%. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All tax and insurance payments are current, and there is no hard debt associated with the property's financing.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. The project consists of single family rental homes, with home ownership an option available to qualifying tenants. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidy to afford the $1,000+/ month rents.

During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. In 2007, the local Section 8 administrating authority experienced funding constraints. Due in part to the decreased availability of portable Section 8 vouchers, average occupancy declined in 2007 to 82% and the property operated below breakeven. In October 2007, the operating general partner engaged a new property management company to manage several of its properties, including Baldwin. Through the fourth quarter of 2008, average occupancy improved to 89%, with occupancy at the end of the quarter reaching 94%. However, the property continues to operate below breakeven.

Reporting by the operating general partner has not been timely. In the third quarter of 2008 the investment general partner received the 2007 draft audit which revealed that, in 2007, the operating general partner had renegotiated the loan agreement, to defer 2007 principal payments. The Operating Partnership remains current on the interest portion of its debt service. Year-to-date 2008 reports, also received in fourth quarter of 2008, revealed a significant increase in payables and the existence of unpaid real estate taxes.

Generally, despite untimely and sporadic reporting, the operating general partner has exhibited a strong desire to support this property because of its view that the property may hold substantial value. However, this operating general partner also has a portfolio of other properties in Michigan, some of which were also operating at deficits prior to a recent, portfolio-wide debt restructuring, so its ability to continue to fund operating deficits at Baldwin Villas may be limited. The investment general partner is closely monitoring the new management company's ability to increase occupancy and cash flow, and has contacted the operating general partner regarding his plan to pay down payables and unpaid real estate taxes.

Series 38

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2008, all of which were at 100% qualified occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 38 reflects a net loss from Operating Partnerships of $(347,940) and $(422,092), respectively, which includes depreciation and amortization of $872,687 and $891,168, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 39

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 39 reflects net loss from Operating Partnerships of $(486,528) and $(434,058), respectively, which includes depreciation and amortization of $784,480 and $759,540, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 40

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2008, all of which at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 40 reflects a net loss from Operating Partnerships of $(565,323) and $(640,714), respectively, which includes depreciation and amortization of $1,062,795 and $1,025,392, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. The project consists of single family rental homes, with home ownership an option available to qualifying tenants. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidy to afford the $1,000+/ month rents.

During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. In 2007, the local Section 8 administrating authority experienced funding constraints. Due in part to the decreased availability of portable Section 8 vouchers, average occupancy declined in 2007 to 82% and the property operated below breakeven. In October 2007, the operating general partner engaged a new property management company to manage several of its properties, including Baldwin. Through the fourth quarter of 2008, average occupancy improved to 89%, with occupancy at the end of the quarter reaching 94%. However, the property continues to operate below breakeven.

Reporting by the operating general partner has not been timely. In the third quarter of 2008 the investment general partner received the 2007 draft audit which revealed that, in 2007, the operating general partner had renegotiated the loan agreement, to defer 2007 principal payments. The Operating Partnership remains current on the interest portion of its debt service. Year-to-date 2008 reports, received in fourth quarter of 2008, revealed a significant increase in payables and the existence of unpaid real estate taxes.

Generally, despite untimely and sporadic reporting, the operating general partner has exhibited a strong desire to support this property because of its view that the property may hold substantial value. However, this operating general partner also has a portfolio of other properties in Michigan, some of which were also operating at deficits prior to a recent, portfolio-wide debt restructuring, so its ability to continue to fund operating deficits at Baldwin Villas may be limited. The investment general partner is closely monitoring the new management company's ability to increase occupancy and cash flow, and has contacted the operating general partner regarding his plan to pay down payables and unpaid real estate taxes.

Series 41

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 21 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 41 reflects a net loss from Operating Partnerships of $(617,860) and $(1,106,401), respectively, which includes depreciation and amortization of $1,338,516 and $1,470,832, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former operating general partner and its affiliates for breaches of various agreements. In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest at an annual rate of 10%. The settlement included attorney's fees for the plaintiffs in the amount of $1,125,000 plus $123,697 in costs. The State Appeals Court upheld the judgment in the fourth quarter of 2006. The investment general partner has been pursuing payment, and on April 21, 2008, the deficiency was settled though mediation for a total of $3,950,000. The payment plan requires that cash payments of $1,650,000 be made within 200 days of settlement, and the remaining $2,300,000 be paid over time, secured by the defendant's interests in 8 real estate holdings. To date $1,300,000 has been collected.

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls. The work will continue on an as needed basis. The Operating Partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the retaining wall contractor and the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. During the fourth quarter of 2007, the case was settled in mediation for $2,001,000. During the first quarter 2008, the Operating Partnership received $1,993,500 in damages to date. The Operating Partnership is in the process of reimbursing the affiliate of the investment general partner for the funds they have advanced for the repairs. The balance of the settlement held in reserves is anticipated to complete the necessary repairs and associated landscaping.

The property operated above breakeven in 2007 and a new property manager was hired in the first quarter of 2008. Unaudited financial statements through December 2008 confirm above breakeven operations and an average occupancy of 95%. The mortgage, taxes, and insurance are current.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village), is a 12-unit family property located in Mt. Carroll, IL. In 2007, the property had an average occupancy of 74% and operated below breakeven. The market that the property is located in is a depressed rural area. In 2006, two of the units had lost rental assistance from Rural Development, due to being vacant for at least six months. Since that time, these units have not been leased due to an inability to find tenants who can afford the rents without Rural Development rental assistance. According to the operating general partner, there is little chance of re-attaining that rental assistance. The reason the units were vacant for at least six months was market related. They are currently rent ready and have been since 2006. The other 10 units are leased and through December 2008 average occupancy is 83% (2 vacant). Because of the low occupancy during the first half of the year, the property did not achieve breakeven operations for the year. Very minimal marketing efforts are employed for this property as all leasing and marketing is performed out of the main leasing office located in Wisconsin. The investment general partner will work with the operating general partner to improve leasing strategies and determine avenues of marketing in the area in order to lease up the two vacant units. The mortgage, property taxes, and insurance are current.

Hawthorne Associates, LP (Sandalwood Apartments) is a 20-unit property located in Toppenish, Washington. The Operating Partnership operated above breakeven in 2006. However, the 2006 overall average occupancy of 84% declined to 65% in December 2006 due to inadequate site staffing, poor tenant rent collection, high eviction rates, and many over-income applicants. A new site staff was hired early in 2007 and the current site manager was able to restore occupancy to 95% in September 2007 and maintain high occupancy levels since that date. The occupancy as of December 31, 2008 was 90%. The property operated slightly below breakeven in 2007 but has improved back above breakeven in 2008. The investment general partner will continue to monitor operations on a monthly basis. The rent collection and eviction policies are being strictly enforced; no further collection issues are anticipated. The taxes, mortgage and insurance are all current.

Series 42

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 42 reflects a net loss from Operating Partnerships of $(708,719) and $(665,171), respectively, which includes depreciation and amortization of $1,452,325 and $1,379,636, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Wingfield Apartments Partnership II, A L.P. (Wingfield Apartments II) is a 42-unit multifamily development located in Kinder, Louisiana. During 2007, a $50 per unit rent increase was implemented for new move-ins or upon lease renewal. This caused occupancy to decline in 2007 from approximately 99% to 87% because tenants could not afford the new rates. Occupancy rebounded during the fourth quarter of 2007 and into the first quarter of 2008. However, HUD made some revisions in their program concerning new rules, which caused occupancy to again decline. Throughout 2008, occupancy continued to decline ranging from a high of 90% in January to end December at a low of 69%. Occupancy averaged 82% for 2008. The increase in vacancy loss combined with increased costs for unit turnover continues to cause the property to operate below breakeven status. The operating general partner continues to seek ways to control operating expenses. In 2008, the maintenance procedures were re-worked whereby repairs are paid for only on an as completed basis. The operating deficit guarantee expired in 2005. The low income housing tax credit compliance period expires in 2016. All real estate tax, mortgage, and insurance payments are current.

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former operating general partner and its affiliates for breaches of various agreements. In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest at an annual rate of 10%. The settlement included attorney's fees for the plaintiffs in the amount of $1,125,000 plus $123,697 in costs. The State Appeals Court upheld the judgment in the fourth quarter of 2006. The investment general partner has been pursuing payment, and on April 21, 2008, the deficiency was settled though mediation for a total of $3,950,000. The payment plan requires that cash payments of $1,650,000 be made within 200 days of settlement, and the remaining $2,300,000 be paid over time, secured by the defendant's interests in 8 real estate holdings. To date $1,300,000 has been coll ected.

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls. The work will continue on an as needed basis. The Operating Partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the retaining wall contractor and the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. During the fourth quarter of 2007, the case was settled in mediation for $2,001,000. During the first quarter 2008, the Operating Partnership received $1,993,500 in damages to date. The Operating Partnership is in the process of reimbursing the affiliate of the investment general partner for the funds they have advanced for the repairs. The balance of the settlement held in reserves is anticipated to complete the necessary repairs and associated landscaping.

The property operated above breakeven in 2007 and a new property manager was hired in the first quarter of 2009. Unaudited financial statements through December 2008 confirm above breakeven operations and an average occupancy of 95%. The mortgage, taxes, and insurance are current.

Dorchester Court Apartments (Dorchester Court Limited Dividend Housing Association, LP) is a 131-unit apartment complex located in Port Huron, MI, with 75% of the units devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow. One of the two original members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, the defaulting member of the operating general partner entity was replaced with a new member. The new member had significant resources and contributed over $190,000 to the Operating Partnership to fund the property's operating deficits during the 2006-2007 periods. In 2008, however, growing tensions between the two members of the operating general partner entity resulted in less attention being paid to management of the property and diminished willingness to fund deficits.

In 2007, the Operating Partnership refinanced its first mortgage, resulting in a significant improvement in operations over 2006. Occupancy averaged 92% for 2007 and 91% for 2008. The property operated just below breakeven in 2007 and 2008. Under the new debt service and assuming expenses are maintained in line with those of 2007 and 2008, the property should be able to breakeven at 93% occupancy. Occupancy in the fourth quarter of 2008 fell to an average of 88%. The property historically has slightly lower occupancy in the colder months; but a loss of attention from the general partner due the tensions described above may also be contributing to the recent falloff in performance. Prior to the refinance, the operating general partner had not funded the replacement reserve account; however, the Operating Partnership has been funding the replacement reserve, in accordance with the loan and Operating Partnership Agreements, since September 2007. The mortgage, taxes and insurance payments are all current. Accounts payable currently stand at $55,000.

HS Housing, LP (Helios Station Apartments) is a 30-unit family property located in Lafayette, CO. In response to below breakeven property operations caused by low occupancy in 2006, the management company replaced the site manager in the third quarter of 2006. This had a positive effect on the property during 2007, with occupancy increasing to 97% and the property operating above breakeven.

Through the fourth quarter of 2008, the property continued to operate above breakeven with 94% average occupancy. All real estate taxes, insurance, and mortgage payments are current. The operating general partner's obligation to fund operating deficits is unlimited in time and amount. A site visit conducted in September 2008 revealed that although the property was in good physical condition, housekeeping and maintenance needed improvement. Additionally, the tenant file audit disclosed incomplete and disorganized files which could be attributed to the site manager's limited tax credit experience and knowledge of the program. A new, experienced site manager was hired at the end of October 2008 in an effort to address these issues.

Effective July 1, 2008, the operating general partner brought in a new management company to manage its entire portfolio of 18 properties in Colorado. The change in management was intended to address unsatisfactory operations at several properties in the Colorado portfolio. The operating general partner is currently attempting to recapitalize its Colorado portfolio, including HS Housing.

SM Housing, LP is a 40-unit property located in Buena Vista, Colorado. On September 7, 2008 there was a fire at the property caused by a resident smoking. There was physical damage to 12 of the 40 units and the residents have sought temporary shelter until the rehab work is complete and the Certificates of Occupancy for the down units are reissued. The management company contacted the state agency, Colorado Housing, about this issue and the potential loss of credits if the property did not complete the rehab and have the Certificate of Occupancy issued for the down units by December 31, 2008. Colorado Housing advised that as long as the units are back online by March 7, 2009, there will be no credit loss. On January 9, 2009, the property passed the final inspection and the Certificates of Occupancy should be issued within ten days. Residents will move in shortly thereafter. Prior to the fire the property was operating at breakeven with 100% occupancy. Management expected occupancy to reach 100% by the end of January 2009 and the property to continue to breakeven. Insurance proceeds will cover the repair work and lost rents. The investment general partner will continue to monitor the situation to ensure the Operating Partnership's credit stream is not affected by the fire. All tax, mortgage and insurance payments are current.

TS Housing, LP (Tiffany Square Apartments) is a 52-unit family property located just outside Denver in Lakewood, CO. Parts of the property developed structural issues related to the floor joists, which resulted in uneven floors and required extensive repairs. Ten units were off-line for over six months while management attempted to remediate the issue. As a result of lower revenue from the down units, and increased maintenance expenditures, the property expended cash of ($19,023) in 2006. During 2007, average occupancy was 91% and the property expended cash of ($65,739) due to increased maintenance expenditures and structural repairs of the eight units.

Through the fourth quarter of 2008, occupancy averaged 96%, which resulted in above breakeven operations. All real estate taxes, insurance, and mortgage payments are current. While management expects improved occupancy to continue going forward, it was recently discovered that one unit is in need of structural repairs and is vacant. Management is currently obtaining bids and anticipates that the necessary work will be funded through the replacement reserve. The operating general partner's obligation to fund operating deficits is unlimited in time and amount.

In 2006, the Colorado Housing and Finance Authority issued 8823s, citing the ten units that were unsuitable for occupancy for an extended period of time due to the structural issues noted above. As of April 2007, the ten units had been repaired and re-occupied. In May 2008, corrected 8823s for the ten units were filed with the IRS by the Colorado Finance Housing Agency.

Effective July 1, 2008, the operating general partner brought in a new management company to manage its portfolio of 18 properties in Colorado. The change in management was intended to address unsatisfactory operations at several properties in the Colorado portfolio. The operating general partner is currently attempting to recapitalize the entire Colorado portfolio, including TS Housing. A recapitalization, if completed, would provide funds necessary to address Tiffany Square's capital needs.

Los Lunas Apartments, LP (Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property. Average physical occupancy for 2007 was 88% and the property operated above breakeven. Through the third quarter 2008, physical occupancy averaged 92%. In the fourth quarter, this property continues to operate with strong average physical occupancy of 95%. Due to high maintenance expenses the property was not able to operate above breakeven in 2008. Due to the age of the property, there is a demand for increased maintenance repairs, increasing overall maintenance costs. In 2008, management replaced a number of appliances. To increase and maintain the occupancy, management continues to market the property through local media and civic organizations. The operating general partner has also renegotiated the laundry contract with the vendor and all of the machines were upgraded. The property has received funds from the vendor for re-signing the contract. The real estate taxes, insurance, and mortgage payments a re current.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Average occupancy for 2007 was 90%, down 6% from the 2006 average occupancy. Through November 2008, average occupancy was 94%, and operations were just below breakeven. The reason for the decline in performance in 2007 was due to having to relocate tenants out of an entire building for structural repairs. In 2003 an engineer's report identified foundation and stress cracks in a number of buildings on site. The total cost of the project was estimated at $320,000; however, there were additional repairs required due to plumbing breaks as the foundations were being repaired, resulting in a total project cost of $360,000. The construction repairs were funded by a capital contribution from the operating general partner, and the project was completed in November of 2007 and all units were brought back on line at that time. During the fourth quarter of 2008, the operating general partner notifi ed the investment general partner that an additional building was experiencing differential settlement issues and two units were being brought off-line until repairs could be made. Repairs are scheduled to be performed in February 2009 at an estimated cost of $80,000. The repairs will be funded by an advance from the operating general partner. While occupancy has improved through 2008, expenses remain high and inhibit the property from operating above breakeven. The most significant expenses are utilities and maintenance. The high maintenance expenses are turnover related as management has seen an increase in turnover from historical figures due mainly to market related issues. In addition, many of the appliances are reaching the end of their useful life and are requiring replacement or repairs. Management is exploring options for reducing utility expenses. The investment partner will continue to work with management to improve occupancy and reduce expenses and will follow up with the operating gener al partner to ensure the structural damages are repaired as planned. The mortgage, trade payables, property taxes and insurance are current.

Centenary Housing, LP. (Centenary Tower Apartments) is a 100-unit senior property located in St. Louis, MO. The property operated at a deficit for the first time in 2005, due to operating expenses which exceeded the state average by 25%. Throughout 2006, third party management reports to the operating general partner and the investment general partner suggested that the property was operating adequately, although there were a few reports that drug use and other undesirable activity were increasing at the property. In the first quarter of 2007, the investment general partner learned that the City of St. Louis had cited the property as a nuisance twice in 2006. The property's security and habitability had deteriorated sharply during the second half of 2006 and the first quarter of 2007, with over 700 police calls from June 15, 2006 - February 28, 2007. After an additional citation from the City in the first quarter of 2007, the management company resigned effective February 1, 2007. The operating genera l partner took over management and hired new security personnel, but security guards were ineffective. On February 28, 2007, the on-site manager was assaulted on the premises and the operating general partner was unable to re-establish a management presence at the property.

On March 2, 2007, the City of St. Louis conducted a hearing and ordered the building closed pursuant to public nuisance ordinances. The Department of Housing and Urban Development terminated the Housing Assistance Payment contract. The trustee for the bonds declared default under the bond documents. The operating general partner chose not to contest the City's order or HUD's contract termination after determining that the highest recovery for the bondholders and limited partners might result from a sale to a developer who would convert the property to a non-affordable use. The operating general partner worked with HUD and local municipal officials to relocate the tenants, which concluded in early July 2007. The operating general partner engaged a broker who began marketing the property, but after three months of market exposure during the third quarter of 2007, the property had failed to elicit any strong expressions of interest. The lack of interest was in part attributable to the general problems i n the credit market that occurred in the third quarter of 2007. In October 2007, the operating general partner determined that it would be costly to carry the property through the winter and offered to consensually transfer the property to the bondholders' trustee. As of December 2007, the bondholders' trustee had effectively taken control of the property, although it had not formally accepted the deed. Since late 2007, the bondholders' trustee has been attempting to market the property. Despite a few promising offers, to date no transaction has been consummated. Given the price levels that potential purchasers have offered however, repayment of amounts due the bondholders is likely to consume the entire amount of sale proceeds, leaving no excess proceeds available to the Operating Partnership.

Due to the property being shut down in 2007, investors lost 2007 tax credits and experienced recapture. The Operating Partnership lost $44,252 in tax credits and experienced recapture of $65,954. This represents credits and recapture of $16 and $24, respectively, per 1,000 BACs. The operating general partner has unlimited guarantees and the investment general partner intends to pursue payment under these guarantees in order to offset some or all of the expected recapture of tax credits. However, it is not certain at this time how much can be collected under the guarantees, based on the unknown financial strength of the guarantors.

New Chester Townhouses II, LP (Chester Townhouses Phase II) is a 52-unit, occupied rehab property located in Chester, SC. In 2007, occupancy averaged 100%; however, the property operated well below breakeven due to a significant increase in operating expenses from the prior year. The operating general partner states operating expenses were higher in 2007 because 2006 numbers were based on only 10 months of operations, and because they experienced approximately $46,000 in rehab costs that could not be capitalized in 2007. These costs were due to the rehab and re-syndication of tax credits, which include: legal fees, construction insurance, construction interest, consultant/tax credit fees, and developer fees. As of December 31, 2008, occupancy is 98% and average of 97% for the year, which is in line with historical averages. The property operated above breakeven in 2008. The operating general partner's operating deficit guarantee is unlimited until breakeven. Upon breakeven, the operating deficit gua rantee will be limited to $250,000 for a period of 36 months so long as the prior 12 months have maintained an average debt service ratio of 1.0 or greater. Breakeven occurred in August 2007. The mortgage, taxes and insurance payments are all current.

Series 43

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 43 reflects a net loss from Operating Partnerships of $(844,043) and $(960,178), respectively, which includes depreciation and amortization of $1,848,220 and $1,828,552, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former operating general partner and its affiliates for breaches of various agreements. In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest at an annual rate of 10%. The settlement included attorney's fees for the plaintiffs in the amount of $1,125,000 plus $123,697 in costs. The State Appeals Court upheld the judgment in the fourth quarter of 2006. The investment general partner has been pursuing payment, and on April 21, 2008, the deficiency was settled though mediation for a total of $3,950,000. The payment plan requires that cash payments of $1,650,000 be made within 200 days of settlement, and the remaining $2,300,000 be paid over time, secured by the defendant's interests in 8 real estate holdings. To date $1,300,000 has been coll ected.

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls. The work will continue on an as needed basis. The Operating Partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the retaining wall contractor and the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. During the fourth quarter of 2007, the case was settled in mediation for $2,001,000. During the first quarter 2008, the Operating Partnership received $1,993,500 in damages to date. The Operating Partnership is in the process of reimbursing the affiliate of the investment general partner for the funds they have advanced for the repairs. The balance of the settlement held in reserves is anticipated to complete the necessary repairs and associated landscaping.

The property operated above breakeven in 2007 and a new property manager was hired in the first quarter of 2008. Unaudited financial statements through December 2008 confirm above breakeven operations and an average occupancy of 95%. The mortgage, taxes, and insurance are current.

Dorchester Court Apartments (Dorchester Court Limited Dividend Housing Association, LP) is a 131-unit apartment complex located in Port Huron, MI, with 75% of the units devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow. One of the two original members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, the defaulting member of the operating general partner entity was replaced with a new member. The new member had significant resources and contributed over $190,000 to the Operating Partnership to fund the property's operating deficits during the 2006-2007 periods. In 2008, however, growing tensions between the two members of the operating general partner entity resulted in less attention being paid to management of the property and diminished willingness to fund deficits.

In 2007, the Operating Partnership refinanced its first mortgage, resulting in a significant improvement in operations over 2006. Occupancy averaged 92% for 2007 91% for 2008. The property operated just below breakeven in 2007 and 2008. Under the new debt service and assuming expenses are maintained in line with those of 2007 and 2008, the property should be able to breakeven at 93% occupancy. Occupancy in the fourth quarter of 2008 fell to an average of 88%. The property historically has slightly lower occupancy in the colder months; but a loss of attention from the general partner due the tensions described above may also be contributing to the recent falloff in performance. Prior to the refinance, the operating general partner had not funded the replacement reserve account; however, the Operating Partnership has been funding the replacement reserve, in accordance with the loan and Operating Partnership Agreements, since September 2007. The mortgage, taxes and insurance payments are all current. Acco unts payable currently stand at $55,000.

Lakewood Apartments-Saranac, LP (Lakewood Apartments) is a 24-unit property located in Saranac, MI. The property operates without rental assistance and competes with three area properties offering Section 8 subsidies. The management company hired a new site manager in 2007 that increased advertising and marketing efforts. Management initiated rent concessions and $99 security deposits, waived the first month's rent, and eliminated the application fee to attract new applicants. Despite these attempts, the 2007 annual average occupancy decreased to 79% and the property operated below breakeven. In 2008, the average occupancy rebounded to 89% and the property operated above breakeven. Although the replacement reserve is under-funded, the Operating Partnership is under an approved workout plan with Rural Development. Taxes, insurance and mortgage payments are current. The operating general partner's guaranty is in effect through February 2009.

Carpenter School I Elderly Apartments, L.P. (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, MS. In January 2007, upon a physical inspection, it was discovered that the property is having some mold issues. The operating general partner was notified immediately. Fortunately, the issues were not too severe and could be resolved with a more rigorous maintenance plan. The operating general partner implemented a comprehensive maintenance plan to avoid such issues in the future. In the fourth quarter 2007, the management company hired a full time manager and a part time assistant manager. The property has finally become more equipped to deal with the heavy traffic, which resulted from newspaper advertisement. Also, in October 2007, the property experienced a fire resulting in two damaged units, which were off line through February 2008. All the required repairs were made and finished by March 2008. In March 2008, the investment general partner's inspector visited the property an d concluded that all required repairs were made. Average physical occupancy for 2007 was 82% and the property was able to operate above breakeven. Physical occupancy remained weak in the low eighties for the first two quarter of 2008. In the third quarter 2008 physical occupancy increased to 100% and the property was able to maintain 100% until October 2008. However, as a result of some move outs physical occupancy dropped again in November and as of December the project was 86% physically occupied. Low occupancy resulted in below breakeven operations in the fourth quarter. Management is taking immediate actions to improve and stabilize occupancy. Marketing consists of advertisements in local newspaper and distributing fliers to local business, churches, and schools. Management has also contacted the local housing authority and has instituted a resident referral program. To help retain residents, management is organizing onsite events to enhance the sense of community at the property. The site manager orga nized holiday parties around Thanksgiving and Christmas. The investment general partner emphasized the importance of resident retention and is working with management to develop more regular social programs and activities at the property. The investment general partner will continue to work with the operating general partner in an effort to bring and stabilize operations above breakeven. The mortgage, taxes, insurance and account payables are all current.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, New York. The property operated below breakeven in 2005, 2006 and 2007 due to high utility, maintenance and administrative expenses combined with collection loss. Management is exploring options to reduce utility costs, including tenant education on conservation and possible grant funding from non-profit agencies to conserve energy. Most recently, management and the operating general partner filed an application for assistance to replace windows and boilers with the New York State Energy Research and Development Authority. However, in the second quarter of 2008, the operating general partner stated that the State is holding all applications due to budget restrictions and lack of grant funding available. A site visit by the investment general partner is planned in the first quarter of 2009. A rent increase of 2% was effective January 1, 2009, and another special rent increase will be requested in January 200 9. Management is working to reduce tenant delinquencies by aggressively filing late notices and pursuing evictions through the housing court. Collections remain an ongoing and serious issue. Physical occupancy was 100% as of December 2008. As outlined in the cooperative documents, management is assessing unit maintenance charges to all the residents. The investment general partner continues to work with the operating general partner to improve operations. Currently the December mortgage payment is past due. No defaults have been issued to date by the mortgage holder. In January 2009 the investment general partner will demand that the operating general partner bring the mortgage current. The insurance payments are current. The property pays no real estate taxes as the result of a tax-exempt status.

New Chester Townhouses II, LP (Chester Townhouses Phase II) is a 52-unit, occupied rehab property located in Chester, SC. In 2007, occupancy averaged 100%; however, the property operated well below breakeven due to a significant increase in operating expenses from the prior year. The operating general partner states operating expenses were higher in 2007 because 2006 numbers were based on only 10 months of operations, and because they experienced approximately $46,000 in rehab costs that could not be capitalized in 2007. These costs were due to the rehab and re-syndication of tax credits, which include: legal fees, construction insurance, construction interest, consultant/tax credit fees, and developer fees. As of December 31, 2008, occupancy is 98% and average of 97% for the year, which is in line with historical averages. The property operated above breakeven in 2008. The operating general partner's operating deficit guarantee is unlimited until breakeven. Upon breakeven, the operating deficit gua rantee will be limited to $250,000 for a period of 36 months so long as the prior 12 months have maintained an average debt service ratio of 1.0 or greater. Breakeven occurred in August 2007. The mortgage, taxes and insurance payments are all current.

Wagoner Village Apartments, LP (Wagoner Village Apartments) is a 31-unit family property located in Wagoner, OK. In 2007, despite an average occupancy of only 89%, the property operated above breakeven. However, in 2008 occupancy decreased to an average of 83% for the year resulting in below breakeven operations. Wagoner is competing with a newer tax credit property that is one-eighth of a mile away. Management is implementing new marketing strategies in 2009 and is working closely with businesses in town in an attempt to boost occupancy and operations through referrals. The operating general partner continues to fund deficits as needed. The property's mortgage real estate taxes and insurance payments are all current.

Series 44

As of December 31, 2008 and 2007, the average Qualified Occupancy was 100%. The series had a total of 10 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 44 reflects a net loss from Operating Partnerships of $(771,502) and $(902,915), respectively, which includes depreciation and amortization of $1,821,963 and $1,466,778, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. A site visit conducted in May 2008 rated the property in excellent condition. Occupancy rebounded by the end of the year, averaging 94% and further improved to 96% through the fourth quarter of 2008. At the end of the second quarter of 2008, the operating general partner interest was transferred. As part of the transfer, the new operating general partner agreed to extend the operating deficit guarantee, which was set to expire in 2008, for a period of three years. The property converted its construction loan to permanent financing effective June 2, 2008. All mortgage, taxes, and insurance payments are current.

Series 45

As of December 31, 2008 and 2007, the average Qualified Occupancy for the series was 99.9% and 100%, respectively. The series had a total of 30 properties at December 31, 2008, of which 29 were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 45 reflects a net loss from Operating Partnerships of $(1,206,675) and $(1,096,120), respectively, which includes depreciation and amortization of $2,334,661 and $2,213,625 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. The project consists of single family rental homes, with home ownership an option available to qualifying tenants. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidy to afford the $1,000+/ month rents.

During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. In 2007, the local Section 8 administrating authority experienced funding constraints. Due in part to the decreased availability of portable Section 8 vouchers, average occupancy declined in 2007 to 82% and the property operated below breakeven. In October 2007, the operating general partner engaged a new property management company to manage several of its properties, including Baldwin. Through the fourth quarter of 2008, average occupancy improved to 89%, with occupancy at the end of the quarter reaching 94%. However, the property continues to operate below breakeven.

Reporting by the operating general partner has not been timely. In the third quarter of 2008 the investment general partner received the 2007 draft audit which revealed that, in 2007, the operating general partner had renegotiated the loan agreement, to defer 2007 principal payments. The Operating Partnership remains current on the interest portion of its debt service. Year-to-date 2008 reports, received in fourth quarter 2008, revealed a significant increase in payables and the existence of unpaid real estate taxes.

Generally, despite untimely and sporadic reporting, the operating general partner has exhibited a strong desire to support this property because of its view that the property may hold substantial value. However, this operating general partner also has a portfolio of other properties in Michigan, some of which were also operating at deficits prior to a recent, portfolio-wide debt restructuring, so its ability to continue to fund operating deficits at Baldwin Villas may be limited. The investment general partner is closely monitoring the new management company's ability to increase occupancy and cash flow, and has contacted the operating general partner regarding his plan to pay down payables and unpaid real estate taxes.

Childress Apartments LTD (Fairview Manor Apartments) is a 48-unit development located in Childress, TX. Despite the low occupancy in 2007, the property operated above breakeven due to a rent increase coupled with funds withdrawn from the reserves for expensed improvements. In an effort to increase occupancy, a new site manager was hired in the fourth quarter of 2007. The average occupancy increased to 82% through the second quarter of 2008 from 77% in the fourth quarter of 2007. However, at the end of the second quarter of 2008, hail and wind from a severe storm caused broken windows with resulting water damage to carpeting. The damage was covered by insurance and the windows and carpeting have all been repaired or replaced as needed. The property received the insurance proceeds during the third quarter 2008. During this time, several residents chose to leave causing a decrease in average occupancy to 70% for the third quarter. Management reports that occupancy has improved slightly in the f ourth quarter to 78% and is confident that all units will be re-occupied. Increased marketing efforts including newspaper advertising and handing out flyers at the Chamber of Commerce and local churches has been effective at bringing in potential residents. The management company will adjust their tenant selection criteria to include credit reports in an effort to improve collections and reduce the evictions for non-payment. The operating general partner continues to fund all deficits. The mortgage, taxes and insurance are all current.

Harbet Avenue, LP (William B. Quarton Place) is a 28-unit family property located in Cedar Rapids, Iowa. During 2004 and through February 2005 inappropriate checks and wires were made to the operating general partner from the Operating Partnership's escrow and operating accounts. The total of the misappropriated funds has been determined to be $142,758. To date, funds totaling $97,265 have been repaid to the Operating Partnership, leaving an outstanding balance owed of $45,494. Funds utilized to repay the Operating Partnership came from a variety of sources including sales of multi-family housing, returned management fees and facilitator charges, and cash contributions. A default notice was sent to the operating general partner on September 1, 2005. The default notice was then followed up by a demand letter sent to the operating general partner in July 2006. The operating general partner has disclosed that they continue to have financial difficulties and are unable to continue as a viable organ ization. Another non-profit organization was retained to take over property management. The investment general partner met with representatives of both the original non-profit operating general partner and new management to determine a course of action that serves the best interest of the Operating Partnership. The new management has expressed their desire to assume the role of operating general partner as they are committed to preserving affordable housing in the Cedar Rapids area, and have formed an entity to step in as the operating general partner. An agreement has been proposed and amendments to the Operating Partnership Agreement are currently being drafted. Occupancy is strong, averaging 96% in 2008. The property is operating above breakeven due to low operating expenses, combined with 100% soft debt financing, requiring payments of principal and interest from cash flow only. Trade payables, taxes and insurance are all current. A recent site visit found that the property was well maintained and managed. The investment general partner will continue to closely monitor operations and the status of the pending transfer of the operating general partner interest.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. A site visit conducted in May 2008 rated the property in excellent condition. Occupancy rebounded by the end of the year, averaging 94% and further improved to 96% through the fourth quarter of 2008. At the end of the second quarter of 2008, the operating general partner interest was transferred. As part of the transfer, the new operating general partner agreed to extend the operating deficit guarantee, which was set to expire in 2008, for a period of three years. The property converted its construction loan to permanent financing effective June 2, 2008. All mortgage, taxes, and insurance payments are current.

Series 46

As of December 31, 2008 and 2007, the average Qualified Occupancy was 100%. The series had a total of 15 properties at December 31, 2008, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2008 and 2007, Series 46 reflects a net loss from Operating Partnerships of $(541,183) and $(724,003), respectively, which includes depreciation and amortization of $1,166,854 and $1,025,475, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Saint Martin Apartments, L.P. (Saint Martin Apartments) is a 40-unit new construction development located in McComb, Mississippi. Construction was completed April 4, 2006. The property operated below breakeven in 2007 despite averaging 99% occupied. Some of the loss is attributed to fees associated with the construction and lease-up of the complex. In addition, rents were inadequate to support normal operating expenses; so a rent increase of about $30 per unit was implemented in June 2007 for new move-ins or upon lease renewal. In 2007, the operating general partner also had to fund an operating reserve account in the sum of $48,150. Throughout 2008, occupancy has remained strong averaging 98%. The raised rents have generated additional revenue and the overall operating expenses appear to be in line with the prior year's state averages. Regardless of the strong occupancy and increased revenue, the Operating Partnership continues to operate below breakeven due to the high debt service. The guarantee is unlimited in amount until thirty-six months after rental achievement is met; however, there is a further stipulation that the complex must sustain debt service coverage at 1.15 for twelve consecutive months before the guarantee is released. The investment general partner will work with the operating general partner until operations have improved and all required reserves are funded. All real estate tax, mortgage, and insurance payments are current.

Principal Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Fund to make various estimates and assumptions. A summary of significant accounting policies is provided in Note 1 to the financial statements. The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which is primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future low-income housing credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership and includes such reduction in equity in loss of investment of limited partnerships.

As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 - Revised ("FIN46R"), "Consolidation of Variable Interest Entities." FIN 46R provides guidance on when a company should include the assets, liabilities, and activities of a variable interest entity ("VIE") in its financial statements and when it should disclose information about its relationship with a VIE. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it absorbs the majority of the entity's expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the Operating Partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund's interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements.

The Fund's balance in investment in operating limited partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying properties as well as the strength of the local general partners and their guarantee against credit recapture.

Recent Accounting Changes

In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards ("SFAS") No. 157, "Fair Value Measurements," ("SFAS 157"), which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited transactions, which for the Fund is April 1, 2008. In December 2007, the FASB delayed the implementation of SFAS 157 as it pertains to non-financial assets and liabilities for fiscal years beginning after November 15, 2008, which for the Fund is April 1, 2009. The Fund is currently evaluating the potential impact of the adoption of SFAS 157 on its financial statements.

In February 2007 the FASB issued SFAS No. 159 "The Fair Value Option for Financial Assets and Financial Liabilities" ("SFAS 159"). SFAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value. The fair value election is designed to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. SFAS 159 is effective for fiscal years beginning after November 15, 2007. The Fund does not expect to elect the fair value option.

On December 4, 2007, the FASB issued SFAS No. 141R, "Business Combinations" ("SFAS 141R"). This statement changes the accounting for acquisitions specifically eliminating the step acquisition model, changing the recognition of contingent consideration from being recognized when it is probable to being recognized at the time of acquisition, and disallowing the capitalization of transaction costs and delays when restructurings related to acquisitions can be recognized. The standard is effective for fiscal years ending after December 15, 2008. The Fund is currently evaluating the impact of the adoption of SFAS 141 R on its financial statements. However, the Fund does not expect SFAS 141R to have a material impact on the Fund's statement of operations or financial position.

On December 4, 2007, the FASB issued SFAS No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51" ("SFAS 160"). SFAS 160 replaces the concept of minority interest with noncontrolling interests in subsidiaries. Noncontrolling interests will now be reported as a component of equity in the consolidated statement of financial position. Earnings attributable to noncontrolling interests will continue to be reported as a part of consolidated earnings; however, SFAS 160 requires that income attributable to both controlling and noncontrolling interests be presented separately on the face of the consolidated income statement. In addition, SFAS 160 provides that when losses attributable to noncontrolling interests exceed the noncontrolling interest's basis, losses continue to be attributed to the noncontrolling interest as opposed to being absorbed by the consolidating entity. SFAS 160 requires retroactive adoption of the presentation and disclosu re requirements for existing minority interests. All other requirements of SFAS 160 shall be applied prospectively. SFAS 160 is effective for the first annual reporting period beginning on or after December 15, 2008. However, the Fund does not expect SFAS 160 to have a material impact on the Fund's financial statements.

Recent Accounting Changes - continued

Financial Accounting Standards Board (FASB) Interpretation (FIN) No. 48, Accounting for Uncertainty in Income Taxes was issued in July 2006 and interprets SFAS No. 109, Accounting for Income Taxes. FIN 48 requires all taxpayers to analyze all material positions they have taken or plan to take in all tax returns that have been filed or should have been filed with all taxing authorities for all years still subject to challenge by those taxing authorities. If the position taken is "more-likely-than-not" to be sustained by the taxing authority on its technical merits and if there is more than a 50% likelihood that the position would be sustained if challenged and considered by the highest court in the relevant jurisdiction, the tax consequences of that position should be reflected in the taxpayer's GAAP financial statements. Earlier proposed interpretations of SFAS 109 had recommended a "probable" standard for recognition of tax consequences rather than the "more-likely- than-not" standard finally adopted.

Because we are a pass-through entity and are not required to pay income taxes, FIN 48 does not currently have any impact on our financial statements. On December 30, 2008, the FASB issued FASB Staff Position (FSP) No. FIN 48-3: Effective Date of FASB Interpretation No. 48 for Certain Nonpublic Enterprises, which defers the effective date of Interpretation 48 for nonpublic enterprises included within the scope of FSP No. FIN 48-3 to the annual financial statements for fiscal years beginning after December 15, 2008. The deferred effective date is intended to give the Board additional time to develop guidance on the application of Interpretation 48 by pass-through entities and not-for-profit organizations. We may modify our disclosures if the FASB's guidance regarding application of FIN 48 to pass-through entities changes.

Item 3	Quantitative and Qualitative Disclosures About Market Risk
	Not Applicable

Item 4T	Controls & Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Princ ipal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended December 31, 2008 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2008.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	Submission of Matters to a Vote of Security Holders
	None
Item 5.	Other Information
	None
Item 6.	Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.
	By:	Boston Capital Associates IV L.P. General Partner
	By:	BCA Associates Limited Partnership General Partner
	By:	C&M Management, Inc. General Partner
Date: February 17, 2009		By:	/s/ John P. Manning John P. Manning

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:
February 17, 2009	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning
February 17, 2009	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.

EX-31

Exhibit 31.a

I, John P. Manning, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund IV L.P.;
2. Based on my knowledge, this 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 statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this 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 report;
4. The registrant's other certifying officer 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

1. 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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
3. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report 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
4. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 17, 2009	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

EX-31

Exhibit 31.b

I, Marc Teal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund IV L.P.;
2. Based on my knowledge, this 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 statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this 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 report;
4. The registrant's other certifying officer 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the registrant and have:

1. 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, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
3. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report 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
4. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 17, 2009	/s/ Marc N. Teal
	Marc N. Teal Principal Financial Officer

EX-32

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund IV L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2008 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
February 17, 2009	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund IV L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2008 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
February 17, 2009	/s/ Marc N. Teal
	Marc. N. Teal
	Principal Financial Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.