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 June 30, 2010
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 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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes  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 JUNE 30, 2010

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
				Pages
	Item 1. Financial Statements
		Balance Sheets	3-30
		Statements of Operations	31-58
		Statements of Changes in Partners'  Capital (Deficit)	59-68
		Statements of Cash Flows	69-96
		Notes to Financial Statements	97-132
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		133-208
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		209
	Item 4T. Controls and Procedures		209
PART II OTHER INFORMATION
	Item 1. Legal Proceedings		210
	Item 1A. Risk Factors		210
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		210
	Item 3. Defaults Upon Senior Securities		210
	Item 4. (Removed and Reserved.)		210
	Item 5. Other Information		210
	Item 6. Exhibits		210
	Signatures		211

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	77,309,510	$	79,603,328
OTHER ASSETS
Cash and cash equivalents		6,621,173		6,498,869
Notes receivable		659,691		723,071
Acquisition costs net		8,226,899		8,667,943
Other assets		393,047		205,926
	$	93,210,320	$	95,699,137
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	132,367	$	90,252
Accounts payable affiliates		51,117,694		51,204,507
Capital contributions payable		1,912,466		2,081,011
		53,162,527		53,375,770
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		46,813,540		49,066,354
General Partner		(6,765,747)		(6,742,987)
		40,047,793		42,323,367
	$	93,210,320	$	95,699,137

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 20

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		288,516		187,333
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		2,633
	$	288,516	$	189,966
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	41,576	$	7,500
Accounts payable affiliates		2,532,047		3,432,216
Capital contributions payable		-		-
		2,573,623		3,439,716
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		(1,954,004)		(2,909,001)
General Partner		(331,103)		(340,749)
		(2,285,107)		(3,249,750)
	$	288,516	$	189,966

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 21

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		237,070		287,156
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-
	$	237,070	$	287,156
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	15,808	$	15,808
Accounts payable affiliates		1,496,774		1,515,274
Capital contributions payable		-		-
		1,512,582		1,531,082
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		(1,100,806)		(1,069,536)
General Partner		(174,706)		(174,390)
		(1,275,512)		(1,243,926)
	$	237,070	$	287,156

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 22

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		166,590		150,885
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		3,000		3,000
	$	169,590	$	153,885
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	20,115	$	20,115
Accounts payable affiliates		3,401,217		3,344,254
Capital contributions payable		9,352		9,352
		3,430,684		3,373,721
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		(3,009,400)		(2,968,555)
General Partner		(251,694)		(251,281)
		(3,261,094)		(3,219,836)
	$	169,590	$	153,885

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 23

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		162,853		96,567
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-
	$	162,853	$	96,567
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	25,573	$	30,173
Accounts payable affiliates		2,863,259		2,814,021
Capital contributions payable		-		-
		2,888,832		2,844,194
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		(2,413,872)		(2,435,304)
General Partner		(312,107)		(312,323)
		(2,725,979)		(2,747,627)
	$	162,853	$	96,567

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 24

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		228,151		247,141
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-
	$	228,151	$	247,141
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	15,678	$	15,678
Accounts payable affiliates		2,476,589		2,532,114
Capital contributions payable		9,999		9,999
		2,502,266		2,557,791
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		(2,066,076)		(2,102,246)
General Partner		(208,039)		(208,404)
		(2,274,115)		(2,310,650)
	$	228,151	$	247,141

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 25

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		305,075		256,530
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		1,250		1,250
	$	306,325	$	257,780
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	978	$	978
Accounts payable affiliates		2,298,591		2,343,988
Capital contributions payable		10,001		10,001
		2,309,570		2,354,967
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		(1,725,768)		(1,818,771)
General Partner		(277,477)		(278,416)
		(2,003,245)		(2,097,187)
	$	306,325	$	257,780

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 26

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		271,655		312,412
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		5,400		5,400
	$	277,055	$	317,812
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		3,359,734		3,306,873
Capital contributions payable		14,490		14,490
		3,374,224		3,321,363
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		(2,725,944)		(2,633,262)
General Partner		(371,225)		(370,289)
		(3,097,169)		(3,003,551)
	$	277,055	$	317,812

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 27

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,338,375	$	2,342,151
OTHER ASSETS
Cash and cash equivalents		254,512		273,885
Notes receivable		-		-
Acquisition costs net		179,827		196,175
Other assets		20,074		20,074
	$	2,792,788	$	2,832,285
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		3,329,469		3,300,668
Capital contributions payable		22,861		22,861
		3,352,330		3,323,529
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		(347,499)		(279,884)
General Partner		(212,043)		(211,360)
		(559,542)		(491,244)
	$	2,792,788	$	2,832,285

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 28

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		253,839		262,507
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		3,550		3,550
	$	257,389	$	266,057
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,079,109		1,045,580
Capital contributions payable		40,968		40,968
		1,120,077		1,086,548
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		(510,313)		(468,538)
General Partner		(352,375)		(351,953)
		(862,688)		(820,491)
	$	257,389	$	266,057

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 29

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	24,395
OTHER ASSETS
Cash and cash equivalents		216,807		206,375
Notes receivable		-		-
Acquisition costs net		21,713		28,950
Other assets		-		-
	$	238,520	$	259,720
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,646,644		2,563,793
Capital contributions payable		10,197		10,197
		2,656,841		2,573,990
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		(2,055,490)		(1,952,480)
General Partner		(362,831)		(361,790)
		(2,418,321)		(2,314,270)
	$	238,520	$	259,720

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 30

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	53,684	$	83,042
OTHER ASSETS
Cash and cash equivalents		278,399		280,327
Notes receivable		-		-
Acquisition costs net		19,706		26,275
Other assets		6,675		6,675
	$	358,464	$	396,319
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,259,841		1,213,298
Capital contributions payable		127,396		127,396
		1,387,237		1,340,694
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		(791,429)		(707,875)
General Partner		(237,344)		(236,500)
		(1,028,773)		(944,375)
	$	358,464	$	396,319

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 31

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	42,364	$	42,364
OTHER ASSETS
Cash and cash equivalents		167,042		166,800
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		25,000		25,000
	$	234,406	$	234,164
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,073,848		1,982,810
Capital contributions payable		66,294		66,294
		2,140,142		2,049,104
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		(1,507,420)		(1,417,532)
General Partner		(398,316)		(397,408)
		(1,905,736)		(1,814,940)
	$	234,406	$	234,164

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 32

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	524,396	$	698,752
OTHER ASSETS
Cash and cash equivalents		340,523		340,581
Notes receivable		46,908		46,908
Acquisition costs net		-		-
Other assets		-		-
	$	911,827	$	1,086,241
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,594,810		2,521,238
Capital contributions payable		173,561		173,561
		2,768,371		2,694,799
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		(1,431,617)		(1,186,111)
General Partner		(424,927)		(422,447)
		(1,856,544)		(1,608,558)
	$	911,827	$	1,086,241

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 33

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	71,795	$	150,153
OTHER ASSETS
Cash and cash equivalents		185,187		184,115
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-
	$	256,982	$	334,268
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,533,247		1,495,481
Capital contributions payable		69,154		69,154
		1,602,401		1,564,635
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		(1,106,184)		(992,283)
General Partner		(239,235)		(238,084)
		(1,345,419)		(1,230,367)
	$	256,982	$	334,268

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 34

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	344,519	$	452,150
OTHER ASSETS
Cash and cash equivalents		73,168		74,138
Notes receivable		-		-
Acquisition costs net		168,281		224,375
Other assets		-		-
	$	585,968	$	750,663
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,787,994		2,712,281
Capital contributions payable		-		-
		2,787,994		2,712,281
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		(1,879,615)		(1,641,611)
General Partner		(322,411)		(320,007)
		(2,202,026)		(1,961,618)
	$	585,968	$	750,663

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 35

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,399,654	$	2,576,041
OTHER ASSETS
Cash and cash equivalents		124,063		127,244
Notes receivable		-		-
Acquisition costs net		198,789		216,861
Other assets		-		-
	$	2,722,506	$	2,920,146
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,442,432		1,385,342
Capital contributions payable		-		-
		1,442,432		1,385,342
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		1,549,298		1,801,481
General Partner		(269,224)		(266,677)
		1,280,074		1,534,804
	$	2,722,506	$	2,920,146

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 36

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,760,365	$	1,812,747
OTHER ASSETS
Cash and cash equivalents		159,146		142,855
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-
	$	1,919,511	$	1,955,602
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,716,768		1,674,205
Capital contributions payable		-		-
		1,716,768		1,674,205
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		379,379		457,246
General Partner		(176,636)		(175,849)
		202,743		281,397
	$	1,919,511	$	1,955,602

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 37

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,317,137	$	1,400,181
OTHER ASSETS
Cash and cash equivalents		323,814		309,745
Notes receivable		-		-
Acquisition costs net		325,182		354,744
Other assets		-		-
	$	1,966,133	$	2,064,670
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,478,907		1,427,691
Capital contributions payable		138,438		138,438
		1,617,345		1,566,129
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		560,864		709,119
General Partner		(212,076)		(210,578)
		348,788		498,541
	$	1,966,133	$	2,064,670

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 38

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	3,602,412	$	3,761,779
OTHER ASSETS
Cash and cash equivalents		217,422		209,324
Notes receivable		-		-
Acquisition costs net		38,386		41,876
Other assets		-		-
	$	3,858,220	$	4,012,979
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,269,523		1,228,423
Capital contributions payable		-		-
		1,269,523		1,228,423
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		2,781,095		2,974,995
General Partner		(192,398)		(190,439)
		2,588,697		2,784,556
	$	3,858,220	$	4,012,979

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 39

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	3,777,467	$	3,970,104
OTHER ASSETS
Cash and cash equivalents		190,824		183,296
Notes receivable		-		-
Acquisition costs net		30,569		33,348
Other assets		-		-
	$	3,998,860	$	4,186,748
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,084,899		1,050,699
Capital contributions payable		-		-
		1,084,899		1,050,699
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		3,081,263		3,301,130
General Partner		(167,302)		(165,081)
		2,913,961		3,136,049
	$	3,998,860	$	4,186,748

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 40

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	4,742,628	$	4,858,175
OTHER ASSETS
Cash and cash equivalents		122,176		120,514
Notes receivable		-		-
Acquisition costs net		145,846		159,105
Other assets		-		-
	$	5,010,650	$	5,137,794
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,046,618		1,994,200
Capital contributions payable		102		102
		2,046,720		1,994,302
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		3,159,234		3,337,000
General Partner		(195,304)		(193,508)
		2,963,930		3,143,492
	$	5,010,650	$	5,137,794

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 41

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	4,446,273	$	4,593,671
OTHER ASSETS
Cash and cash equivalents		238,986		78,660
Notes receivable		-		-
Acquisition costs net		834,422		890,050
Other assets		1,218		2,052
	$	5,520,899	$	5,564,433
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	8,924	$	-
Accounts payable affiliates		2,239,521		2,478,543
Capital contributions payable		100		100
		2,248,545		2,478,643
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		3,488,799		3,304,101
General Partner		(216,445)		(218,311)
		3,272,354		3,085,790
	$	5,520,899	$	5,564,433

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 42

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,603,694	$	5,635,060
OTHER ASSETS
Cash and cash equivalents		342,349		348,800
Notes receivable		229,553		292,933
Acquisition costs net		670,846		695,692
Other assets		51,003		51,003
	$	6,897,445	$	7,023,488
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,336,418		1,273,973
Capital contributions payable		295,615		452,937
		1,632,033		1,726,910
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		5,453,697		5,484,551
General Partner		(188,285)		(187,973)
		5,265,412		5,296,578
	$	6,897,445	$	7,023,488

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 43

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,146,125	$	9,259,429
OTHER ASSETS
Cash and cash equivalents		275,658		256,265
Notes receivable		186,626		186,626
Acquisition costs net		1,551,514		1,608,977
Other assets		171,043		85,289
	$	11,330,966	$	11,396,586
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,474,285		1,397,590
Capital contributions payable		307,738		307,738
		1,782,023		1,705,328
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		9,774,975		9,915,867
General Partner		(226,032)		(224,609)
		9,548,943		9,691,258
	$	11,330,966	$	11,396,586

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 44

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,575,866	$	7,784,498
OTHER ASSETS
Cash and cash equivalents		497,578		590,586
Notes receivable		196,604		196,604
Acquisition costs net		1,908,890		1,979,590
Other assets		104,834		-
	$	10,283,772	$	10,551,278
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		594,979		523,804
Capital contributions payable		590,561		590,561
		1,185,540		1,114,365
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		9,244,699		9,579,993
General Partner		(146,467)		(143,080)
		9,098,232		9,436,913
	$	10,283,772	$	10,551,278

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 45

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	15,388,948	$	15,742,704
OTHER ASSETS
Cash and cash equivalents		440,856		537,189
Notes receivable		-		-
Acquisition costs net		1,843,370		1,911,643
Other assets		-		-
	$	17,673,174	$	18,191,536
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		359,070		367,429
Capital contributions payable		16,724		16,724
		375,794		384,153
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		17,478,068		17,982,971
General Partner		(180,688)		(175,588)
		17,297,380		17,807,383
	$	17,673,174	$	18,191,536

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 46

		June 30, 2010 (Unaudited)		March 31, 2010 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	14,173,808	$	14,415,932
OTHER ASSETS
Cash and cash equivalents		258,914		267,639
Notes receivable		-		-
Acquisition costs net		289,558		300,282
Other assets		-		-
	$	14,722,280	$	14,983,853
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	3,715	$	-
Accounts payable affiliates		341,101		278,719
Capital contributions payable		8,915		20,138
		353,731		298,857
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		14,487,606		14,800,889
General Partner		(119,057)		(115,893)
		14,368,549		14,684,996
	$	14,722,280	$	14,983,853

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

		2010		2009
Income
Interest income	$	13,254	$	12,307
Other income		369,477		172,504
		382,731		184,811
Share of income (loss) from  Operating Partnerships (Note D)		(904,683)		(2,612,315)
Expenses
Professional fees		22,382		134,133
Fund management fee (Note C)		1,198,489		1,289,349
Amortization		446,390		618,839
General and administrative expenses		86,361		127,771
		1,753,622		2,170,092
NET INCOME (LOSS)	$	(2,275,574)	$	(4,597,596)
Net income (loss) allocated to  assignees	$	(2,252,814)	$	(4,551,620)
Net income (loss) allocated to general partner	$	(22,760)	$	(45,976)
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 June 30,
(Unaudited)

Series 20

		2010		2009
Income
Interest income	$	934	$	631
Other income		80,715		75,177
		81,649		75,808
Share of income (loss) from  Operating Partnerships (Note D)		921,489		-
Expenses
Professional fees		8,358		4,766
Fund management fee (Note C)		25,853		69,282
Amortization		-		-
General and administrative expenses		4,284		4,930
		38,495		78,978
NET INCOME (LOSS)	$	964,643	$	(3,170)
Net income (loss) allocated to  assignees	$	954,997	$	(3,138)
Net income (loss) allocated to general partner	$	9,646	$	(32)
Net income (loss) per BAC	$	.25	$	(.00)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 21

		2010		2009
Income
Interest income	$	34	$	7
Other income		-		2,347
		34		2,354
Share of income (loss) from  Operating Partnerships (Note D)		-		210,200
Expenses
Professional fees		104		3,484
Fund management fee (Note C)		28,235		(19,254)
Amortization		-		-
General and administrative expenses		3,281		3,130
		31,620		(12,640)
NET INCOME (LOSS)	$	(31,586)	$	225,194
Net income (loss) allocated to  assignees	$	(31,270)	$	222,942
Net income (loss) allocated to general partner	$	(316)	$	2,252
Net income (loss) per BAC	$	(.02)	$	.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 June 30,
(Unaudited)

Series 22

		2010		2009
Income
Interest income	$	100	$	21
Other income		5,900		9,215
		6,000		9,236
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		145		7,297
Fund management fee (Note C)		44,005		56,536
Amortization		-		-
General and administrative expenses		3,108		3,941
		47,258		67,774
NET INCOME (LOSS)	$	(41,258)	$	(58,538)
Net income (loss) allocated to  assignees	$	(40,845)	$	(57,953)
Net income (loss) allocated to general partner	$	(413)	$	(585)
Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 23

		2010		2009
Income
Interest income	$	196	$	41
Other income		5,900		-
		6,096		41
Share of income (loss) from  Operating Partnerships (Note D)		44,380		-
Expenses
Professional fees		188		4,766
Fund management fee (Note C)		25,092		46,816
Amortization		-		-
General and administrative expenses		3,548		4,408
		28,828		55,990
NET INCOME (LOSS)	$	21,648	$	(55,949)
Net income (loss) allocated to  assignees	$	21,432	$	(55,390)
Net income (loss) allocated to general partner	$	216	$	(559)
Net income (loss) per BAC	$	.01	$	(.02)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 24

		2010		2009
Income
Interest income	$	151	$	31
Other income		74,565		2,240
		74,716		2,271
Share of income (loss) from  Operating Partnerships (Note D)		-		78,849
Expenses
Professional fees		115		5,051
Fund management fee (Note C)		34,763		28,439
Amortization		-		-
General and administrative expenses		3,303		3,498
		38,181		36,988
NET INCOME (LOSS)	$	36,535	$	44,132
Net income (loss) allocated to  assignees	$	36,170	$	43,691
Net income (loss) allocated to general partner	$	365	$	441
Net income (loss) per BAC	$	.02	$	.02

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 25

		2010		2009
Income
Interest income	$	909	$	845
Other income		138,659		14,478
		139,568		15,323
Share of income (loss) from  Operating Partnerships (Note D)		-		29,851
Expenses
Professional fees		158		4,766
Fund management fee (Note C)		42,291		8,191
Amortization		-		2,857
General and administrative expenses		3,177		3,991
		45,626		19,805
NET INCOME (LOSS)	$	93,942	$	25,369
Net income (loss) allocated to  assignees	$	93,003	$	25,115
Net income (loss) allocated to general partner	$	939	$	254
Net income (loss) per BAC	$	.03	$	.01

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 26

		2010		2009
Income
Interest income	$	344	$	313
Other income		-		8,733
		344		9,046
Share of income (loss) from  Operating Partnerships (Note D)		-		106,216
Expenses
Professional fees		205		9,149
Fund management fee (Note C)		90,689		51,325
Amortization		-		8,581
General and administrative expenses		3,068		5,234
		93,962		74,289
NET INCOME (LOSS)	$	(93,618)	$	40,973
Net income (loss) allocated to  assignees	$	(92,682)	$	40,563
Net income (loss) allocated to general partner	$	(936)	$	410
Net income (loss) per BAC	$	(.02)	$	.01

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 27

		2010		2009
Income
Interest income	$	154	$	32
Other income		11,673		165
		11,827		197
Share of income (loss) from  Operating Partnerships (Note D)		(3,001)		127,212
Expenses
Professional fees		118		4,422
Fund management fee (Note C)		57,551		57,677
Amortization		17,123		17,123
General and administrative expenses		2,332		3,444
		77,124		82,666
NET INCOME (LOSS)	$	(68,298)	$	44,743
Net income (loss) allocated to  assignees	$	(67,615)	$	44,296
Net income (loss) allocated to general partner	$	(683)	$	447
Net income (loss) per BAC	$	(.03)	$	.02

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 June 30,
(Unaudited)

Series 28

		2010		2009
Income
Interest income	$	985	$	642
Other income		15,747		5,663
		16,732		6,305
Share of income (loss) from  Operating Partnerships (Note D)		-		(161,464)
Expenses
Professional fees		181		5,336
Fund management fee (Note C)		55,502		38,412
Amortization		-		-
General and administrative expenses		3,246		4,930
		58,929		48,678
NET INCOME (LOSS)	$	(42,197)	$	(203,837)
Net income (loss) allocated to  assignees	$	(41,775)	$	(201,799)
Net income (loss) allocated to general partner	$	(422)	$	(2,038)
Net income (loss) per BAC	$	(.01)	$	(.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 June 30,
(Unaudited)

Series 29

		2010		2009
Income
Interest income	$	218	$	45
Other income		538		1
		756		46
Share of income (loss) from  Operating Partnerships (Note D)		(24,395)		(54,609)
Expenses
Professional fees		1,219		11,248
Fund management fee (Note C)		68,601		49,651
Amortization		7,237		7,237
General and administrative expenses		3,355		5,095
		80,412		73,231
NET INCOME (LOSS)	$	(104,051)	$	(127,794)
Net income (loss) allocated to  assignees	$	(103,010)	$	(126,516)
Net income (loss) allocated to general partner	$	(1,041)	$	(1,278)
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 June 30,
(Unaudited)

Series 30

		2010		2009
Income
Interest income	$	1,081	$	1,099
Other income		-		-
		1,081		1,099
Share of income (loss) from  Operating Partnerships (Note D)		(29,358)		(60,373)
Expenses
Professional fees		120		4,196
Fund management fee (Note C)		46,543		46,543
Amortization		6,569		26,085
General and administrative expenses		2,889		3,970
		56,121		80,794
NET INCOME (LOSS)	$	(84,398)	$	(140,068)
Net income (loss) allocated to  assignees	$	(83,554)	$	(138,667)
Net income (loss) allocated to general partner	$	(844)	$	(1,401)
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 June 30,
(Unaudited)

Series 31

		2010		2009
Income
Interest income	$	590	$	560
Other income		3,090		-
		3,680		560
Share of income (loss) from  Operating Partnerships (Note D)		-		(196,963)
Expenses
Professional fees		183		6,117
Fund management fee (Note C)		91,038		78,479
Amortization		-		-
General and administrative expenses		3,255		5,075
		94,476		89,671
NET INCOME (LOSS)	$	(90,796)	$	(286,074)
Net income (loss) allocated to  assignees	$	(89,888)	$	(283,213)
Net income (loss) allocated to general partner	$	(908)	$	(2,861)
Net income (loss) per BAC	$	(.02)	$	(.06)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 32

		2010		2009
Income
Interest income	$	1,042	$	872
Other income		107		24,648
		1,149		25,520
Share of income (loss) from  Operating Partnerships (Note D)		(174,356)		(184,488)
Expenses
Professional fees		2,699		5,087
Fund management fee (Note C)		68,414		45,426
Amortization		-		32,764
General and administrative expenses		3,666		5,182
		74,779		88,459
NET INCOME (LOSS)	$	(247,986)	$	(247,427)
Net income (loss) allocated to  assignees	$	(245,506)	$	(244,953)
Net income (loss) allocated to general partner	$	(2,480)	$	(2,474)
Net income (loss) per BAC	$	(.05)	$	(.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 June 30,
(Unaudited)

Series 33

		2010		2009
Income
Interest income	$	258	$	272
Other income		107		-
		365		272
Share of income (loss) from  Operating Partnerships (Note D)		(78,358)		(66,979)
Expenses
Professional fees		2,609		3,056
Fund management fee (Note C)		31,352		43,491
Amortization		-		2,995
General and administrative expenses		3,098		3,745
		37,059		53,287
NET INCOME (LOSS)	$	(115,052)	$	(119,994)
Net income (loss) allocated to  assignees	$	(113,901)	$	(118,794)
Net income (loss) allocated to general partner	$	(1,151)	$	(1,200)
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 June 30,
(Unaudited)

Series 34

		2010		2009
Income
Interest income	$	51	$	11
Other income		-		-
		51		11
Share of income (loss) from  Operating Partnerships (Note D)		(107,631)		(40,714)
Expenses
Professional fees		149		3,626
Fund management fee (Note C)		73,299		73,299
Amortization		56,094		96,110
General and administrative expenses		3,286		4,361
		132,828		177,396
NET INCOME (LOSS)	$	(240,408)	$	(218,099)
Net income (loss) allocated to  assignees	$	(238,004)	$	(215,918)
Net income (loss) allocated to general partner	$	(2,404)	$	(2,181)
Net income (loss) per BAC	$	(.07)	$	(.06)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 35

		2010		2009
Income
Interest income	$	234	$	49
Other income		-		-
		234		49
Share of income (loss) from  Operating Partnerships (Note D)		(176,387)		(148,708)
Expenses
Professional fees		147		3,199
Fund management fee (Note C)		57,090		54,631
Amortization		18,072		18,072
General and administrative expenses		3,268		4,278
		78,577		80,180
NET INCOME (LOSS)	$	(254,730)	$	(228,839)
Net income (loss) allocated to  assignees	$	(252,183)	$	(226,551)
Net income (loss) allocated to general partner	$	(2,547)	$	(2,288)
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 June 30,
(Unaudited)

Series 36

		2010		2009
Income
Interest income	$	189	$	1,589
Other income		-		-
		189		1,589
Share of income (loss) from  Operating Partnerships (Note D)		(38,742)		(85,537)
Expenses
Professional fees		90		3,199
Fund management fee (Note C)		37,072		25,711
Amortization		-		7,460
General and administrative expenses		2,939		3,474
		40,101		39,844
NET INCOME (LOSS)	$	(78,654)	$	(123,792)
Net income (loss) allocated to  assignees	$	(77,867)	$	(122,554)
Net income (loss) allocated to general partner	$	(787)	$	(1,238)
Net income (loss) per BAC	$	(.04)	$	(.06)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended June 30,
(Unaudited)

Series 37

		2010		2009
Income
Interest income	$	1,026	$	869
Other income		-		-
		1,026		869
Share of income (loss) from  Operating Partnerships (Note D)		(69,404)		(175,522)
Expenses
Professional fees		100		2,629
Fund management fee (Note C)		48,716		48,716
Amortization		29,562		29,562
General and administrative expenses		2,997		4,604
		81,375		85,511
NET INCOME (LOSS)	$	(149,753)	$	(260,164)
Net income (loss) allocated to  assignees	$	(148,255)	$	(257,562)
Net income (loss) allocated to general partner	$	(1,498)	$	(2,602)
Net income (loss) per BAC	$	(.06)	$	(.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 June 30,
(Unaudited)

Series 38

		2010		2009
Income
Interest income	$	211	$	258
Other income		-		-
		211		258
Share of income (loss) from  Operating Partnerships (Note D)		(155,367)		(147,485)
Expenses
Professional fees		106		3,056
Fund management fee (Note C)		34,079		22,569
Amortization		3,490		6,555
General and administrative expenses		3,028		4,819
		40,703		36,999
NET INCOME (LOSS)	$	(195,859)	$	(184,226)
Net income (loss) allocated to  assignees	$	(193,900)	$	(182,384)
Net income (loss) allocated to general partner	$	(1,959)	$	(1,842)
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 June 30,
(Unaudited)

Series 39

		2010		2009
Income
Interest income	$	538	$	345
Other income		-		-
		538		345
Share of income (loss) from  Operating Partnerships (Note D)		(192,637)		(209,184)
Expenses
Professional fees		87		2,914
Fund management fee (Note C)		24,200		34,200
Amortization		2,779		5,518
General and administrative expenses		2,923		4,462
		29,989		47,094
NET INCOME (LOSS)	$	(222,088)	$	(255,933)
Net income (loss) allocated to  assignees	$	(219,867)	$	(253,374)
Net income (loss) allocated to general partner	$	(2,221)	$	(2,559)
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 June 30,
(Unaudited)

Series 40

		2010		2009
Income
Interest income	$	183	$	38
Other income		-		-
		183		38
Share of income (loss) from  Operating Partnerships (Note D)		(115,547)		(183,042)
Expenses
Professional fees		98		3,911
Fund management fee (Note C)		47,854		45,679
Amortization		13,259		13,259
General and administrative expenses		2,987		4,978
		64,198		67,827
NET INCOME (LOSS)	$	(179,562)	$	(250,831)
Net income (loss) allocated to  assignees	$	(177,766)	$	(248,323)
Net income (loss) allocated to general partner	$	(1,796)	$	(2,508)
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 June 30,
(Unaudited)

Series 41

		2010		2009
Income
Interest income	$	142	$	29
Other income		32,476		29,378
		32,618		29,407
Share of income (loss) from  Operating Partnerships (Note D)		236,354		(163,147)
Expenses
Professional fees		123		4,624
Fund management fee (Note C)		23,520		42,732
Amortization		55,628		70,691
General and administrative expenses		3,137		5,681
		82,408		123,728
NET INCOME (LOSS)	$	186,564	$	(257,468)
Net income (loss) allocated to  assignees	$	184,698	$	(254,893)
Net income (loss) allocated to general partner	$	1,866	$	(2,575)
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 June 30,
(Unaudited)

Series 42

		2010		2009
Income
Interest income	$	321	$	517
Other income		-		459
		321		976
Share of income (loss) from  Operating Partnerships (Note D)		(31,366)		(219,659)
Expenses
Professional fees		2,319		5,118
Fund management fee (Note C)		(30,224)		59,433
Amortization		24,846		32,183
General and administrative expenses		3,180		6,442
		121		103,176
NET INCOME (LOSS)	$	(31,166)	$	(321,859)
Net income (loss) allocated to  assignees	$	(30,854)	$	(318,640)
Net income (loss) allocated to general partner	$	(312)	$	(3,219)
Net income (loss) per BAC	$	(.01)	$	(.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 June 30,
(Unaudited)

Series 43

		2010		2009
Income
Interest income	$	497	$	271
Other income		-		-
		497		271
Share of income (loss) from  Operating Partnerships (Note D)		(107,703)		(290,995)
Expenses
Professional fees		2,359		5,942
Fund management fee (Note C)		(32,583)		72,330
Amortization		61,937		72,434
General and administrative expenses		3,396		6,164
		35,109		156,870
NET INCOME (LOSS)	$	(142,315)	$	(447,594)
Net income (loss) allocated to  assignees	$	(140,892)	$	(443,118)
Net income (loss) allocated to general partner	$	(1,423)	$	(4,476)
Net income (loss) per BAC	$	(.04)	$	(.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 June 30,
(Unaudited)

Series 44

		2010		2009
Income
Interest income	$	1,023	$	1,165
Other income		-		-
		1,023		1,165
Share of income (loss) from  Operating Partnerships (Note D)		(208,535)		(273,231)
Expenses
Professional fees		114		3,056
Fund management fee (Note C)		57,175		70,175
Amortization		70,797		73,533
General and administrative expenses		3,083		5,329
		131,169		152,093
NET INCOME (LOSS)	$	(338,681)	$	(424,159)
Net income (loss) allocated to  assignees	$	(335,294)	$	(419,917)
Net income (loss) allocated to general partner	$	(3,387)	$	(4,242)
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
Three Months Ended June 30,
(Unaudited)

Series 45

		2010		2009
Income
Interest income	$	843	$	1,060
Other income		-		-
		843		1,060
Share of income (loss) from  Operating Partnerships (Note D)		(352,301)		(334,849)
Expenses
Professional fees		162		9,457
Fund management fee (Note C)		86,739		76,478
Amortization		68,273		72,026
General and administrative expenses		3,371		7,046
		158,545		165,007
NET INCOME (LOSS)	$	(510,003)	$	(498,796)
Net income (loss) allocated to  assignees	$	(504,903)	$	(493,808)
Net income (loss) allocated to general partner	$	(5,100)	$	(4,988)
Net income (loss) per BAC	$	(.13)	$	(.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 June 30,
(Unaudited)

Series 46

		2010		2009
Income
Interest income	$	1,000	$	695
Other income		-		-
		1,000		695
Share of income (loss) from  Operating Partnerships (Note D)		(241,818)		(167,694)
Expenses
Professional fees		126		4,661
Fund management fee (Note C)		61,623		62,382
Amortization		10,724		23,794
General and administrative expenses		3,156		5,560
		75,629		96,397
NET INCOME (LOSS)	$	(316,447)	$	(263,396)
Net income (loss) allocated to  assignees	$	(313,283)	$	(260,762)
Net income (loss) allocated to general partner	$	(3,164)	$	(2,634)
Net income (loss) per BAC	$	(.11)	$	(.09)

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Partners' capital (deficit)   April 1, 2010	$	49,066,354	$	(6,742,987)	$	42,323,367
Net income (loss)		(2,252,814)		(22,760)		(2,275,574)
Partners' capital (deficit),   June 30, 2010	$	46,813,540	$	(6,765,747)	$	40,047,793

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 20
Partners' capital (deficit)   April 1, 2010	$	(2,909,001)	$	(340,749)	$	(3,249,750)
Net income (loss)		954,997		9,646		964,643
Partners' capital (deficit),   June 30, 2010	$	(1,954,004)	$	(331,103)	$	(2,285,107)

		Assignees		General Partner		Total
Series 21
Partners' capital (deficit)   April 1, 2010	$	(1,069,536)	$	(174,390)	$	(1,243,926)
Net income (loss)		(31,270)		(316)		(31,586)
Partners' capital (deficit),   June 30, 2010	$	(1,100,806)	$	(174,706)	$	(1,275,512)

		Assignees		General Partner		Total
Series 22
Partners' capital (deficit)   April 1, 2010	$	(2,968,555)	$	(251,281)	$	(3,219,836)
Net income (loss)		(40,845)		(413)		(41,258)
Partners' capital (deficit),   June 30, 2010	$	(3,009,400)	$	(251,694)	$	(3,261,094)

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 23
Partners' capital (deficit)   April 1, 2010	$	(2,435,304)	$	(312,323)	$	(2,747,627)
Net income (loss)		21,432		216		21,648
Partners' capital (deficit),   June 30, 2010	$	(2,413,872)	$	(312,107)	$	(2,725,979)

		Assignees		General Partner		Total
Series 24
Partners' capital (deficit)   April 1, 2010	$	(2,102,246)	$	(208,404)	$	(2,310,650)
Net income (loss)		36,170		365		36,535
Partners' capital (deficit),   June 30, 2010	$	(2,066,076)	$	(208,039)	$	(2,274,115)

		Assignees		General Partner		Total
Series 25
Partners' capital (deficit)   April 1, 2010	$	(1,818,771)	$	(278,416)	$	(2,097,187)
Net income (loss)		93,003		939		93,942
Partners' capital (deficit),   June 30, 2010	$	(1,725,768)	$	(277,477)	$	(2,003,245)

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 26
Partners' capital (deficit)   April 1, 2010	$	(2,633,262)	$	(370,289)	$	(3,003,551)
Net income (loss)		(92,682)		(936)		(93,618)
Partners' capital (deficit),   June 30, 2010	$	(2,725,944)	$	(371,225)	$	(3,097,169)

		Assignees		General Partner		Total
Series 27
Partners' capital (deficit)   April 1, 2010	$	(279,884)	$	(211,360)	$	(491,244)
Net income (loss)		(67,615)		(683)		(68,298)
Partners' capital (deficit),   June 30, 2010	$	(347,499)	$	(212,043)	$	(559,542)

		Assignees		General Partner		Total
Series 28
Partners' capital (deficit)   April 1, 2010	$	(468,538)	$	(351,953)	$	(820,491)
Net income (loss)		(41,775)		(422)		(42,197)
Partners' capital (deficit),   June 30, 2010	$	(510,313)	$	(352,375)	$	(862,688)

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 29
Partners' capital (deficit)   April 1, 2010	$	(1,952,480)	$	(361,790)	$	(2,314,270)
Net income (loss)		(103,010)		(1,041)		(104,051)
Partners' capital (deficit),   June 30, 2010	$	(2,055,490)	$	(362,831)	$	(2,418,321)

		Assignees		General Partner		Total
Series 30
Partners' capital (deficit)   April 1, 2010	$	(707,875)	$	(236,500)	$	(944,375)
Net income (loss)		(83,554)		(844)		(84,398)
Partners' capital (deficit),   June 30, 2010	$	(791,429)	$	(237,344)	$	(1,028,773)

		Assignees		General Partner		Total
Series 31
Partners' capital (deficit)   April 1, 2010	$	(1,417,532)	$	(397,408)	$	(1,814,940)
Net income (loss)		(89,888)		(908)		(90,796)
Partners' capital (deficit),   June 30, 2010	$	(1,507,420)	$	(398,316)	$	(1,905,736)

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 32
Partners' capital (deficit)   April 1, 2010	$	(1,186,111)	$	(422,447)	$	(1,608,558)
Net income (loss)		(245,506)		(2,480)		(247,986)
Partners' capital (deficit),   June 30, 2010	$	(1,431,617)	$	(424,927)	$	(1,856,544)

		Assignees		General Partner		Total
Series 33
Partners' capital (deficit)   April 1, 2010	$	(992,283)	$	(238,084)	$	(1,230,367)
Net income (loss)		(113,901)		(1,151)		(115,052)
Partners' capital (deficit),   June 30, 2010	$	(1,106,184)	$	(239,235)	$	(1,345,419)

		Assignees		General Partner		Total
Series 34
Partners' capital (deficit)   April 1, 2010	$	(1,641,611)	$	(320,007)	$	(1,961,618)
Net income (loss)		(238,004)		(2,404)		(240,408)
Partners' capital (deficit),   June 30, 2010	$	(1,879,615)	$	(322,411)	$	(2,202,026)

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 35
Partners' capital (deficit)   April 1, 2010	$	1,801,481	$	(266,677)	$	1,534,804
Net income (loss)		(252,183)		(2,547)		(254,730)
Partners' capital (deficit),   June 30, 2010	$	1,549,298	$	(269,224)	$	1,280,074

		Assignees		General Partner		Total
Series 36
Partners' capital (deficit)   April 1, 2010	$	457,246	$	(175,849)	$	281,397
Net income (loss)		(77,867)		(787)		(78,654)
Partners' capital (deficit),   June 30, 2010	$	379,379	$	(176,636)	$	202,743

		Assignees		General Partner		Total
Series 37
Partners' capital (deficit)   April 1, 2010	$	709,119	$	(210,578)	$	498,541
Net income (loss)		(148,255)		(1,498)		(149,753)
Partners' capital (deficit),   June 30, 2010	$	560,864	$	(212,076)	$	348,788

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 38
Partners' capital (deficit)   April 1, 2010	$	2,974,995	$	(190,439)	$	2,784,556
Net income (loss)		(193,900)		(1,959)		(195,859)
Partners' capital (deficit),   June 30, 2010	$	2,781,095	$	(192,398)	$	2,588,697

		Assignees		General Partner		Total
Series 39
Partners' capital (deficit)   April 1, 2010	$	3,301,130	$	(165,081)	$	3,136,049
Net income (loss)		(219,867)		(2,221)		(222,088)
Partners' capital (deficit),   June 30, 2010	$	3,081,263	$	(167,302)	$	2,913,961

		Assignees		General Partner		Total
Series 40
Partners' capital (deficit)   April 1, 2010	$	3,337,000	$	(193,508)	$	3,143,492
Net income (loss)		(177,766)		(1,796)		(179,562)
Partners' capital (deficit),   June 30, 2010	$	3,159,234	$	(195,304)	$	2,963,930

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 41
Partners' capital (deficit)   April 1, 2010	$	3,304,101	$	(218,311)	$	3,085,790
Net income (loss)		184,698		1,866		186,564
Partners' capital (deficit),   June 30, 2010	$	3,488,799	$	(216,445)	$	3,272,354

		Assignees		General Partner		Total
Series 42
Partners' capital (deficit)   April 1, 2010	$	5,484,551	$	(187,973)	$	5,296,578
Net income (loss)		(30,854)		(312)		(31,166)
Partners' capital (deficit),   June 30, 2010	$	5,453,697	$	(188,285)	$	5,265,412

		Assignees		General Partner		Total
Series 43
Partners' capital (deficit)   April 1, 2010	$	9,915,867	$	(224,609)	$	9,691,258
Net income (loss)		(140,892)		(1,423)		(142,315)
Partners' capital (deficit),   June 30, 2010	$	9,774,975	$	(226,032)	$	9,548,943

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)

Three months Ended June 30, 2010
(Unaudited)

		Assignees		General Partner		Total
Series 44
Partners' capital (deficit)   April 1, 2010	$	9,579,993	$	(143,080)	$	9,436,913
Net income (loss)		(335,294)		(3,387)		(338,681)
Partners' capital (deficit),   June 30, 2010	$	9,244,699	$	(146,467)	$	9,098,232

		Assignees		General Partner		Total
Series 45
Partners' capital (deficit)   April 1, 2010	$	17,982,971	$	(175,588)	$	17,807,383
Net income (loss)		(504,903)		(5,100)		(510,003)
Partners' capital (deficit),   June 30, 2010	$	17,478,068	$	(180,688)	$	17,297,380

		Assignees		General Partner			Total
Series 46
Partners' capital (deficit)   April 1, 2010	$	14,800,889	$	(115,893)	$	14,684,996
Net income (loss)		(313,283)		(3,164)			(316,447)
Partners' capital (deficit),   June 30, 2010	$	14,487,606	$	(119,057)	$		14,368,549

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(2,275,574)	$	(4,597,596)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		446,390		618,839
Distributions from Operating    Partnerships		37,194		114,569
Share of (Income) Loss from     Operating Partnerships		904,683		2,612,315
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		42,115		50,029
Decrease (Increase) in other    assets		(187,121)		307,595
(Decrease) Increase in accounts    payable affiliates		(86,813)		627,575
Net cash (used in) provided by  operating activities		(1,119,126)		(266,674)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(105,165)		-
Proceeds from the disposition of     Operating Partnerships		1,346,595		425,763
Net cash (used in) provided by investing activities		1,241,430		425,763
		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		122,304		159,089
Cash and cash equivalents, beginning		6,498,869		6,181,988
Cash and cash equivalents, ending	$	6,621,173	$	6,341,077

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	63,380	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 20

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	964,643	$	(3,170)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		(921,489)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		34,076		-
Decrease (Increase) in other    assets		2,633		(16,238)
(Decrease) Increase in accounts    payable affiliates		(900,169)		34,438
Net cash (used in) provided by  operating activities		(820,306)		15,030
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		921,489		-
Net cash (used in) provided by investing activities		921,489		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		101,183		15,030
Cash and cash equivalents, beginning		187,333		174,531
Cash and cash equivalents, ending	$	288,516	$	189,561

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 21

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(31,586)	$	225,194
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		1
Share of (Income) Loss from     Operating Partnerships		-		(210,200)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		15,000
Decrease (Increase) in other    assets		-		88,577
(Decrease) Increase in accounts    payable affiliates		(18,500)		38,387
Net cash (used in) provided by  operating activities		(50,086)		156,959
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		308,078
Net cash (used in) provided by investing activities		-		308,078
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(50,086)		465,037
Cash and cash equivalents, beginning		287,156		15,500
Cash and cash equivalents, ending	$	237,070	$	480,537

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 22

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(41,258)	$	(58,538)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		56,963		66,076
Net cash (used in) provided by  operating activities		15,705		7,538
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		15,705		7,538
Cash and cash equivalents, beginning		150,885		77,660
Cash and cash equivalents, ending	$	166,590	$	85,198

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 23

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	21,648	$	(55,949)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		(44,380)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(4,600)		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		49,238		62,530
Net cash (used in) provided by  operating activities		21,906		6,581
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		44,380		-
Net cash (used in) provided by investing activities		44,380		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		66,286		6,581
Cash and cash equivalents, beginning		96,567		34,902
Cash and cash equivalents, ending	$	162,853	$	41,483

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 24

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	36,535	$	44,132
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		-		(78,849)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		6,114
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(55,525)		(18,066)
Net cash (used in) provided by  operating activities		(18,990)		(46,669)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		78,849
Net cash (used in) provided by investing activities		-		78,849
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,990)		32,180
Cash and cash equivalents, beginning		247,141		119,321
Cash and cash equivalents, ending	$	228,151	$	151,501

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 25

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	93,942	$	25,369
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		2,857
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		-		(29,851)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		12,824
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(45,397)		11,238
Net cash (used in) provided by  operating activities		48,545		22,437
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		38,836
Net cash (used in) provided by investing activities		-		38,836
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		48,545		61,273
Cash and cash equivalents, beginning		256,530		166,596
Cash and cash equivalents, ending	$	305,075	$	227,869

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 26

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(93,618)	$	40,973
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		8,581
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		-		(106,216)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		9,125
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		52,861		(91,311)
Net cash (used in) provided by  operating activities		(40,757)		(138,848)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(40,757)		(138,848)
Cash and cash equivalents, beginning		312,412		366,614
Cash and cash equivalents, ending	$	271,655	$	227,766

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 27

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(68,298)	$	44,743
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		17,123		17,123
Distributions from Operating    Partnerships		-		118
Share of (Income) Loss from     Operating Partnerships		3,001		(127,212)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		6,705
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		28,801		80,972
Net cash (used in) provided by  operating activities		(19,373)		22,449
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(19,373)		22,449
Cash and cash equivalents, beginning		273,885		109,954
Cash and cash equivalents, ending	$	254,512	$	132,403

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 28

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(42,197)	$	(203,837)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		49,619
Share of (Income) Loss from     Operating Partnerships		-		161,464
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		33,529		58,529
Net cash (used in) provided by  operating activities		(8,668)		65,775
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,668)		65,775
Cash and cash equivalents, beginning		262,507		192,128
Cash and cash equivalents, ending	$	253,839	$	257,903

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 29

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(104,051)	$	(127,794)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		7,237		7,237
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		24,395		54,609
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		82,851		82,851
Net cash (used in) provided by  operating activities		10,432		16,903
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		10,432		16,903
Cash and cash equivalents, beginning		206,375		137,986
Cash and cash equivalents, ending	$	216,807	$	154,889

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 30

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(84,398)	$	(140,068)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		6,569		26,085
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		29,358		60,373
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		46,543		46,543
Net cash (used in) provided by  operating activities		(1,928)		(7,067)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,928)		(7,067)
Cash and cash equivalents, beginning		280,327		264,094
Cash and cash equivalents, ending	$	278,399	$	257,027

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 31

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(90,796)	$	(286,074)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		-		196,963
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		91,038		91,038
Net cash (used in) provided by  operating activities		242		1,927
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		242		1,927
Cash and cash equivalents, beginning		166,800		182,803
Cash and cash equivalents, ending	$	167,042	$	184,730

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 32

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(247,986)	$	(247,427)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		32,764
Distributions from Operating    Partnerships		-		314
Share of (Income) Loss from     Operating Partnerships		174,356		184,488
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		73,572		81,709
Net cash (used in) provided by  operating activities		(58)		51,848
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(58)		51,848
Cash and cash equivalents, beginning		340,581		237,567
Cash and cash equivalents, ending	$	340,523	$	289,415

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 33

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(115,052)	$	(119,994)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		2,995
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		78,358		66,979
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		37,766		46,080
Net cash (used in) provided by  operating activities		1,072		(3,940)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,072		(3,940)
Cash and cash equivalents, beginning		184,115		179,652
Cash and cash equivalents, ending	$	185,187	$	175,712

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 34

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(240,408)	$	(218,099)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		56,094		96,110
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		107,631		40,714
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		75,713		76,083
Net cash (used in) provided by  operating activities		(970)		(5,192)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(970)		(5,192)
Cash and cash equivalents, beginning		74,138		72,369
Cash and cash equivalents, ending	$	73,168	$	67,177

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 35

			2010		2009
Cash flows from operating activities:
Net income (loss)		$	(254,730)	$	(228,839)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization			18,072		18,072
Distributions from Operating    Partnerships			-		2,459
Share of (Income) Loss from     Operating Partnerships			176,387		148,708
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses			-		-
Decrease (Increase) in other    assets			-		-
(Decrease) Increase in accounts    payable affiliates			57,090		57,090
			-		-
Net cash (used in) provided by  operating activities			(3,181)		(2,510)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships			-		-
Proceeds from the disposition of     Operating Partnerships			-		-
Net cash (used in) provided by investing activities			-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(3,181)		(2,510)
Cash and cash equivalents, beginning			127,244		118,051
Cash and cash equivalents, ending	$		124,063	$	115,541

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 36

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(78,654)	$	(123,792)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		7,460
Distributions from Operating    Partnerships		13,640		11,859
Share of (Income) Loss from     Operating Partnerships		38,742		85,537
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		147
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		42,563		42,682
Net cash (used in) provided by  operating activities		16,291		23,893
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		16,291		23,893
Cash and cash equivalents, beginning		142,855		101,615
Cash and cash equivalents, ending	$	159,146	$	125,508

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 37

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(149,753)	$	(260,164)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		29,562		29,562
Distributions from Operating    Partnerships		13,640		11,859
Share of (Income) Loss from     Operating Partnerships		69,404		175,522
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		51,216		51,216
Net cash (used in) provided by  operating activities		14,069		7,995
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,069		7,995
Cash and cash equivalents, beginning		309,745		272,497
Cash and cash equivalents, ending	$	323,814	$	280,492

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 38

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(195,859)	$	(184,226)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		3,490		6,555
Distributions from Operating    Partnerships		4,000		24,963
Share of (Income) Loss from     Operating Partnerships		155,367		147,485
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		114
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		41,100		(8,900)
		-		-
Net cash (used in) provided by  operating activities		8,098		(14,009)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		8,098		(14,009)
Cash and cash equivalents, beginning		209,324		261,393
Cash and cash equivalents, ending	$	217,422	$	247,384

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 39

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(222,088)	$	(255,933)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		2,779		5,518
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		192,637		209,184
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		34,200		(15,800)
Net cash (used in) provided by  operating activities		7,528		(57,031)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		7,528		(57,031)
Cash and cash equivalents, beginning		183,296		239,921
Cash and cash equivalents, ending	$	190,824	$	182,890

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 40

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(179,562)	$	(250,831)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		13,259		13,259
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		115,547		183,042
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		52,418		53,684
		-		-
Net cash (used in) provided by  operating activities		1,662		(846)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,662		(846)
Cash and cash equivalents, beginning		120,514		127,519
Cash and cash equivalents, ending	$	122,176	$	126,673

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 41

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	186,564	$	(257,468)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		55,628		70,691
Distributions from Operating    Partnerships		3,026		3,704
Share of (Income) Loss from     Operating Partnerships		(236,354)		163,147
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		8,924		-
Decrease (Increase) in other    assets		834		-
(Decrease) Increase in accounts    payable affiliates		(239,022)		65,533
Net cash (used in) provided by  operating activities		(220,400)		45,607
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		380,726		-
Net cash (used in) provided by investing activities		380,726		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		160,326		45,607
Cash and cash equivalents, beginning		78,660		40,375
Cash and cash equivalents, ending	$	238,986	$	85,982

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 42

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(31,166)	$	(321,859)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		24,846		32,183
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		31,366		219,659
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		117,628
(Decrease) Increase in accounts    payable affiliates		62,445		13,080
Net cash (used in) provided by  operating activities		87,491		60,691
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(93,942)		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		(93,942)		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(6,451)		60,691
Cash and cash equivalents, beginning		348,800		359,855
Cash and cash equivalents, ending	$	342,349	$	420,546

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	63,380	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 43

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(142,315)	$	(447,594)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		61,937		72,434
Distributions from Operating    Partnerships		1,127		1,657
Share of (Income) Loss from     Operating Partnerships		107,703		290,995
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		(85,754)		117,628
(Decrease) Increase in accounts    payable affiliates		76,695		76,695
Net cash (used in) provided by  operating activities		19,393		111,815
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		19,393		111,815
Cash and cash equivalents, beginning		256,265		185,952
Cash and cash equivalents, ending	$	275,658	$	297,767

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 44

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(338,681)	$	(424,159)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		70,797		73,533
Distributions from Operating    Partnerships		-		-
Share of (Income) Loss from     Operating Partnerships		208,535		273,231
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		(104,834)		-
(Decrease) Increase in accounts    payable affiliates		71,175		(103,825)
Net cash (used in) provided by  operating activities		(93,008)		(181,220)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(93,008)		(181,220)
Cash and cash equivalents, beginning		590,586		791,833
Cash and cash equivalents, ending	$	497,578	$	610,613

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 45

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(510,003)	$	(498,796)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		68,273		72,026
Distributions from Operating    Partnerships		1,455		8,016
Share of (Income) Loss from     Operating Partnerships		352,301		334,849
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(8,359)		(183,359)
Net cash (used in) provided by  operating activities		(96,333)		(267,264)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(96,333)		(267,264)
Cash and cash equivalents, beginning		537,189		871,105
Cash and cash equivalents, ending	$	440,856	$	603,841

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 46

		2010		2009
Cash flows from operating activities:
Net income (loss)	$	(316,447)	$	(263,396)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		10,724		23,794
Distributions from Operating    Partnerships		306		-
Share of (Income) Loss from     Operating Partnerships		241,818		167,694
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		3,715		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		62,382		(87,618)
Net cash (used in) provided by  operating activities		2,498		(159,526)
Cash flows from investing activities:
Capital contributions paid to     Operating Partnerships		(11,223)		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		(11,223)		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,725)		(159,526)
Cash and cash equivalents, beginning		267,639		480,195
Cash and cash equivalents, ending	$	258,914	$	320,669

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(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 partner 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, which 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
June 30, 2010
(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 June 30, 2010 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
June 30, 2010
(Unaudited)

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2010 and 2009, an impairment loss of $1,810,230 and $16,813,106, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be between 1-7 years.

Accumulated amortization of acquisition costs by Series as of June 30, 2010 and 2009 are as follows:

	2010	2009
Series 25	$        -	$    2,857
Series 26	-	8,581
Series 27	81,740	165,816
Series 29	36,187	40,209
Series 30	6,569	26,085
Series 32	-	32,764
Series 33	-	2,995
Series 34	56,094	526,612
Series 35	90,360	18,072
Series 36	-	7,460
Series 37	147,810	29,562
Series 38	3,490	6,555
Series 39	2,779	5,518
Series 40	66,295	13,259
Series 41	55,628	70,691
Series 42	24,846	32,183
Series 43	57,463	67,960
Series 44	353,499	603,573
Series 45	68,273	72,026
Series 46	10,724	19,982
	$1,061,757	$1,752,760

Capitalized Expenses

Costs incurred with borrowing funds to make capital contributions to Operating Partnerships and certain other costs are capitalized and included in investment in Operating Partnerships. The costs were being amortized on the straight-line method over 27.5 years. As of March 31, 2010 and 2009, an impairment loss of $5,090 and $1,351,978, respectively, was recorded and the lives of the remaining capitalized interest were reassessed to be between 3-7 years.

Accumulated amortization for capitalized interest by Series as of June 30, 2010 and 2009 are as follows:

	2010	2009
Series 27	$10,956	$ 7,836
Series 34	-	7,092
Series 44	2,533	2,143
	$13,489	$17,071

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2010
(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 June 30, 2010 and 2009, are as follows:

	2010	2009
Series 20	$   64,831	$   84,438
Series 21	31,500	38,387
Series 22	55,317	63,648
Series 23	47,592	60,066
Series 24	44,475	56,934
Series 25	54,603	61,238
Series 26	102,861	108,689
Series 27	78,801	78,801
Series 28	83,529	83,529
Series 29	82,851	82,851
Series 30	46,543	46,543
Series 31	91,038	91,038
Series 32	73,572	81,709
Series 33	35,352	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	60,978	61,708
Series 42	62,445	63,080
Series 43	76,695	76,695
Series 44	71,175	71,175
Series 45	91,641	91,641
Series 46	62,382	62,382
	$1,665,239	$1,755,101

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2010
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the three months ended June 30, 2010 and 2009 are as follows:

	2010	2009
Series 20	$  965,000	$   50,000
Series 21	50,000	-
Series 24	100,000	75,000
Series 25	100,000	50,000
Series 26	50,000	200,000
Series 27	50,000	-
Series 28	50,000	25,000
Series 38	-	50,000
Series 39	-	50,000
Series 41	300,000	-
Series 42	-	50,000
Series 44	-	175,000
Series 45	100,000	275,000
Series 46	-	150,000
	$1,765,000	$1,150,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2010 and 2009 the Fund has limited partnership interests in 486 and 504 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2010 and 2009 are as follows:

	2010	2009
Series 20	19	22
Series 21	10	12
Series 22	25	29
Series 23	19	22
Series 24	20	23
Series 25	19	20
Series 26	43	43
Series 27	16	16
Series 28	26	26
Series 29	21	21
Series 30	18	18
Series 31	26	26
Series 32	16	16
Series 33	10	10
Series 34	14	14
Series 35	11	11
Series 36	11	11
Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	20	21

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

Series 42	22	23
Series 43	23	23
Series 44	10	10
Series 45	30	30
Series 46	15	15
	486	504

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 June 30, 2010 and 2009 are as follows:

	2010	2009
Series 22	$   9,352	$   9,352
Series 24	9,999	9,999
Series 25	10,001	10,001
Series 26	14,490	14,490
Series 27	22,861	39,749
Series 28	40,968	40,968
Series 29	10,197	10,197
Series 30	127,396	127,396
Series 31	66,294	66,294
Series 32	173,561	298,561
Series 33	69,154	194,154
Series 37	138,438	138,438
Series 40	102	102
Series 41	100	100
Series 42	295,615	452,937
Series 43	307,738	307,738
Series 44	590,561	590,561
Series 45	16,724	16,724
Series 46	8,915	20,138
	$1,912,466	$2,347,899

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2010
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2010 the Fund disposed of five Operating Partnerships. A summary of the dispositions by Series for June 30, 2010 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 20	2	-	$	921,489	$	921,489
Series 23	1	-		44,380		44,380
Series 25	-	1		-		-
Series 41	1	-		380,726		380,726
Total	4	1	$	1,346,595	$	1,346,595

During the three months ended June 30, 2009 the Fund disposed of six Operating Partnerships. A summary of the dispositions by Series for June 30, 2009 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition
Series 21	1	-	$	308,078	$	210,200
Series 24	1	-		78,849		78,849
Series 25	2	-		38,836		38,836
Series 26	2	-		-		-
Total	6	-	$	425,763	$	327,885

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2010
(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 three months ended March 31, 2010.

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

		2010	2009
Revenues
	Rental	$ 40,026,146	$ 41,110,174
	Interest and other	1,229,969	1,718,000
		41,256,115	42,828,174
Expenses
	Interest	9,018,297	9,845,221
	Depreciation and amortization	11,717,217	12,206,673
	Operating expenses	26,571,862	27,522,198
		47,307,376	49,574,092
NET INCOME (LOSS)		$(6,051,261)	$(6,745,918)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$(5,990,747)	$(6,678,461)
Net income (loss) allocated to other Partners		$   (60,514)	$   (67,457)

* Amounts include $(3,739,469) and $(3,738,261) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 20

		2010	2009
Revenues
	Rental	$ 1,613,034	$ 2,270,364
	Interest and other	78,969	249,293
		1,692,003	2,519,657
Expenses
	Interest	339,190	613,713
	Depreciation and amortization	437,580	569,709
	Operating expenses	1,351,883	1,518,702
		2,128,653	2,702,124
NET INCOME (LOSS)		$ (436,650)	$ (182,467)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (432,283)	$ (180,642)
Net income (loss) allocated to other Partners		$   (4,367)	$   (1,825)

* Amounts include $(432,283) and $(180,642) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 21

		2010	2009
Revenues
	Rental	$   707,002	$ 1,073,709
	Interest and other	9,828	20,536
		716,830	1,094,245
Expenses
	Interest	213,596	314,233
	Depreciation and amortization	155,205	235,926
	Operating expenses	401,744	656,873
		770,545	1,207,032
NET INCOME (LOSS)		$  (53,715)	$ (112,787)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (53,178)	$ (111,659)
Net income (loss) allocated to other Partners		$     (537)	$   (1,128)

* Amounts include $(53,178) and $(111,659) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 22

		2010	2009
Revenues
	Rental	$ 1,285,296	$ 1,461,724
	Interest and other	75,724	74,922
		1,361,020	1,536,646
Expenses
	Interest	254,571	287,667
	Depreciation and amortization	378,772	441,623
	Operating expenses	964,113	1,071,556
		1,597,456	1,800,846
NET INCOME (LOSS)		$ (236,436)	$ (264,200)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (234,072)	$ (261,558)
Net income (loss) allocated to other Partners		$   (2,364)	$   (2,642)

* Amounts include $(234,072) and $(261,558) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 23

		2010	2009
Revenues
	Rental	$ 1,352,591	$ 1,617,693
	Interest and other	64,225	101,984
		1,416,816	1,719,677
Expenses
	Interest	286,448	389,899
	Depreciation and amortization	307,389	404,896
	Operating expenses	979,485	1,243,581
		1,573,322	2,038,376
NET INCOME (LOSS)		$ (156,506)	$ (318,699)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (154,940)	$ (315,511)
Net income (loss) allocated to other Partners		$   (1,566)	$   (3,188)

* Amounts include $(154,940) and $(315,511) for 2010 and 2009, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 24

		2010	2009
Revenues
	Rental	$ 1,247,221	$ 1,372,822
	Interest and other	19,533	31,157
		1,266,754	1,403,979
Expenses
	Interest	267,821	308,346
	Depreciation and amortization	372,799	390,169
	Operating expenses	768,027	921,883
		1,408,647	1,620,398
NET INCOME (LOSS)		$ (141,893)	$ (216,419)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (140,474)	$ (214,255)
Net income (loss) allocated to other Partners		$   (1,419)	$   (2,164)

* Amounts include $(140,474) and $(214,255) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 25

		2010	2009
Revenues
	Rental	$ 2,228,459	$ 2,537,583
	Interest and other	25,060	41,782
		2,253,519	2,579,365
Expenses
	Interest	399,009	492,026
	Depreciation and amortization	428,971	573,077
	Operating expenses	1,374,641	1,757,508
		2,202,621	2,822,611
NET INCOME (LOSS)		$    50,898	$ (243,246)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$    50,389	$ (240,814)
Net income (loss) allocated to other Partners		$       509	$   (2,432)

* Amounts include $50,389 and $(231,829) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 26

		2010	2009
Revenues
	Rental	$ 2,847,413	$ 2,783,910
	Interest and other	80,398	78,767
		2,927,811	2,862,677
Expenses
	Interest	538,090	535,618
	Depreciation and amortization	649,045	611,585
	Operating expenses	1,865,412	1,922,625
		3,052,547	3,069,828
NET INCOME (LOSS)		$ (124,736)	$ (207,151)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (123,489)	$ (205,079)
Net income (loss) allocated to other Partners		$   (1,247)	$   (2,072)

* Amounts include $(123,489) and $(311,295) for 2010 and 2009, 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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 27

		2010	2009
Revenues
	Rental	$2,061,468	$2,043,021
	Interest and other	24,939	46,836
		2,086,407	2,089,857
Expenses
	Interest	505,381	528,940
	Depreciation and amortization	431,941	426,593
	Operating expenses	1,114,317	1,103,221
		2,051,639	2,058,754
NET INCOME (LOSS)		$   34,768	$    31,103
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$    34,420	$    30,792
Net income (loss) allocated to other Partners		$       348	$       311

* Amounts include $37,421 and $(96,420) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 28

		2010	2009
Revenues
	Rental	$  1,707,021	$  1,668,464
	Interest and other	40,305	43,557
		1,747,326	1,712,021
Expenses
	Interest	340,090	354,963
	Depreciation and amortization	528,551	520,809
	Operating expenses	1,430,905	1,281,783
		2,299,546	2,157,555
NET INCOME (LOSS)		$  (552,220)	$  (445,534)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (546,698)	$  (441,079)
Net income (loss) allocated to other Partners		$    (5,522)	$    (4,455)

* Amounts include $(546,698) and $(279,615) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 29

		2010	2009
Revenues
	Rental	$  1,884,311	$  1,686,314
	Interest and other	47,709	94,222
		1,932,020	1,780,536
Expenses
	Interest	414,293	456,728
	Depreciation and amortization	628,691	585,016
	Operating expenses	1,232,361	1,233,699
		2,275,345	2,275,443
NET INCOME (LOSS)		$  (343,325)	$  (494,907)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (339,892)	$  (489,958)
Net income (loss) allocated to other Partners		$    (3,433)	$    (4,949)

* Amounts include $(315,497) and $(435,349) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 30

		2010	2009
Revenues
	Rental	$ 1,319,110	$ 1,298,797
	Interest and other	15,204	26,039
		1,334,314	1,324,836
Expenses
	Interest	203,884	221,040
	Depreciation and amortization	310,542	303,544
	Operating expenses	1,074,537	977,918
		1,588,963	1,502,502
NET INCOME (LOSS)		$ (254,649)	$ (177,666)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (252,103)	$ (175,889)
Net income (loss) allocated to other Partners		$   (2,546)	$   (1,777)

* Amounts include $(222,745) and $(115,516) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 31

		2010	2009
Revenues
	Rental	$  2,547,899	$  2,440,194
	Interest and other	63,932	75,761
		2,611,831	2,515,955
Expenses
	Interest	495,153	471,066
	Depreciation and amortization	808,278	773,192
	Operating expenses	1,681,858	1,670,881
		2,985,289	2,915,139
NET INCOME (LOSS)		$  (373,458)	$  (399,184)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (369,723)	$  (395,192)
Net income (loss) allocated to other Partners		$    (3,735)	$    (3,992)

* Amounts include $(369,723) and $(198,229) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 32

		2010	2009
Revenues
	Rental	$  1,499,214	$  1,527,663
	Interest and other	41,733	80,252
		1,540,947	1,607,915
Expenses
	Interest	322,109	373,874
	Depreciation and amortization	555,246	587,070
	Operating expenses	1,019,889	1,063,986
		1,897,244	2,024,930
NET INCOME (LOSS)		$  (356,297)	$  (417,015)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (352,734)	$  (412,845)
Net income (loss) allocated to other Partners		$    (3,563)	$    (4,170)

* Amounts include $(178,378) and $(228,357) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 33

		2010	2009
Revenues
	Rental	$   709,853	$  849,724
	Interest and other	23,997	29,974
		733,850	879,698
Expenses
	Interest	184,756	239,061
	Depreciation and amortization	255,460	281,407
	Operating expenses	491,572	561,727
		931,788	1,082,195
NET INCOME (LOSS)		$ (197,938)	$ (202,497)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (195,959)	$ (200,472)
Net income (loss) allocated to other Partners		$   (1,979)	$   (2,025)

* Amounts include $(117,601) and $(133,493) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 34

		2010	2009
Revenues
	Rental	$ 1,427,693	$ 1,498,984
	Interest and other	46,682	95,170
		1,474,375	1,594,154
Expenses
	Interest	360,302	411,342
	Depreciation and amortization	538,619	528,743
	Operating expenses	966,238	875,789
		1,865,159	1,815,874
NET INCOME (LOSS)		$ (390,784)	$ (221,720)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (386,876)	$ (219,503)
Net income (loss) allocated to other Partners		$   (3,908)	$   (2,217)

* Amounts include $(279,245) and $(178,789) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,

(Unaudited)

Series 35

		2010	2009
Revenues
	Rental	$ 1,140,228	$ 1,130,021
	Interest and other	39,406	50,848
		1,179,634	1,180,869
Expenses
	Interest	264,086	270,328
	Depreciation and amortization	389,352	385,632
	Operating expenses	795,347	742,184
		1,448,785	1,398,144
NET INCOME (LOSS)		$ (269,151)	$ (217,275)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (266,459)	$(215,102)
Net income (loss) allocated to other Partners		$   (2,692)	$   (2,173)

* Amounts include $(90,072) and $(66,394) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 36

		2010	2009
Revenues
	Rental	$   871,224	$   836,791
	Interest and other	24,671	24,576
		895,895	861,367
Expenses
	Interest	216,106	205,299
	Depreciation and amortization	254,453	254,714
	Operating expenses	523,529	501,647
		994,088	961,660
NET INCOME (LOSS)		$  (98,193)	$ (100,293)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (97,211)	$  (99,290)
Net income (loss) allocated to other Partners		$    (982)	$   (1,003)

* Amounts include $(58,469) and $(13,753) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 37

		2010	2009
Revenues
	Rental	$ 1,145,324	$ 1,130,264
	Interest and other	38,983	52,583
		1,184,307	1,182,847
Expenses
	Interest	207,548	229,271
	Depreciation and amortization	441,693	400,900
	Operating expenses	786,570	816,810
		1,435,811	1,446,981
NET INCOME (LOSS)		$ (251,504)	$ (264,134)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (248,989)	$ (261,493)
Net income (loss) allocated to other Partners		$   (2,515)	$   (2,641)

* Amounts include $(179,585) and $(85,971) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 38

		2010	2009
Revenues
	Rental	$   863,903	$   831,903
	Interest and other	34,175	26,755
		898,078	858,658
Expenses
	Interest	191,588	200,503
	Depreciation and amortization	280,949	266,444
	Operating expenses	582,477	540,685
		1,055,014	1,007,632
NET INCOME (LOSS)		$ (156,936)	$ (148,974)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.		$ (155,367)	$ (147,485)
Net income (loss) allocated to other Partners		$   (1,569)	$   (1,489)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 39

		2010	2009
Revenues
	Rental	$   618,274	$   597,900
	Interest and other	45,077	39,375
		663,351	637,275
Expenses
	Interest	130,279	128,775
	Depreciation and amortization	230,191	232,698
	Operating expenses	497,465	487,098
		857,935	848,571
NET INCOME (LOSS)		$ (194,584)	$ (211,296)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.		$ (192,637)	$ (209,184)
Net income (loss) allocated to other Partners		$   (1,947)	$   (2,112)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 40

		2010	2009
Revenues
	Rental	$ 1,017,459	$   810,838
	Interest and other	33,454	38,202
		1,050,913	849,040
Expenses
	Interest	254,857	189,712
	Depreciation and amortization	317,926	274,647
	Operating expenses	668,791	569,572
		1,241,574	1,033,931
NET INCOME (LOSS)		$ (190,661)	$ (184,891)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (188,754)	$ (183,042)
Net income (loss) allocated to other Partners		$   (1,907)	$   (1,849)

* Amounts include $(73,207) and $- for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 41

		2010	2009
Revenues
	Rental	$ 1,299,225	$ 1,338,077
	Interest and other	39,884	50,267
		1,339,109	1,388,344
Expenses
	Interest	373,619	418,363
	Depreciation and amortization	387,342	402,719
	Operating expenses	755,032	737,336
		1,515,993	1,558,418
NET INCOME (LOSS)		$ (176,884)	$ (170,074)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (175,115)	$ (168,373)
Net income (loss) allocated to other Partners		$   (1,769)	$   (1,701)

* Amounts include $(30,743) and $(5,226) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 42

		2010	2009
Revenues
	Rental	$ 1,483,221	$ 1,452,557
	Interest and other	50,239	51,475
		1,533,460	1,504,032
Expenses
	Interest	343,417	387,976
	Depreciation and amortization	416,998	422,427
	Operating expenses	872,277	1,019,974
		1,632,692	1,830,377
NET INCOME (LOSS)		$  (99,232)	$ (326,345)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (98,240)	$ (323,082)
Net income (loss) allocated to other Partners		$     (992)	$   (3,263)

* Amounts include $(66,874) and $(103,423) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 43

		2010	2009
Revenues
	Rental	$ 1,702,456	$ 1,666,967
	Interest and other	53,191	79,642
		1,755,647	1,746,609
Expenses
	Interest	366,468	394,106
	Depreciation and amortization	550,425	598,071
	Operating expenses	1,028,419	1,130,974
		1,945,312	2,123,151
NET INCOME (LOSS)		$ (189,665)	$ (376,542)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (187,768)	$ (372,777)
Net income (loss) allocated to other Partners		$   (1,897)	$   (3,765)

* Amounts include $(80,065) and $(81,782) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 44

		2010	2009
Revenues
	Rental	$ 1,905,802	$ 1,676,776
	Interest and other	68,284	72,807
		1,974,086	1,749,583
Expenses
	Interest	578,828	501,280
	Depreciation and amortization	596,572	615,936
	Operating expenses	1,078,988	964,779
		2,254,388	2,081,995
NET INCOME (LOSS)		$ (280,302)	$ (332,412)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (277,499)	$ (329,088)
Net income (loss) allocated to other Partners		$   (2,803)	$   (3,324)

* Amounts include $(68,964) and $(55,857) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 45

		2010	2009
Revenues
	Rental	$  2,284,193	$  2,248,092
	Interest and other	73,015	95,181
		2,357,208	2,343,273
Expenses
	Interest	579,421	560,585
	Depreciation and amortization	728,228	779,644
	Operating expenses	1,416,506	1,374,950
		2,724,155	2,715,179
NET INCOME (LOSS)		$  (366,947)	$  (371,906)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (363,278)	$  (368,187)
Net income (loss) allocated to other Partners		$    (3,669)	$    (3,719)

* Amounts include $(10,977) and $(33,338) for 2010 and 2009, respectively, of net income (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
June 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Three months Ended March 31,
(Unaudited)

Series 46

		2010	2009
Revenues
	Rental	$ 1,257,252	$ 1,259,022
	Interest and other	71,352	46,037
		1,328,604	1,305,059
Expenses
	Interest	387,387	360,507
	Depreciation and amortization	335,999	339,482
	Operating expenses	849,479	774,457
		1,572,865	1,474,446
NET INCOME (LOSS)		$ (244,261)	$ (169,387)
Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.		$ (241,818)	$ (167,694)
Net income (loss) allocated to other Partners		$   (2,443)	$   (1,693)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS - CONTINUED
June 30, 2010

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended June 30, 2010 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.

NOTE F - SUBSEQUENT EVENTS

The Fund has entered into an agreement to sell the interest in one Operating Partnership. The estimated sales price and other terms for the disposition of the Operating Partnership have been determined. The estimated proceeds to be received for the Operating Partnership is $1,360,749. The estimated gain on the sale of the Operating Partnership is $1,360,749, and the sale is expected to be recognized in the second quarter of fiscal year end 2010

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, 2010. 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 statements 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 June 30, 2010 were $1,665,239 and total fund management fees accrued as of June 30, 2010 were $49,345,020. During the three months ended June 30, 2010, $1,765,000 of accrued fund management fees were 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 June 30, 2010, an affiliate of the general partner of the Fund advanced a total of $1,772,674 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 three months ended June 30, 2010, $12,948 was advanced to the Fund from an affiliate of the general partner. The advances made in the three months ended, as well as the total advances made as of June 30, 2010, are as follows:

	Current
	Year	Total
Series 21	$     -	$  108,007
Series 22	1,646	53,627
Series 23	1,646	64,156
Series 27	-	54,128
Series 33	2,414	50,964
Series 34	2,414	65,328
Series 36	2,414	126,004
Series 38	-	69,191
Series 39	-	220,455
Series 40	2,414	327,960
Series 41	-	359,757
Series 42	-	221,615
Series 43	-	51,482
	$12,948	$1,772,674

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 June 30, 2010.

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 5 of the Operating Partnerships and 19 remain.

Prior to the quarter ended June 30, 2010, 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 4 of the Operating Partnerships and 10 remain.

Prior to the quarter ended June 30, 2010, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

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. Series 22 has since sold its interest in 4 of the Operating Partnerships and 25 remain.

During the quarter ended June 30, 2010, 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 June 30, 2010. 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. Series 23 has since sold its interest in 3 of the Operating Partnerships and 19 remain.

Prior to the quarter ended June 30, 2010, 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. Series 24 has since sold its interest in 4 of the Operating Partnerships and 20 remain.

During the quarter ended June 30, 2010, 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 June 30, 2010. 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. Series 25 has since sold its interest in 3 of the Operating Partnerships and 19 remain.

During the quarter ended June 30, 2010, Series 25 did not record any releases of capital contributions. Series 25 has outstanding contributions payable to 1 Operating Partnership in the amount of $10,001 as of June 30, 2010. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in its partnership agreement.

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. Series 26 has since sold its interest in 2 of the Operating Partnerships and 43 remain.

During the quarter ended June 30, 2010, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable to 3 Operating Partnerships in the amount of $14,490, as of June 30, 2010. 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 June 30, 2010, Series 27 did not record any releases of capital contributions. Series 27 has outstanding contributions payable to 3 Operating Partnerships in the amount of $22,861 as of June 30, 2010. Of the amount outstanding, $19,341 has been advanced to one of the Operating Partnerships. The advance will be converted to capital and the remaining contributions of $3,520 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 June 30, 2010, 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 June 30, 2010. 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 1 of the Operating Partnerships and 21 remain.

During the quarter ended June 30, 2010, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 3 Operating Partnerships in the amount of $10,197 as of June 30, 2010. 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 2 of the Operating Partnerships and 18 remain.

During the quarter ended June 30, 2010, 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 June 30, 2010. 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 1 of the Operating Partnerships and 26 remain.

During the quarter ended June 30, 2010, 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 June 30, 2010. 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 1 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 Operating Partnerships for this investment.

During the quarter ended June 30, 2010, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 3 Operating Partnerships in the amount of $173,561 as of June 30, 2010. Of the amount outstanding, $46,908 has been advanced or loaned to some of the Operating Partnerships. The loans 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 June 30, 2010, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of June 30, 2010. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their 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.

Prior to the quarter ended June 30, 2010, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

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 June 30, 2010, 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 June 30, 2010, 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 June 30, 2010, 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 June 30, 2010. 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 June 30, 2010, 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 June 30, 2010. 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 June 30, 2010, 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 June 30, 2010. 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 June 30, 2010, 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 June 30, 2010. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in its partnership agreement.

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 3 of the Operating Partnerships and 20 remain.

During the quarter ended June 30, 2010, 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 June 30, 2010. 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. Series 42 has since sold its interest in 1 of the Operating Partnerships and 22 remain.

During the quarter ended June 30, 2010, Series 42 released $93,942 of capital contributions. Series 42 has outstanding contributions payable to 3 Operating Partnerships in the amount of $295,615 as of June 30, 2010. Of the amount outstanding, $270,439 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $25,176 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 June 30, 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 June 30, 2010, 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 June 30, 2010. 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 June 30, 2010, Series 44 did not record any releases of capital contributions. Series 44 has outstanding contributions payable to 2 Operating Partnerships in the amount of $590,561 as of June 30, 2010. 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 1 of the Operating Partnerships and 30 remain.

During the quarter ended June 30, 2010, 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 June 30, 2010. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in their 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 June 30, 2010, Series 46 released $11,223 of capital contributions. Series 46 has outstanding contributions payable to 1 Operating Partnership in the amount of $8,915 as of June 30, 2010. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in their partnership agreement.

Results of Operations

As of June 30, 2010 and 2009, the Fund held limited partnership interests in 486 and 504 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 net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three months ended June 30, 2010 are as follows:

	3 Months Management Fee Net of Reporting Fee	3 Months Reporting Fee
Series 20	$   25,853	$ 38,978
Series 21	28,235	3,265
Series 22	44,005	11,312
Series 23	25,092	22,500
Series 24	34,763	9,712
Series 25	42,291	12,312
Series 26	90,689	12,172
Series 27	57,551	21,250
Series 28	55,502	28,027
Series 29	68,601	14,250
Series 30	46,543	-
Series 31	91,038	-
Series 32	68,414	5,158
Series 33	31,352	4,000
Series 34	73,299	-
Series 35	57,090	-
Series 36	37,072	3,077
Series 37	48,716	2,500
Series 38	34,079	7,021
Series 39	24,200	10,000
Series 40	47,854	2,150
Series 41	23,520	37,458
Series 42	(30,224)	92,669
Series 43	(32,583)	109,278
Series 44	57,175	14,000
Series 45	86,739	4,902
Series 46	61,623	759
	$1,198,489	$466,750

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 June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 20 reflects a net loss from Operating Partnerships of $(436,650) and $(182,467), respectively, which includes depreciation and amortization of $437,580 and $569,709, 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 ("IHDA"), and high debt. In general, the fundamentals of the property have been deteriorating since 2006 as a result of a decrease in annual average occupancy and a decrease in net effective rents. Occupancy as of June 30, 2010 averaged 77%. Average occupancy for 2009 was 86% versus 82% for 2008, 81% for 2007 and 93% for 2006. Due to several months of low occupancy, the property had insufficient cash to turn units and pay payroll and property management fees in early 2009. In May 2009, the investment partnership funded $16,238 to cover some payables associated with unit turn costs, as well as past due management fees and payroll. In the third quarter of 2009, the investment partnership funded an additional $23,553 to cover mold remediation costs (see below) that property operations could not support. To date, the investment partnership has funded $72,178 to the Operating Partnership for operating deficits, of which $39,791 was funded in 2009; $17,112 was funded in 2007; and the remainder was funded in prior years. The property operated slightly below breakeven in 2008 and has continued to operate below breakeven. The property should be able to breakeven at 94% occupancy; however, at the current occupancy level it is not possible to cover the cost of unit turnovers and pay debt service. The Operating Partnership previously established an operating reserve, which had a balance of approximately $78,000 at the end of the second quarter 2009; however, per the loan documents, this reserve functions as a debt service reserve, is controlled by the lender, and is only to be withdrawn from by the lender in the event of default under the loan agreement.

Several years ago, 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 had been attempting to find a replacement operating general partner and was 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 for an underperforming property. The broker suggested that the most likely replacement operating general partner would be a non-profit entity. The investment general partner requested assistance from IHDA, which is also the second lender, in identifying such a non-profit; however, IHDA was unable to provide recommendations or identify specific non-profit developers.

In May 2009, management reported mold growth in the basement of the property after several weeks of heavy rain. The water eventually dissipated, but the excessive moisture in the basement caused rapid mold growth, mostly in the storage areas and stairwell of the basement. Mold growth also spread into the laundry room used by the residents. No resident units were affected. A mold inspection was performed in June 2009 and remediation bids were received in July 2009. Remediation began in July 2009 and cost approximately $42,000, of which approximately $18,500 was paid out of operating cash. The work was completed in August 2009 and a subsequent inspection revealed that all samples were below acceptable contamination levels. To date, there have been no reports or claims with regard to this mold issue from any residents.

The property taxes and insurance are current; however, in June 2009, the Operating Partnership stopped making debt service payments due to cash flow shortfalls. The lender has issued a default notice, started the foreclosure process and appointed a receiver to run the property. During the fourth quarter of 2009, the Operating Partnership met with the senior lender to discuss the status of the property. As a result of this meeting, a restructuring proposal was made to the senior lender. This proposal sought to waive principal payments on the first, second and third mortgages from June of 2009 until December of 2011 with the deferral of principal payments contingent upon the extension through December 2011 of the existing agreement between the City of Bloomington, IL and the Operating Partnership. Under this agreement, the City reimburses the Operating Partnership for real estate taxes in excess of the 1996 property tax amount of $3,203. This agreement expired on December 31, 2009.

During the first quarter of 2010, the senior lender denied the Operating Partnership's request to restructure the debt and is proceeding toward foreclosure. On March 24, 2010, the court granted the lender a judgment of foreclosure and sale and we expect the foreclosure sale to occur prior to the end of 2010. The investment general partner has determined that the costs associated with maintaining the property through December 31, 2010, the end of the low income housing tax credit compliance period, appear greater than the benefits associated with maintaining tax credit compliance. Any foreclosure sale occurring prior to the December 31, 2010 expiration of the low income housing tax credit compliance period will require the Operating Partnership to recognize tax credit recapture. If the foreclosure were to take place in 2010, the Operating Partnership will experience estimated recapture and interest of $292,999, equivalent to $74 per 1,000 BACs. The lender assigned a receiver to the property on October 1, 2009. The receiver is now managing the property and all Operating Partnership accounts.

2730 Lafferty Street Apartments L.P. (Gardenview Apartments) is a 309-unit property located approximately twenty miles outside Houston, Texas. In 2009, the property operated below breakeven for the year with occupancy as of December 31, 2009 at 82%. 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 special of one month free and a resident referral program with a $300 discount are in place. Management has sent revised the marketing plan, which became effective during the first quarter of 2010. The occupancy for the second quarter of 2010 increased to 85% ending in June at 87%; with the implementation of the new marketing plan, management is hopeful the occupancy will show signs of improvement for the remainder of 2010. The mortgage, taxes, and insurance payments are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expires with respect to Lafferty Street Apartments, L.P.

Northfield Apartments, LP (Willow Point I Apartments) is a 120-unit property located in Jackson, Mississippi. Through the second quarter of 2010, the property continued to operate below breakeven due to low occupancy and high operating expenses. Occupancy decreased slightly from the first quarter and ended the second quarter at 67%. Occupancy remains low due to a lack of rent ready units. The property's management and maintenance teams are understaffed and have been unable to make vacant units rent ready. On several occasions during the second quarter, prospective residents cancelled leases because units were not ready on schedule. The management company has had difficulty recruiting qualified staff for property management and maintenance positions and employee turnover is a significant challenge for this property. Further, the Jackson, MS market is over-saturated with affordable units and the property has difficulty competing with newer affordable communities in the market. Operating expenses are high due to high maintenance and utility expenses. Maintenance expenses are high due to the repair and turn costs associated with vacant units and utility expenses are high due to exorbitant water rates in the City of Jackson. The investment general partner will conduct a site visit to assess and physical condition of the property and evaluate management in the third quarter of 2010. All taxes, insurance and mortgage payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Northfield Apartments, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In December 2006, the investment general partner of Boston Capital Tax Credit Fund II - Series 14, Series 17 and Boston Capital Tax Credit Fund IV - 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 transfer, 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. In April 2010, the investment limited partner transferred 49% of its interest for $68,174, $20,977, and $173,058 for Series 14, Series 17 and Series 20, respectively. Of the proceeds received, $7,000, $3,400 and $15,000 for Series 14, Series 17 and Series 20, respectively, will be paid to BCAMLP for expenses related to the transfer. The remaining proceeds of $61,174, $17,577 and $158,058, respectively, were returned to the cash reserves held by Series 14, Series 17 and Series 20, respectively. The proceeds were allocated to the investment limited partnerships based on their original equity investments in the Operating Partnership. The remaining investment limited partner interest is scheduled to be transferred in March 2011.

Floral Acres Apartments II (Floral Acres II) is a 32-unit complex located in Waggaman, LA. The property operated above breakeven in 2008 with average occupancy of 90%. As of December 31, 2009, occupancy was at 94%, yet the property operated below breakeven for the year due to a large increase in operating expenses. Maintenance costs increased from $16,949 in 2008 to $87,096 in 2009. According to the operating general partner, Rural Development required significant repair work as a result of their most recent audit. Repair work included a new roof and flooring throughout the complex. All repair work was completed in the fourth quarter of 2009. Occupancy has averaged 85% as of June 2010, with operations remaining slightly below breakeven status. As maintenance expenses have corrected back to their historic levels and occupancy continues to improve, management expects that the property will operate above breakeven by year-end. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Floral Acres Apartments II. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2010, the investment general partner transferred its interest in Clarksville Estates, LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $656,811 and cash proceeds to the investment partnership of $19,866. Of the total proceeds received $2,198 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the total proceeds received, $7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $10,168 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $10,168 as of March 31, 2010.

In May 2010, the investment general partner of Series 18 and Boston Capital Tax Credit Fund IV LP - Series 20, respectively, transferred their interests in Evergreen Hills Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,635,694 and cash proceeds to the investment partnerships of $29,680 and $12,720 in Series 18 and Series 20, respectively. Of the total proceeds received, $22,680 and $9,720, for Series 18 and Series 20, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,000 and $3,000, for Series 18 and Series 20, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18 and Series 20, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership were recorded as of June 30, 2010.

In June 2010, the investment general partner of Series 20 and Series 41 transferred their respective interests in Cascade Commons LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $22,279,256 and cash proceeds to the investment partnerships of $782,140 and $390,483 for Series 20 and Series 41, respectively. Of the total proceeds received, $18,709 and $9,757 for Series 20 and Series 41, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $763,431 and $380,726 were returned to cash reserves held by Series 20 and Series 41, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $763,431 and $380,726 for Series 20 and Series 41, respectively, as of June 30, 2010.

Series 21

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 21 reflects a net loss from Operating Partnerships of $(53,715) and $(112,787), respectively, which includes depreciation and amortization of $155,205 and $235,926, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a 48-unit family property located in Chippewa, Wisconsin. Occupancy as of June 30, 2010 was 94%. Although occupancy is strong and expenses remain reasonable, low rental rates in the area have prevented the property from achieving breakeven operations. The management company continues to market the available units by working closely with the Housing Authority, and by implementing 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. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Pumphouse Crossing II LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Black River Run, LP (River Run Apartments) is a 48-unit, family property located in Black River Falls, Wisconsin. Occupancy as of June 30, 2010, was 83%. Although expenses remain below the state average, low rental rates in the area have prevented the property from achieving breakeven operations. The property's taxes and insurance are current; however, the Operating Partnership stopped making debt service payments due to cash flow shortfalls. In the first quarter of 2010, the investment general partner learned that the property was six months in arrears on its mortgage and that the lender had issued a notice of default. The note was accelerated in April of 2010. The operating general partner was in contact with the lender in the hope of gaining an interest only forbearance for a four-year period (the note matures in 2014). However the lender did not agree to modify the terms of the loan and demanded a payment of $959,495 be made by April 20, 2010 to cure the default. The operating general partner failed to provide the funds and the lender commenced a foreclosure proceeding. A foreclosure process in Wisconsin could take up to 12 months. Once the court has issued a judgment of foreclosure, the borrower has a reinstatement period to stop the foreclosure by paying off the amount owed plus interest. The reinstatement period varies; however, most of the properties subject to foreclosure have 6-12 months for this payment. Historically, the operating general partner has funded operating deficits in accordance with its operating deficit guarantee, which is unlimited in time and amount. However, the operating general partner has indicated that it would not continue to support operations due to financial constraints. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Black River Run, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. A foreclosure sale occurring in 2010 would not result in any recapture or penalties because the property is beyond the compliance period. As the annual losses generated by the Operating Partnership had previously reduced the investment partnership's tax basis carrying value to zero, no gain or loss will be recognized by the investment partnership as a result of the foreclosure.

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. The property had an average occupancy rate of 77% in 2009 and operated below breakeven. As of June 30, 2010, occupancy increased to 85%. 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 tenants' 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 requested use of operating reserve funds in order to pay for 2008 taxes; as a result, the operating reserve balance is now zero. Accounts payable as of year-end 2009 were $215,664. The operating general partner reports the funding of $338,000 in operating deficits as of May 2010.

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.

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. Since the property is no longer part of the Section 42 program, the investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. That being said, it is highly unlikely that there will be any proceeds from the disposition of the investment limited partner's interest due to the high level of secured debt, mechanic's lien, the property's poor operating results and deficient physical condition.

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family property located in Menomonie, Wisconsin. Occupancy was 97% as of June 30, 2010. The property's operating expenses are below the state averages. Despite high occupancy, low rental rates in the area have prevented the property from achieving breakeven operations. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and account payables are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Pinedale II, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2010, the investment general partner transferred its interest in Campton Housing Associates LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $951,173 and cash proceeds to the investment partnership of $32,689. Of the total proceeds received $2,640 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $15,808 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $14,241 was returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $14,241 as of March 31, 2010.

Centrum-Fairfax I, LP (Forest Glen at Sully Station, Phase I) is a 119-unit property located in Centerville, VA. Based on the results of a market study performed in 2006, the operating general partner decided to reconfigure the property to have only 83 units, which reduced the number of 1-bedroom units from 100 to 29 and increased the number of 2-bedroom units from 19 to 55. The construction was completed in March 2007 and the property was fully re-occupied by the spring of 2008. However, in 2009 occupancy began to drop and as a result the property was unable to breakeven. Average occupancy in 2009 was 85%. Through the second quarter of 2010, physical occupancy improved and as of June 2010 the property was 93% occupied. The improved occupancy was due to intensified marketing efforts. The higher occupancy resulted in the property reaching breakeven in June 2010. The mortgage, taxes, and insurance are all current. The operating general partner continues to fund operating deficits.

In May 2009, the investment general partner entered into an agreement to transfer its interest in Centrum - Frederick LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $5,372,664 and cash proceeds to the investment partnership of $466,654. Of the total proceeds received, $88,576 represents a reimbursement of funds previously advanced to the Operating Partnership, and $55,000 represents reporting fees due to an affiliate of the investment partnership. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $308,078 were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to $97,878. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $210,200 as of June 30, 2009. In August 2009, the investment partnership received its share of the operating partnership's cash and reserves in the amount of $410,000, which was recorded as a gain on sale and returned to the cash reserves as of September 30, 2009.

In January 2010, in accordance with the operating partnership agreement for Cattaraugus Manor LP, the investment general partner transferred its interest in Cattaraugus Manor LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,051,904 and cash proceeds to the investment limited partner of $0. 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 on the sale of the Operating Partnership has been recorded as of March 31, 2010. The investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

Series 22

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 25 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 22 reflects a net loss from Operating Partnerships of $(236,436) and $(264,200), respectively, which includes depreciation and amortization of $378,772 and $441,623, 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 2009 averaged 85% and the property operated below breakeven due to low occupancy and high maintenance costs. Maintenance expenses were higher in 2009 due to a water sprinkler supply line being cut causing considerable damage. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in the area. According to management, another Illinois Housing Development Authority property opened in January 2010 saturating the market with a supply of income restricted units that weren't needed. The property is contemplating offering one-month free rent or free cable service to drive demand for Elks Tower units. As of June 30 2010, occupancy was 96%. 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. Occupancy as of June 30, 2010, was 83%. Although expenses remain below the state average, low rental rates in the area have prevented the property from achieving breakeven operations. The property's taxes and insurance are current; however, the Operating Partnership stopped making debt service payments due to cash flow shortfalls. In the first quarter of 2010, the investment general partner learned that the property was six months in arrears on its mortgage and that the lender had issued a notice of default. The note was accelerated in April of 2010. The operating general partner was in contact with the lender in the hope of gaining an interest only forbearance for a four-year period (the note matures in 2014). However the lender did not agree to modify the terms of the loan and demanded a payment of $959,495 be made by April 20, 2010 to cure the default. The operating general partner failed to provide the funds and the lender commenced a foreclosure proceeding. A foreclosure process in Wisconsin could take up to 12 months. Once the court has issued a judgment of foreclosure, the borrower has a reinstatement period to stop the foreclosure by paying off the amount owed plus interest. The reinstatement period varies; however, most of the properties subject to foreclosure have 6-12 months for this payment. Historically, the operating general partner has funded operating deficits in accordance with its operating deficit guarantee, which is unlimited in time and amount. However, the operating general partner has indicated that it would not continue to support operations due to financial constraints. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Black River Run, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. A foreclosure sale occurring in 2010 would not result in any recapture or penalties because the property is beyond the compliance period. As the annual losses generated by the Operating Partnership had previously reduced the investment partnership's tax basis carrying value to zero, no gain or loss will be recognized by the investment partnership as a result of the foreclosure.

Roxbury Veterans Housing, LP (Highland House) is a 14-unit property located in Roxbury, Massachusetts. In the second quarter of 2007 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. 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 mortgage sale of the property 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. All units remained vacant through the fourth quarter of 2008. The property began making units available in 2009 and operated above breakeven for the year with occupancy ending the year at 93%. The occupancy dipped slightly to 86% through the second quarter of 2010, but management is confident that the occupancy will increase during the second half of the year. 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; after repeated attempts for confirmation, the agency's position remains unknown. 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 local economy. 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 site visit was completed in June 2010, and found the property in good condition. The 2009 average occupancy was 89%, reaching 90% in December 2009. Through the second quarter of 2010 the occupancy showed signs of improvement increasing to an average of 92%. The operating general partner continues to fund all operating deficits. The 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 83% in 2008 and 87% in 2009. Despite the low occupancy, the Operating Partnership has been able to breakeven due to the operating general partner's ability to control expenses. The management company was replaced at the end of 2007. Turnover at the maintenance staff position remained problematic in 2009 and contractors were hired to turn vacant units as management worked to fill three vacant maintenance positions. All three maintenance positions were filled in the third quarter of 2009 and the property has been fully staffed since that time. Management is aggressively advertising in local publications and online sources. Through the second quarter of 2010, occupancy was 86% and operations remained above breakeven. All real estate tax, insurance, and mortgage payments are current.

In July 2010, the operating general partner of Edmond Properties, A Limited Partnership approved an agreement to sell the property to an unrelated third party and the transaction is scheduled to close in September 2010. The anticipated sales price for the property is $6,565,000, which includes the outstanding mortgage balance of approximately $4,089,525 and cash proceeds to the investment partnerships of $687,874 and $687,875 for Series 22 and Series 23, respectively. Of the total proceeds estimated to be received, it is estimated that $7,500 and $7,500 for Series 22 and Series 23, respectively, will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $680,374 and $680,375 for Series 22 and Series 23, respectively, are anticipated to be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property located in Riverview, FL. The property operated below breakeven through June 30, 2010 due to high operating expenses, bad debt, and vacancy loss. Despite low occupancy through May 2010, the property did rebound in June and ended the quarter at 91% occupied. Administrative expenses were high as a result of the aggressive marketing efforts made by management. Management continues to focus marketing efforts on on-line sources, Section 8 voucher holders, the Tampa Housing Authority, and the Hillsboro County Agencies. Management has been successful in reducing utility and maintenance expenses but operations remain below breakeven due to the high vacancy losses and bad debt. Maintaining occupancy above 90% is an ongoing struggle due to the poor economic conditions in Florida where job losses have led to increased evictions and migration from the area. In an effort to combat bad debt, the investment general partner is working with management to implement a stricter screening process in order to mitigate evictions and unexpected move outs. The property received a onetime marketing reimbursement in May 2010 in the amount of $87,000 from a cable company, resulting from an Installation and Access Agreement which granted the cable company the right to take control over the cable at the property. These funds will help offset the high operating expenses. The investment general partner will continue to work with management to improve economic occupancy and control expenses. All real estate tax, insurance and mortgage payments are current. The Operating Partnership's compliance period expires in 2010.

Richmond Hardin (Richmond Square Apartments) is a 32-unit family property located in Richmond, Missouri. Occupancy has fluctuated throughout the second quarter of 2010 and ended at 84%. Low occupancy and high administrative expenses caused the property to operate below breakeven through the second quarter of 2010. The property is not located in a densely populated area and the majority of residents are retail employees with diminishing work hours. Administrative expenses are high as the site manager continues to increase advertising and outreach to area employers, as well as offering resident referrals and rent concessions. Occupancy continues to be a problem as layoffs are still prevalent in the surrounding area. The investment general partner will continue to work with management to investigate alternative methods of attracting residents. The mortgage, real estate taxes and insurance are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Richmond Hardin. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Lost Tree Limited Partnership (Lost Tree Apartments) is an 88-unit family property located in Branson, Missouri. Occupancy began to decline in early 2009 and hit 80% in April of that year. However, the property rebounded to 92% by December and as of June 30, 2010 occupancy was 90%. The property has operated below breakeven in 2010. The resident base is composed mostly of employees of the tourism industry, which has suffered in the recent economic downturn. Additionally, maintenance expenses have increased from 2008 to 2009 because of the increased turnover. Management and the operating general partner continue to increase advertising and outreach. In 2009, the operating general partner used $41,000 from the replacement reserve to fund deferred maintenance expenses and developer fees. In December 2009, the operating general partner initiated a short term $50,000 loan to pay down the remaining developer fee, pay taxes and pay down the majority of payables. The operating general partner has exhausted the reserves and now will be required to fund estimated deficits of $18,000 to $20,000 per year. The investment general partner will continue to monitor the situation closely to ensure the deficits are funded. Property taxes and insurance are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Lost Tree LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2010, in accordance with the operating partnership agreement for Bellwood Gardens LP, the investment general partner transferred its interest in Bellwood Gardens LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,195,267 and cash proceeds to the investment limited partner of $0. 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 on the sale of the Operating Partnership has been recorded as of March 31, 2010. The investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

In March 2010, the investment general partner transferred its interest in Clarendon Court LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,391,510 and cash proceeds to the investment partnership of $56,082. Of the total proceeds received, $3,934 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $15,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $37,148 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $37,148 as of March 31, 2010.

In January 2010, the investment general partner transferred its interest in Fonda LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $958,534 and cash proceeds to the investment partnership of $28,834. Of the total proceeds received $5,115 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $23,719 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $23,719 as of March 31, 2010.

In January 2010, in accordance with the operating partnership agreement for Lake Street Apartments, the investment general partner transferred its interest in Lake Street Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,308,662 and cash proceeds to the investment limited partner of $0. 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 on the sale of the Operating Partnership has been recorded as of March 31, 2010. The investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

Series 23

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 23 reflects a net loss from Operating Partnerships of $(156,506) and $(318,699), respectively, which includes depreciation and amortization of $307,389 and $404,896, 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. Replacement reserves have not been fully funded and the accounts payable balance remains high. The balance sheet indicates that over $360,000 is due from the operating general partner and affiliates for unapproved loans from the Operating Partnership, including an additional $58,500 to the operating general partner's company in 2008. The investment general partner visited the operating general partner at his corporate office to discuss these issues. The operating general partner stated that he would need to conduct additional research to understand how these resources were deployed. Asset management fees are guaranteed and remain outstanding. In addition, Operating Partnership reporting from the operating general partner is sporadic. Year-end 2009 occupancy was 97%, but operations were below breakeven for the year. The property continues to operate below breakeven through the second quarter of 2010. All taxes and insurance payments are current. However, the mortgage payments are three months in arrears. The operating general partner states that the relationship with the lender is strong and they are working with them to come to a payment plan agreement. The loan is currently not in default and there are no liens on the property. The management company was replaced on June 1, 2010, without the investment general partner's approval. The operating general partner, along with the new management company, are outlining capital improvements and repairs that need to be addressed at the property along with addressing outstanding unit violations placed on the property by the local housing authority. The investment general partner is planning a visit to the site in the third quarter of 2010. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Colonna Redevelopment Company. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

South Hills Apartments (South Hills Apartments, LP) is a 72-unit, family property located in Bellevue, Nebraska. In 2008, the property operated below breakeven as a result of low occupancy, low rental rates and overly burdensome debt, which carried an interest rate of 10.4%. Due to a number of job losses in the area, occupancy decreased to 82% for 2009. There were few qualified prospective residents that could afford the tax credit rents without obtaining rental assistance, which was limited. The property was also competing with newer properties, which offered superior amenity packages. Despite management's marketing and rent collection efforts, the property continued to operate below breakeven in 2009.

Historically, the operating general partner had funded operating deficits in accordance with its operating deficit guarantee, which is unlimited in time and amount. However, in the first quarter of 2009, the operating general partner indicated that it would not continue to support the operations due to financial constraints. As a result, the Operating Partnership missed the April and June mortgage payments. In July 2009, the lender served the Operating Partnership with a Notice of Default and Election to Sell. In addition, the mortgage was in technical default, as it fell below the required minimum combined escrow (real estate taxes, insurance, and replacement reserves) balance of $50,000. The lender demanded a payment of $70,000 to be made by August 3, 2009, to cure the default; however, the operating general partner failed to provide such funds. The lender commenced a foreclosure action on August 4, 2009, with a foreclosure sale that was scheduled for October 20, 2009. At that time, the investment general partner determined that the costs associated with maintaining the property through December 31, 2010, the end of the low income housing tax credit compliance period, appeared to be greater than the benefit associated with maintaining tax credit compliance.

In September, a buyer was identified who was willing to purchase the interests of the Operating Partnership for a nominal amount and keep the property affordable through the remainder of the compliance period, if the lender would agree to withdraw the foreclosure filing. However, the lender rejected this proposal and, in October, accepted a bid from another buyer to purchase from the lender the outstanding debt on the property. The new lender delayed the foreclosure for several weeks. On December 1, 2009, the operating general partner, investment general partner, and new lender signed an agreement to transfer the deed to the lender in lieu of foreclosure in January 2010. On January 4, 2010, the deed was transferred to the new lender. 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 on the foreclosure of the Operating Partnership has been recorded as of March 31, 2010. It was originally estimated that a foreclosure occurring in 2010 would result in the Operating Partnership experiencing estimated recapture and interest of $360,713, equivalent to $106 per 1,000 BACs. However, the property will likely maintain its affordable housing minimum set-aside through 2010, due to the three year vacancy decontrol rule set forth in Section 42 of the Internal Revenue Code, which prevents owners from evicting current residents for three years. The recapture costs will likely be based only on the units that were not occupied by income qualified residents in 2010, which should result in recapture costs lower than those stated above. This value cannot be determined until year-end 2010.

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 local economy. 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 site visit was completed in June 2010, and found the property in good condition. The 2009 average occupancy was 89%, reaching 90% in December 2009. Through the second quarter of 2010 the occupancy showed signs of improvement increasing to an average of 92%. The operating general partner continues to fund all operating deficits. The 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 83% in 2008 and 87% in 2009. Despite the low occupancy, the Operating Partnership has been able to breakeven due to the operating general partner's ability to control expenses. The management company was replaced at the end of 2007. Turnover at the maintenance staff position remained problematic in 2009 and contractors were hired to turn vacant units as management worked to fill three vacant maintenance positions. All three maintenance positions were filled in the third quarter of 2009 and the property has been fully staffed since that time. Management is aggressively advertising in local publications and online sources. Through the second quarter of 2010, occupancy was 86% and operations remained above breakeven. All real estate tax, insurance, and mortgage payments are current.

In July 2010, the operating general partner of Edmond Properties, A Limited Partnership approved an agreement to sell the property to an unrelated third party and the transaction is scheduled to close in September 2010. The anticipated sales price for the property is $6,565,000, which includes the outstanding mortgage balance of approximately $4,089,525 and cash proceeds to the investment partnerships of $687,874 and $687,875 for Series 22 and Series 23, respectively. Of the total proceeds estimated to be received, it is estimated that $7,500 and $7,500 for Series 22 and Series 23, respectively, will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $680,374 and $680,375 for Series 22 and Series 23, respectively, are anticipated to be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property located in Riverview, FL. The property operated below breakeven through June 30, 2010 due to high operating expenses, bad debt, and vacancy loss. Despite low occupancy through May 2010, the property did rebound in June and ended the quarter at 91% occupied. Administrative expenses were high as a result of the aggressive marketing efforts made by management. Management continues to focus marketing efforts on on-line sources, Section 8 voucher holders, the Tampa Housing Authority, and the Hillsboro County Agencies. Management has been successful in reducing utility and maintenance expenses but operations remain below breakeven due to the high vacancy losses and bad debt. Maintaining occupancy above 90% is an ongoing struggle due to the poor economic conditions in Florida where job losses have led to increased evictions and migration from the area. In an effort to combat bad debt, the investment general partner is working with management to implement a stricter screening process in order to mitigate evictions and unexpected move outs. The property received a onetime marketing reimbursement in May 2010 in the amount of $87,000 from a cable company, resulting from an Installation and Access Agreement which granted the cable company the right to take control over the cable at the property. These funds will help offset the high operating expenses. The investment general partner will continue to work with management to improve economic occupancy and control expenses. All real estate tax, insurance and mortgage payments are current. The partnership's compliance period expires in 2010.

Mathis Apartments, LTD (Mathis Apartments) is a 32-unit complex located in Mathis, TX. In 2008, occupancy averaged 94% and the property operated above breakeven. Occupancy remained strong throughout 2009, ending the year at 95%. There was a large increase in maintenance costs in 2009. Maintenance costs increased 84% over 2008 figures. According to the operating general partner, the spike in maintenance is due to Rural Development required repairs. Despite the increase in maintenance costs the property operated above breakeven in 2009. The property continued to operate above breakeven through the second quarter of 2010 with occupancy averaging 98%. All taxes, insurance and mortgage payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Mathis Apartments, LTD. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2010, the investment general partner transferred its interest in Philmont LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,443,412 and cash proceeds to the investment partnership of $43,398. Of the total proceeds received $5,173 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $38,225 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $38,225 as of March 31, 2010.

In February 2010, the investment general partner entered into an agreement to transfer its interest in Broderick Housing Associates LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,611,311 and cash proceeds to the investment partnership of $74,780. The transaction closed on April 26, 2010. Of the total proceeds received $10,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $20,400 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds from the transfer of $44,380 was returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $44,380 as of June 30, 2010.

Mid City Associates LP (Mid City Apartments) has 58 modular duplex apartments, comprising the first phase of a two-phase low-income housing project totaling 96 units in the North Greenville section of Jersey City. Located on 15 separate infill parcels, Mid-City Apartments consists of 57 2-bedroom and 1 3-bedroom units including three 2-bedroom apartments designed specifically for handicapped tenants. In 2008, the property had a cash flow deficit. Average occupancy in 2009 was 98%. As of June 30, 2010 the property is 100% occupied with minimal bad debt. During November 2009 the first mortgage note in the amount of $990,000 matured. As of December 31, 2009 the liability was paid in full. In September 2009, the Operating Partnership began discussions regarding the possibility of refinancing the third mortgage note, which also matured in November 2009. The process is currently ongoing; with the mortgage holder agreeing to forbearance until refinancing is finalized. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Mid City Associates LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Series 24

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 24 reflects a net loss from Operating Partnerships of $(141,893) and $(216,419), respectively, which includes depreciation and amortization of $372,799 and $390,169, 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 the residents use some public subsidy, making this a very management-intensive property. Poor tenancy has historically resulted in operating deficits. Other management issues, including poor rent collections and deferred maintenance, have also negatively impacted the property. Occupancy averaged 81% in 2009 and the property operated below breakeven. Management has been working with the Department of Social Services in Westchester County through the County's shelter program. They identified a group of potential residents living in emergency housing units. These residents were being prepared for transition into a permanent housing, and came with a subsidy provided by the Department of Social Services based on family size. As a result, occupancy has increased to 91% as of June 2010. Management is trying to be proactive in keeping residents by supplying life skills training 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. Operating expenses through the second quarter of 2010 are running slightly above budget and the property continues to operate below breakeven. The mortgage, real estate taxes, and insurance payments are all current. The replacement reserve is fully funded. The operating general partner has funded the operating deficits through cash infusions and deferred management fees. The operating general partner's long-term goal is to work on improving and stabilizing the neighborhood in order to attract and retain residents. They have a longstanding and ongoing commitment to the residents of southwest Yonkers where their housing programs and service offices are located. A site visit conducted in the fourth quarter of 2009 confirmed that the property had good curb appeal and was well maintained. 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 compliance period expires December 31, 2010. The investment general partner will continue to monitor this property until operations improve.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. In 2009, average occupancy was 95%; however, the property continued to operate below breakeven due to high operating expenses. Occupancy continues to be strong and was 100% at the end of the second quarter of 2010. Operating expenses are high mainly due to high maintenance costs as a result of severe physical deficiencies in a number of buildings on site. Since construction, a number of the buildings have had differential settlement issues resulting in cracked floor slabs, cracked brick veneer, cracking windows and doors and sagging balconies. These concerns have been addressed on an ongoing basis via advances by the operating general partner. Despite high occupancy and cost control efforts including staffing reduction, reduced marketing and the shutting down of one boiler during warmer months, the property continues to operate below breakeven in 2010. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. So far the operating general partner has advanced over $1,800,000 for repairs and operating deficits. The mortgage, trade payables, property taxes and insurance are current. The low income housing tax credit compliance period will expire on December 31, 2010.

Zwolle Partnership (Lakeway Apartments) is a 32-unit multifamily development located in Zwolle, Louisiana. Occupancy issues began in 2007 following a rent increase. According to the operating general partner, in addition to the rent increase, occupancy had been adversely affected by a weak local economy, as well as turnover of the on-site manager position. Occupancy averaged 82% in 2008. Despite the low occupancy, the property managed to operate above breakeven due to a reduction in operating expenses. In September of 2009 a new management company was brought in to manage the complex. The new management company has a great deal of experience in affordable housing management throughout Louisiana and Texas. The new management company found there to be a good deal of deferred maintenance at the property and vacant units were not rent ready. By December 31, 2009, new management had addressed all deferred maintenance issues at the site and had restored all vacant units to rent ready status. The cost for the repair work was funded from the project's operating and replacement reserve accounts. As a result, occupancy improved to 94% as of December 31, 2009, but the property operated below breakeven for the year due to the increase in maintenance costs. As of June 2010, the property is 100% occupied and operating above breakeven for the year. The operating deficit guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2010.

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. In 2008, occupancy averaged 85%, and the property operated below breakeven for the year. In 2009, the property averaged 73% occupancy and operated below breakeven. The primary reasons that the property continues to operate below breakeven include: insufficient rental rates, vacancy loss, various capital improvement projects and additional replacement reserve funding per a Rural Development workout plan. Occupancy has been improving in 2010 and is 100% as of June 2010. The improved occupancy is the result of a new community manager and a one-month free rent concession. 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 general partner's guarantee is unlimited in time and amount. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to New Hilltop Apartments, Phase II. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Century East V, LP (Century East V Apartments) is a 24-unit development located in Bismarck, ND. In 2009, occupancy averaged 84% and operations were slightly below breakeven. Due to performance concerns, the site manager was replaced during the fourth quarter of 2008. The concerns were mostly related to poor tenant screening. The new manager began evicting problematic tenants and put into place more stringent applicant approval standards. Further, as rents had not been increased in four years, management increased rents significantly. Despite the increase, rents were still lower than the market average. Many tenants moved out as a result of the increase. Others moved out due to management's enforcement of the rules, resulting in a decline in occupancy to 75% as of January 2009. Management then increased marketing efforts and outreach. Occupancy improved to 88% by year-end 2009 and has continued trending upward in 2010 and was at 100% as of June 2010. The property is operating slightly above breakeven for 2010. Management is considering another rental rate increase in an effort to further increase cash flow. The investment general partner will continue to monitor the property's performance. All real estate tax, mortgage, and insurance payments are current.

North Hampton Place, LP (North Hampton Place Apartments) is a 36-unit family property located in Columbia, Missouri. The property continued to operate above breakeven through the second quarter of 2010 and ended the quarter at 94% occupancy. Improved operations are the result of new management personnel. The new staff received training in leasing, marketing and resident retention, which helped their performance. Additionally, the hours of operation for the leasing office have been increased. The investment general partner will continue to monitor operations and management to ensure stabilization. The mortgage, real estate taxes, and insurance are current. The low income housing tax credit compliance period expires at year-end 2010.

Centenary Housing, LP. (Centenary Tower Apartments) was 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. The bondholders' trustee has been attempting to market the property since late 2007, with numerous offers falling through. In August 2009, the trustee identified a buyer that agreed to purchase the property for $375,000 and scheduled a foreclosure sale for late September. The property was sold at foreclosure sale to this buyer on September 23, 2009 for $375,000, or less than $.20 of the face value of the bonds. There are no proceeds to be returned to cash reserves. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the foreclosure of the Operating Partnership has been recorded.

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. In 2009, average occupancy was 90%, and the property operated slightly below breakeven due to high utility expenses, high real estate taxes and turnover related expenses. Historically, management at this property has coordinated with Lutheran Social Services (LSS) to provide housing to recent immigrants with no rental or credit history. As a result, the property was negatively affected by unique cultural concerns. In 2008, management discontinued providing housing for LSS referrals without an established rental and credit history. In addition, leases of problematic tenants were not renewed. As a result, occupancy declined to 79% in January 2009 but trended upward throughout the year and into 2010. In addition to the change in leasing strategies, physical improvements were made to increase marketability including new landscaping and appliances. As of June 30, 2010, physical occupancy was 92% and the property is operating just above breakeven. In an effort to continue this upward trend in occupancy, aggressive marketing tactics, which include advertisements in the local newspaper and the Apartment Finder Magazine, have been put into place. In addition, management has also made the property pet friendly, opening the door to a whole new tenant base. The operating general partner continues to fund all deficits as operations are supported by an unlimited guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing standards as well as reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments I Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In May 2009, the investment general partner of Series 24 and Series 25, respectively, entered into an agreement to transfer its interest in Laurelwood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,093,596 and cash proceeds to the investment partnerships of $108,413 and $53,397 to Series 24 and Series 25, respectively. Of the total proceeds received, $23,450 and $11,550 from Series 24 and Series 25, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $6,114 and $3,011 from Series 24 and Series 25, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $78,849 and $38,836 were returned to cash reserves held by Series 24 and Series 25, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amounts of $78,849 and $38,836 for Series 24 and Series 25, respectively, as of June 30, 2009.

Pahrump Valley Investors (Pahrump Valley Apartments) is a 33-unit senior living facility located in Pahrump, Nevada. The property operated slightly below breakeven in 2009. Management reported that turnover decreased in 2009 and dropped precipitously in the first quarter of 2010. The property will begin to fund turnover costs from a well-funded replacement reserve account, eliminating the practice of funding these expenses through the operating cash account. At the end of June 2010, the property was 100% occupied, with operations well above breakeven. In January 2010, management implemented a $100 monthly rental increase. The rent increase enabled management to significantly reduce accrued payables. Management's goal is to eliminate all accrued payables by the end of 2010. The mortgage, taxes, and insurance are all current.

In January 2010, the investment general partner transferred its interest in Brownsville Associates Limited, LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,161,625 and cash proceeds to the investment partnership of $34,849. Of the total proceeds received, $14,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $13,349 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $13,349 as of March 31, 2010.

In January 2010, the investment general partner transferred its interest in Stanton Associates Limited, LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,172,438 and cash proceeds to the investment partnership of $35,173. Of the total proceeds received, $11,926 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $15,747 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $15,747 as of March 31, 2010.

Series 25

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 25 reflects a net income (loss) from Operating Partnerships of $50,898 and $(243,246), respectively, which includes depreciation and amortization of $428,971 and $573,077, 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 2005, the original general partner and management company were replaced as operations fell below breakeven and deferred maintenance issues developed. Since deferred maintenance had not been properly addressed, the new management company struggled to bring severely damaged units back online as replacement reserve funds and cash flow was insufficient to complete the work. Although the new operating general partner funded capital expenditures of $133,000 in 2005 and $190,000 in 2006 to complete repairs, the property failed the 2007 Real Estate Assessment Center (REAC) inspection. Due to the failed inspection, the Department of Housing and Urban Development (HUD) lost confidence in the management company and required a 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 2007 REAC inspection, as well as additional rehab items on all units. A new management company was hired in February 2008.

Since that time, management has focused on evicting problem tenants, strengthening screening criteria, and working closely with the local social service organizations and the local authorities in order to improve security and the reputation of the property. Occupancy averaged 91% in 2009 and operations were slightly above breakeven. A new REAC inspection in December 2009 resulted in a failing score but that inspection was challenged due to inspector error. The inspection was reissued with a passing score in March of 2010. With the passing of the REAC inspection Indianapolis HUD agreed to extend the Housing Assistance Program contract to January 31, 2012. The owner has signed the contract and is awaiting the final executed copy to be returned. In June 2010, local police with the help of management and HUD staged a raid at the site. The raid was concentrated at Sutton Place as it is the largest property in the area. Management is confident that actions such as these will continue to help revitalize the neighborhood and strengthen the community. Most of the suspects arrested as part of the raid were visitors of tenants. Through the second quarter of 2010, occupancy was 97% and the property was operating above breakeven. All real estate tax, insurance, and mortgage payments are current.

M.R.H., LP (The Mary Ryder Home), is a 48-unit elderly property located in St. Louis, MO. Despite strong occupancy, the property operated at a deficit in 2007, due to a large increase in real estate taxes. The City of St. Louis granted the property a tax abatement that expired in 2006; however, the operating general partner erroneously thought the abatement went through 2007, and did not budget for the additional liability. The new assessment was appealed after the City of St. Louis rejected an extension to the abatement. The firm who did the original property appraisal offered its service for the appeal, pro-bono. In the third quarter of 2009, the tax assessment was reduced by approximately 50%, resulting in an $18,756 tax savings. The operating general partner and the tax consultant felt that the taxes should be reduced further and continued to appeal the assessment into the fourth quarter of 2009. This was not successful; however, the property was reclassified from a commercial property to a residential property. The operating general partner plans to appeal the 2010 assessment, which is expected to be issued in the third quarter of 2010. The property has been paying the higher tax amount through the entire tax appeal process; all payments are current. The property continued to operate below breakeven in 2009 due to high operating expenses. In the first quarter of 2010, the property experienced a decline in occupancy and resulting increase in maintenance costs associated with turnover expenses; this trend has continued throughout the second quarter of 2010. Occupancy averaged 78% in the first quarter and 75% for the quarter ending June 30, 2010. Management has reported that an improvement in occupancy is not expected through 2010. The current deficits are being funded through charitable contributions and operating general partner advances. The investment general partner will continue to hold monthly calls until operations stabilize. Despite the cash deficit, the Operating Partnership has no debt. The operating deficit guarantee is unlimited in time and amount. The low income housing tax credit compliance period expires on December 31, 2011.

In May 2009, the investment general partner entered into an agreement to transfer its interest in Dogwood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,307,114 and cash proceeds to the investment partnership of $46,846. Of the total proceeds received, $37,721 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $9,125 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no proceeds to be returned to cash reserves. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In May 2009, the investment general partner of Series 24 and Series 25, respectively, entered into an agreement to transfer its interest in Laurelwood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,093,596 and cash proceeds to the investment partnerships of $108,413 and $53,397 to Series 24 and Series 25, respectively. Of the total proceeds received, $23,450 and $11,550 from Series 24 and Series 25, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $6,114 and $3,011 from Series 24 and Series 25, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $78,849 and $38,836 were returned to cash reserves held by Series 24 and Series 25, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amounts of $78,849 and $38,836 for Series 24 and Series 25, respectively, as of June 30, 2009.

In January 2010, the operating general partner of Sandstone Village Limited Partnership entered into an agreement to sell the property and the transaction closed on April 9, 2010, but no proceeds have been received. The sales price of the property was $1,509,127, which includes the outstanding mortgage balance of approximately $1,324,657 and cash proceeds to the investment partnership of $21,818. Of the total proceeds received, $13,134 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $8,684 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. No proceeds from the sale were returned to cash reserves. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

Series 26

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 43 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 26 reflects a net loss from Operating Partnerships of $(124,736) and $(207,151), respectively, which includes depreciation and amortization of $649,045 and $611,585, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2009, the investment general partner entered into an agreement to transfer its investment limited partner interest in Cameron Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $578,473 and cash proceeds to the investment limited partner of $0. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

The Willows, (The Willows Apartments) is a 32-unit multifamily development located in Smithville, Texas. In 2008, occupancy averaged 92% and the property operated right at breakeven. The property operated above breakeven in 2009 and through the second quarter of 2010, the property continues to operate above breakeven. There are mandatory Texas Department of Housing and Community Affairs repairs that need to be addressed. The operating general partner has received a Housing Trust Fund loan totaling $500,000 to rehabilitate the property.  The work began in May 2010, with an estimated duration of six to ten months. 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. Through 2009, occupancy declined to an annual average of 79%. The property operated below breakeven in 2009 due to high economic vacancy, high real estate taxes, high utility expenses and turnover related expenses. Historically, management at this property had coordinated with LSS to provide housing to new immigrants with no rental or credit history. As a result, the property was negatively impacted by unique cultural concerns. In 2008, management discontinued providing housing for Lutheran Social Services referrals without an established rental and credit history. In addition, leases of problematic tenants were not renewed. According to the property management team, the recent dip in occupancy is related to the housing credit that was recently available to home buyers. The housing credit provided direct competition to rental properties as it incentivized people to own and not rent. Since the housing credit ended in April 2010, the site has experienced an increase in occupancy. As of June 2010, physical occupancy was 90%. Physical improvements such as new landscaping and appliance replacement are being made to increase the marketability of the property. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The mortgage, trade payables, property taxes, and insurance are current.

Grandview Apartments, LP (Grandview Apts.) is a 36-unit property located in Fargo, North Dakota. In 2009, average occupancy increased to 89% but the property continued to operate below breakeven due to high vacancy, high real estate taxes, turnover costs and utility expenses. Historically, management at this property had coordinated with Lutheran Social Services to provide housing to new immigrants with no rental or credit history. As a result, the property was negatively impacted by unique cultural concerns. In 2008, management discontinued providing housing for LSS referrals without an established rental and credit history. In addition, leases of problematic tenants were not renewed. According to the property management team, the recent dip in occupancy is related to the housing credit that was recently available to home buyers. The housing credit provided direct competition to rental properties as it incentivized people to own and not rent. Since the housing credit ended in April 2010, the site has experienced an increase in occupancy. At the close of the second quarter in 2010, physical occupancy was 94%. The investment limited partner continues to monitor property's leasing strategies and physical improvements to ensure steps are being taken to enhance marketability. The operating general partner continues to fund all deficits as operations are supported by an unlimited guarantee. 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. In 2009, average occupancy was 72%. Operations in 2009 were below breakeven due to high economic vacancy, real estate taxes, turnover costs and utility expenses. Historically, management at this property had coordinated with Lutheran Social Services to provide housing to new immigrants with no rental or credit history. As a result, the property was negatively impacted by unique cultural concerns. In 2008, management discontinued providing housing for LSS referrals without an established rental and credit history. In addition, leases of problematic tenants were not renewed. Because of these changes, occupancy declined to 75% during the fourth quarter of 2008 and continued trending downward throughout 2009. As of June 30, 2010, physical occupancy was 83% and the property was operating below breakeven. The management company is currently offering a $500 leasing incentive for all 12 month leases. The incentive will stay in effect until physical occupancy is above 90%. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited 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.

East Park II, LP (East Park Apartments II) is a 24-unit development in Dilworth, MN. Average occupancy for 2009 was 76%. Operations in 2009 were below breakeven due to the combination of increased vacancy loss and a significant increase in turnover costs. The property 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 many families living at the property moved to larger townhouses. In 2008, the operating general partner began replacing appliances, carpet and flooring. In addition, the roof was replaced. In 2009, new siding was installed and the parking lot was re-surfaced and re-striped. At the close of the second quarter of 2010, physical occupancy is 75%. 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 July 2008, the investment general partner conducted a site inspection at the property. At the time of the inspection, all ten units were vacant. Since that time, the operating general partner invested $20,000 into the property. Throughout 2009, the investment general partner worked with the operating general partner in an effort to bring the property back on-line. The property is 90% occupied as of June 30, 2010. The investment general partner will continue to monitor occupancy to ensure stabilization. The low income housing tax credit compliance period expires in 2011. All real estate tax, mortgage, and insurance payments are current.

In May 2009, the investment general partner entered into an agreement to transfer its interest in Edgewood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,216,737 and cash proceeds to the investment partnership of $34,094. Of the total proceeds received $24,969 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $9,125 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded.

Beckwood Manor One Limited Partnership (Westside Apartments) is a 29-unit senior property located in Salem, Arkansas. In 2009, occupancy averaged 73% and the property operated below breakeven. The property does not receive rental assistance. Given the state of the economy, many seniors lack the financial resources to rent an apartment at the property without rental assistance. Currently, management is waiving the security deposit and offering three months free electricity as leasing incentives. They also continue to advertise heavily in the immediate and surrounding areas. Consequently, occupancy increased to 82% at the end of the second quarter of 2010 and operations reached breakeven. The operating general partner continues to fund operating deficits as needed. The mortgage payments, taxes, insurance, and accounts payables are all current. The low income housing tax credit compliance period expires on December 31, 2011.

Maxton Green Associates Limited Partnership (Carolina Pines Apartments) is a 32-unit development located in Maxton, NC. In 2008, average occupancy was strong at 92%, and the property operated at breakeven. Occupancy fluctuated throughout 2009 and averaged 88% for the year, and the property operated below breakeven. The decrease in occupancy in 2009 was primarily due to evictions as a result of tenants damaging their units. The site manager conducts quarterly inspections of the units to ensure that tenants are maintaining them properly. When a unit is found to be in poor condition, management first sends a letter of notification to the tenant to inform them that they must clean and/or repair the unit. Management then does a follow-up inspection and provides further suggestions as to how the tenant can better upkeep the unit. When a tenant does not take action after management has diligently worked with them to resolve the issue, based on the severity of the damage, management is forced to take further action. The proactive quarterly inspections tend to eliminate the necessity of evictions, but there were several problematic tenants at the property that caused damages to the units and consequently were evicted in 2009. Security deposits were not refunded on these units and the funds were used to subsidize the cost of repairs. Tenants were held responsible for all additional costs, and a third party collection agency is being utilized to collect what the deposits did not cover. Occupancy has improved to 98% as of June 2010 and the property is operating slightly below breakeven. Management feels strongly that occupancy will continue to be strong going forward and operations will stabilize now that the problematic tenants have been weeded out. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2011.

Series 27

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 27 reflects a net income from Operating Partnerships of $34,768 and $31,103, respectively, which includes depreciation and amortization of $431,941 and $426,593, 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 had occupancy of 91% as of June 30, 2010. Despite high occupancy and expenses in line with state averages, the property has continued to incur operating deficits due to low rental rates coupled with a high interest rate on the permanent mortgage. Management has presented the loan to various lenders in the hope of refinancing but the net operating income of the property cannot support a new loan. The management company, an affiliate of the operating general partner, is deferring all fees until operations improve. The operating general partner continued to fund deficits through the third quarter of 2008, his guarantee being unlimited in time and amount, but ceased to fully support the property's operations in the fourth quarter of 2008. As of the end of the second quarter of 2010, 2008 real estate taxes in the amount of $12,000 have not been paid. Property taxes in Iowa are paid in semi-annual installments due in September of the same year and March of the following year. Real estate taxes become delinquent if not paid by April 1 of the year following the year of the tax bill. A tax sale occurs on the third Monday of June of the year following the year of the tax bill. This occurred on June 21, 2010. One year and nine-months after the tax sale occurs, a warning is sent to the property owner stating that they have 90 days to pay taxes plus interest accrued before a tax sale deed is created. Ninety days after the warning the property is given to the tax sale holder, as long as the paperwork is completed and the redemption occurred. The investment general partner will continue to monitor the property and payment of the taxes. The mortgage and insurance payments are current. The low-income housing tax credit compliance period ends in 2012.

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property located in Harlem, New York. Occupancy was at 100% as of June 2010. Tenant receivables are an issue that has historically plagued the project. However, during the first two quarters of 2010 the property made substantial progress collecting prior and current tenant receivables. The resulting increase in cash flow allowed the property to operate above breakeven during the first half of 2010. To combat the continued increase in utility costs, management plans to implement a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer will provide a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consists of upgrading showerheads, bathroom faucet aerators, and kitchen faucet aerators, and installing water-reducing devices in toilet tanks. The Department of Water and Sewer will also provide educational brochures for the tenants that provide information on how to reduce their water and energy consumption, such as replacing light bulbs, reporting leaks, and sealing drafts. The mortgage and insurance are current. The property is real estate tax exempt. The low income housing tax credit compliance period expires on December 31, 2013.

Lake Apartments II Limited Partnership (Lake Apartments II) is a 24-unit property located in Fargo, ND. In 2009, average occupancy was 89%. The property operated below breakeven in 2009 due to high economic vacancy, utility costs, real estate taxes and turnover related expenses. Historically, management at this property had coordinated with Lutheran Social Services to provide housing to new immigrants with no rental or credit history. As a result, the property was negatively impacted by unique cultural concerns. In 2008, management discontinued providing housing for LSS referrals without an established rental and credit history. In addition, leases of problematic tenants were not renewed. As of June 30, 2010, physical occupancy was 79%. The property management team is currently offering a $500 leasing concession for a 12-month lease. The incentive will stay in place until physical occupancy is above 90%. The site is currently operating below breakeven because of the continued occupancy issues. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts as well as reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current.

Series 28

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 28 reflects a net loss from Operating Partnerships of $(552,220) and $(445,534), respectively, which includes depreciation and amortization of $528,551 and $520,809, 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. Occupancy ended 2009 at 29% and has since improved to 83% as of June 30, 2010. In April 2010, management lowered rents in an effort to attract new tenants. The manager is now working Saturdays in an effort to lease units. According to the operating general partner, high vacancy is due to the poor local economy and a lack of jobs and qualified applicants. The investment general partner conducted a site visit in March of 2010 and confirmed that the ongoing occupancy issues are in fact a market issue. The property is located in a very rural setting with almost no industry/commerce. There are two prisons in close proximity to the property but the employees do not qualify for occupancy. There is a rubber manufacturing plant scheduled to open in early 2011, which will add 141 potential jobs to the immediate market area. The operating general partner is focused on targeting these workers. The low income housing tax credit compliance period expires on December 31, 2012. All real estate tax, mortgage, and insurance payments are current.

Fairway II LDHA, (Fairway Apartments II) is a 48-unit family property located in Marlette, MI. The new site manager believes that at the very minimum tenants should occupy 44 out of the 48 units, due to subsidies on 44 units. Occupancy dropped at the beginning of the second quarter of 2009 due to the eviction of difficult tenants that were admitted under the previous management's tenure in 2008. Occupancy reached 88% during the fourth quarter of 2009, and dropped to 83% in the second quarter of 2010. During the first three-quarters of 2009, management accessed $25,000 in reserves in order to implement a new drainage system and restore a damaged unit back to rentable condition. The maintenance staff was replaced during the fourth quarter of 2009 due to ineffective handling of the property. Management does not foresee any capital needs in 2010. In 2009 the property operated at breakeven and continues to operate just above breakeven during the second quarter of 2010. In 2009, management joined "continuum of care", a local committee that is involved with low income housing organizations with the objective of making low income housing a better and more efficient product. Management joined the committee with the prospect of attaining vouchers for the four non-subsidized units. Although the continuum of care committee has not proven to be fruitful, the property continues to assert itself in the local community. On a weekly basis the property manager performs local outreach by visiting businesses, churches and other community events. The property has also begun offering a $100 decrease in monthly rent for the four non-subsidized units. Management is offering specials such as a reduced security deposit, referral fee, and one-month free rent in order to attract prospective tenants for the non-subsidized units. The mortgage, taxes, and insurance are all current. The low income housing tax credit compliance period expires on December 31, 2012.

Maplewood Apartments Partnership (Maplewood Apartments) is a 40-unit property located in Winnfield, Louisiana. Occupancy issues began in 2007 when a rent increase was put into effect. In 2009, the property averaged 74% occupancy and operated below breakeven. As of June 30, 2010, the property is 75% occupied and continues to operate below breakeven. The investment general partner conducted a site visit in March of 2010. During the site visit the investment general partner identified major deferred maintenance issues and fourteen vacant units that had not been turned over. The investment general partner shared these findings with the operating general partner who is taking immediate steps to address the deferred maintenance and unit turnover issues. In an effort to improve operations at the property the investment general partner approved an operating general partner transfer. The transfer was finalized in April 2010. The new operating general partner has a strong record for managing successful properties in this region and the investment general partner hopes that they will have an immediate positive impact on this property. The new general partner made a request for reserve funds in order to pay for the turnover of the 10 vacant units that are in need of major repair. The request was initially turned down and the operating general partner has since re-submitted a revised request. The operating general partner is currently awaiting their response and is set to begin work immediately once the reserve funds are made available. The investment general partner will continue to monitor occupancy and repair work at the property to ensure all units are on-line and all deferred maintenance has been addressed. The operating general partner continues to fund all deficits as necessary by deferring fees. The guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2013.

1374 Boston Road, LP (1374 Boston Road) is a 15-unit property located in the Bronx, New York. In 2003, the Operating Partnership recorded a $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 satisfactorily. Additionally, in December 2005, a title search on the Operating Partnership showed at least $60,000 in liens 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.

In 2008 and 2009, the property operated with an average occupancy of 99% with below breakeven operations. The 2010 second quarter occupancy is reported to be at 80%. 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 expires on December 31, 2011.

Bienville III Apartments (Bienville II Apartments) is a 32-unit complex located in Ringgold, LA. The property operated well in 2008. Average occupancy in 2009 was 93% and the property operated above breakeven. There was a fire in June 2009 that consumed 8 units. The insurance claim has been settled. The final inspection occurred on April 28, 2010, but Rural Development came back with a list of punch list items before they would issue certificates of occupancy. There was another inspection on June 4, 2010, at which time Rural Development identified two additional items requiring repair. The operating general partner is in the process of addressing these items. All insurance checks for payment to the contractor have been subject to Rural Development inspection, and counter endorsement by RD. Occupancy is averaging 95% through June 2010 and the property continues to operate above breakeven. The mortgage, property taxes and insurance are current. The low income housing tax credit compliance period expires on December 31, 2012.

Evangeline Partnership (Evangeline Place Apartments) is a 32-unit complex located in Lake Arthur, TX. In 2008, occupancy averaged 90% and the property operated above breakeven. Hurricane Gustav hit the property in early September 2008 and there was a fire at the property on the day the hurricane hit. Five units were damaged. The insurance claim was settled and the damaged units were brought back on-line in the first quarter of 2009. There was a second fire in June 2009 in one of the buildings that damaged eight units. As a result, occupancy dropped to 56% as of December 31, 2009. Despite the occupancy issues resulting from the fires, the property operated above breakeven in 2009. The insurance claim on the second fire has been settled and all work has been completed as of April 20, 2010. Occupancy has improved to 81% as of June 30, 2010, and the operating general partner expects to have occupancy back up to historic levels in the near term. The low income housing tax credit compliance period expires on December 31, 2011.

Blanchard Partnership, A LA Partnership (Blanchard Place II) is a 32-unit complex located in Shreveport, LA. In 2008, occupancy at the property averaged 87% and the property operated above breakeven for the year. Occupancy in 2009 averaged 80% and the property operated below breakeven. In addition to the low occupancy, maintenance expenses increased from $13,669 in 2008 to $34,388 in 2009. According to the operating general partner, the reason for the increased maintenance expenses was that Rural Development required significant repair work as a result of their most recent audit. In 2010, maintenance expenses have decreased roughly 23% from 2009 levels. Occupancy has improved to 94% as of June 30, 2010 and the property operated slightly below breakeven. In April 2010, the investment general partner approved an operating general partner transfer. The new operating general partner has the experience, personnel and systems in place to improve operations at these properties. The low income housing tax credit compliance period expires on December 31, 2012.

Pin Oak Elderly Associates LP (Pin Oak Village) is a 220-unit multi-family apartment project located in Bowie, Maryland. The apartment project's operations suffered considerably in 2009; average occupancy decreased from 93% in 2008 to 80% in 2009, while net operating income declined from $918,505 to $590,835 over the same time span. During 2009 the property experienced complete roof repair. Although this did contribute to the auxiliary expenses associated with construction, occupancy remains a concern. As of June 2010, occupancy was 88% and has trended upwards since the fourth quarter of 2009. Additionally, the property is on pace to generate an additional $49,000 of rental income in 2010. Management has attributed the lower occupancy to two new senior communities opening in a 10-mile radius, which have drawn residents from Pin Oak. Also, residents have been moving in with family members to reduce expenses. In an attempt to reverse declining occupancy the operating general partner has petitioned Prince George's County and the Department of Housing and Community Development to lower the age limit from 62+ to 55+. Additionally, management has hired a staff exclusively for marketing and leasing. The investment general partner will continue to monitor occupancy and leasing at the property. The low income tax credit compliance period expires on December 31, 2013.

Series 29

As of June 30, 2010 and 2009, the average Qualified Occupancy for the Series was 99.2% and 96.4%, respectively. The series had a total of 21 properties at June 30, 2010, of which 20 were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 29 reflects a net loss from Operating Partnerships of $(343,325) and $(494,907), respectively, which includes depreciation and amortization of $628,691 and $585,016, 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-90%s. 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 their 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.

As a result of the foreclosure, the Operating Partnership lost remaining credits of $47,840. The investment general partner has determined that the new owner will not continue to operate the property as a Section 42 property. As a result, the Operating Partnership also experienced recapture and interest of $199,516. This represents a loss of tax credits, and recapture and interest of $12 and $49, respectively, per 1,000 BACs. The investment general partner has started to pursue the guarantors under the guaranty with a view to recovering the investment limited partner's losses. Counsel recently resolved jurisdictional issues and is now pursuing the guarantors in Massachusetts. Additionally, the operating general partner's attorney withdrew as counsel in September 2009. While the individual guarantors have the option of representing themselves, the court ordered the operating general partner's ownership entity to obtain new counsel and file a notice of appearance by November 6, 2009 that it did not do. This failure to comply with the court order now exposes the defendants to the risk of sanctions up to and including a default judgment. The investment general partner's counsel filed a motion for sanctions with the court in December 2009 that led to the scheduling of a court hearing on this matter in May 2010. In late May 2010, the court granted the investment general partner's motion for sanctions. As of June 30, 2010, counsel for the investment general partner has been waiting for the court to schedule a hearing. These developments increase the likelihood of a default judgment and some recovery from the guarantors; however, the size of that recovery is difficult to predict since the guarantors' financial situation is unknown to the investment general partner at this time. To date, the parties have been unable to agree on the appropriate size of a settlement, but discussions are ongoing.

Bryson Apartments, Limited Partnership (Pecan Hill Apartments) is a 16-unit development located in Bryson, TX. Bryson is a small town with a population of approximately 500. With only 16 units, the occupancy at the property fluctuates significantly when only two or three units become vacant. The property operated below breakeven in 2009 due to average occupancy of 81% and higher than average operating expenses. The occupancy continued to struggle during the second quarter of 2010, with an average occupancy of 77%. As of June 2010, the property was 83% occupied. Management stated that although many potential residents tour the property, most do not clear the background checks. Management will continue advertising and they are optimistic that occupancy will improve in the third quarter of 2010. The operating general partner continues to fund deficits as necessary. The mortgage, taxes and insurance are all current.

Northfield Apartments III, LP (Willow Point Apartments III) is a 120-unit property located in Jackson, Mississippi. Through the second quarter of 2010, the property continued to operate below breakeven due to high maintenance and utility expenses. Maintenance expenses increased as a result of management's focus on making vacant units rent ready. However, with the increase in rent ready units, management was able to increase occupancy during the second quarter; occupancy closed the second quarter at 93%. The property's management and maintenance teams are understaffed. The management company has had difficulty recruiting qualified staff for property management and maintenance positions and employee turnover is a significant challenge for this property. The reduced staff has led to an increase in tenant receivables. The investment general partner maintains bi-weekly conference calls with management to advise on best practices for collection procedures. Utility expenses are high due to exorbitant water rates in the City of Jackson. The investment general partner will conduct a site visit to assess and physical condition of the property and evaluate management in the third quarter of 2010. All taxes, insurance and mortgage payments are 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 issues related to the receipt of the insurance proceeds, which delayed the reconstruction of the property. It was eventually rebuilt and received final certificates of occupancy in January 2008. Lease-up was very slow and as of December 2008, the property was 54% physically occupied and 58% leased with below breakeven operations. In the fourth quarter of 2009 the occupancy improved and as of December 31, 2009 the property was 92% occupied. However, due to low occupancy throughout the early part of 2009, operations were below breakeven for the year. Maintaining high occupancy has been a challenge. As of June 2010, the property was 89% occupied. To attract residents, management is advertising on local buses and in all local newspapers. They are also offering one month free rent as a referral fee to its current residents. Additionally, management hosts monthly bingo sessions and offers daily blood pressure screenings. The mortgage, real estate taxes, and property insurance are current. The operating general partner continues to fund all operating deficits as necessary.

Series 30

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 30 reflects a net loss from Operating Partnerships of $(254,649) and $(177,666), respectively, which includes depreciation and amortization of $310,542 and $303,544, 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 complex located in Gentry, Arkansas. Occupancy has historically been low at the property, as it is located in a very rural area, which has very little rental demand. Occupancy averaged 83% in 2009 but improved to 100% as of the end of the second quarter of 2010. In order to maintain high occupancy management continues to run advertisements in local media and is distributing fliers in adjacent towns in hopes of attracting qualified tenants. To keep expenses to a minimum, property management completes as many work orders in house as possible. Operating expenses are below budget in the first two quarters of 2010 and have decreased since 2009. The property operated slightly above breakeven through the first two quarters of 2010. The mortgage, taxes and insurance are current. The low income housing tax credit compliance period expires on December 31, 2012.

JMC, LLC (Farwell Mills Apts.) is a 27-unit property located in Lisbon, ME. As of June 30, 2010, the property was 96% occupied. Despite strong occupancy, the property operated below breakeven through the second quarter of 2010 due to a jump in operating expenses. The increase in expenses was mostly caused by higher than expected gas prices and an increase in maintenance costs. The gas costs are a seasonal expense and are expected to decrease in the third quarter. However, in an effort to reduce operating expenses next winter, management allowed the Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency which will be implemented by the operating general partner. The maintenance costs were driven by required electrical work, HVAC repair, and appliance repair and replacement.  These expenses are expected to normalize in the remainder of 2010. In the third quarter of 2010, the investment general partner will conduct a site visit to assess the property's physical condition and meet with management to discuss operations. The operating general partner funds cash deficits by deferring fees owed to his management and maintenance companies.  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. The property has had inconsistent occupancy levels since 2003. In 2009, occupancy declined to 77% during the second quarter, but rebounded to 97% occupancy as of June 30, 2010. Other tax credit communities in the area have been able to operate with higher occupancy levels while also having the ability to charge higher rents than Western Trails II. This is primarily due to their communities being newer with superior amenities including additional bathrooms, garages, swimming pools and exercise facilities. There are four major competitors located within a few miles of Western Trails Apartments II. Fortunately, there is redevelopment and growth taking place nearby, including a new small retail mall, proposed improvements of the recreational fields and the construction of a large outlet mall projected to open in 2010. Western Trails continues to struggle with the ability to improve curb appeal as well as maintain a high level of tenant retention. However, the condition of the property continues to improve with the available cash on hand. The taxes, insurance, and mortgage payments are all current. The low income housing tax credit compliance period expires on December 31, 2013.

Nocona Apartments, LP (Nocona Apartments) is a 36-unit property located in Nocona, Texas. Historically, the property has struggled with low occupancy due to a weak local economy and a challenging rural location. Over the past two years management has focused on evicting delinquent residents and increasing marketing and outreach. The occupancy improved during 2009, averaging 95%; however, the property still did not operate above breakeven due to higher operating expenses. Through the second quarter 2010, physical occupancy remained strong averaging 96%. As of June 2010, the property was 95% occupied. Due to the strong and stable occupancy, the property operated above breakeven in the second quarter of 2010. 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 period 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 has struggled in this highly competitive market. The operating general partner responded with move-in specials and increased advertising with local businesses and rental guides. As part of the Operating Partnership restructuring in June of 2008, the new operating general partner agreed to extend the expiring operating deficit guarantee through June 2011. Deficits have been and continue to be largely funded by operating general partner advances along with accruing management fees. The investment general partner found the property to be in excellent condition upon a site inspection in April of 2009.

Through the first quarter of 2010, the property operated below breakeven primarily due to high utilities, bad debt, advertising expenses on billboards, low occupancy, and the addition of a private security company. At the end of the second quarter of 2010, occupancy increased to 78%. A new site manager was hired at the end of July 2009. The new site manager has incorporated pizza box marketing, once a week residents and local community members can buy pizzas on the property for $5. Management also implemented "Billboard" marketing off the main highway in order to attract prospective tenants who use the highway as a main source of transportation. Both marketing techniques are in conjunction with a broader annual marketing plan for 2010. Management will reevaluate which tactics are effective and efficient and discard tactics that prove to be superfluous and expensive. A revised marketing plan will be instituted during the third quarter of 2010. During the fourth quarter of 2009 management implemented a surety bond to combat the bad debt expense and to serve as an incentive for new residents. The residents pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit.

Through a Department of Housing and Urban Development (HUD) initiated Shelter Care Program, which serves as a short-term rehabilitation program, the property forfeited 27 units. The program proved to compromise the integrity of the Low Income Housing Tax Credit program and jeopardize the integrity of the property. During the first two quarters the property purged itself of the 27-unit program and incurred significant turnover costs. The new site manager's primary focus is on creating resident retention initiatives such as an after school program. During the first quarter of 2010 management instituted a forgiveness of past credit program. The program allows for prospective tenants with negative past credit history admission for residency. In order to be admitted the prospective tenant must provide evidence of reparations made as well as five years without incident. Currently, occupancy is low due to recent gang activity occurring on or around the property. The operating general partner requested from the Department of Community Affairs the construction of a police substation in one of the three community rooms. However, local authorities denied this request and management hired a full time private security company to patrol the property around the clock. Since the addition of the private security company home invasions have significantly decreased. Management will continue to fund the private security operations with the hope that the decrease in homes invasions will have a residual effect on surrounding community violence, increasing property appeal and occupancy. The operating general partner has financed all 2009 operating deficits and will continue to do so in 2010. All tax, insurance, and mortgage payments are current.

Jeffries Associates, LP (New River Gardens Apartments) is a 48-unit property located in Radford, VA. Property occupancy has fluctuated over the past few years, however, occupancy improved greatly in 2009 and the first two quarters of 2010. Occupancy is 94% at the end of the second quarter of 2010. The property has no rental assistance, which has contributed to its historic vacancy problems. The property operated slightly below breakeven in 2009 and has continued that trend throughout the first two quarters of 2010. To address vacancy issues, management is advertising in local and regional newspapers and invested in additional property signage. Management also listed the property in the Renter's Guide Book and continues to reach out to all local HUD offices and social service organizations in order to promote the availability of property units. The recent increase in occupancy is attributable to the residual effect of an adjacent property receiving rental assistance. New River Gardens Apartments has found itself the beneficiary of potential tenant overflow. Further, management offered a prorated concession to people who move in immediately in an effort to fill vacancies quicker. Management surmises that occupancy will stabilize above 90% for the near future.

West Swanzey Affordable Housing Associates (Riverbend Apartments) is a 24-unit family development located in West Swanzey, NH. The property operated below breakeven in the first quarter of 2010 due to high seasonal operating expenses such as heating costs and snow removal charges. However, by the second quarter of 2010 these expenses normalized which allowed the property to recoup the deficit sustained in the first quarter and operate at breakeven. Expenses are expected to remain low in the coming summer months. Effective January 1, 2010, all rents were increased to the maximum allowable tax credit rent. The higher contracted rents increased the gross potential rental income by $45,132 per year. With the rent increase in place, and now that seasonal operating expenses have normalized, it is anticipated that the property will operate above breakeven in the third quarter of 2010. The investment general partner will be inspecting the property and meeting with management to discuss operations in the third quarter of 2010. All tax, insurance, and mortgage payments are current. The operating general partner and his affiliates continue to fund deficits as needed.

Series 31

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 31 reflects a net loss from Operating Partnerships of $(373,458) and $(399,184), respectively, which includes depreciation and amortization of $808,278 and $773,192, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Canton Housing One, LP (Madison Heights Apartments) is an 80-unit property located in Canton, Mississippi. Occupancy was 90% at the end of the second quarter of 2010. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. In addition, there were several gang-related incidents at or near the property in 2009. Because of the gang activity, management hired a police officer to patrol the site and is working with the local police department to ensure extra patrols and support for the property. These actions appear to be working. Management has also taken several measures in its effort to increase occupancy. These efforts were successful as vacancy decreased in the second quarter of 2010. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. Furthermore, arrangements were made to employ a full-time manager at the site and extra personnel have been hired to prepare vacant units for occupancy. As a result of the increased occupancy the property was able to operate above breakeven through June 2010. All mortgage, insurance, and tax payments are current.

San Angelo Bent Tree, LP (San Angelo Bent Tree Apartments) is a 112-unit development located in San Angelo, Texas. Despite an average physical occupancy of 92% in 2009, the property operated below breakeven due to low economic occupancy coupled with high operating expenses, specifically administrative, maintenance, utilities and bad debt. Due to performance concerns, the management company was replaced in December 2009. The new manager began evicting problematic residents and put into place more stringent applicant approval standards. Some residents moved out due to management's enforcement of the rules, resulting in a decline in occupancy to 89% as of March 2010. The new management implemented a marketing plan, which became effective during the first quarter of 2010. The marketing strategy focuses on aggressive business and community outreach programs coupled with print and online advertizing. To promote resident retention and appeal to prospective residents, management organizes weekly social events and free monthly workshops for residents on various topics. In order to increase and maintain strong physical occupancy, management offers incentives and concessions. They are currently offering a one-month concession prorated over a 12-month period, a $200 resident referral gift card incentive, and a finder's fee of one month's rent to realtors who bring in qualified residents. Utility expenses in 2010 increased slightly over 2009 levels, due to an increase in water/sewer rates. To reduce utility expenses, management organizes information seminars for residents on reducing consumption and puts out a monthly newsletter that outlines various energy conservation tips. As of June 30, 2010, occupancy was 91%. However, the property continued to operate below breakeven. The investment general partner will continue to monitor the property's performance. All real estate tax, mortgage, and insurance payments are current.

Riverbend Housing Associates, LP (Riverbend Estates) is a 28-unit development located in Biddeford, ME. The property operated below breakeven through the second quarter of 2010 as a result of low occupancy, bad debt, and increased operating expenses. As of June 30, 2010 the property was 86% occupied. The property continued to struggle with occupancy in the second quarter of 2010 due to several move-outs and evictions, as well as continued competition from other housing options in the area; specifically, available single family rental homes with comparable rents. In order to stabilize occupancy, additional advertising and marketing costs were incurred which increased administrative expenses. Management increased advertising efforts to include on-line postings, newspaper advertisements, a $300 resident referral bonus, and a concession of one month free rent. The advertising efforts have generated rental inquiries; however, the majority of the applicants only satisfy the 40% Area Median Income standard, rather than the required 60%. The district manager contacted Maine State Housing Authority (MSHA) to discuss renting three of the long-term vacant 60% units at the 40% rent level. MSHA approved the request in the first quarter of 2009 but the property continues to struggle renting the other 60% units. Bad debt is also a problem at this property. The investment general partner is working with management to implement a strategy to improve rent collection including revamping the screening process. The evictions for non-payment through the second quarter caused higher maintenance costs from turnover repairs. Utility expenses were also higher through the second quarter as a result of increased fuel costs coupled with a harsh winter. The investment general partner will be inspecting the property and meeting with management to discuss operations in the third quarter of 2010. All tax, insurance, and mortgage payments are current. The operating general partner is responsible for funding operating deficits, capped at $300,000, through the end of tax credit compliance period. The operating general partner funds cash deficits by deferring fees owed to his management company and his maintenance company.

Level Creek Partners, L.P (Plantation Ridge) is a 218-unit (130 LIHTC units) family property located in Sugar Hill, GA. Due to weak and declining economic conditions throughout 2008-09, many employers closed or significantly reduced employee hours. Since hourly-wage employment composes a large portion of the property's tenant base, the number of move-outs and evictions is consistently high. Traffic has been hindered by the property's isolated location; however, management has undertaken an aggressive marketing campaign. The manager has been targeting the Hispanic community with print ads in the Hispanic newspaper, and by hiring a bi-lingual assistant manager. In addition, a billboard on a heavily traveled highway has been rented to capture commuter traffic. Finally, management has implemented rental concessions. As a result of these marketing measures, occupancy increased from a low of 78% in the first quarter of 2009 to 88% by the end of the year. Occupancy has remained strong in 2010, averaging 91% through the first half of the year and ending June 2010 at 91% occupancy. As the occupancy has increased, turnover and eviction costs have dramatically decreased, allowing the property to operate above breakeven through June 2010. The investment general partner will continue to monitor the property through the third quarter to ensure that operations remain strong. The mortgage, real estate taxes, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2014.

Series 32

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2010, all of which were at 100% Qualified Occupancy

For the three month periods ended June 30, 2010 and 2009, Series 32 reflects a net loss from Operating Partnerships of $(356,297) and $(417,015), respectively, which includes depreciation and amortization of $555,246 and $587,070, 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. Despite average occupancy of 100% in 2009, the property operated below breakeven due to high debt service and real estate taxes. The property's debt service represents approximately 50% of its total income. Occupancy dropped to 94% in the first quarter of 2010, then to 83% as of June 30, 2010, with operations continuing below breakeven. An operating reserve in the amount of $25,000 was established at closing in 1997, and those funds were utilized to keep the mortgage payments current through May 2010. The operating general partner is in negotiations to sell the property. As of June 2010, the mortgage payment is past due. Taxes and insurance are current. The low income housing tax credit compliance period expires in 2010.

In July 2009, the investment general partner of Series 32 and Series 33, respectively, transferred its interest in FFLM Associates - Woodhaven at South Brunswick to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,705,250 and cash proceeds to the investment partnerships of $3,750 and $3,750 to Series 32 and Series 33, respectively. Of the total proceeds received, $3,750 and $3,750 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 32 and Series 33, respectively. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In January 2010, the investment general partner of Series 32 and Series 33, respectively, transferred its interest in FFLM Associates - Sayreville Senior Housing Investors, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,826,428 and cash proceeds to the investment partnerships of $7,500 and $7,500 to Series 32 and Series 33, respectively. Of the total proceeds received, $7,500 and $7,500 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 32 and Series 33, respectively. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

Indiana Development, LP (Clear Creek Apartments) is a 64-unit development, located in North Manchester, Indiana. During the 2005-2007 period the property operated below breakeven as a result of low occupancy (79% in 2006 and 86% in 2007). Cash deficits were ($53,329), ($39,990) and ($5,196) for the years 2005, 2006 and 2007, respectively. Prior to 2008, the operating general partner, who does not have an affiliated management company, engaged five different management companies. Finally, in early 2008 in connection with a portfolio-wide debt restructuring, the current third party management company was engaged. This management company appears much stronger than any of the previous management firms. Occupancy improved to 94% in 2009, and the property operated at breakeven. Although the quality of the tenant base and rent collections improved in 2009, maintenance expense due to unit turnovers has been high, concessions are being offered, and rental rates were decreased slightly in an effort to increase traffic. During the first six months of 2010, average occupancy was 92%, up from 89% in the first quarter, and the property operated slightly below breakeven. The fluctuation in occupancy is related to the overall weakness in the local economy. To date, the operating general partner has funded all operating deficits, although its unlimited operating deficit guarantee expired in September 2004. The mortgage, taxes and insurance are current.

Kiest Townhomes (Columbia Luxar) is a 125-unit tax credit property located in Dallas, Texas. The property suffered roof damage caused by heavy winds and hailstorms in the second quarter of 2010. An insurance claim check for $594,000 is in an escrow account and will be used to fund roof repairs on all 29 buildings at the property. No residents have been displaced as a result of the damage. The roof repairs began in June 2010 and are approximately 30% complete. Work is expected to be completed by September 2010. The property is averaging 97% occupancy through the second quarter of 2010 with operations above breakeven status. The mortgage, real estate tax and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2014.

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.

As a result of the foreclosure, the Operating Partnership experienced a $203,718 loss of credits and recapture and interest of $236,009. This represents lost 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, 2007, and 2008 due to high utility, maintenance and administrative expenses combined with collection loss. Occupancy was at 100% as of June 2010. Tenant receivables are an issue that has historically plagued the profitability of the project. However, during the first two quarters of 2010 the property collected a larger portion of current tenant receivables. The resulting increase in cash flow allowed the property to operate above breakeven during the first two quarters of 2010. Management hired an outside financial consultant with the primary focus on identifying what are tenant receivables versus what is bad debt. This focus enables management to concentrate on attainable tenant receivables. To combat the continued increase in utility costs, management plans to implement a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer will provide a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consists of upgrading showerheads, bathroom faucet aerators, and kitchen faucet aerators, as well as installing water-reducing devices in toilet tanks. All four improvements comprise the retrofit kits. The Department of Water and Sewer will also provide educational brochures for the tenants. The brochures educate the tenants on how to reduce their water and energy consumption. Management also has employed a three-year plan to increase revenue by adjusting the 2008 tenant maintenance charges by 10% in 2009, and 5% in 2010 and 2011. Management continues to work on reducing tenant delinquencies by aggressively filing late notices and pursuing evictions through the housing court. Management has made significant progress by adamantly voicing concerns and prosecuting tenants in New York City tenant court. The tenant delinquency report and rent roll indicate that a significant portion of the accounts receivable are attributable to tenants who have inhabited the property for more than 10 years. To help combat increases in tenant receivables, management is implementing the following measures: a stricter tenant screening process, a change in legal counsel for tenant court, and an analysis of "tenant hold over" (court process, with hope of rent collection) versus "tenant non-payment" (eviction with no hope of rent collection). Generally legal proceedings take at least six months before a tenant will have to appear in rent court in front of a judge. History shows that legal decisions in New York City involving low-income housing tend to rule in favor of the tenant. The property's goal is to pay down all 2007 and 2008 past due payables by the end of 2010. The increase in the tenant maintenance charges will supplement this goal. The mortgage and insurance are current. The property is real estate tax exempt. The low income housing tax credit compliance period expires on December 31, 2015.

Series 33

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 33 reflects a net loss from Operating Partnerships of $(197,938) and $(202,497), respectively, which includes depreciation and amortization of $255,460 and $281,407, 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. Despite average occupancy of 100% in 2009, the property operated below breakeven due to high debt service and real estate taxes. The property's debt service represents approximately 50% of its total income. Occupancy dropped to 94% in the first quarter of 2010, then to 83% as of June 30, 2010, with operations continuing below breakeven. An operating reserve in the amount of $25,000 was established at closing in 1997, and those funds were utilized to keep the mortgage payments current through May 2010. The operating general partner is in negotiations to sell the property. As of June 2010, the mortgage payment is past due. Taxes and insurance are current. The low income tax credit compliance period expires in 2010.

In July 2009, the investment general partner of Series 32 and Series 33, respectively, transferred its interest in FFLM Associates - Woodhaven at South Brunswick to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,705,250 and cash proceeds to the investment partnerships of $3,750 and $3,750 to Series 32 and Series 33, respectively. Of the total proceeds received, $3,750 and $3,750 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 32 and Series 33, respectively. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In January 2010, the investment general partner of Series 32 and Series 33, respectively, transferred its interest in FFLM Associates - Sayreville Senior Housing Investors, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,826,428 and cash proceeds to the investment partnerships of $7,500 and $7,500 to Series 32 and Series 33, respectively. Of the total proceeds received, $7,500 and $7,500 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 32 and Series 33, respectively. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded

Bradford Group Partners of Jefferson County, LP (Bradford Square North Apartments) is a 50-unit senior property located in Jefferson City, Tennessee. In 2008, occupancy averaged 93%, but increased operating expenses caused the property to operate below breakeven. Occupancy declined to 66% in December 2009 due to a number of deaths and illnesses. However, operating expenses improved in 2009 through a reduction in maintenance expenses of $27,577. In order to increase occupancy, management continues outreach to the local social service organizations in the area. As of June 30, 2010 the property was 74% occupied; the highest level since August 2009. The operating general partner is currently seeking approval from the investment general partner for a refinance of their existing debt, but at a lower interest rate. A reduced debt service payment and reduction in administrative and maintenance expenses will allow the property's operations to improve. The mortgage payments, taxes, insurance, and accounts payables are all current. The low income housing tax credit compliance period expires on December 31, 2014.

Kiest Townhomes (Columbia Luxar) is a 125-unit tax credit property located in Dallas, Texas. The property suffered roof damage caused by heavy winds and hailstorms in the second quarter of 2010. An insurance claim check for $594,000 is in an escrow account and will be used to fund roof repairs on all 29 buildings at the property. No residents have been displaced as a result of the damage. The roof repairs began in June 2010 and are approximately 30% complete. Work is expected to be completed by September 2010. The property is averaging 97% occupancy through the second quarter of 2010 with operations above breakeven status. The mortgage, real estate tax and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2014.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit property located in Dallas, GA.  During the first quarter of 2010 the property operated below breakeven due to high maintenance expenses resulting from repairs for a burst sprinkler line. In January, a sprinkler line ruptured in one unit, causing damage to closets in multiple units. All repairs were completed in the second quarter and the insurance company has reimbursed the Operating Partnership for repair expenses. Now that this work is completed, maintenance expenses have normalized and are no longer an issue for the property. The property operated above breakeven for the second quarter of 2010. Occupancy remained strong during the quarter and ended at 93% as of June 30, 2010. Management continues to perform weekly outreach and marketing. Accounts payable remains high and management has had difficulty finding cost-effective means for having work performed on-site. As a result, management has brought previously out-sourced work back in-house. Since vacancy is low, the maintenance crew is able to turn vacant units and complete work previously contracted out to vendors. All taxes, insurance and mortgage payments are current.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing) is a 20-unit senior property located in Millinocket, ME. The property has historically operated below breakeven due to high utility expenses and low occupancy. The decline in occupancy occurred after it was determined that the elderly care service provider used at the property was not a federally approved program. Their services were terminated, effective July 1, 2009, and replaced by a service provider that charges a fee equal to 40% of residents' disposable income. Occupancy continued to decline through May 2010 but rebounded to 95% as of June 30, 2010. The property continues to operate at a deficit through the second quarter of 2010 due to high seasonal operating expenses. Maintenance expenses were high as a result of a harsh winter, which increased snow removal costs. Utilities were also high as a result of increased fuel costs from an inefficient heating system. In an effort to reduce these 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 by installing an alternative heating system. The operating general partner is awaiting approval for funding to implement the energy system change from Maine State Housing Authority. 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.

Forest Park Apartments Partnership (Stonewall Retirement Village) is a 40-unit elderly development located in Stonewall, Louisiana. In 2008, occupancy averaged 96% and the property operated above breakeven. In 2009, occupancy averaged 97% and the property operated below breakeven. There was a 101% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. All repairs were finished by the fourth quarter of 2009. Occupancy was at 100% at the end of the second quarter of 2010 and the property is operating slightly below breakeven through the second quarter. The below breakeven operations are due to some of the 2009 repair costs being booked in the first quarter of 2010. Management expects a portion of these expenses to get reimbursed from the replacement reserve account. The low income housing tax credit compliance period expires in 2013. All real estate tax, mortgage, and insurance payments are current.

Series 34

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 34 reflects a net loss from Operating Partnerships of $(390,784) and $(221,720), respectively, which includes depreciation and amortization of $538,619 and $528,743, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Boerne Creekside Apartments LP, (Boerne Creekside Apartments) is a 71-unit family property located in Boerne, Texas. Physical occupancy started to decline in May of 2009 as the local economy softened. The property has experienced increased turnover mostly because of the economic downturn. The local economy continues to struggle; many employers have relocated or reduced their work force. Evictions/skips at the property rose when residents lost their means of employment and could no longer meet their rent obligations. In addition, management's inability to enforce a stringent collection policy contributed to an increase in delinquency loss. These issues led to an escalation of marketing and maintenance expenses and resulted in operating deficits. To address and hopefully cure these issues, the operating general partner replaced the management company in December of 2009. The new management has increased marketing efforts and continues to reach out to local businesses to try to increase occupancy. Fliers and postcards are frequently distributed to various employers, businesses, housing-related service agencies, and community organizations. The manager has been working diligently with the Boerne Housing Authority to increase the referral of prospective residents and to lobby the agency for additional Section 8 vouchers. Management has also added concessions and other incentives to improve occupancy. They are currently offering one month of free rent prorated over a 12-month lease, a $250 resident referral gift card, and a "look and lease" special of a $100 gift card. To minimize turnover and boost resident retention management continues to organize monthly social events at the property. Management's increased efforts started to show some progress at the end of the second quarter as collections have improved and occupancy has increased to 83%. Despite the improved occupancy and collections, the property was not able to operate above breakeven through the second quarter of 2010. The property's mortgage, real estate taxes, and insurance are current. The operating general partner is committed to this property and has indicated that he will fulfill his operating deficit guarantee as required.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit property located in Dallas, GA.  During the first quarter of 2010 the property operated below breakeven due to high maintenance expenses resulting from repairs for a burst sprinkler line. In January, a sprinkler line ruptured in one unit, causing damage to closets in multiple units. All repairs were completed in the second quarter and the insurance company has reimbursed the Operating Partnership for repair expenses. Now that this work is completed, maintenance expenses have normalized and are no longer an issue for the property. The property operated above breakeven for the second quarter of 2010. Occupancy remained strong during the quarter and ended at 93% as of June 30, 2010. Management continues to perform weekly outreach and marketing. Accounts payable remains high and management has had difficulty finding cost-effective means for having work performed on-site. As a result, management has brought previously out-sourced work back in-house. Since vacancy is low, the maintenance crew is able to turn vacant units and complete work previously contracted out to vendors. 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 in the 2005-2007 period as a result of low occupancy. Occupancy averaged 81% for the years 2005, 2006, and 2007, and the property suffered cash losses of ($50,619), ($71,828) and ($66,013) in those years, respectively. Prior to 2008, the operating general partner, who does not have an affiliated management company, engaged five management companies. In early 2008, in connection with a portfolio wide restructuring, the current third party management was engaged. This management company appears much stronger than any of the past management firms and occupancy for 2008 improved to 87%. During 2009, the property operated slightly below breakeven and average occupancy for 2009 was 87%. Occupancy at June 30, 2010 improved to 91%; however, the property continued to operate below breakeven for the first six months of 2010. Management is currently offering a reduced security deposit and eliminated the application fee, and has increased marketing through radio advertisements and flier inserts in the local newspaper. The operating general partner'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. As a result, the Operating Partnership fell into arrears on both its tax and mortgage payments. As of June 30, 2010, the Operating Partnership is two months delinquent on its mortgage. The Operating Partnership has not received a formal default notice from the lender. The Operating Partnership anticipated making the July 2010 mortgage payment in early August 2010. At that point in time, the Operating Partnership would only be one month in arrears on the mortgage if the aforementioned mortgage payment is made. Although the 2007 real estate taxes were paid in the second quarter 2009, the 2008 and 2009 real estate taxes remain outstanding. The 2008 real estate taxes are anticipated to be paid prior to February 2011 to avoid a tax sale by the county. The investment general partner is exploring alternatives to remedy these problems, 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 has struggled in this highly competitive market. The operating general partner responded with move-in specials and increased advertising with local businesses and rental guides. As part of the Operating Partnership restructuring in June of 2008, the new operating general partner agreed to extend the expiring operating deficit guarantee through June 2011. Deficits have been and continue to be largely funded by operating general partner advances along with accruing management fees. The investment general partner found the property to be in excellent condition upon a site inspection in April of 2009.

Through the first quarter of 2010, the property operated below breakeven primarily due to high utilities, bad debt, and advertising expenses on billboards, low occupancy, and the addition of a private security company. At the end of the second quarter of 2010, occupancy increased to 78%. A new site manager was hired at the end of July 2009. The new site manager has incorporated pizza box marketing, as once a week residents and local community members can buy pizzas on the property for $5. Management also implemented "Billboard" marketing off the main highway in order to attract prospective tenants who use the highway as a main source of transportation. Both marketing techniques are in conjunction with a broader annual marketing plan for 2010. Management will reevaluate which tactics are effective and efficient and discard tactics that prove to be superfluous and expensive. A revised marketing plan will be instituted during the third quarter of 2010. During the fourth quarter of 2009 management implemented a surety bond to combat the bad debt expense and to serve as an incentive for new residents. The residents pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit.

Through a Department of Housing and Urban Development (HUD) initiated Shelter Care Program, which serves as a short-term rehabilitation program, the property forfeited 27 units. The program proved to compromise the integrity of the Low Income Housing Tax Credit program and thus jeopardize the integrity of the property. During the first two quarters the property purged itself of the 27-unit program and incurred significant turnover costs. The new site manager's primary focus is on creating resident retention initiatives such as an after school program. During the first quarter of 2010 management instituted a forgiveness of past credit program. The program allows for prospective tenants with negative past credit history admission for residency. In order to be admitted the prospective tenant must provide evidence of reparations made as well as five years without incident. Currently, occupancy is low due to recent gang activity occurring on or around the property. The operating general partner requested from the Department of Community Affairs the construction of a police substation in one of the three community rooms. However, local authorities denied this request and management hired a full time private security company to patrol the property around the clock. Since the addition of the private security company home invasions have significantly decreased. Management will continue to fund the private security operations with the hope that the decrease in home invasions will have a residual effect on surrounding community violence, increasing property appeal and occupancy. The operating general partner has financed all 2009 operating deficits and will continue to do so in 2010. All tax, insurance, and mortgage payments are current.

Series 35

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 35 reflects a net loss from Operating Partnerships of $(269,151) and $(217,275), respectively, which includes depreciation and amortization of $389,352 and $385,632, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brazoswood Apartments, LP (Brazoswood Apartments) is a 72-unit property located in Clute, Texas. The property was unable to operate above breakeven due to low occupancy caused by current housing market conditions, insufficient rental rates and increasing operating expenses, specifically utilities, maintenance and insurance. The continued struggle with vacancy is a direct reflection of economic conditions in rural Texas, where ongoing job losses have led to increased evictions and migration from the area. The property is not located in a densely populated area and the majority of residents are retail employees struggling with diminishing work hours and layoffs. Occupancy at the end of June 2010 was 86%. Management's marketing strategy focuses on aggressive business and community outreach programs coupled with print and online advertising. Management is hopeful that, with the implementation of the new marketing plan, occupancy will improve throughout 2010. To promote resident retention and appeal to prospective residents, management organizes weekly social events and free monthly workshops for residents on various topics. Management has also added concessions and other incentives to improve occupancy. They are currently offering one month rent concession prorated over a 12-month period, a $200 resident referral gift card incentive, and a finder's fee of one month's rent to realtors who bring in qualified residents. Maintenance expenses are high due to turnover and the need to make vacant units rent ready. Utility expenses are high due to high water rates in the City of Clute. In addition, the property experienced a 20% increase in insurance rates in 2009. The investment general partner will continue to work with management to reduce economic vacancy and control expenses. All real estate tax, 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 economic decline in the area. In 2009, occupancy averaged 83% and the property continues to operate below breakeven status. In 2010 operations have made significant improvements over 2009 results. Management hired a new portfolio and property manager. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 74% in November 2009 to 96% by June 2010. However, as of June 2010 operations remain below breakeven but have improved in comparison to the prior year. The lack of income has affected management's ability to pay bills, resulting in high payables. Management plans to pay down accounts payable from available cash flow as operations improve.

The investment general partner met with the operating general partner and visited this site in September 2009 and plans to return in the third quarter of 2010. The property was very well maintained and the tax credit files were in very good order. Budgeted 2010 capital improvements include new signage and asphalt repairs. Exterior painting was done in 2009. These improvement projects will be funded from replacement reserves and the operating general partner advances. Real estate tax, insurance and mortgage payments are current. The operating general partner's guarantee remains unlimited until rental achievement. Rental achievement has not yet been met. After rental achievement, the operating deficit guarantee is unlimited for three years. The operating general partner continues to fund deficits as needed. The investment general partner continues to hold bi-monthly conference calls with the operating general partner and management staff to review all operational issues at the property. These reviews will continue until occupancy and operations stabilize. The low income tax credit compliance period expires on December 31, 2016.

Mulvane Housing Associates Limited Partnership (Country Walk Apartments) is a 68-unit family property located in Mulvane, Kansas. As of June 30, 2010, the property was 96% occupied. The property operated below breakeven through the second quarter of 2010 due to high operating expenses and insufficient rental rates. Maintenance expenses were high in the second quarter as a result of turnover. These costs included carpet and vinyl replacement, power washing and painting, microwave replacement, and bike rack installation. Maintenance expenses are expected to normalize in the third quarter, as management does not anticipate any additional improvements to the property in the short term. Management requested a rent increase from the State of Kansas on June 15, 2010, and is still awaiting a response. The investment general partner will continue to monitor the property's expense levels and management's leasing efforts to ensure occupancy remains strong. 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. The property operated at breakeven in 2009. Although average occupancy increased to 90% in 2009, further improvements are needed to achieve above breakeven operations. Occupancy was 91% as of June 30, 2010, with two additional units leased for July occupancy. Management has focused on 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 the terms outlined in their rental agreement. Management has also added concessions and other incentives to improve occupancy. Management reports that the resident profile and resident retention have both greatly improved. The property continues to operate at breakeven through the second quarter due to leasing concessions and the full payment of the real estate taxes. 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. The low-income housing tax credit compliance period expires on December 31, 2014.

Series 36

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 36 reflects a net loss from Operating Partnerships of $(98,193) and $(100,293), respectively, which includes depreciation and amortization of $254,453 and $254,714, 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. Average occupancy for 2009 was 96%. Due to its high debt service, the property operated below breakeven in 2009 and through the second quarter of 2010. A number of other issues have also affected cash flow, resulting in several late payments on the mortgage.

The property's balconies deteriorated significantly from 2006 to 2008. 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 continued to use her balcony and sprained her ankle when the balcony collapsed in August 2008. The incident was reported to both parties' insurance companies, but the resident has taken no legal action. After the incident, all doors to the balconies were boarded up immediately. Work to remediate the balconies was completed in the first quarter of 2009.

Due to limited funds, the Operating Partnership has alternated between paying vendors and making its debt service payments. 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 this caused some arrearage in the mortgage payments. The operating general partner brought the mortgage current, but payables began to build again. In order to pay down some of these payables, the Operating Partnership missed two mortgage payments in 2009. The mortgage payments were brought current and have remained current partially through a release of funds from the Operating Partnership's debt service reserve, but are again about one month in arrears at the end of the second quarter of 2010.

In March 2008, the operating general partner replaced the management agent. The new agent is very skilled in all areas of Low-Income Housing Tax Credit property management and continues to work hard to help cure all physical issues and improve operations at Aloha Housing. Occupancy remains strong and was 97% at the end of the second quarter of 2010. Despite the strong occupancy, operations continue to struggle due to the high debt service payments. Although the mortgage lenders had not issued notices of default as of the end of second quarter of 2010, they could do so since there are ongoing mortgage payment arrearages. Such a notice could trigger a foreclosure action in 2010 or 2011 if the operating general partner does not cure the mortgage payment defaults. A foreclosure sale in 2010 would require the Operating Partnership to recognize estimated tax credit recapture costs and an interest penalty of approximately $443,925, equivalent to $206 per 1,000 BACs. At the end of the second quarter the operating general partner agreed to look into refinancing the current debt. The operating general partner is currently in talks with multiple lenders about refinancing with a HUD 223(f) loan. Note that although the economic terms for this type of loan are attractive, the timeline to apply for, receive a commitment letter, and then close this type of loan is approximately 6-8 months. As a result a new loan won't be in place until the first quarter of 2011 at the earliest. The investment general partner will continue to monitor the progress on these issues and continue to press the operating general partner to fund deficits in a timelier manner.

Nowata Village Limited Partnership (Nowata Village) is a 28-unit family property located in Nowata, OK. Nowata is a small town with limited employment opportunities. Consequently, Nowata Village has struggled to maintain a stabilized occupancy and to keep operations above breakeven. Occupancy was stable in 2009, averaging 93% for the year, but the property operated below breakeven due to increased maintenance and insurance costs. The increase in maintenance was due to non-budgeted replacement expenses that were not reimbursed from replacement reserves due to Rural Development restrictions. Insurance premiums increased due to an increase in insurance claims in 2008/2009, and are expected to remain high through 2010. However, the operating general partner is working with a local insurance agent in an effort to reduce those costs. Rural Development approved a $20-75 rent increase on all units effective January 1, 2010 that was projected to bring operations back above breakeven. However, despite occupancy averaging 92% through the second quarter of 2010, operations remain below breakeven due to continued high expenses. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2014.

Riverview Bend Limited Partnership (Riverview Bend) is a 94-unit property located in Crystal City, MO. The property sustained fire damage in June 2009. All damage was repaired in 2009 and the property operated above breakeven. During the second quarter of 2010, the property operated above breakeven and ended the quarter with 99% occupancy. All real estate tax, mortgage, and insurance payments are current.

Wingfield Apartments LP. (Wingfield Apartments) is a 40-unit multifamily development located in Kinder, Louisiana. In 2008, occupancy averaged 84% and the property operated above breakeven. In 2009, occupancy averaged 85% and the property operated below breakeven. There was a 38% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. The repair work consisted primarily of roof replacement resulting from frequent windstorms. All repairs were finished in the fourth quarter of 2009. Occupancy is at 85% at the end of the second quarter of 2010 and the property has operated below breakeven in 2010. According to the operating general partner, the property is located in central Louisiana, which has been hit hard by the economic downturn. The operating general partner hired a new and experienced manager in April 2010 who they believe will have a positive impact on leasing units. The investment general partner will continue to monitor occupancy and expenses at the property. The low income housing tax credit compliance period expires on December 31, 2014. All real estate tax, mortgage, and insurance payments are current.

Series 37

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 37 reflects a net loss from Operating Partnerships of $(251,504) and $(264,134), respectively, which includes depreciation and amortization of $441,693 and $400,900, 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 economic decline in the area. In 2009, occupancy averaged 83% and the property continues to operate below breakeven status. In 2010 operations have made significant improvements over 2009 results. Management hired a new portfolio and property manager. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 74% in November 2009 to 96% by June 2010. However, as of June 2010 operations remain below breakeven but have improved in comparison to the prior year. The lack of income has affected management's ability to pay bills, resulting in high payables. Management plans to pay down accounts payable from available cash flow as operations improve.

The investment general partner met with the operating general partner and visited this site in September 2009 and plans to return in the third quarter of 2010. The property was very well maintained and the tax credit files were in very good order. Budgeted 2010 capital improvements include new signage and asphalt repairs. Exterior painting was done in 2009. These improvement projects will be funded from replacement reserves and the operating general partner advances. Real estate tax, insurance and mortgage payments are current. The operating general partner's guarantee remains unlimited until rental achievement. Rental achievement has not yet been met. After rental achievement, the operating deficit guarantee is unlimited for three years. The operating general partner continues to fund deficits as needed. The investment general partner continues to hold bi-monthly conference calls with the operating general partner and management staff to review all operational issues at the property. These reviews will continue until occupancy and operations stabilize. The low income tax credit compliance period expires on December 31, 2016.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing) is a 20-unit senior property located in Millinocket, ME. The property has historically operated below breakeven due to high utility expenses and low occupancy. The decline in occupancy occurred after it was determined that the elderly care service provider used at the property was not a federally approved program. Their services were terminated, effective July 1, 2009, and replaced by a service provider that charges a fee equal to 40% of residents' disposable income. Occupancy continued to decline through May 2010 but rebounded to 95% as of June 30, 2010. The property continues to operate at a deficit through the second quarter of 2010 due to high seasonal operating expenses. Maintenance expenses were high as a result of a harsh winter, which increased snow removal costs. Utilities were also high as a result of increased fuel costs from an inefficient heating system. In an effort to reduce these 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 by installing an alternative heating system. The operating general partner is awaiting approval for funding to implement the energy system change from Maine State Housing Authority. 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+/ per month rents.

During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. Due in part to the decreased availability of portable Section 8 vouchers caused by funding constraints, 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. The property continued to operate below breakeven in 2008 and 2009 with occupancy averaging 89% and 88%, respectively. Average occupancy for the first six months of 2010 was 90%; however, the property continued to operate below breakeven. Unemployment is high in Pontiac, a suburb of Detroit, and the local housing authority has stopped issuing vouchers due to funding cuts. Operating expenses remain well above state averages due to the fact that the property consists of single family homes. Maintenance expenses are approximately three times the state average due to extremely costly unit turnovers. Management began using a new credit agency for more comprehensive credit checks in August 2008 in an effort to curb unit turnovers and tenant receivables; however, evictions for non-payment of rent continue to be an issue. Additionally, the homes were built on slabs and settling has caused plumbing issues and shifting of some of the exterior walkways. Repairs are being made on an as-needed basis every other month. During 2009 the site manager worked with the local housing authority to obtain voucher holder referrals, held several open houses during 2009, and increased radio and newspaper advertisements.

In the third quarter of 2008 the investment general partner received the 2007 draft audit which revealed that the operating general partner had renegotiated the loan agreement during 2007 resulting in the lender agreeing to the deferral of the scheduled principal payments for 2006 and 2007. As of June 30, 2010, these principal payments remain deferred. The contractual principal payments for 2008 and 2009 have also not been paid, although the lender elected to convert these two mortgage principal payment liabilities to a separate demand note liability executed by the Operating Partnership. A principal payment on the demand note was due October 31, 2009; however, that payment has not been made. Although the lender has not yet issued a default notice to the Operating Partnership, the operating general partner is attempting to resolve this issue with the lender. The Operating Partnership remains current on the interest portion of its debt service. The real estate taxes for 2008 were paid in the first quarter of 2010. Real estate taxes for 2009 remain unpaid, but the operating general partner did file an appeal in 2009, which is currently pending. Payables are high and continue to increase. The investment general partner is monitoring the management company's ability to increase occupancy and cash flow, reduce unit turnovers, and control maintenance expenses and bad debt. The investment general partner continues to press the operating general partner for a plan to pay down unpaid real estate taxes and growing payables.

Series 38

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2010, all of which were at 100% qualified occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 38 reflects a net loss from Operating Partnerships of $(156,936) and $(148,974), respectively, which includes depreciation and amortization of $280,949 and $266,444, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Creek Apartments is a 172-unit family development located in Woodstock, GA. Average occupancy decreased from 85% in 2007 to 83% in 2008, to 75% in 2009. The property operated below breakeven in 2009 with a cash deficit of ($214,258). The primary causes for the poor performance were low occupancy and high bad debt. According to management, maintaining high occupancy has been difficult because of a declining market area and lack of qualified applicants due to job losses in the area. The operating general partner has reduced rental rates and is currently offering resident referral fees, merchant referral fees and giveaways as a means to improve occupancy. In 2010, the property continues to operate below breakeven due to low occupancy and high bad debt. In addition, maintenance expenses have been high as a result of increased turnover costs. In 2010, management has hired a new portfolio and property manager. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 75% in November 2009 to 88% by June 2010.

The investment general partner met with the operating general partner and visited the site in September 2009 with plans to return in the third quarter of 2010. The property is very well maintained and shows nicely as a result of recent capital improvement projects including exterior painting and re-striping of the parking lot. A model unit has been created and landscaping improvements have been done to further improve curb appeal. Management plans to upgrade the fitness equipment in 2010. All files were well kept and in good order. All real estate taxes, insurance and mortgage payments are current. The investment general partner continues to hold bi-monthly conference calls with the operating general partner and management staff to review all operational issues at the property. These reviews will continue until occupancy and operations stabilize. The low income housing tax credit compliance period expires on December 31, 2016.

Hammond Place Apartments Partnership (Hammond Place Apartments) is a 40-unit multifamily development located in Hammond, Louisiana. In 2008, occupancy averaged 91% and the property operated above breakeven. In 2009, occupancy averaged 86% and the property operated below breakeven. There was a 23% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. Expenses are expected to return to 2008 levels once the repairs are completed. All repairs were finished in the fourth quarter of 2009. Occupancy was at 90% at the end of the second quarter of 2010 and the property continues to operate below breakeven. The operating general partner hired a new manager in April 2010. The new manager has been effective at weeding out non-compliant tenants. The investment general partner will continue to monitor occupancy and expenses at the property. The low income housing tax credit compliance period expires in 2014. All real estate tax, mortgage, and insurance payments are current.

Series 39

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 39 reflects net loss from Operating Partnerships of $(194,584) and $(211,296), respectively, which includes depreciation and amortization of $230,191 and $232,698, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Columbia Creek Apartments is a 172-unit family development located in Woodstock, GA. Average occupancy decreased from 85% in 2007 to 83% in 2008, to 75% in 2009. The property operated below breakeven in 2009 with a cash deficit of ($214,258). The primary causes for the poor performance were low occupancy and high bad debt. According to management, maintaining high occupancy has been difficult because of a declining market area and lack of qualified applicants due to job losses in the area. The operating general partner has reduced rental rates and is currently offering resident referral fees, merchant referral fees and giveaways as a means to improve occupancy. In 2010, the property continues to operate below breakeven due to low occupancy and high bad debt. In addition, maintenance expenses have been high as a result of increased turnover costs. In 2010, management has hired a new portfolio and property manager. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 75% in November 2009 to 88% by June 2010.

The investment general partner met with the operating general partner and visited the site in September 2009 with plans to return in the third quarter of 2010. The property is very well maintained and shows nicely as a result of recent capital improvement projects including exterior painting and re-striping of the parking lot. A model unit has been created and landscaping improvements have been done to further improve curb appeal. Management plans to upgrade the fitness equipment in 2010. All files were well kept and in good order. All real estate taxes, insurance and mortgage payments are current. The investment general partner continues to hold bi-monthly conference calls with the operating general partner and management staff to review all operational issues at the property. These reviews will continue until occupancy and operations stabilize. The low income housing tax credit compliance period expires on December 31, 2016.

Timber Trails I Partnership (Timber Trails Apartments) is a 32 unit complex located in Ball, LA. The property performed well in 2008 with average occupancy of 89% and above breakeven operations. Occupancy improved in 2009 and ended the year at 97% occupied. Despite this improvement, the property operated below breakeven for the year due to a large increase in maintenance costs. Maintenance expenses increased from $18,141 in 2008 to $55,756 in 2009. According to the operating general partner, Rural Development required significant repair work as a result of their most recent audit. All required repairs were completed in 2009. Occupancy is averaging 97% through the second quarter of 2010. Maintenance expenses have returned to their historic levels. The investment general partner has approved a general partner transfer for Timber Trails. The transfer was finalized in the second quarter of 2010

Series 40

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2010, all of which at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 40 reflects a net loss from Operating Partnerships of $(190,661) and $(184,891), respectively, which includes depreciation and amortization of $317,926 and $274,647, 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+/ per month rents.

During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. Due in part to the decreased availability of portable Section 8 vouchers caused by funding constraints, 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. The property continued to operate below breakeven in 2008 and 2009 with occupancy averaging 89% and 88%, respectively. Average occupancy for the first six months of 2010 was 90%; however, the property continued to operate below breakeven. Unemployment is high in Pontiac, a suburb of Detroit, and the local housing authority has stopped issuing vouchers due to funding cuts. Operating expenses remain well above state averages due to the fact that the property consists of single family homes. Maintenance expenses are approximately three times the state average due to extremely costly unit turnovers. Management began using a new credit agency for more comprehensive credit checks in August 2008 in an effort to curb unit turnovers and tenant receivables; however, evictions for non-payment of rent continue to be an issue. Additionally, the homes were built on slabs and settling has caused plumbing issues and shifting of some of the exterior walkways. Repairs are being made on an as-needed basis every other month. During 2009 the site manager worked with the local housing authority to obtain voucher holder referrals, held several open houses during 2009, and increased radio and newspaper advertisements.

In the third quarter of 2008 the investment general partner received the 2007 draft audit which revealed that the operating general partner had renegotiated the loan agreement during 2007 resulting in the lender agreeing to the deferral of the scheduled principal payments for 2006 and 2007. As of June 30, 2010, these principal payments remain deferred. The contractual principal payments for 2008 and 2009 have also not been paid, although the lender elected to convert these two mortgage principal payment liabilities to a separate demand note liability executed by the Operating Partnership. A principal payment on the demand note was due October 31, 2009; however, that payment has not been made. Although the lender has not yet issued a default notice to the Operating Partnership, the operating general partner is attempting to resolve this issue with the lender. The Operating Partnership remains current on the interest portion of its debt service. The real estate taxes for 2008 were paid in the first quarter of 2010. Real estate taxes for 2009 remain unpaid, but the operating general partner did file an appeal in 2009, which is currently pending. Payables are high and continue to increase. The investment general partner is monitoring the management company's ability to increase occupancy and cash flow, reduce unit turnovers, and control maintenance expenses and bad debt. The investment general partner continues to press the operating general partner for a plan to pay down unpaid real estate taxes and growing payables.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit complex located in Dequincey, LA. The property operated well in 2008 averaging 88% occupancy with above breakeven operations. Occupancy ended 2009 at 83% and the property operated below breakeven for the year. In addition to the decrease in occupancy in the fourth quarter of 2009, maintenance costs increased 171% over 2008 figures. According to the operating general partner, the large increase in maintenance expenses is due to Rural Development required repairs. Occupancy ended the second quarter of 2010 at 71%, with maintenance expenses returning back to 2008 levels. As a result, the property operated above breakeven through the second quarter of 2010. All taxes, insurance and mortgage payments are current. The low income housing tax credit compliance period expires in 2015.

Oakland Partnership, a LA Partnership (Oakland Apartments) is a 46-unit complex located in Oakdale, LA. In 2008, the property had average occupancy of 81% and was able to operate above breakeven for the year. Operating expenses were slightly below state averages and the property benefited from other revenue resulting from late fees and forfeited deposits. Occupancy for 2009 averaged 70% and ended the year at 89%. The property operated below breakeven for the year. According to the operating general partner, they have had turnover at the manager position, which has hindered their ability to lease-up the property. They hired a new manager in the fourth quarter of 2009. Occupancy in 2010 has averaged 84%, with operations slightly below breakeven. All taxes, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Center Place Apartments II Limited Partnership (Center Place Apartments) is a 32-unit complex located in Center, TX. In 2008, the property had average occupancy of 89% and operated above breakeven for the year. Despite the low occupancy, the property was able to generate cash due to low operating expenses. Occupancy at the end of 2009 improved to 94% yet the property operated below breakeven for the year due to increased operating expenses. In 2009, expenses were up 100% over 2008 figures. Maintenance expenses for 2009 were $61,527 compared to $8,636 in 2008. According to the operating general partner, Rural Development required repair work as a result of their most recent audit. The repairs consisted of floor replacement and repairs to porches and stairs. Maintenance expenses in 2010 have returned back to previous levels following the required repairs. Occupancy at the end of the second quarter of 2010 was 92% and the property is operating slightly below breakeven through June 30, 2010. The investment general partner will continue to monitor occupancy and property operations moving forward. All taxes, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Series 41

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 41 reflects a net loss from Operating Partnerships of $(176,884) and $(170,074), respectively, which includes depreciation and amortization of $387,342 and $402,719, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property located in Mt. Carroll, IL. The property is located in a depressed rural area. In 2006, two of the units lost rental assistance from Rural Development, due to being vacant for at least six months. Those two units remained vacant until January 2009 due to an inability to find tenants who could afford the rents without Rural Development rental assistance. According to the operating general partner, there is little chance of re-attaining the lost rental assistance. Average occupancy increased in 2009 as compared to 2008. Despite this improved occupancy, the property did not operate at breakeven due to higher operating expenses. Through the first half of 2010, occupancy has held steady at 83%, as the two units without rental assistance remain vacant, and management indicated that they are unlikely to be filled. Operating expenses through June 2010 are slightly higher than prorated 2009 audited expenses, driving operations below breakeven. 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 experienced difficulties in 2006 when overall average occupancy of 84% declined to 65%, due to inadequate management resulting in poor rent collection, high eviction rates, and many over-income applicants. New site staff was hired early in 2007 and the site manager was able to restore occupancy to 95% by September 2007. The property operated slightly below breakeven in 2007 but improved back to breakeven status in 2008 and 2009 with occupancy averaging 90% for both years. Through June 2010, occupancy was 95% with operations continuing above breakeven status. The rent collection and eviction policies are being strictly enforced; no further collection issues are anticipated. The taxes, mortgage and insurance are all current

Bienville Partnership (Bienville Apartments) is a 32-unit complex located in Ringgold, LA. In 2008, the property had average occupancy of 88% and operated above breakeven. In 2009, average occupancy was 79% and the property operated below breakeven. In addition to the low occupancy, maintenance expenses increased to $69,091 in 2009 compared to $22,860 in 2008. According to the operating general partner, Rural Development required significant repair work as a result of their 2009 audit. Approximately $7,000 of these costs was reimbursed from the replacement reserve account. According to the operating general partner, all repairs were completed in 2009. In April 2010, the investment general partner approved an operating general partner transfer. The new operating general partner has the experience, personnel and systems in place to improve operations at these properties. The new operating general partner's first order of business was to address any existing deferred maintenance and then focus on marketing and leasing. They also added a security patrol on weekend nights in an effort to eliminate criminal activity at the site. Occupancy has improved to average 88% through the second quarter and ended June 2010 at 100%. Despite these improvements, the property continues to operate slightly below breakeven through the second quarter of 2010. The investment general partner will monitor occupancy and expenses at the site and continue to work with the new general partner to improve operations. The low income housing tax credit compliance period expires on December 31, 2016.

In June 2010, the investment general partner of Series 20 and Series 41 transferred their respective interests in Cascade Commons LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $22,279,256 and cash proceeds to the investment partnerships of $782,140 and $390,483 for Series 20 and Series 41, respectively. Of the total proceeds received, $18,709 and $9,757 for Series 20 and Series 41, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $763,431 and $380,726 were returned to cash reserves held by Series 20 and Series 41, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. 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, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $763,431 and $380,726 for Series 20 and Series 41, respectively, as of June 30, 2010.

Series 42

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 42 reflects a net loss from Operating Partnerships of $(99,232) and $(326,345), respectively, which includes depreciation and amortization of $416,998 and $422,427, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Wingfield Apartments LP. (Wingfield Apartments) is a 40-unit multifamily development located in Kinder, Louisiana. In 2008, occupancy averaged 84% and the property operated above breakeven. In 2009, occupancy averaged 85% and the property operated below breakeven. There was a 38% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. The repair work consisted primarily of roof replacement resulting from frequent windstorms. All repairs were finished in the fourth quarter of 2009. Occupancy is at 85% at the end of the second quarter of 2010 and the property has operated below breakeven in 2010. According to the operating general partner, the property is located in central Louisiana, which has been hit hard by the economic downturn. The general partner hired a new and experienced manager in April who they believe will have a positive impact on leasing units. The investment general partner will continue to monitor occupancy and expenses at the property. The low income housing tax credit compliance period expires on December 31, 2014. All real estate tax, mortgage, and insurance payments 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 from the onset. Further, 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, that member was replaced and a new member was inserted as the second member of the operating general partner entity. Although the new second member did not assume the obligations of the guarantor, it 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 resulted in less attention to management of the property and diminished willingness of the operating general partner to fund deficits. In May 2009, the Operating Partnership approved the transfer of interests within the operating general partner entity; the new second member transferred its interest to the remaining single member. As noted above, the members had been at odds and the transfer was deemed likely to clarify control of the entity and result in improved performance of the property. In addition, the management company was replaced in May 2009 with a management company affiliated with the remaining single member of the operating general partner.

Occupancy averaged 90% for 2008, 2009, and the first half of 2010. Occupancy reached 92% on May 31, 2010, up from 88% in December 2009. The property operated below breakeven in 2008 and 2009, and the property operated at breakeven in the first half 2010. The operating general partner believes that with the change in the operating general partner entity and management company noted above, occupancy will continue to rise and operations will continue to improve. The Operating Partnership has been funding the replacement reserve, in accordance with the loan and Operating Partnership agreements, since September 2007 when the debt was refinanced. The mortgage, taxes and insurance payments are all current. Accounts payable and accrued expenses stood at approximately $64,300 as of May 2010, up approximately $6,800 from December 2009, but down approximately $4,000 from March 2010.

HS Housing, LP (Helios Station Apartments) is a 30-unit family property located in Lafayette, CO. The property operated well above breakeven in 2009 and occupancy remained strong for the year averaging 97%. Through the second quarter of 2010 the property continues to have strong occupancy and operate above breakeven. 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; however, this manager was also not able to proactively tackle the property's issues and a new site manager began in the beginning of May 2009. This manager has previous tax credit experience as an assistant manager and was promoted from a larger property with the idea that she can deliver focus to this smaller property. Another site visit was conducted at the property in July 2009. Housekeeping and maintenance had improved, but tenant files continued to require attention. The site manager and regional compliance manager corrected all file issues. A 100% recertification and state management review occurred in October 2009, resulting in a satisfactory score. The investment general partner also had a consultant perform a site inspection in June of 2010. The consultant advised that the property was in good physical condition and the files were in excellent condition.

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 attempting to recapitalize its Colorado portfolio, including HS Housing, but the plan's likelihood for success continues to be uncertain at this time. However, improved management has resulted in increased cash flow across the entire portfolio. The investment general partner has turned its focus toward obtaining a commitment from the operating general partner to fund the portfolio's identified near term capital improvements and payables out of the improved cash flow from the entire portfolio. The operating general partner signed a letter agreeing to fund capital needs at the Colorado properties, and advanced funds to two properties in June 2009. In the second quarter of 2010 the investment general partner had requested that the management company put together a capital needs plan for the entire Colorado portfolio. In June of 2010 the management company completed the requested capital needs plan for HS Housing and submitted a copy to both the investment general partner and HUD. The plan calls for $180,000 in capital improvement over the next 5 years. The plan includes roof replacement, exterior painting, and installation of a new irrigation system and concrete replacement. The investment general partner will monitor the progress of the capital needs plan. The operating general partner will be required to advance funds to each partnership that will not have sufficient replacement reserve money to complete the capital improvements that are needed.

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.

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 that were off-line were filed with the IRS by the Colorado Finance Housing Agency. In 2009, two units were discovered to be in need of structural repairs related to the floor joists. Management obtained bids and work was completed in June 2009 on the first unit. The bid was for $5,000 and was paid from operating cash. This unit was brought back online and was re-tenanted in late June. A second unit was vacated in August 2009 and received structural repairs that were completed in November 2009. The repairs were anticipated to be completed during the third quarter of 2009; however, the scope of work increased after further investigation. The contractor honored the original bid of $4,000 and was paid from operating cash. The unit was re-tenanted in December 2009. No additional units in need of structural repairs have been identified. The property operated above breakeven in 2008 and 2009 with the help of strong occupancy. Through the second quarter of 2010, occupancy has averaged 97%, and the property continues to operate above breakeven. 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.

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 attempting to recapitalize its Colorado portfolio, including TS Housing, but the plan's likelihood for success continues to be uncertain at this time. However, improved management has resulted in increased cash flow across the entire portfolio. The investment general partner has turned its attention toward obtaining a commitment from the operating general partner to fund the portfolio's identified near term capital improvement needs and aged payables out of the improved cash flow from the entire portfolio. The operating general partner signed a letter agreeing to fund capital needs at the Colorado properties, and advanced funds to two properties in June 2009. In the second quarter of 2010 the investment general partner had requested that the management company put together a capital needs plan for the entire Colorado portfolio. In June of 2010 the management company completed the requested capital needs plan for TS Housing and submitted a copy to both the investment general partner and HUD. The plan calls for $176,715 in capital improvement over the next 5 years. The plan includes window replacement, exterior painting, and installation of a new irrigation system and concrete replacement. The investment general partner will monitor the progress of the capital needs plan. The operating general partner will be required to advance funds to each Operating Partnership that will not have sufficient replacement reserve money to complete the capital improvements that are needed. The investment general partner also had a consultant perform a site inspection in June of 2010. The consultant advised that the property was in good physical condition and the files were in excellent condition.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. In 2009, average occupancy was 95%; however, the property continued to operate below breakeven due to high operating expenses. Occupancy continues to be strong and was 100% at the end of the second quarter of 2010. Operating expenses are high mainly due to high maintenance costs as a result of severe physical deficiencies in a number of buildings on site. Since construction, a number of the buildings have had differential settlement issues resulting in cracked floor slabs, cracked brick veneer, cracking windows and doors and sagging balconies. These concerns have been addressed on an ongoing basis via advances by the operating general partner. Despite high occupancy and cost control efforts including staffing reduction, reduced marketing and the shutting down of one boiler during warmer months, the property continues to operate below breakeven in 2010. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. So far the operating general partner has advanced over $1,800,000 for repairs and operating deficits. The mortgage, trade payables, property taxes and insurance are current. The low income housing tax credit compliance period will expire on December 31, 2010.

Centenary Housing, LP. (Centenary Tower Apartments) was 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. The bondholders' trustee has been attempting to market the property since late 2007, with numerous offers falling through. In August 2009, the trustee identified a buyer that agreed to purchase the property for $375,000 and scheduled a foreclosure sale for late September. The property was sold at foreclosure sale to this buyer on September 23, 2009 for $375,000, or less than $.20 of the face value of the bonds. There are no proceeds to be returned to cash reserves. 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 limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the foreclosure of the Operating Partnership has been recorded.

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.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) is a 56-unit family property located in Charleston, WV. Due to weak and declining economic conditions throughout 2008, many retail employers closed or reduced employee hours significantly. Retail employment composes a large portion of the property's tenant base and, as a result, the number of evictions increased. The manager was terminated in the fourth quarter of 2008, as she had become too lax with her responsibilities, particularly rent collections. The new manager, with 20 years experience, has been much more forceful and proactive with collections. By the end of the 2009 fourth quarter, occupancy returned to historic levels, reaching 89%, and operations are above breakeven. The occupancy increased in 2010 with an average of 96%, ending in June at 95%.

In May of 2009, fire and water damaged eight apartments, the laundry room and maintenance shed. Renovations were expected to be completed by September 2009; however, it took the insurance company 60 days to issue the scope of work, postponing the completion until November 30, 2009. The property's income loss insurance covered 100% of the lost monthly rent on all eight units through construction. The mortgage, real estate taxes and insurance payments are current.

Series 43

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 43 reflects a net loss from Operating Partnerships of $(189,665) and $(376,542), respectively, which includes depreciation and amortization of $550,425 and $598,071, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 from the onset. Further, 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, that member was replaced and a new member was inserted as the second member of the operating general partner entity. Although the new second member did not assume the obligations of the guarantor, it 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 resulted in less attention to management of the property and diminished willingness of the operating general partner to fund deficits. In May 2009, the Operating Partnership approved the transfer of interests within the operating general partner entity; the new second member transferred its interest to the remaining single member. As noted above, the members had been at odds and the transfer was deemed likely to clarify control of the entity and result in improved performance of the property. In addition, the management company was replaced in May 2009 with a management company affiliated with the remaining single member of the operating general partner.

Occupancy averaged 90% for 2008, 2009, and the first half of 2010. Occupancy reached 92% on May 31, 2010, up from 88% in December 2009. The property operated below breakeven in 2008 and 2009, and the property operated at breakeven in the first half 2010. The operating general partner believes that with the change in the operating general partner entity and management company noted above, occupancy will continue to rise and operations will continue to improve. The Operating Partnership has been funding the replacement reserve, in accordance with the loan and Operating Partnership agreements, since September 2007 when the debt was refinanced. The mortgage, taxes and insurance payments are all current. Accounts payable and accrued expenses stood at approximately $64,300 as of May 2010, up approximately $6,800 from December 2009, but down approximately $4,000 from March 2010.

Lakewood Apartments-Saranac, LP (Lakewood Apartments) is a 24-unit property located in Saranac, MI. The area suffers from very low employment, lack of public transportation and limited retail stores. In addition, the property only has seven subsidized units while other area properties are 100% subsidized. As a result, the property has struggled to maintain consistent occupancy and has operated below breakeven every year since inception. In recent years, management has implemented a variety of concessions including lowering the security deposit from one month's rent to $99, waiving the $20 application fee, and offering one month free rent. In addition, private rental assistance of up to $200/month has been offered for qualified applicants. While these concessions improved occupancy, the property continued to operate at a deficit. In an effort to improve cash flow, management removed the concessions after occupancy reached 100% in March 2009. Afterwards, occupancy immediately began to decline and ended September 2009 at 83%. The concessions were then reinstated and occupancy improved to 88% by year-end 2009. Occupancy has continued to increase in 2010, averaging 90% year-to-date and ending the second quarter of 2010 at 96%. In addition, the property is operating above breakeven for the year due in part to the successful recovery of $2,400 of previously written-off bad debt. Real estate taxes, insurance and mortgage payments are current. The operating general partner's operating deficit guaranty expired in February 2009 but he continues to fund deficits as needed. The low income housing tax credit compliance period expires on December 31, 2010.

Riverview Apartments - Blissfield L.D.H.A., LP (Riverview Apartments) is a 32-unit property located in Blissfield, MI. The property has suffered from inconsistent occupancy in recent years due to its isolated location and the decline of the Michigan economy. A new manager was hired in July 2009 who increased marketing and leasing efforts. Occupancy stabilized and averaged 94% in 2009, allowing the property to generate cash for the year. In early 2010, the local Public Housing Authority began using HUD's new Enterprise Income Verification System, an electronic income verification system designed to increase the efficiency and accuracy of tenant income and rent determinations and deter housing fraud. A brochure was distributed to the residents to inform them of the new system, and five tenants immediately vacated the property causing occupancy to drop from 94% in December 2009 to 78% in January 2010. Management has aggressively marketed the vacant units and occupancy has since increased to 88% as of May 2010; however, revenue for the year is down 13% and the property has operated at a deficit. Although operations have begun to improve as the occupancy has slowly increased, the property is expected to operate at a slight deficit for the year. Real estate taxes, insurance and mortgage payments are current. The operating general partner's operating deficit guaranty expires at the end of August 2012 and he continues to fund deficits as required. The low income housing tax credit compliance period expire on December 31, 2017.

Carpenter School I Elderly Apartments, L.P. (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, MS. The property operated with a negative cash flow during 2009, mostly as a result of decreased occupancy and low rental rates. Average physical occupancy in 2009 was 89%. Through the second quarter of 2010, occupancy improved significantly and as of June 30 the property was 95% occupied. However, it was still unable to achieve breakeven. Although occupancy is high and expenses remain reasonable, low rental rates in the area continue to negatively impact cash flow. 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. Marketing consists of advertisements in the 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 on-site events to enhance the sense of community at the property. 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 stabilize operations above breakeven. The mortgage, real estate 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, 2007, and 2008 due to high utility, maintenance and administrative expenses combined with collection loss. Occupancy was at 100% as of June 2010. Tenant receivables are an issue that has historically plagued the profitability of the project. However, during the first two quarters of 2010 the property collected a larger portion of current tenant receivables. The resulting increase in cash flow allowed the property to operate above breakeven during the first two quarters of 2010. Management hired an outside financial consultant with the primary focus on identifying what are tenant receivables versus what is bad debt. This focus enables management to concentrate on attainable tenant receivables. To combat the continued increase in utility costs, management plans to implement a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer will provide a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consists of upgrading showerheads, bathroom faucet aerators, and kitchen faucet aerators, as well as installing water-reducing devices in toilet tanks. All four improvements comprise the retrofit kits. The Department of Water and Sewer will also provide educational brochures for the tenants. The brochures educate the tenants on how to reduce their water and energy consumption. Management also has employed a three-year plan to increase revenue by adjusting the 2008 tenant maintenance charges by 10% in 2009, and 5% in 2010 and 2011. Management continues to work on reducing tenant delinquencies by aggressively filing late notices and pursuing evictions through the housing court. Management has made significant progress by adamantly voicing concerns and prosecuting tenants in New York City tenant court. The tenant delinquency report and rent roll indicate that a significant portion of the accounts receivable are attributable to tenants who have inhabited the property for more than 10 years. To help combat increases in tenant receivables, management is implementing the following measures: a stricter tenant screening process, a change in legal counsel for tenant court, and an analysis of "tenant hold over" (court process, with hope of rent collection) versus "tenant non-payment" (eviction with no hope of rent collection). Generally legal proceedings take at least six months before a tenant will have to appear in rent court in front of a judge. History shows that legal decisions in New York City involving low-income housing tend to rule in favor of the tenant. The property's goal is to pay down all 2007 and 2008 past due payables by the end of 2010. The increase in the tenant maintenance charges will supplement this goal. The mortgage and insurance are current. The property is real estate tax exempt. The low income housing tax credit compliance period expires on December 31, 2015.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located about 30 miles northeast of Atlanta, in Lawrenceville, GA. Occupancy, which averaged 94% during 2008, began to decline in the fourth quarter of 2008, reaching 89% occupancy in December 2008. Occupancy was relatively stable during 2009 and the first two quarters of 2010 at 90%, but this could only be achieved with rent concessions. The major employers in the area have cut either staffing levels or worker's hours and this situation has not started to improve as of June 30, 2010. As most residents are hourly employees, those who have retained their jobs have had their income significantly reduced. Also, the decline in the construction industry has led to additional vacancies at the site. Management does not expect the job market to turn around in the near future. Management has been very proactive in managing expenses, collecting tenant receivables, and developing rent payment workout plans to retain residents where possible. In spite of these efforts, the management company reported a material increase in bad debt expense in the second quarter of 2010. The investment general partner performed a site visit in May 2010. The property was found to be in excellent condition. The investment general partner will continue to monitor operations to ensure stabilization. The September 2009 mortgage payment was late and the operating general partner indicated it was unwilling to continue to advance funds to subsidize the Operating Partnership's below breakeven operations. In addition, the operating general partner hoped that its decision to stop mortgage payments would trigger negotiations with the first mortgage lender on a possible loan re-structure or forbearance agreement. This tactic resulted in a forbearance agreement that closed on April 13, 2010, and converted the loan to an interest only payment schedule through December 31, 2011, at which time mortgage amortization re-starts. At closing on the forbearance agreement, the past due interest was paid and a $200,000 operating deficit reserve was established. This agreement should ensure that the Operating Partnership stays current on the first mortgage payments into 2012 and provide a bridge to an improved economy and improved rental market in Atlanta. If the rental market in Atlanta does not improve by 2012, the Operating Partnership may not be able to make its monthly mortgage payment once amortization re-starts, exposing the Operating Partnership to foreclosure risk and re-capture costs in 2012. The interest only mortgage payment, real estate taxes and insurance payments are current as of June 30, 2010.

Series 44

As of June 30, 2010 and 2009, the average Qualified Occupancy was 100%. The series had a total of 10 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 44 reflects a net loss from Operating Partnerships of $(280,302) and $(332,412), respectively, which includes depreciation and amortization of $596,572 and $615,936, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Post Oak East Apartments (Post Oak East L.P.) is a 240-unit family property located in Fort Worth, Texas. Occupancy began to decline in the fourth quarter of 2009, reaching 85% in December. A new management company, hired in December 2009, has implemented a comprehensive marketing and resident retention program in an effort to increase occupancy and find more qualified residents. As a result, occupancy improved to 94% by June 30, 2010. The property is operating above breakeven; however, it is currently making debt payments under the construction loan (i.e. interest only payments; no amortization). The property is currently financed with floating rate, tax exempt bonds. If the loan were to convert to permanent financing and the property maintains the current levels of bad debt expense, unit turnover costs, and real estate taxes, operations would be below breakeven. In addition, were the floating interest rate to increase significantly, the property could experience a further deficit. In the past, Post Oak Apartments has experienced higher resident turnover than expected, primarily because of delinquency and evictions. Also, there are a number of comparably priced market rate communities in the immediate vicinity, some of which have better amenities and offer significant concessions. The new management company has implemented a "no tolerance" policy to enforce collection rules, and although bad debt expense needs further improvement, it is projected to be significantly lower in 2010 than it was in 2009. Residents are now charged for damages and lease violations, and are being evicted if necessary. In addition, the operating general partner has received approval from the Texas Department of Housing and Community Affairs to allow 38 units that were set aside for families earning 30% of the Area Median Income (AMI) or less to be rented by families earning up to 60% of AMI.  This change will increase the pool of potential residents, and potentially increase rental revenues to the extent residents earning more than 30% of AMI occupy these 38 units.

As a result of the high expenses noted above, the property is unable to support the originally underwritten permanent debt amount. The Operating Partnership has not been able to convert from construction to permanent financing. The construction/permanent lender granted an extension of the construction loan through August 16, 2010. In the third quarter of 2010, the operating general partner plans to submit a request for approval from the Texas Department of Housing and Community Affairs as well as the investment general partner for the admission of a new operating general partner. It is anticipated that this new operating general partner will be able to obtain a full abatement of the real estate taxes, due to its non-profit status. A full abatement of the taxes, as well as the continued improvement in occupancy and reduction in bad debt expense, noted above, should generate sufficient cash flow to meet the lender's debt conversion requirements at the originally underwritten principal amount. The operating general partner has an unlimited guarantee until rental achievement. The property's construction mortgage, real estate tax and insurance payments are current as of June 30, 2010.

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. Due to a recent operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011.

In 2009, the property operated well below breakeven. All operating deficits are funded by the operating general partner through operating deficit loans. At the end of the second quarter 2010 the property increased occupancy to 93%. Consequently, the property is operating above breakeven through the first half of 2010. The increase in occupancy is attributed to a decrease in criminal activity surrounding the property, as well as new leasing specials. The new leasing specials include $299 move in, $300 lease renewal and a $300 resident referral special. Management indicated that over the last half of 2009, the property experienced a handful of home invasions. To combat the recent influx in crime, management restructured its security approach by releasing the ineffective courtesy officer. The property stationed a part time police officer in the front of the property during the predominantly higher crime times. During the fourth quarter of 2009, management implemented a surety bond as an incentive for new residents. The residents will pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit. The property's mortgage, real estate tax and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located about 30 miles northeast of Atlanta, in Lawrenceville, GA. Occupancy, which averaged 94% during 2008, began to decline in the fourth quarter of 2008, reaching 89% occupancy in December 2008. Occupancy was relatively stable during 2009 and the first two quarters of 2010 at 90%, but this could only be achieved with rent concessions. The major employers in the area have cut either staffing levels or worker's hours and this situation has not started to improve as of June 30, 2010. As most residents are hourly employees, those who have retained their jobs have had their income significantly reduced. Also, the decline in the construction industry has led to additional vacancies at the site. Management does not expect the job market to turn around in the near future. Management has been very proactive in managing expenses, collecting tenant receivables, and developing rent payment workout plans to retain residents where possible. In spite of these efforts, the management company reported a material increase in bad debt expense in the second quarter of 2010. The investment general partner performed a site visit in May 2010. The property was found to be in excellent condition. The investment general partner will continue to monitor operations to ensure stabilization. The September 2009 mortgage payment was late and the operating general partner indicated it was unwilling to continue to advance funds to subsidize the Operating Partnership's below breakeven operations. In addition, the operating general partner hoped that its decision to stop mortgage payments would trigger negotiations with the first mortgage lender on a possible loan re-structure or forbearance agreement. This tactic resulted in a forbearance agreement that closed on April 13, 2010, and converted the loan to an interest only payment schedule through December 31, 2011, at which time mortgage amortization re-starts. At closing on the forbearance agreement, the past due interest was paid and a $200,000 operating deficit reserve was established. This agreement should ensure that the Operating Partnership stays current on the first mortgage payments into 2012 and provide a bridge to an improved economy and improved rental market in Atlanta. If the rental market in Atlanta does not improve by 2012, the Operating Partnership may not be able to make its monthly mortgage payment once amortization re-starts, exposing the Operating Partnership to foreclosure risk and re-capture costs in 2012. The interest only mortgage payment, real estate taxes and insurance payments are current as of June 30, 2010.

United Development CO. 2001 LP (Memphis 102), is a 102-unit scattered site family development, located in Memphis, TN. Occupancy in 2009 averaged 87% and the property operated below breakeven. Bad debt was an issue in 2009 due to the overall economy with tenants losing their jobs. Maintenance expenses were $861 higher than the state average on a per unit basis. As of December 31, 2009, accrued taxes totaled $452,574. As of June 2010, occupancy was 94% with a significant improvement in maintenance expenses. The operating general partner is expected to submit a workout plan to the investment general partner for the accrued taxes during the third quarter of 2010. The operating general partner is no longer funding operating deficits as needed. The mortgage payments, insurance, and accounts payables are all current. The low income housing tax credit compliance period expires on December 31, 2018.

North Forty Aspen Plus, L.P. (Aspen Village Townhomes), is a 30-unit apartment complex located in Bealeton, Virginia. Bealeton is located approximately 45 miles southwest of Washington D.C. The property consists of 30 low income housing tax credit units located in 15 duplex townhomes, each having three bedrooms. Between the years 2004 and 2008, the property maintained an average occupancy of 95%-98%. In 2009 occupancy averaged 88% for the year. The property operated below breakeven in 2009 with negative cash flow of ($28,388). Total revenue decreased while operating expenses increased from the prior year. Operating expenses are 13% above the state average. The property had tenant receivables of $16,679 as of year-end 2009 and bad debt of $11,852. Year-to-date the property is averaging 100% occupied. The investment general partner has initiated monthly conference calls with the operating general partner to discuss operations and will monitor operations until above breakeven operations can be verified. The property was inspected in June 2010 and was found to be in excellent condition. All real estate taxes, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2017.

Series 45

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 30 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 45 reflects a net loss from Operating Partnerships of $(366,947) and $(371,906), respectively, which includes depreciation and amortization of $728,228 and $779,644 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+/ per month rents.

During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. Due in part to the decreased availability of portable Section 8 vouchers caused by funding constraints, 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. The property continued to operate below breakeven in 2008 and 2009 with occupancy averaging 89% and 88%, respectively. Average occupancy for the first six months of 2010 was 90%; however, the property continued to operate below breakeven. Unemployment is high in Pontiac, a suburb of Detroit, and the local housing authority has stopped issuing vouchers due to funding cuts. Operating expenses remain well above state averages due to the fact that the property consists of single family homes. Maintenance expenses are approximately three times the state average due to extremely costly unit turnovers. Management began using a new credit agency for more comprehensive credit checks in August 2008 in an effort to curb unit turnovers and tenant receivables; however, evictions for non-payment of rent continue to be an issue. Additionally, the homes were built on slabs and settling has caused plumbing issues and shifting of some of the exterior walkways. Repairs are being made on an as-needed basis every other month. During 2009 the site manager worked with the local housing authority to obtain voucher holder referrals, held several open houses during 2009, and increased radio and newspaper advertisements.

In the third quarter of 2008 the investment general partner received the 2007 draft audit which revealed that the operating general partner had renegotiated the loan agreement during 2007 resulting in the lender agreeing to the deferral of the scheduled principal payments for 2006 and 2007. As of June 30, 2010, these principal payments remain deferred. The contractual principal payments for 2008 and 2009 have also not been paid, although the lender elected to convert these two mortgage principal payment liabilities to a separate demand note liability executed by the Operating Partnership. A principal payment on the demand note was due October 31, 2009; however, that payment has not been made. Although the lender has not yet issued a default notice to the Operating Partnership, the operating general partner is attempting to resolve this issue with the lender. The Operating Partnership remains current on the interest portion of its debt service. The real estate taxes for 2008 were paid in the first quarter of 2010. Real estate taxes for 2009 remain unpaid, but the operating general partner did file an appeal in 2009, which is currently pending. Payables are high and continue to increase. The investment general partner is closely monitoring the management company's ability to increase occupancy and cash flow, reduce unit turnovers, and control maintenance expenses and bad debt. The investment general partner continues to press the operating general partner for a plan to pay down unpaid real estate taxes and growing payables.

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. Due to a recent operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011.

In 2009, the property operated well below breakeven. All operating deficits are funded by the operating general partner through operating deficit loans. At the end of the second quarter 2010 the property increased occupancy to 93%. Consequently, the property is operating above breakeven through the first half of 2010. The increase in occupancy is attributed to a decrease in criminal activity surrounding the property, as well as new leasing specials. The new leasing specials include $299 move in, $300 lease renewal and a $300 resident referral special. Management indicated that over the last half of 2009, the property experienced a handful of home invasions. To combat the recent influx in crime, management restructured its security approach by releasing the ineffective courtesy officer. The property stationed a part time police officer in the front of the property during the predominantly higher crime times. During the fourth quarter of 2009, management implemented a surety bond as an incentive for new residents. The residents will pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit. The property's mortgage, real estate tax and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. The property operated below breakeven during the first quarter of 2010 due to high seasonal operating expenses. Seasonal snow removal and heating costs have since normalized, which allowed the property to operate above breakeven in the second quarter of 2010. Occupancy remained strong at 97% as of June 30, 2010. All taxes, insurance, and mortgage payments are current.

Series 46

As of June 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2010, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2010 and 2009, Series 46 reflects a net loss from Operating Partnerships of $(244,261) and $(169,387), respectively, which includes depreciation and amortization of $335,999 and $339,482, 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 2008 despite averaging 98% occupancy, primarily due to a high debt level. Rents were increased by $60 per unit in 2008. Occupancy at the end of 2009 was 90% and the property operated above breakeven for the year. In 2010, occupancy remains strong with operations above breakeven through the second quarter of 2010. All real estate tax, mortgage, and insurance payments are current.

Linden-Shawnee Partners, L.P. (Linden's Apartments) is a 54-unit family development, located in Shawnee, OK. Occupancy averaged 92% in 2008, but decreased to an average of 85% during 2009. The local economy in Shawnee experienced negative effects due to decreasing employment levels, causing the local resident population to seek employment in Oklahoma City where there were more available job opportunities. The property rents are lower than the area fair market rents. This prompted management to target the competing properties by sending a mass-mailing to over 700 residences to promote lower rents at Linden's Apartments. The mailing revealed that of those 700 apartments, at least 85 units were vacant as the mailings were returned. Management sent another mass-mailing in October 2009 to over 500 units with slightly lower rents. The mailing was to all rental units excluding nursing homes that offered incentives of up to two months free rent. This action resulted in eleven move-ins during the fourth quarter of 2009. In order to increase visibility of the property from the street, management cleared trees between the property and the road in the fall of 2009. These assertive leasing initiatives proved to be effective as the occupancy level rebounded to 94% by December of 2009 and remains strong averaging 99% through the second quarter of 2010. The property continues to operate above breakeven through the first six months of 2010.

Wagoner Village Apartments, LP (Wagoner Village Apartments) is a 31-unit family property located in Wagoner, OK. Wagoner is a small town with limited employment opportunities. Consequently, Wagoner Village has struggled to maintain a stabilized occupancy and to keep operations above breakeven. A more experienced manager took over the property in 2009 and has increased marketing efforts and worked closely with local businesses to improve occupancy through referrals. With the increased marketing efforts and successful unit conversions, occupancy improved to an average of 91% in 2009, but rental rates remained insufficient to cover increased maintenance and insurance costs. The majority of maintenance costs were replacement items that were not reimbursed from the replacement reserve account due to Rural Development restrictions. Insurance premiums increased due to an increase in insurance claims in 2008/2009, and are expected to remain high through 2010. However, the operating general partner is working with a local insurance agent in an effort to reduce those costs. Rural Development approved a $30-60 rent increase on all units effective January 1, 2010 that was projected to bring operations back above breakeven. However, operations remain below breakeven, with occupancy averaging 89% through the second quarter of 2010 and continued high expenses. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2018.

Rosehill Apartments (Rosehill Place of Topeka, L.L.C.) is a 48-unit elderly apartment complex located in Topeka, Kansas. Despite strong occupancy of 97% in 2009 and the first half of 2010, the property operated just below breakeven. In the first quarter of 2010, the investment general partner discussed with the operating managing member filing a real estate tax appeal, as the taxes are higher than the state average. The operating managing member is considering an appeal of the assessed value via the Payment Under Protest process in December 2010; however, the first half of the 2010 taxes will also need to be paid at that time of appeal. In addition, because occupancy is very strong, the investment general partner has also discussed with the operating managing member a potential rent increase. The rent increase request was filed with the state in July 2010 and if approved, will likely go into effect late in the third quarter of 2010. With the rent increase and a slight reduction in real estate taxes, the property should be able to operate above breakeven. The operating managing member has also received preliminary approval from the lender to re-set the principal balance of the first mortgage from its current balance to its original commitment amount. If approved, this will provide enough capital to pay the past due real estate taxes, which are approximately two and a half years in arrears. The operating managing member has been making and will continue to make monthly payments on these past due taxes, until the debt modification is completed.

Panola Housing Ltd. (Panola Housing) is a 32-unit multifamily development located in Carthage, TX. In 2009, despite average occupancy of 99%, the property operated below breakeven. There was a 25% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit and expenses are expected to return to 2008 levels once the repairs are completed. There was $10,000 in Rural Development required repairs in the first quarter that caused the below breakeven operations. According to the operating general partner, all repairs have been completed as of March 31, 2010, and maintenance expenses have normalized. Management implemented a $40 per unit rent increase in April that applies to new tenants as well as renewals. Occupancy has been 100% in June 2010, and the property is operating just below breakeven. The investment general partner will monitor operations quarterly and discuss issues with the operating general partner and management as needed. The low income housing tax credit compliance period expires in 2018. All real estate tax, mortgage, and insurance payments are current.

Howard Park Limited (Howard Park Apartments) is a 16 unit family property located in Florida City, FL. The property operated at below breakeven operations in 2009 due to high real estate taxes. In 2007, the taxes significantly increased due to a reassessment error. The property was improperly assessed as market rate. The increase in the tax bills also included adjustments for prior years. The operating general partner filed a petition for reassessment. Due to the tax increase, the operating general partner received a personal loan to pay the past year adjustments plus the taxes due through 2008. A hearing was held with the Valuation Adjustment Board which resulted in a reduction in the assessed value for tax year 2010 and forward. The operating general partner is currently seeking additional personal financing to pay the balance of the 2009 taxes during the third quarter of 2010. The occupancy through the second quarter of 2010 averaged 94% and the property is operating above breakeven with the lower tax expense. The investment general partner will continue to monitor property operations and ensure that the tax payment is made. The low income housing tax credit compliance period expires in 2014.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some 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 are 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. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

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 this reduction in equity in loss of investment of limited partnerships.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2010 and 2009. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it 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. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors.  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 has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE. 

Principal Accounting Policies and Estimates - continued

Based on this guidance, 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, 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 sheets, 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 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 Housing Complexes as well as the strength of the local general partners and their guarantee against credit recapture.

Recent Accounting Changes

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure.

In September 2006, the Financial Accounting Standards Board ("FASB") issued accounting guidance for Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. This guidance is effective for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited transactions. In February 2008, the FASB delayed for one year implementation of the guidance as it pertains to certain non-financial assets and liabilities. The Fund adopted GAAP for Fair Value Measurements effective April 1, 2008, except as it applies to those non-financial assets and liabilities, for which the effective date was April 1, 2009. The Fund has determined that adoption of this guidance has no material impact on the Fund's financial statements.

In November 2008, the FASB issued accounting guidance on Equity Method Investment Accounting Considerations that addresses how the initial carrying value of an equity method investment should be determined, how an impairment assessment of an underlying indefinite-lived intangible asset of an equity method investment should be performed, how an equity method investee's issuance of shares should be accounted for, and how to account for a change in an investment from the equity method to the cost method. This guidance is effective in fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years. The Fund adopted the guidance for the interim quarterly period beginning April 1, 2009. The impact of adopting it does not have a material impact on the Fund's financial condition or results of operations.

In April 2009, the FASB issued accounting guidance for Interim Disclosures about Fair Value of Financial Instruments.  This requires disclosure about the method and significant assumptions used to establish the fair value of financial instruments for interim reporting periods as well as annual statements.  It became effective for Boston Capital Tax Credit Fund IV L.P. as of and for the interim period ended June 30, 2009 and has no impact on the Fund's financial condition or results of operations.

Recent Accounting Changes - continued

In May 2009, the FASB issued guidance regarding subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009, and was therefore adopted by the Fund for the quarter ended June 30, 2009. The adoption did not have a significant impact on the subsequent events that the Fund reports, either through recognition or disclosure, in the financial statements. In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date through which an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately and therefore the Company did not include the disclosure in this Form 10-Q.

In June 2009, the FASB issued the Accounting Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP. The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently existing GAAP have been removed and have been replaced with plain English explanations of the Fund's accounting policies. The adoption of the Codification did not have a material impact on the Fund's financial position or results of operations.

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 Principal 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 June 30, 2010 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, 2010.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	(Removed and Reserved.)
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: August 16, 2010		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:
August 16, 2010	/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
August 16, 2010	/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.