10-Q 1 b4061110q.htm BCTC IV JUNE 2011 10-Q b4061110q

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, 2011
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 ý

No 

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

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company ý

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

Yes 

No ý

 

 

 

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2011

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION

 

 

 

Pages

 

Item 1. Condensed Financial Statements

 

 

 

 

 

Condensed Balance Sheets

3-30

 

 

Condensed Statements of Operations

31-58

 

 

Condensed Statements of Changes in 

Partners' Capital (Deficit)


59-68

 

 

Condensed Statements of Cash Flows

69-96

 

 

Notes to Condensed Financial Statements


97-132

 

 

 

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



133-204

 

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk


205

 

 

 

 

Item 4. Controls and Procedures

205

 

 

 

PART II OTHER INFORMATION

 

 

 

 

Item 1. Legal Proceedings

206

 

 

 

 

Item 1A. Risk Factors

206

 

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds


206

 

 

 

 

Item 3. Defaults Upon Senior Securities

206

 

 

 

 

Item 4. (Removed and Reserved.)

206

 

 

 

 

Item 5. Other Information

206

 

 

 

 

Item 6. Exhibits

206

 

 

 

 

Signatures

207

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

45,837,077

$

47,231,216

OTHER ASSETS

Cash and cash equivalents

9,261,876

7,926,372

Notes receivable

69,698

69,698

Acquisition costs net

4,895,069

5,139,203

Other assets

253,921

200,011

$

60,317,641

$

60,566,500

LIABILITIES

Accounts payable & accrued expenses 

$

207,589

$

184,088

Accounts payable affiliates (Note C)

53,095,597

51,518,653

Capital contributions payable

1,145,981

1,158,822

54,449,167

52,861,563

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
83,651,080 issued and 
83,649,080 are outstanding





12,976,010






14,794,108

General Partner

(7,107,536)

(7,089,171)

5,868,474

7,704,937

$

60,317,641

$

60,566,500

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

298,362

245,496

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

298,362

$

245,496

LIABILITIES

Accounts payable & accrued expenses 

$

22,876

$

17,876

Accounts payable affiliates (Note C)

2,744,720

2,695,130

Capital contributions payable

-

-

2,767,596

2,713,006

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




(2,136,290)




(2,134,583)

General Partner

(332,944)

(332,927)

(2,469,234)

(2,467,510)

$

298,362

$

245,496

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

333,088

338,841

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

333,088

$

338,841

LIABILITIES

Accounts payable & accrued expenses 

$

8,020

$

8,020

Accounts payable affiliates (Note C)

1,616,539

1,585,039

Capital contributions payable

-

-

1,624,559

1,593,059

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
1,892,700 issued and 
1,890,700 are outstanding





(1,116,605)






(1,079,725)

General Partner

(174,866)

(174,493)

(1,291,471)

(1,254,218)

$

333,088

$

338,841

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

351,690

344,376

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

500

500

$

352,190

$

344,876

LIABILITIES

Accounts payable & accrued expenses 

$

12,501

$

12,501

Accounts payable affiliates (Note C)

3,050,655

3,001,623

Capital contributions payable

9,352

9,352

3,072,508

3,023,476

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
2,564,400 issued and outstanding




(2,474,032)




(2,432,731)

General Partner

(246,286)

(245,869)

(2,720,318)

(2,678,600)

$

352,190

$

344,876

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

311,905

325,579

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

311,905

$

325,579

LIABILITIES

Accounts payable & accrued expenses 

$

19,800

$

19,800

Accounts payable affiliates (Note C)

2,483,512

2,443,015

Capital contributions payable

-

-

2,503,312

2,462,815

PARTNERS' CAPITAL (DEFICIT)

Assignees

Units of limited partnership 
interest, $10 stated value per BAC; 
101,500,000 authorized BACs; 
3,336,727 issued and outstanding




(1,884,646)




(1,831,017)

General Partner

(306,761)

(306,219)

(2,191,407)

(2,137,236)

$

311,905

$

325,579


The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

197,342

200,227

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

197,342

$

200,227

LIABILITIES

Accounts payable & accrued expenses 

$

7,500

$

8,178

Accounts payable affiliates (Note C)

2,654,489

2,610,014

Capital contributions payable

9,999

9,999

2,671,988

2,628,191

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




(2,264,602)




(2,218,387)

General Partner

(210,044)

(209,577)

(2,474,646)

(2,427,964)

$

197,342

$

200,227

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

1,502,069

562,226

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

1,250

1,250

$

1,503,319

$

563,476

LIABILITIES

Accounts payable & accrued expenses 

$

60,386

$

55,386

Accounts payable affiliates (Note C)

2,193,855

2,155,199

Capital contributions payable

10,001

10,001

2,264,242

2,220,586

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




(495,870)




(1,383,095)

General Partner

(265,053)

(274,015)

(760,923)

(1,657,110)

$

1,503,319

$

563,476

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

443,159

476,868

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

5,400

5,400

$

448,559

$

482,268

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

30,000

Accounts payable affiliates (Note C)

2,385,664

2,300,560

Capital contributions payable

14,490

14,490

2,400,154

2,345,050

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




(1,591,826)




(1,503,901)

General Partner

(359,769)

(358,881)

(1,951,595)

(1,862,782)

$

448,559

$

482,268

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

575,589

550,614

Notes receivable

-

-

Acquisition costs net

114,435

130,783

Other assets

7,233

20,074

$

697,257

$

701,471

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

10,000

Accounts payable affiliates (Note C)

2,253,927

2,195,499

Capital contributions payable

10,020

22,861

2,263,947

2,228,360

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




(1,344,576)




(1,305,173)

General Partner

(222,114)

(221,716)

(1,566,690)

(1,526,889)

$

697,257

$

701,471

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

349,972

259,714

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

3,550

3,550

$

353,522

$

263,264

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

1,413,225

1,329,696

Capital contributions payable

40,968

40,968

1,454,193

1,370,664

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




(745,916)




(752,578)

General Partner

(354,755)

(354,822)

(1,100,671)

(1,107,400)

$

353,522

$

263,264

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

251,495

214,315

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

251,495

$

214,315

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

2,978,048

2,895,197

Capital contributions payable

10,197

10,197

2,988,245

2,905,394

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




(2,370,735)




(2,325,521)

General Partner

(366,015)

(365,558)

(2,736,750)

(2,691,079)

$

251,495

$

214,315

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

405,745

421,530

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

6,675

6,675

$

412,420

$

428,205

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

10,000

Accounts payable affiliates (Note C)

1,439,994

1,396,458

Capital contributions payable

127,396

127,396

1,567,390

1,533,854

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




(916,364)




(867,536)

General Partner

(238,606)

(238,113)

(1,154,970)

(1,105,649)

$

412,420

$

428,205


The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

31,776

$

31,776

OTHER ASSETS

Cash and cash equivalents

188,121

181,199

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

25,000

25,000

$

244,897

$

237,975

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

2,438,000

2,346,962

Capital contributions payable

66,294

66,294

2,504,294

2,413,256

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




(1,857,545)




(1,774,270)

General Partner

(401,852)

(401,011)

(2,259,397)

(2,175,281)

$

244,897

$

237,975

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

31,308

$

52,794

OTHER ASSETS

Cash and cash equivalents

490,219

495,360

Notes receivable

46,908

46,908

Acquisition costs net

-

-

Other assets

-

-

$

568,435

$

595,062

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

2,481,868

2,411,011

Capital contributions payable

173,561

173,561

2,655,429

2,584,572

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




(1,659,762)




(1,563,253)

General Partner

(427,232)

(426,257)

(2,086,994)

(1,989,510)

$

568,435

$

595,062

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

232,506

240,231

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

232,506

$

240,231

LIABILITIES

Accounts payable & accrued expenses 

$

3,403

$

3,403

Accounts payable affiliates (Note C)

1,673,861

1,639,856

Capital contributions payable

69,154

69,154

1,746,418

1,712,413

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




(1,272,993)




(1,231,680)

General Partner

(240,919)

(240,502)

(1,513,912)

(1,472,182)

$

232,506

$

240,231

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

-

$

-

OTHER ASSETS

Cash and cash equivalents

2,869

64,486

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

66,751

-

$

69,620

$

64,486

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

3,099,082

3,022,850

Capital contributions payable

-

-

3,099,082

3,022,850

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




(2,698,777)




(2,628,390)

General Partner

(330,685)

(329,974)

(3,029,462)

(2,958,364)

$

69,620

$

64,486

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

30,676

$

93,491

OTHER ASSETS

Cash and cash equivalents

103,403

116,848

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

134,079

$

210,339

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

1,670,792

1,613,702

Capital contributions payable

-

-

1,670,792

1,613,702

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




(1,239,321)




(1,107,304)

General Partner

(297,392)

(296,059)

(1,536,713)

(1,403,363)

$

134,079

$

210,339

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

32,877

$

57,706

OTHER ASSETS

Cash and cash equivalents

144,643

133,266

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

177,520

$

190,972

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

1,880,975

1,840,826

Capital contributions payable

-

-

1,880,975

1,840,826

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




(1,507,757)




(1,454,692)

General Partner

(195,698)

(195,162)

(1,703,455)

(1,649,854)

$

177,520

$

190,972

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

82,117

$

36,479

OTHER ASSETS

Cash and cash equivalents

364,042

346,391

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

446,159

$

382,870

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

1,683,771

1,632,555

Capital contributions payable

138,438

138,438

1,822,209

1,770,993

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




(1,146,726)




(1,158,678)

General Partner

(229,324)

(229,445)

(1,376,050)

(1,388,123)

$

446,159

$

382,870

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

891,599

$

999,523

OTHER ASSETS

Cash and cash equivalents

284,971

235,617

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

1,176,570

$

1,235,140

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

1,433,923

1,392,823

Capital contributions payable

-

-

1,433,923

1,392,823

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




(36,495)




62,178

General Partner

(220,858)

(219,861)

(257,353)

(157,683)

$

1,176,570

$

1,235,140

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39

 

 


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

1,311,189

$

1,378,166

OTHER ASSETS

Cash and cash equivalents

203,497

187,805

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

1,514,686

$

1,565,971

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

1,221,699

1,187,499

Capital contributions payable

-

-

1,221,699

1,187,499

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




486,499




571,129

General Partner

(193,512)

(192,657)

292,987

378,472

$

1,514,686

$

1,565,971

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40

 

 


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

2,363,483

$

2,491,075

OTHER ASSETS

Cash and cash equivalents

102,927

109,745

Notes receivable

-

-

Acquisition costs net

-

-

Other assets

-

-

$

2,466,410

$

2,600,820

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

2,256,203

2,206,199

Capital contributions payable

102

102

2,256,305

2,206,301

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




432,947




615,517

General Partner

(222,842)

(220,998)

210,105

394,519

$

2,466,410

$

2,600,820

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

2,658,077

$

2,811,584

OTHER ASSETS

Cash and cash equivalents

227,815

215,834

Notes receivable

-

-

Acquisition costs net

420,247

458,451

Other assets

1,218

1,218

$

3,307,357

$

3,487,087

LIABILITIES

Accounts payable & accrued expenses 

$

8,924

$

8,924

Accounts payable affiliates (Note C)

2,477,589

2,418,072

Capital contributions payable

100

100

2,486,613

2,427,096

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




1,061,705




1,298,560

General Partner

(240,961)

(238,569)

820,744

1,059,991

$

3,307,357

$

3,487,087

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

3,721,007

$

3,740,801

OTHER ASSETS

Cash and cash equivalents

364,325

311,423

Notes receivable

22,790

22,790

Acquisition costs net

412,375

430,304

Other assets

51,003

51,003

$

4,571,500

$

4,556,321

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

1,586,198

1,523,753

Capital contributions payable

73,433

73,433

1,659,631

1,597,186

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




3,123,689




3,170,482

General Partner

(211,820)

(211,347)

2,911,869

2,959,135

$

4,571,500

$

4,556,321

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

6,435,858

$

6,613,148

OTHER ASSETS

Cash and cash equivalents

364,529

234,982

Notes receivable

-

-

Acquisition costs net

568,763

593,492

Other assets

85,341

85,341

$

7,454,491

$

7,526,963

LIABILITIES

Accounts payable & accrued expenses 

$

52,889

$

-

Accounts payable affiliates (Note C)

1,781,065

1,704,370

Capital contributions payable

121,112

121,112

1,955,066

1,825,482

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




5,765,953




5,965,988

General Partner

(266,528)

(264,507)

5,499,425

5,701,481

$

7,454,491

$

7,526,963

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

4,967,788

$

5,205,103

OTHER ASSETS

Cash and cash equivalents

430,062

395,938

Notes receivable

-

-

Acquisition costs net

1,626,090

1,696,790

Other assets

-

-

$

7,023,940

$

7,297,831

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

879,680

808,505

Capital contributions payable

254,640

254,640

1,134,320

1,063,145

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




6,068,173




6,409,788

General Partner

(178,553)

(175,102)

5,889,620

6,234,686

$

7,023,940

$

7,297,831

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

11,835,842

$

12,086,770

OTHER ASSETS

Cash and cash equivalents

441,716

425,893

Notes receivable

-

-

Acquisition costs net

1,570,278

1,638,551

Other assets

-

-

$

13,847,836

$

14,151,214

LIABILITIES

Accounts payable & accrued expenses 

$

-

$

-

Accounts payable affiliates (Note C)

725,634

633,993

Capital contributions payable

16,724

16,724

742,358

650,717

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




13,328,085




13,719,154

General Partner

(222,607)

(218,657)

13,105,478

13,500,497

$

13,847,836

$

14,151,214


The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46


June 30,
2011


March 31,
2011

ASSETS

INVESTMENTS IN OPERATING PARTNERSHIPS 

(Note D)

$

11,443,480

$

11,632,800

OTHER ASSETS

Cash and cash equivalents

295,815

291,568

Notes receivable

-

-

Acquisition costs net

182,881

190,832

Other assets

-

-

$

11,922,176

$

12,115,200

LIABILITIES

Accounts payable & accrued expenses 

$

11,290

$

-

Accounts payable affiliates (Note C)

590,629

528,247

Capital contributions payable

-

-

601,919

528,247

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




11,469,797




11,733,826

General Partner

(149,540)

(146,873)

11,320,257

11,586,953

$

11,922,176

$

12,115,200

The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

9,180

$

13,254

Other income

 

169,743

 

369,477

178,923

382,731

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(267,908)

 


(904,683)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

152,132

 

22,382

Fund management fee (Note C) 

 

1,237,700

 

1,198,489

Amortization

 

244,134

 

446,390

General and administrative expenses

 

113,512

 

86,361

 

 

1,747,478

 

1,753,622

 

 

 

 

 

NET INCOME (LOSS)

$

(1,836,463)

$

(2,275,574)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(1,818,098)


$


(2,252,814)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(18,365)


$


(22,760)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.03)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 20

 

 

 

2011

 

2010

Income

Interest income

$

556

$

934

Other income

 

-

 

80,715

 

 

556

 

81,649

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


55,000

 


921,489

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,408

 

8,358

Fund management fee (Note C) 

 

47,015

 

25,853

Amortization

 

-

 

-

General and administrative expenses

 

4,857

 

4,284

 

 

57,280

 

38,495

 

 

 

 

 

NET INCOME (LOSS)

$

(1,724)

$

964,643

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(1,707)


$


954,997

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(17)


$


9,646

 

 

 

 

 

Net income (loss) per BAC

$

(.00)

$

.25



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 21

 

 

2011

2010

Income

 

 

 

 

Interest income

$

277

$

34

Other income

 

219

 

-

 

 

496

 

34

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

3,832

 

104

Fund management fee (Note C) 

 

30,500

 

28,235

Amortization

 

-

 

-

General and administrative expenses

 

3,417

 

3,281

 

 

37,749

 

31,620

 

 

 

 

 

NET INCOME (LOSS)

$

(37,253)

$

(31,586)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(36,880)


$


(31,270)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(373)


$


(316)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 22

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

44

$

100

Other income

 

9,217

 

5,900

 

 

9,261

 

6,000

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 

-

 


-

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

6,364

 

145

Fund management fee (Note C) 

 

40,603

 

44,005

Amortization

 

-

 

-

General and administrative expenses

 

4,012

 

3,108

 

 

50,979

 

47,258

 

 

 

 

 

NET INCOME (LOSS)

$

(41,718)

$

(41,258)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(41,301)


$


(40,845)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(417)


$


(413)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 23

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

86

$

196

Other income

 

-

 

5,900

 

 

86

 

6,096

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 

-

 


44,380

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

12,647

 

188

Fund management fee (Note C) 

 

36,997

 

25,092

Amortization

 

-

 

-

General and administrative expenses

 

4,613

 

3,548

 

 

54,257

 

28,828

 

 

 

 

 

NET INCOME (LOSS)

$

(54,171)

$

21,648

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(53,629)


$


21,432

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(542)


$


216

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

.01



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 24

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

329

$

151

Other income

 

2,480

 

74,565

 

 

2,809

 

74,716

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,308

 

115

Fund management fee (Note C) 

 

40,594

 

34,763

Amortization

 

-

 

-

General and administrative expenses

 

3,589

 

3,303

 

 

49,491

 

38,181

 

 

 

 

 

NET INCOME (LOSS)

$

(46,682)

$

36,535

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(46,215)


$


36,170

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(467)


$


365

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

.02



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 25

 

 

 

 

2011

 

2010

Income

Interest income

$

459

$

909

Other income

 

-

 

138,659

 

 

459

 

139,568

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


874,787

 


-

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,061

 

158

Fund management fee (Note C) 

 

(30,169)

 

42,291

Amortization

 

-

 

-

General and administrative expenses

 

4,167

 

3,177

 

 

(20,941)

 

45,626

 

 

 

 

 

NET INCOME (LOSS)

$

896,187

$

93,942

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


887,225


$


93,003

 

 

 

 

 

Net income (loss) allocated to general
partner


$


8,962


$


939

 

 

 

 

 

Net income (loss) per BAC

$

.29

$

.03



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 26

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

199

$

344

Other income

 

4,274

 

-

 

 

4,473

 

344

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

8,623

 

205

Fund management fee (Note C) 

 

80,648

 

90,689

Amortization

 

-

 

-

General and administrative expenses

 

4,015

 

3,068

 

 

93,286

 

93,962

 

 

 

 

 

NET INCOME (LOSS)

$

(88,813)

$

(93,618)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(87,925)


$


(92,682)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(888)


$


(936)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 27

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

333

$

154

Other income

 

18,648

 

11,673

 

 

18,981

 

11,827

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


(3,001)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

4,579

 

118

Fund management fee (Note C) 

 

34,137

 

57,551

Amortization

 

16,348

 

17,123

General and administrative expenses

 

3,718

 

2,332

 

 

58,782

 

77,124

 

 

 

 

 

NET INCOME (LOSS)

$

(39,801)

$

(68,298)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(39,403)


$


(67,615)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(398)


$


(683)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.03)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 28

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

578

$

985

Other income

 

87,434

 

15,747

 

 

88,012

 

16,732

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,966

 

181

Fund management fee (Note C) 

 

70,861

 

55,502

Amortization

 

-

 

-

General and administrative expenses

 

4,456

 

3,246

 

 

81,283

 

58,929

 

 

 

 

 

NET INCOME (LOSS)

$

6,729

$

(42,197)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


6,662


$


(41,775)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


67


$


(422)

 

 

 

 

 

Net income (loss) per BAC

$

.00

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 29

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

359

$

218

Other income

 

10,637

 

538

 

 

10,996

 

756

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


(24,395)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

6,736

 

1,219

Fund management fee (Note C) 

 

45,892

 

68,601

Amortization

 

-

 

7,237

General and administrative expenses

 

4,039

 

3,355

 

 

56,667

 

80,412

 

 

 

 

 

NET INCOME (LOSS)

$

(45,671)

$

(104,051)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(45,214)


$


(103,010)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(457)


$


(1,041)

 

 

 

 

 

Net income (loss) per BAC

$

(.01)

$

(.03)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 30

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

554

$

1,081

Other income

 

-

 

-

 

 

554

 

1,081

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


(29,358)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,570

 

120

Fund management fee (Note C) 

 

41,698

 

46,543

Amortization

 

-

 

6,569

General and administrative expenses

 

2,607

 

2,889

 

 

49,875

 

56,121

 

 

 

 

 

NET INCOME (LOSS)

$

(49,321)

$

(84,398)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(48,828)


$


(83,554)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(493)


$


(844)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.03)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 31

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

316

$

590

Other income

 

5,858

 

3,090

 

 

6,174

 

3,680

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


-

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,967

 

183

Fund management fee (Note C) 

 

80,482

 

91,038

Amortization

 

-

 

-

General and administrative expenses

 

3,841

 

3,255

 

 

90,290

 

94,476

 

 

 

 

 

NET INCOME (LOSS)

$

(84,116)

$

(90,796)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(83,275)


$


(89,888)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(841)


$


(908)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.02)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 32

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

605

$

1,042

Other income

 

-

 

107

 

 

605

 

1,149

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(21,486)

 


(174,356)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,692

 

2,699

Fund management fee (Note C) 

 

66,857

 

68,414

Amortization

 

-

 

-

General and administrative expenses

 

4,054

 

3,666

 

 

76,603

 

74,779

 

 

 

 

 

NET INCOME (LOSS)

$

(97,484)

$

(247,986)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(96,509)


$


(245,506)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(975)


$


(2,480)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.05)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 33

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

308

$

258

Other income

 

-

 

107

 

 

308

 

365

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


(78,358)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

4,014

 

2,609

Fund management fee (Note C) 

 

34,005

 

31,352

Amortization

 

-

 

-

General and administrative expenses

 

4,019

 

3,098

 

 

42,038

 

37,059

 

 

 

 

 

NET INCOME (LOSS)

$

(41,730)

$

(115,052)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(41,313)


$


(113,901)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(417)


$


(1,151)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.04)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 34

 

 

 

 

2011

 

2010

Income

Interest income

$

23

$

51

Other income

 

10,751

 

-

 

 

10,774

 

51

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


-

 


(107,631)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

4,176

 

149

Fund management fee (Note C) 

 

73,299

 

73,299

Amortization

 

-

 

56,094

General and administrative expenses

 

4,397

 

3,286

 

 

81,872

 

132,828

NET INCOME (LOSS)

$

(71,098)

$

(240,408)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(70,387)


$


(238,004)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(711)


$


(2,404)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.07)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 35

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

103

$

234

Other income

 

-

 

-

103

234

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(62,815)

 


(176,387)

 

 

 

 

 

Expenses

Professional fees

 

9,175

 

147

Fund management fee (Note C) 

 

57,090

 

57,090

Amortization

 

-

 

18,072

General and administrative expenses

 

4,373

 

3,268

 

 

70,638

 

78,577

 

 

 

 

 

NET INCOME (LOSS)

$

(133,350)

$

(254,730)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(132,017)


$


(252,183)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(1,333)


$


(2,547)

 

 

 

 

 

Net income (loss) per BAC

$

(.04)

$

(.08)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 36

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

83

$

189

Other income

 

10,264

 

-

 

 

10,347

 

189

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(21,171)

 


(38,742)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

3,672

 

90

Fund management fee (Note C) 

 

35,306

 

37,072

Amortization

 

-

 

-

General and administrative expenses

 

3,799

 

2,939

 

 

42,777

 

40,101

 

 

 

 

 

NET INCOME (LOSS)

$

(53,601)

$

(78,654)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(53,065)


$


(77,867)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(536)


$


(787)

 

 

 

 

 

Net income (loss) per BAC

$

(.03)

$

(.04)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 37

 

 

 

 

2011

 

2010

Income

Interest income

$

511

$

1,026

Other income

 

9,961

 

-

 

 

10,472

 

1,026

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


49,296

 


(69,404)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

3,098

 

100

Fund management fee (Note C) 

 

40,698

 

48,716

Amortization

 

-

 

29,562

General and administrative expenses

 

3,899

 

2,997

 

 

47,695

 

81,375

 

 

 

 

 

NET INCOME (LOSS)

$

12,073

$

(149,753)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


11,952


$


(148,255)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


121


$


(1,498)

 

 

 

 

 

Net income (loss) per BAC

$

.00

$

(.06)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 38

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

165

$

211

Other income

 

-

 

-

 

 

165

 

211

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(62,206)

 


(155,367)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

3,689

 

106

Fund management fee (Note C) 

 

29,978

 

34,079

Amortization

 

-

 

3,490

General and administrative expenses

 

3,962

 

3,028

 

 

37,629

 

40,703

 

 

 

 

 

NET INCOME (LOSS)

$

(99,670)

$

(195,859)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(98,673)


$


(193,900)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(997)


$


(1,959)

 

 

 

 

 

Net income (loss) per BAC

$

(.04)

$

(.08)



The accompanying notes are an integral part of this condensed statement

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 39

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

499

$

538

Other income

 

-

 

-

 

 

499

 

538

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(51,689)

 


(192,637)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

3,523

 

87

Fund management fee (Note C) 

 

27,000

 

24,200

Amortization

 

-

 

2,779

General and administrative expenses

 

3,772

 

2,923

 

 

34,295

 

29,989

 

 

 

 

 

NET INCOME (LOSS)

$

(85,485)

$

(222,088)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(84,630)


$


(219,867)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(855)


$


(2,221)

 

 

 

 

 

Net income (loss) per BAC

$

(.04)

$

(.10)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 40

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

80

$

183

Other income

 

-

 

-

 

 

80

 

183

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(127,592)

 


(115,547)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,143

 

98

Fund management fee (Note C) 

 

47,712

 

47,854

Amortization

 

-

 

13,259

General and administrative expenses

 

4,047

 

2,987

 

 

56,902

 

64,198

 

 

 

 

 

NET INCOME (LOSS)

$

(184,414)

$

(179,562)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(182,570)


$


(177,766)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(1,844)


$


(1,796)

 

 

 

 

 

Net income (loss) per BAC

$

(.07)

$

(.07)



The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 41

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

325

$

142

Other income

 

-

 

32,476

 

 

325

 

32,618

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(143,131)

 


236,354

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

5,495

 

123

Fund management fee (Note C) 

 

48,120

 

23,520

Amortization

 

38,204

 

55,628

General and administrative expenses

 

4,622

 

3,137

 

 

96,441

 

82,408

 

 

 

 

 

NET INCOME (LOSS)

$

(239,247)

$

186,564

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(236,855)


$


184,698

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(2,392)


$


1,866

 

 

 

 

 

Net income (loss) per BAC

$

(.08)

$

.06



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 42

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

210

$

321

Other income

 

-

 

-

 

 

210

 

321

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


14,510

 


(31,366)

Expenses

 

 

 

 

Professional fees

 

6,355

 

2,319

Fund management fee (Note C) 

 

32,306

 

(30,224)

Amortization

 

17,929

 

24,846

General and administrative expenses

 

5,396

 

3,180

 

 

61,986

 

121

 

 

 

 

 

NET INCOME (LOSS)

$

(47,266)

$

(31,166)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(46,793)


$


(30,854)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(473)


$


(312)

 

 

 

 

 

Net income (loss) per BAC

$

(.02)

$

(.01)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 43

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

265

$

497

Other income

 

-

 

-

 

 

265

 

497

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(115,156)

 


(107,703)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

7,391

 

2,359

Fund management fee (Note C) 

 

50,090

 

(32,583)

Amortization

 

24,729

 

61,937

General and administrative expenses

 

4,955

 

3,396

 

 

87,165

 

35,109

 

 

 

 

 

NET INCOME (LOSS)

$

(202,056)

$

(142,315)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(200,035)


$


(140,892)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(2,021)


$


(1,423)

 

 

 

 

 

Net income (loss) per BAC

$

(.05)

$

(.04)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 44

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

542

$

1,023

Other income

 

-

 

-

 

 

542

 

1,023

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(237,315)

 


(208,535)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

3,553

 

114

Fund management fee (Note C) 

 

29,612

 

57,175

Amortization

 

70,700

 

70,797

General and administrative expenses

 

4,428

 

3,083

 

 

108,293

 

131,169

 

 

 

 

 

NET INCOME (LOSS)

$

(345,066)

$

(338,681)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(341,615)


$


(335,294)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(3,451)


$


(3,387)

 

 

 

 

 

Net income (loss) per BAC

$

(.13)

$

(.12)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 45

 

 

 

 

2011

 

2010

Income

 

 

 

 

Interest income

$

651

$

843

Other income

 

-

 

-

 

 

651

 

843

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(231,049)

 


(352,301)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

6,531

 

162

Fund management fee (Note C) 

 

84,128

 

86,739

Amortization

 

68,273

 

68,273

General and administrative expenses

 

5,689

 

3,371

 

 

164,621

 

158,545

 

 

 

 

 

NET INCOME (LOSS)

$

(395,019)

$

(510,003)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(391,069)


$


(504,903)

Net income (loss) allocated to general
partner


$


(3,950)


$


(5,100)

 

 

 

 

 

Net income (loss) per BAC

$

(.10)

$

(.13)



The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

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

Series 46

 

 

2011

2010

Income

 

 

 

 

Interest income

$

720

$

1,000

Other income

 

-

 

-

 

 

720

 

1,000

 

 

 

 

 

 

 

 

 

 

Share of income (loss) from 
Operating Partnerships (Note D)

 


(187,891)

 


(241,818)

 

 

 

 

 

Expenses

 

 

 

 

Professional fees

 

4,564

 

126

Fund management fee (Note C) 

 

62,241

 

61,623

Amortization

 

7,951

 

10,724

General and administrative expenses

 

4,769

 

3,156

 

 

79,525

 

75,629

 

 

 

 

 

NET INCOME (LOSS)

$

(266,696)

$

(316,447)

 

 

 

 

 

Net income (loss) allocated to 

assignees


$


(264,029)


$


(313,283)

 

 

 

 

 

Net income (loss) allocated to general
partner


$


(2,667)


$


(3,164)

 

 

 

 

 

Net income (loss) per BAC

$

(.09)

$

(.11)



The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)

 

 

 

 

 

 

 


 


Assignees

 

General
Partner

 


Total

 

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



14,794,108



$



(7,089,171)



$



7,704,937

 

 

 

 

 

 

 

Net income (loss)

 

(1,818,098)

 

(18,365)

 

(1,836,463)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



12,976,010



$



(7,107,536)



$



5,868,474








































The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 20

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(2,134,583)



$



(332,927)



$



(2,467,510)

 

 

 

 

 

 

 

Net income (loss)

 

(1,707)

 

(17)

 

(1,724)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(2,136,290)



$



(332,944)



$



(2,469,234)


 


Assignees

 

General
Partner

 


Total

Series 21

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,079,725)



$



(174,493)



$



(1,254,218)

 

 

 

 

 

 

 

Net income (loss)

 

(36,880)

 

(373)

 

(37,253)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,116,605)



$



(174,866)



$



(1,291,471)


 


Assignees

 

General
Partner

 


Total

Series 22

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(2,432,731)



$



(245,869)



$



(2,678,600)

 

 

 

 

 

 

 

Net income (loss)

 

(41,301)

 

(417)

 

(41,718)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(2,474,032)



$



(246,286)



$



(2,720,318)












The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 23

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,831,017)



$



(306,219)



$



(2,137,236)

 

 

 

 

 

 

 

Net income (loss)

 

(53,629)

 

(542)

 

(54,171)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,884,646)



$



(306,761)



$



(2,191,407)


 


Assignees

 

General
Partner

 


Total

Series 24

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(2,218,387)



$



(209,577)



$



(2,427,964)

 

 

 

 

 

 

 

Net income (loss)

 

(46,215)

 

(467)

 

(46,682)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(2,264,602)



$



(210,044)



$



(2,474,646)


 


Assignees

 

General
Partner

 


Total

Series 25

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,383,095)



$



(274,015)



$



(1,657,110)

 

 

 

 

 

 

 

Net income (loss)

 

887,225

 

8,962

 

896,187

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(495,870)



$



(265,053)



$



(760,923)












The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 26

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,503,901)



$



(358,881)



$



(1,862,782)

 

 

 

 

 

 

 

Net income (loss)

 

(87,925)

 

(888)

 

(88,813)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,591,826)



$



(359,769)



$



(1,951,595)


 


Assignees

 

General
Partner

 


Total

Series 27

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,305,173)



$



(221,716)



$



(1,526,889)

 

 

 

 

 

 

 

Net income (loss)

 

(39,403)

 

(398)

 

(39,801)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,344,576)



$



(222,114)



$



(1,566,690)

 


Assignees

 

General
Partner

 


Total

Series 28

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(752,578)



$



(354,822)



$



(1,107,400)

 

 

 

 

 

 

 

Net income (loss)

 

6,662

 

67

 

6,729

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(745,916)



$



(354,755)



$



(1,100,671)












The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 29

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(2,325,521)



$



(365,558)



$



(2,691,079)

 

 

 

 

 

 

 

Net income (loss)

 

(45,214)

 

(457)

 

(45,671)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(2,370,735)



$



(366,015)



$



(2,736,750)


 


Assignees

 

General
Partner

 


Total

Series 30

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(867,536)



$



(238,113)



$



(1,105,649)

 

 

 

 

 

 

 

Net income (loss)

 

(48,828)

 

(493)

 

(49,321)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(916,364)



$



(238,606)



$



(1,154,970)


 


Assignees

 

General
Partner

 


Total

Series 31

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,774,270)



$



(401,011)



$



(2,175,281)

 

 

 

 

 

 

 

Net income (loss)

 

(83,275)

 

(841)

 

(84,116)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,857,545)



$



(401,852)



$



(2,259,397)












The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 32

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,563,253)



$



(426,257)



$



(1,989,510)

 

 

 

 

 

 

 

Net income (loss)

 

(96,509)

 

(975)

 

(97,484)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,659,762)



$



(427,232)



$



(2,086,994)


 


Assignees

 

General
Partner

 


Total

Series 33

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,231,680)



$



(240,502)



$



(1,472,182)

 

 

 

 

 

 

 

Net income (loss)

 

(41,313)

 

(417)

 

(41,730)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,272,993)



$



(240,919)



$



(1,513,912)


 


Assignees

 

General
Partner

 


Total

Series 34

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(2,628,390)



$



(329,974)



$



(2,958,364)

 

 

 

 

 

 

 

Net income (loss)

 

(70,387)

 

(711)

 

(71,098)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(2,698,777)



$



(330,685)



$



(3,029,462)












The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 35

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,107,304)



$



(296,059)



$



(1,403,363)

 

 

 

 

 

 

 

Net income (loss)

 

(132,017)

 

(1,333)

 

(133,350)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,239,321)



$



(297,392)



$



(1,536,713)


 


Assignees

 

General
Partner

 


Total

Series 36

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,454,692)



$



(195,162)



$



(1,649,854)

 

 

 

 

 

 

 

Net income (loss)

 

(53,065)

 

(536)

 

(53,601)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,507,757)



$



(195,698)



$



(1,703,455)


 


Assignees

 

General
Partner

 


Total

Series 37

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



(1,158,678)



$



(229,445)



$



(1,388,123)

 

 

 

 

 

 

 

Net income (loss)

 

11,952

 

121

 

12,073

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(1,146,726)



$



(229,324)



$



(1,376,050)













The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 38

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



62,178



$



(219,861)



$



(157,683)

 

 

 

 

 

 

 

Net income (loss)

 

(98,673)

 

(997)

 

(99,670)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



(36,495)



$



(220,858)



$



(257,353)


 


Assignees

 

General
Partner

 


Total

Series 39

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



571,129



$



(192,657)



$



378,472

 

 

 

 

 

 

 

Net income (loss)

(84,630)

(855)

(85,485)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



486,499



$



(193,512)



$



292,987


 


Assignees

 

General
Partner

 


Total

Series 40

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



615,517



$



(220,998)



$



394,519

 

 

 

 

 

 

 

Net income (loss)

 

(182,570)

 

(1,844)

 

(184,414)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



432,947



$



(222,842)



$



210,105











The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 41

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



1,298,560



$



(238,569)



$



1,059,991

 

 

 

 

 

 

 

Net income (loss)

 

(236,855)

 

(2,392)

 

(239,247)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



1,061,705



$



(240,961)



$



820,744


 


Assignees

 

General
Partner

 


Total

Series 42

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



3,170,482



$



(211,347)



$



2,959,135

 

 

 

 

 

 

 

Net income (loss)

 

(46,793)

 

(473)

 

(47,266)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



3,123,689



$



(211,820)



$



2,911,869


 


Assignees

 

General
Partner

 


Total

Series 43

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



5,965,988



$



(264,507)



$



5,701,481

 

 

 

 

 

 

 

Net income (loss)

 

(200,035)

 

(2,021)

 

(202,056)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



5,765,953



$



(266,528)



$



5,499,425













The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Three Months Ended June 30, 2011
(Unaudited)


 


Assignees

 

General
Partner

 


Total

Series 44

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



6,409,788



$



(175,102)



$



6,234,686

 

 

 

 

 

 

 

Net income (loss)

 

(341,615)

 

(3,451)

 

(345,066)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



6,068,173



$



(178,553)



$



5,889,620


 


Assignees

 

General
Partner

 


Total

Series 45

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



13,719,154



$



(218,657)



$



13,500,497

 

 

 

 

 

 

 

Net income (loss)

 

(391,069)

 

(3,950)

 

(395,019)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



13,328,085



$



(222,607)



$



13,105,478


 


Assignees

 

General
Partner

 


Total

Series 46

 

 

 

 

 

 

Partners' capital
(deficit)
  April 1, 2011



$



11,733,826



$



(146,873)



$



11,586,953

 

 

 

 

 

 

 

Net income (loss)

 

(264,029)

 

(2,667)

 

(266,696)

 

 

 

 

 

 

 

Partners' capital
(deficit),
  June 30, 2011



$



11,469,797



$



(149,540)



$



11,320,257












The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

Net income (loss)

$

(1,836,463)

$

(2,275,574)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

244,134

 

446,390

Distributions from Operating
   Partnerships


196,444

37,194

Share of (Income) Loss from 
   Operating Partnerships

 


267,908

 


904,683

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


23,501

 


42,115

Decrease (Increase) in other
   assets

 


(66,751)

 


(187,121)

(Decrease) Increase in accounts
   payable affiliates

 


1,576,944

 


(86,813)

Net cash (used in) provided by 
operating activities

 


405,717

 


(1,119,126)

Cash flows from investing activities:

 

 

 

 

Capital contributions paid to 
   Operating Partnerships

 


-

 


(105,165)

Proceeds from the disposition of     Operating Partnerships

 


929,787

 


1,346,595

Net cash (used in) provided by
investing activities

 


929,787

 


1,241,430

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


1,335,504

 


122,304

Cash and cash equivalents, beginning

 

7,926,372

 

6,498,869

Cash and cash equivalents, ending

$

9,261,876

$

6,621,173

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




12,841




$




63,380




The accompanying notes are an integral part of this condensed statement

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 20

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

Net income (loss)

$

(1,724)

$

964,643

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



(55,000)

 


(921,489)

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


5,000

 


34,076

Decrease (Increase) in other
   assets



-

 


2,633

(Decrease) Increase in accounts
   payable affiliates

 


49,590

 


(900,169)

Net cash (used in) provided by 
operating activities

 


(2,134)

 


(820,306)

Cash flows from investing activities:

 

 

 

 

Capital contributions paid to 
   Operating Partnerships

 


-

 


-

Proceeds from the disposition of     Operating Partnerships

 


55,000

 


921,489

Net cash (used in) provided by
investing activities

 


55,000

 


921,489

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


52,866

 


101,183

Cash and cash equivalents, beginning

 

245,496

 

187,333

Cash and cash equivalents, ending

$

298,362

$

288,516

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement



Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 21

 

 

2011

 

2010

Cash flows from operating activities:

  Net income (loss)

$

(37,253)

$

(31,586)

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

 


31,500

 


(18,500)

Net cash (used in) provided by 
operating activities

 


(5,753)

 


(50,086)

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

 


(5,753)

 


(50,086)

Cash and cash equivalents, beginning

 

338,841

 

287,156

Cash and cash equivalents, ending

$

333,088

$

237,070

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

 

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 22

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(41,718)

$

(41,258)

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

 


49,032

 


56,963

Net cash (used in) provided by 
operating activities

 


7,314

 


15,705

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

 


7,314

 


15,705

Cash and cash equivalents, beginning

 

344,376

 

150,885

Cash and cash equivalents, ending

$

351,690

$

166,590

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement






Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 23

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(54,171)

$

21,648

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

 


40,497

 


49,238

Net cash (used in) provided by 
operating activities

 


(13,674)

 


21,906

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

 


(13,674)

 


66,286

Cash and cash equivalents, beginning

 

325,579

 

96,567

Cash and cash equivalents, ending

$

311,905

$

162,853

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 24

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(46,682)

$

36,535

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

 


(678)

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


44,475

 


(55,525)

Net cash (used in) provided by 
operating activities



(2,885)

 


(18,990)

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

 


(2,885)

 


(18,990)

Cash and cash equivalents, beginning

 

200,227

 

247,141

Cash and cash equivalents, ending

$

197,342

$

228,151

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 25

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

896,187

$

93,942

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

 


(874,787)

 


-

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


5,000

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


38,656

 


(45,397)

Net cash (used in) provided by 
operating activities

 


65,056

 


48,545

Cash flows from investing activities:

Capital contributions paid to 
   Operating Partnerships

 


-

 


-

Proceeds from the disposition of     Operating Partnerships

 


874,787

 


-

Net cash (used in) provided by
investing activities

 


874,787

 


-

INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

 


939,843

 


48,545

Cash and cash equivalents, beginning

 

562,226

 

256,530

Cash and cash equivalents, ending

$

1,502,069

$

305,075

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement



Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 26

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(88,813)

$

(93,618)

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

 


(30,000)

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


85,104

 


52,861

Net cash (used in) provided by 
operating activities

 


(33,709)

 


(40,757)

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

 


(33,709)

 


(40,757)

Cash and cash equivalents, beginning

 

476,868

 

312,412

Cash and cash equivalents, ending

$

443,159

$

271,655

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 27

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(39,801)

$

(68,298)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

16,348

 

17,123

Distributions from Operating
   Partnerships

 


-

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


-

 


3,001

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


(10,000)

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


58,428

 


28,801

Net cash (used in) provided by 
operating activities

 


24,975

 


(19,373)

0

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

 


24,975

 


(19,373)

Cash and cash equivalents, beginning

 

550,614

 

273,885

Cash and cash equivalents, ending

$

575,589

$

254,512

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




12,841




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 28

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

6,729

$

(42,197)

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

 


83,529

 


33,529

Net cash (used in) provided by 
operating activities

 


90,258

 


(8,668)

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

 


90,258

 


(8,668)

Cash and cash equivalents, beginning

 

259,714

 

262,507

Cash and cash equivalents, ending

$

349,972

$

253,839

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 29

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(45,671)

$

(104,051)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

7,237

Distributions from Operating
   Partnerships

 


-

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


-

 


24,395

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

 


37,180

 


10,432

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

 


37,180

 


10,432

Cash and cash equivalents, beginning

 

214,315

 

206,375

Cash and cash equivalents, ending

$

251,495

$

216,807

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 30

 

 

2011

 

2010

Cash flows from operating activities:

  Net income (loss)

$

(49,321)

$

(84,398)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

6,569

Distributions from Operating
   Partnerships

 


-

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


-

 


29,358

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


(10,000)

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


43,536

 


46,543

Net cash (used in) provided by 
operating activities

 


(15,785)

 


(1,928)

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

 


(15,785)

 


(1,928)

Cash and cash equivalents, beginning

 

421,530

 

280,327

Cash and cash equivalents, ending

$

405,745

$

278,399

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 31

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(84,116)

$

(90,796)

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

 


91,038

 


91,038

Net cash (used in) provided by 
operating activities

 

6,922

 


242

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

 


6,922

 


242

Cash and cash equivalents, beginning

 

181,199

 

166,800

Cash and cash equivalents, ending

$

188,121

$

167,042

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 32

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(97,484)

$

(247,986)

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

 


21,486

 


174,356

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


70,857

 


73,572

Net cash (used in) provided by 
operating activities

 


(5,141)

 


(58)

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

 


(5,141)

 


(58)

Cash and cash equivalents, beginning

 

495,360

 

340,581

Cash and cash equivalents, ending

$

490,219

$

340,523

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 33

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(41,730)

$

(115,052)

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

 


-

 


78,358

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


34,005

 


37,766

Net cash (used in) provided by 
operating activities

 

(7,725)

 


1,072

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

 


(7,725)

 


1,072

Cash and cash equivalents, beginning

 

240,231

 

184,115

Cash and cash equivalents, ending

$

232,506

$

185,187

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement






Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 34

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(71,098)

$

(240,408)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

56,094

Distributions from Operating
   Partnerships

 


-

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


-

 


107,631

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


(66,751)

 


-

(Decrease) Increase in accounts
   payable affiliates

 


76,232

 


75,713

Net cash (used in) provided by 
operating activities

 


(61,617)

 


(970)

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

 


(61,617)

 


(970)

Cash and cash equivalents, beginning

 

64,486

 

74,138

Cash and cash equivalents, ending

$

2,869

$

73,168

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 35

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(133,350)

$

(254,730)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

18,072

Distributions from Operating
   Partnerships

 


-

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


62,815

 


176,387

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

 


(13,445)

 


(3,181)

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

 


(13,445)

 


(3,181)

Cash and cash equivalents, beginning

116,848

127,244

Cash and cash equivalents, ending

$

103,403

$

124,063

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 36

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(53,601)

$

(78,654)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

-

Distributions from Operating
   Partnerships

 

3,658

 


13,640

Share of (Income) Loss from 
   Operating Partnerships

 


21,171

 


38,742

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


40,149

 


42,563

Net cash (used in) provided by 
operating activities

 


11,377

 


16,291

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

 


11,377

 


16,291

Cash and cash equivalents, beginning

 

133,266

 

142,855

Cash and cash equivalents, ending

$

144,643

$

159,146

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 37

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

12,073

$

(149,753)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

29,562

Distributions from Operating
   Partnerships

 


3,658

 


13,640

Share of (Income) Loss from 
   Operating Partnerships

 


(49,296)

 


69,404

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

 


17,651

 


14,069

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

 


17,651

 


14,069

Cash and cash equivalents, beginning

 

346,391

 

309,745

Cash and cash equivalents, ending

$

364,042

$

323,814

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 38

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(99,670)

$

(195,859)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

3,490

Distributions from Operating
   Partnerships

 


45,718

 


4,000

Share of (Income) Loss from 
   Operating Partnerships

 


62,206

 


155,367

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


41,100

 


41,100

-

Net cash (used in) provided by 
operating activities

 


49,354

 


8,098

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

 


49,354

 


8,098

Cash and cash equivalents, beginning

 

235,617

 

209,324

Cash and cash equivalents, ending

$

284,971

$

217,422

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 39

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(85,485)

$

(222,088)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

2,779

Distributions from Operating
   Partnerships

 


15,288

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


51,689

 


192,637

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

 


34,200

Net cash (used in) provided by 
operating activities

 


15,692

 


7,528

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

 


15,692

 


7,528

Cash and cash equivalents, beginning

 

187,805

 

183,296

Cash and cash equivalents, ending

$

203,497

$

190,824

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 40

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(184,414)

$

(179,562)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

-

 

13,259

Distributions from Operating
   Partnerships

 


-

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


127,592

 


115,547

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


50,004

 


52,418

-

-

Net cash (used in) provided by 
operating activities

 


(6,818)

 


1,662

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

 


(6,818)

 


1,662

Cash and cash equivalents, beginning

 

109,745

 

120,514

Cash and cash equivalents, ending

$

102,927

$

122,176

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 41

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

  Net income (loss)

$

(239,247)

$

186,564

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

38,204

 

55,628

Distributions from Operating
   Partnerships

 


10,376

 


3,026

Share of (Income) Loss from 
   Operating Partnerships

 


143,131

 


(236,354)

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

 


59,517

 


(239,022)

Net cash (used in) provided by 
operating activities

 


11,981

 


(220,400)

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

 

11,981

 


160,326

Cash and cash equivalents, beginning

 

215,834

 

78,660

Cash and cash equivalents, ending

$

227,815

$

238,986

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 42

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(47,266)

$

(31,166)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

17,929

 

24,846

Distributions from Operating
   Partnerships

 


34,304

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


(14,510)

 


31,366

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


62,445

 


62,445

Net cash (used in) provided by 
operating activities

 


52,902

 


87,491

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

 


52,902

 


(6,451)

Cash and cash equivalents, beginning

 

311,423

 

348,800

Cash and cash equivalents, ending

$

364,325

$

342,349

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




63,380




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 43

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(202,056)

$

(142,315)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

24,729

 

61,937

Distributions from Operating
   Partnerships

 

62,134

 


1,127

Share of (Income) Loss from 
   Operating Partnerships

 


115,156

 


107,703

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


52,889

 


-

Decrease (Increase) in other
   assets

 


-

 


(85,754)

(Decrease) Increase in accounts
   payable affiliates

 


76,695

 


76,695

Net cash (used in) provided by 
operating activities

 


129,547

 


19,393

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

 


129,547

 


19,393

Cash and cash equivalents, beginning

 

234,982

 

256,265

Cash and cash equivalents, ending

$

364,529

$

275,658

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 44

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(345,066)

$

(338,681)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

70,700

 

70,797

Distributions from Operating
   Partnerships

 

-

 


-

Share of (Income) Loss from 
   Operating Partnerships

 


237,315

 


208,535

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

 


71,175

Net cash (used in) provided by 
operating activities

 


34,124

 


(93,008)

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

 


34,124

 


(93,008)

Cash and cash equivalents, beginning

 

395,938

 

590,586

Cash and cash equivalents, ending

$

430,062

$

497,578

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement






Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)


Series 45

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(395,019)

$

(510,003)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

68,273

 

68,273

Distributions from Operating
   Partnerships

 

19,879

 


1,455

Share of (Income) Loss from 
   Operating Partnerships

 


231,049

 


352,301

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


-

 


-

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


91,641

 


(8,359)

Net cash (used in) provided by 
operating activities

 


15,823

 


(96,333)

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

 


15,823

 


(96,333)

Cash and cash equivalents, beginning

 

425,893

 

537,189

Cash and cash equivalents, ending

$

441,716

$

440,856

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 


Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)


Series 46

 

 

2011

 

2010

Cash flows from operating activities:

 

 

 

 

 Net income (loss)

$

(266,696)

$

(316,447)

Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

 

 

 

 

Amortization

 

7,951

 

10,724

Distributions from Operating
   Partnerships

 


1,429

 


306

Share of (Income) Loss from 
   Operating Partnerships

 


187,891

 


241,818

Changes in assets and liabilities

 

 

 

 

(Decrease) Increase in accounts
   payable and accrued expenses

 


11,290

 


3,715

Decrease (Increase) in other
   assets

 


-

 


-

(Decrease) Increase in accounts
   payable affiliates

 


62,382

 


62,382

Net cash (used in) provided by 
operating activities

 


4,247

 


2,498

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

 


4,247

 


(8,725)

Cash and cash equivalents, beginning

 

291,568

 

267,639

Cash and cash equivalents, ending

$

295,815

$

258,914

Supplemental schedule of noncash

investing and financing activities:

 

 

 

 

 

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.




$




-




$




-




The accompanying notes are an integral part of this condensed statement

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 2011
(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 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(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, 2011 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2011 and 2010, an impairment loss of $1,764,564 and $1,810,230, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be between 1-6 years.

Accumulated amortization of acquisition costs by Series as of June 30, 2011 is as follows:

2011

Series 27

$  147,132

Series 41

260,716

Series 42

117,313

Series 43

254,581

Series 44

636,299

Series 45

341,365

Series 46

   50,847

$1,808,253

The annual amortization for deferred acquisition costs for the years ending June 30, 2012, 2013, 2014, 2015 and 2016 is estimated to be $976,537, $976,537, $911,145, $758,328, and $758,328, respectively.

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, 2011 and 2010, an impairment loss of $13,288 and $5,090, respectively, was recorded. As of March 31, 2011 all capitalized expenses have been impaired to zero for all Series.

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(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, 2011 and 2010, are as follows:

 

2011

2010

Series 20

$   49,590

$   64,831

Series 21

31,500

31,500

Series 22

49,032

55,317

Series 23

40,497

47,592

Series 24

44,475

44,475

Series 25

38,656

54,603

Series 26

85,104

102,861

Series 27

58,428

78,801

Series 28

83,529

83,529

Series 29

82,851

82,851

Series 30

43,536

46,543

Series 31

91,038

91,038

Series 32

70,857

73,572

Series 33

34,005

35,352

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

59,517

60,978

Series 42

62,445

62,445

Series 43

76,695

76,695

Series 44

71,175

71,175

Series 45

91,641

91,641

Series 46

   62,382

   62,382

 

$1,574,011

$1,665,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the three months ended June 30, 2011 and 2010 are as follows:

2011

2010

Series 20

$        -

$  965,000

Series 21

-

50,000

Series 24

-

100,000

Series 25

-

100,000

Series 26

-

50,000

Series 27

-

50,000

Series 28

-

50,000

Series 41

-

300,000

Series 45

        -

 100,000

 

$        -

$1,765,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2011 and 2010, the Fund has limited partnership interests in 464 and 486 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2011 and 2010 are as follows:

 

2011

2010

Series 20

16

19

Series 21

9

10

Series 22

22

25

Series 23

16

19

Series 24

20

20

Series 25

14

19

Series 26

40

43

Series 27

15

16

Series 28

26

26

Series 29

21

21

Series 30

17

18

Series 31

26

26

Series 32

15

16

Series 33

9

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

20

Series 42

22

22

Series 43

23

23

Series 44

10

10

Series 45

30

30

Series 46

 15

 15

 

464

486

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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, 2011 and 2010 are as follows:

2011

2010

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

10,020

22,861

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

173,561

Series 33

69,154

69,154

Series 37

138,438

138,438

Series 40

102

102

Series 41

100

100

Series 42

73,433

295,615

Series 43

121,112

307,738

Series 44

 254,640

 590,561

Series 45

16,724

16,724

Series 46

        -

    8,915

 

$1,145,981

$1,912,466

 

 

 

 

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2011 the Fund disposed of three Operating Partnerships. A summary of the dispositions by Series for June 30, 2011 is as follows:

 

Operating Partnership Interest Transferred

 

Sale of Underlying Operating Partnership

 

Partnership Proceeds from Disposition

 

Gain/(Loss) on Disposition

Series 20

1

 

-

 

$

55,000

 

$

55,000

Series 25

1

 

1

 

 

874,787

 

 

874,787

Total

2

 

1

 

$

929,787

 

$

929,787

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

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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(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, 2011.

 

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

 

2011

2010

 

 

 

Revenues

 

 

 

Rental

$  37,763,975

$  40,026,146

 

Interest and other

   1,454,876

   1,229,969

 

 39,218,851

  41,256,115

 

 

 

Expenses

 

 

 

Interest

8,102,888

9,018,297

 

Depreciation and amortization

11,107,617

11,717,217

 

Operating expenses

  24,704,832

  26,571,862

 

  43,915,337

  47,307,376

 

 

 

NET INCOME (LOSS)

$ (4,696,486)

$ (6,051,261)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (4,649,519)


$ (5,990,747)

 

 

 

Net income (loss) allocated to other Partners


$    (46,967)


$    (60,514)

* Amounts include $(3,451,824) and $(3,739,469) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 20

 

 

2011

2010

Revenues

 

 

 

Rental

$ 1,483,471

$ 1,613,034

 

Interest and other

    79,432

    78,969

 

 1,562,903

 1,692,003

 

 

 

Expenses

 

 

 

Interest

269,238

339,190

 

Depreciation and amortization

333,848

437,580

 

Operating expenses

 1,039,845

 1,351,883

 

 1,642,931

 2,128,653

 

 

 

NET INCOME (LOSS)

$  (80,028)

$ (436,650)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (79,228)


$ (432,283)

 

 

 

Net income (loss) allocated to other Partners


$     (800)


$   (4,367)

* Amounts include $(79,228) and $(432,283) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 21

 

 

2011

2010

Revenues

 

 

 

Rental

$   666,970

$   707,002

 

Interest and other

    49,695

     9,828

 

   716,665

   716,830

 

 

 

Expenses

 

 

 

Interest

169,438

213,596

 

Depreciation and amortization

140,769

155,205

 

Operating expenses

   400,547

   401,744

 

   710,754

   770,545

 

 

 

NET INCOME (LOSS)

$     5,911

$  (53,715)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$     5,852


$  (53,178)

 

 

 

Net income (loss) allocated to other Partners


$        59


$     (537)

* Amounts include $5,852 and $(53,178) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 22

 

2011

2010

Revenues

 

 

 

Rental

$ 1,200,166

$ 1,285,296

 

Interest and other

    68,321

    75,724

 

 1,268,487

 1,361,020

 

 

 

Expenses

 

 

 

Interest

205,651

254,571

 

Depreciation and amortization

342,975

378,772

 

Operating expenses

   955,890

   964,113

 

 1,504,516

 1,597,456

 

 

 

NET INCOME (LOSS)

$ (236,029)

$ (236,436)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (233,669)


$ (234,072)

 

 

 

Net income (loss) allocated to other Partners


$   (2,360)


$   (2,364)

* Amounts include $(233,669) and $(234,072) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 23

 

2011

2010

Revenues

 

 

 

Rental

$ 1,178,054

$ 1,352,591

 

Interest and other

    59,220

    64,225

 

 1,237,274

 1,416,816

 

 

 

Expenses

 

 

 

Interest

227,009

286,448

 

Depreciation and amortization

283,152

307,389

 

Operating expenses

   832,689

   979,485

 

 1,342,850

 1,573,322

 

 

 

NET INCOME (LOSS)

$ (105,576)

$ (156,506)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (104,519)


$ (154,940)

 

 

 

Net income (loss) allocated to other Partners


$   (1,057)


$   (1,566)

* Amounts include $(104,519) and $(154,940) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 24

 

2011

2010

Revenues

 

 

 

Rental

$ 1,298,083

$ 1,247,221

 

Interest and other

    42,775

    19,533

 

 1,340,858

 1,266,754

 

 

 

Expenses

 

 

 

Interest

266,673

267,821

 

Depreciation and amortization

353,934

372,799

 

Operating expenses

   789,365

   768,027

 

 1,409,972

 1,408,647

 

 

 

NET INCOME (LOSS)

$  (69,114)

$ (141,893)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (68,423)


$ (140,474)

 

 

 

Net income (loss) allocated to other Partners


$     (691)


$   (1,419)

* Amounts include $(68,423) and $(140,474) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 25

2011

2010

Revenues

 

Rental

$ 1,386,748

$ 2,228,459

 

Interest and other

    36,594

    25,060

 

 1,423,342

 2,253,519

 

 

 

Expenses

 

 

 

Interest

261,625

399,009

 

Depreciation and amortization

348,439

428,971

 

Operating expenses

   786,282

 1,374,641

 

 1,396,346

 2,202,621

 

 

 

NET INCOME (LOSS)

$    26,996

$    50,898

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$    26,726


$    50,389

 

 

 

Net income (loss) allocated to other Partners


$       270


$       509

* Amounts include $26,726 and $50,389 for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 26

 

2011

2010

Revenues

 

 

 

Rental

$ 2,074,879

$ 2,847,413

 

Interest and other

    77,488

    80,398

 

 2,152,367

 2,927,811

 

 

 

Expenses

 

 

 

Interest

394,578

538,090

 

Depreciation and amortization

551,425

649,045

 

Operating expenses

 1,516,694

 1,865,412

 

 2,462,697

 3,052,547

 

 

 

NET INCOME (LOSS)

$ (310,330)

$ (124,736)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (307,227)


$ (123,489)

 

 

 

Net income (loss) allocated to other Partners


$   (3,103)


$   (1,247)

* Amounts include $(307,227) and $(123,489) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 27

 

2011

2010

Revenues

 

 

 

Rental

$1,367,636

$ 2,061,468

 

Interest and other

    17,162

    24,939

 

 1,384,798

 2,086,407

 

 

 

Expenses

 

 

 

Interest

336,597

505,381

 

Depreciation and amortization

332,176

431,941

 

Operating expenses

   789,304

 1,114,317

 

 1,458,077

 2,051,639

 

 

 

NET INCOME (LOSS)

$ (73,279)

$    34,768

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (72,546)


$    34,420

 

 

 

Net income (loss) allocated to other Partners


$     (733)


$       348

* Amounts include $(72,546) and $37,421 for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 28

 

2011

2010

Revenues

 

 

 

Rental

$  1,857,418

$  1,707,021

 

Interest and other

     34,932

     40,305

 

  1,892,350

  1,747,326

 

 

 

Expenses

 

 

 

Interest

372,118

340,090

 

Depreciation and amortization

522,723

528,551

 

Operating expenses

  1,203,819

  1,430,905

 

  2,098,660

  2,299,546

 

 

 

NET INCOME (LOSS)

$  (206,310)

$  (552,220)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (204,247)


$  (546,698)

 

 

 

Net income (loss) allocated to other Partners


$    (2,063)


$    (5,522)

* Amounts include $(204,247) and $(546,698) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 29

 

 

2011

2010

Revenues

 

 

 

Rental

$  1,900,691

$  1,884,311

 

Interest and other

     98,140

     47,709

 

  1,998,831

  1,932,020

 

 

 

Expenses

 

 

 

Interest

355,237

414,293

 

Depreciation and amortization

594,590

628,691

 

Operating expenses

  1,289,757

  1,232,361

 

  2,239,584

  2,275,345

 

 

 

NET INCOME (LOSS)

$  (240,753)

$  (343,325)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (238,345)


$  (339,892)

 

 

 

Net income (loss) allocated to other Partners


$    (2,408)


$    (3,433)

* Amounts include $(238,345) and $(315,497) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 30

 

2011

2010

Revenues

 

 

 

Rental

$ 1,217,201

$ 1,319,110

 

Interest and other

    20,204

    15,204

 

 1,237,405

 1,334,314

 

 

 

Expenses

 

 

 

Interest

200,341

203,884

 

Depreciation and amortization

297,689

310,542

 

Operating expenses

   919,408

 1,074,537

 

 1,417,438

 1,588,963

 

 

 

NET INCOME (LOSS)

$ (180,033)

$ (254,649)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (178,233)


$ (252,103)

 

 

 

Net income (loss) allocated to other Partners


$   (1,800)


$   (2,546)

* Amounts include $(178,233) and $(222,745) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 31

 

2011

2010

Revenues

 

 

 

Rental

$  2,662,643

$  2,547,899

 

Interest and other

     90,349

     63,932

 

  2,752,992

  2,611,831

 

 

 

Expenses

 

 

 

Interest

448,884

495,153

 

Depreciation and amortization

745,936

808,278

 

Operating expenses

  1,744,830

  1,681,858

 

  2,939,650

  2,985,289

 

 

 

NET INCOME (LOSS)

$  (186,658)

$  (373,458)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (184,791)


$  (369,723)

 

 

 

Net income (loss) allocated to other Partners


$    (1,867)


$    (3,735)

* Amounts include $(184,791) and $(369,723) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 32

 

2011

2010

Revenues

 

 

 

Rental

$  1,432,038

$  1,499,214

 

Interest and other

     77,903

     41,733

 

  1,509,941

  1,540,947

 

 

 

Expenses

 

 

 

Interest

315,843

322,109

 

Depreciation and amortization

547,892

555,246

 

Operating expenses

    929,441

  1,019,889

 

  1,793,176

  1,897,244

 

 

 

NET INCOME (LOSS)

$  (283,235)

$  (356,297)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (280,403)


$  (352,734)

 

 

 

Net income (loss) allocated to other Partners


$    (2,832)


$    (3,563)

* Amounts include $(258,917) and $(178,378) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 33

 

2011

2010

Revenues

 

 

 

Rental

$   724,053

$   709,853

 

Interest and other

    22,542

    23,997

 

   746,595

   733,850

 

 

 

Expenses

 

 

 

Interest

186,311

184,756

 

Depreciation and amortization

250,428

255,460

 

Operating expenses

   472,535

   491,572

 

   909,274

   931,788

 

 

 

NET INCOME (LOSS)

$ (162,679)

$ (197,938)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (161,052)


$ (195,959)

 

 

 

Net income (loss) allocated to other Partners


$   (1,627)


$   (1,979)

* Amounts include $(161,052) and $(117,601) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,

(Unaudited)

Series 34

 

2011

2010

Revenues

 

 

 

Rental

$ 1,581,332

$ 1,427,693

 

Interest and other

    73,976

    46,682

 

 1,655,308

 1,474,375

 

 

 

Expenses

 

 

 

Interest

334,602

360,302

 

Depreciation and amortization

621,318

538,619

 

Operating expenses

 1,105,243

   966,238

 

 2,061,163

 1,865,159

 

 

 

NET INCOME (LOSS)

$ (405,855)

$ (390,784)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (401,796)


$ (386,876)

 

 

 

Net income (loss) allocated to other Partners


$   (4,059)


$   (3,908)

* Amounts include $(401,796) and $(279,245) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,

(Unaudited)

Series 35

 

2011

2010

Revenues

 

 

 

Rental

$ 1,176,983

$ 1,140,228

 

Interest and other

    47,514

    39,406

 

 1,224,497

 1,179,634

 

 

 

Expenses

 

 

 

Interest

248,268

264,086

 

Depreciation and amortization

420,462

389,352

 

Operating expenses

   817,875

   795,347

 

 1,486,605

 1,448,785

 

 

 

NET INCOME (LOSS)

$ (262,108)

$ (269,151)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (259,487)


$ (266,459)

 

 

 

Net income (loss) allocated to other Partners


$   (2,621)


$   (2,692)

* Amounts include $(196,672) and $(90,072) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 36

 

2011

2010

Revenues

 

 

 

Rental

$   865,956

$   871,224

 

Interest and other

    19,916

    24,671

 

   885,872

   895,895

 

 

 

Expenses

 

 

 

Interest

179,310

216,106

 

Depreciation and amortization

241,543

254,453

 

Operating expenses

   514,370

   523,529

 

   935,223

   994,088

 

 

 

NET INCOME (LOSS)

$  (49,351)

$  (98,193)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (48,857)


$  (97,211)

 

 

 

Net income (loss) allocated to other Partners


$     (494)


$     (982)

* Amounts include $(27,686) and $(58,469) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 37

 

 

2011

2010

Revenues

 

 

 

Rental

$ 1,139,453

$ 1,145,324

 

Interest and other

    34,176

    38,983

 

 1,173,629

 1,184,307

 

 

 

Expenses

 

 

 

Interest

166,811

207,548

 

Depreciation and amortization

399,077

441,693

 

Operating expenses

   804,454

   786,570

 

 1,370,342

 1,435,811

 

 

 

NET INCOME (LOSS)

$ (196,713)

$ (251,504)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (194,746)


$ (248,989)

 

 

 

Net income (loss) allocated to other Partners


$   (1,967)


$   (2,515)

* Amounts include $(244,042) and $(179,585) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 38

 

2011

2010

Revenues

 

 

 

Rental

$   858,183

$   863,903

 

Interest and other

    35,095

    34,175

 

   893,278

   898,078

 

 

 

Expenses

 

 

 

Interest

193,424

191,588

 

Depreciation and amortization

269,432

280,949

 

Operating expenses

   553,150

   582,477

 

 1,016,006

 1,055,014

 

 

 

NET INCOME (LOSS)

$ (122,728)

$ (156,936)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (121,501)


$ (155,367)

 

 

 

Net income (loss) allocated to other Partners


$   (1,227)


$   (1,569)

* Amounts include $(59,295) and $- for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 39

 

2011

2010

Revenues

 

 

 

Rental

$   629,600

$   618,274

 

Interest and other

    35,167

    45,077

 

   664,767

   663,351

 

 

 

Expenses

 

 

 

Interest

128,193

130,279

 

Depreciation and amortization

229,619

230,191

 

Operating expenses

   478,734

   497,465

 

   836,546

   857,935

 

 

 

NET INCOME (LOSS)

$ (171,779)

$ (194,584)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (170,061)


$ (192,637)

 

 

 

Net income (loss) allocated to other Partners


$   (1,718)


$   (1,947)

* Amounts include $(118,372) and $- for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 40

 

2011

2010

Revenues

 

 

 

Rental

$ 1,032,980

$ 1,017,459

 

Interest and other

    32,591

    33,454

 

 1,065,571

 1,050,913

 

 

 

Expenses

 

 

 

Interest

230,528

254,857

 

Depreciation and amortization

328,104

317,926

 

Operating expenses

   655,670

   668,791

 

 1,214,302

 1,241,574

 

 

 

NET INCOME (LOSS)

$ (148,731)

$ (190,661)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (147,244)


$ (188,754)

 

 

 

Net income (loss) allocated to other Partners


$   (1,487)


$   (1,907)

* Amounts include $(19,652) and $(73,207) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 41

 

 

2011

2010

Revenues

 

 

 

Rental

$ 1,301,851

$ 1,299,225

 

Interest and other

    43,348

    39,884

 

 1,345,199

 1,339,109

 

 

 

Expenses

 

 

 

Interest

371,719

373,619

 

Depreciation and amortization

372,880

387,342

 

Operating expenses

   765,852

   755,032

 

 1,510,451

 1,515,993

 

 

 

NET INCOME (LOSS)

$ (165,252)

$ (176,884)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (163,599)


$ (175,115)

 

 

 

Net income (loss) allocated to other Partners


$   (1,653)


$   (1,769)

* Amounts include $(20,468) and $(30,743) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 42

 

2011

2010

Revenues

 

 

 

Rental

$ 1,516,622

$ 1,483,221

 

Interest and other

    46,259

    50,239

 

 1,562,881

 1,533,460

 

 

 

Expenses

 

 

 

Interest

363,196

343,417

 

Depreciation and amortization

410,004

416,998

 

Operating expenses

   858,444

   872,277

 

 1,631,644

 1,632,692

 

 

 

NET INCOME (LOSS)

$  (68,763)

$  (99,232)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (68,075)


$  (98,240)

 

 

 

Net income (loss) allocated to other Partners


$     (688)


$     (992)

* Amounts include $(82,585) and $(66,874) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 43

 

2011

2010

Revenues

 

 

 

Rental

$ 1,673,235

$ 1,702,456

 

Interest and other

    57,851

    53,191

 

 1,731,086

 1,755,647

 

 

 

Expenses

 

 

 

Interest

377,004

366,468

 

Depreciation and amortization

516,388

550,425

 

Operating expenses

 1,059,501

 1,028,419

 

 1,952,893

 1,945,312

 

 

 

NET INCOME (LOSS)

$ (221,807)

$ (189,665)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (219,589)


$ (187,768)

 

 

 

Net income (loss) allocated to other Partners


$   (2,218)


$   (1,897)

* Amounts include $(104,433) and $(80,065) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 44

 

2011

2010

Revenues

 

 

 

Rental

$ 1,859,559

$ 1,905,802

 

Interest and other

    69,978

    68,284

 

 1,929,537

 1,974,086

 

 

 

Expenses

 

 

 

Interest

566,005

578,828

 

Depreciation and amortization

600,486

596,572

 

Operating expenses

 1,107,738

 1,078,988

 

 2,274,229

 2,254,388

 

 

 

NET INCOME (LOSS)

$ (344,692)

$ (280,302)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$ (341,245)


$ (277,499)

 

 

 

Net income (loss) allocated to other Partners


$   (3,447)


$   (2,803)

* Amounts include $(103,930) and $(68,964) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 45

 

2011

2010

Revenues

 

 

 

Rental

$  2,344,166

$  2,284,193

 

Interest and other

    131,082

     73,015

 

  2,475,248

  2,357,208

 

 

 

Expenses

 

 

 

Interest

576,214

579,421

 

Depreciation and amortization

717,340

728,228

 

Operating expenses

  1,429,495

  1,416,506

 

  2,723,049

  2,724,155

 

 

 

NET INCOME (LOSS)

$  (247,801)

$  (366,947)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*


$  (245,323)


$  (363,278)

 

 

 

Net income (loss) allocated to other Partners


$    (2,478)


$    (3,669)

* Amounts include $(14,274) and $(10,977) for 2011 and 2010, 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 CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 46

 

2011

2010

Revenues

 

 

 

Rental

$ 1,334,004

$ 1,257,252

 

Interest and other

    53,166

    71,352

 

 1,387,170

 1,328,604

 

 

 

Expenses

 

 

 

Interest

358,071

387,387

 

Depreciation and amortization

334,988

335,999

 

Operating expenses

   883,900

   849,479

 

 1,576,959

 1,572,865

 

 

 

NET INCOME (LOSS)

$ (189,789)

$ (244,261)

 

 

 

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.


$ (187,891)


$ (241,818)

 

 

 

Net income (loss) allocated to other Partners


$   (1,898)


$   (2,443)

 

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2011

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2011 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 - INCOME TAXES

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.

NOTE G - SUBSEQUENT EVENTS

The Fund has entered into agreements to sell the interest in three Operating Partnerships. The estimated sales price and other terms for the dispositions of the Operating Partnerships have been determined. The estimated proceeds to be received for the Operating Partnerships are $297,585, the estimated gain on the sale of the Operating Partnerships is $297,585, and the sales are expected to be recognized in the second quarter of fiscal year 2012.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2011. 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, 2011 were $1,574,011 and total fund management fees accrued as of June 30, 2011 were $51,288,159. During the three months ended June 30, 2011, none of the 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, 2011, an affiliate of the general partner of the Fund advanced a total of $1,807,438 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, 2011, $2,933 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, 2011, are as follows:

 

Current

 

 

Period

Total

Series 21

$     -

$  108,007

Series 22

-

53,627

Series 23

-

64,156

Series 27

-

54,128

Series 33

-

54,660

Series 34

2,933

83,220

Series 36

-

129,612

Series 38

-

69,191

Series 39

-

220,455

Series 40

-

337,528

Series 41

-

359,757

Series 42

-

221,615

Series 43

     -

   51,482

 

$ 2,933

$1,807,438

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, 2011.

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 8 of the Operating Partnerships and 16 remain.

Prior to the quarter ended June 30, 2011, 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 5 of the Operating Partnerships and 9 remain.

Prior to the quarter ended June 30, 2011, 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 7 of the Operating Partnerships and 22 remain.

During the quarter ended June 30, 2011, 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, 2011. 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 6 of the Operating Partnerships and 16 remain.

Prior to the quarter ended June 30, 2011, 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, 2011, 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, 2011. 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 8 of the Operating Partnerships and 14 remain.

During the quarter ended June 30, 2011, 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, 2011. The remaining contributions will be released when the Operating Partnership has 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 5 of the Operating Partnerships and 40 remain.

During the quarter ended June 30, 2011, 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, 2011. 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. Series 27 has since sold its interest in 1 of the Operating Partnership and 15 remain.

During the quarter ended June 30, 2011, Series 27 did not record any releases of capital contributions. Series 27 has outstanding contributions payable to 2 Operating Partnerships in the amount of $10,020 as of June 30, 2011. Of the amount outstanding, $6,500 has been advanced to one of the Operating Partnerships. The advance will be converted to capital and the remaining contributions of $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, 2011, 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, 2011. 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, 2011, 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, 2011. 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 3 of the Operating Partnerships and 17 remain.

During the quarter ended June 30, 2011, 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, 2011. 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, 2011, 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, 2011. 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 2 of the Operating Partnerships and 15 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. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. 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, 2011, 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, 2011. 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. Series 33 has since sold its interest in 1 of the Operating Partnerships and 9 remain.

During the quarter ended June 30, 2011, 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, 2011. 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, 2011, 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, 2011, 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, 2011, 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, 2011, 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, 2011. 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, 2011, 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, 2011. 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, 2011, 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, 2011. 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, 2011, 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, 2011. The remaining contributions will be released when the Operating Partnership has 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, 2011, 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, 2011. 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, 2011, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of June 30, 2011. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $9,757 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 Series 43 net offering proceeds to acquire a limited partnership equity 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.

During the quarter ended June 30, 2011, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 3 Operating Partnerships in the amount of $121,112 as of June 30, 2011. Of the amount outstanding, $63,676 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 a limited partnership equity 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.

During the quarter ended June 30, 2011, Series 44 did not record any releases of capital contributions. Series 44 has outstanding contributions payable to 1 Operating Partnership in the amount of $254,640 as of June 30, 2011. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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 a limited partnership equity 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 45 has since sold its interest in 1 of the Operating Partnerships and 30 remain.

During the quarter ended June 30, 2011, 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, 2011. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its 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 a limited partnership equity 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, 2011, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of June 30, 2011 and 2010, the Fund held limited partnership interests in 464 and 486 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, 2011 are as follows:

3 Months
Management Fee Net of Reporting Fee


3 Months
Reporting Fee

Series 20

$   47,015

$  2,575

Series 21

30,500

1,000

Series 22

40,603

8,429

Series 23

36,997

3,500

Series 24

40,594

3,881

Series 25

(30,169)

68,825

Series 26

80,648

4,456

Series 27

34,137

24,291

Series 28

70,861

12,668

Series 29

45,892

36,959

Series 30

41,698

1,838

Series 31

80,482

10,556

Series 32

66,857

4,000

Series 33

34,005

-

Series 34

73,299

-

Series 35

57,090

-

Series 36

35,306

4,843

Series 37

40,698

10,518

Series 38

29,978

11,122

Series 39

27,000

7,200

Series 40

47,712

2,292

Series 41

48,120

11,397

Series 42

32,306

30,139

Series 43

50,090

26,605

Series 44

29,612

41,563

Series 45

84,128

7,513

Series 46

   62,241

    141

 

$1,237,700

$336,311

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, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 20 reflects a net loss from Operating Partnerships of $(80,028) and $(436,650), respectively, which includes depreciation and amortization of $333,848 and $437,580, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

East Douglas Apartments Limited Partnership (East Douglas Apartments) was sold through a foreclosure sale on June 30, 2010 and the title to the property was conveyed to the lender. 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 in the Operating Partnership to zero. Accordingly, no gain or loss on the sale the property was recorded for the quarter ended September 30, 2010.

Prior to foreclosure, the investment general partner concluded that the forecasted costs to maintain the property through December 31, 2010, the end of the low income housing tax credit compliance period, would be greater than the benefits associated with maintaining tax credit compliance. With the foreclosure sale occurring prior to the December 31, 2010 expiration of the low income housing tax credit compliance period, the Operating Partnership incurred tax credit recapture and interest penalty costs of $67,474, equivalent to $17 per 1,000 BACs. The lender assigned a receiver to the property on October 1, 2009. As of December 31, 2010, the receiver continued to manage the property for the new owner.

East Douglas had historically operated at or just below breakeven due to a combination of the low rent structure mandated by the state tax credit-monitoring agency, the Illinois Housing Development Authority, and high debt. 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 was 77%. Average occupancy for 2009 was 86% versus 82% for 2008. 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. Through the date of the foreclosure sale on June 30, 2010, 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 below breakeven in recent years through the date of the foreclosure of June 30, 2010. 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 functioned as a debt service reserve, was controlled by the lender, and was only to be withdrawn from by the lender in the event of default under the loan agreement.

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.

Several years ago, the operating general partner tried to improve the property's financial performance by refinancing the mortgage, but was unsuccessful. The investment general partner had attempted to find a replacement operating general partner but was also unsuccessful.

In June 2009, the Operating Partnership stopped making debt service payments due to cash flow shortfalls. The lender 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. During the first quarter of 2010, the senior lender denied the Operating Partnership's request to restructure the debt and decided to proceed toward foreclosure. On March 24, 2010, the court granted the lender a judgment of foreclosure.

2730 Lafferty Street Apartments, LP (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 continue to be focused on local medical offices and small businesses in Pasadena, as well as the City of Pasadena and Harris County Housing Authorities. In addition, move-in specials of one month free with a $100 deposit, and a resident referral program with a $300 discount, are in place. The property currently subscribes to GoSection8.com providing it access to contact information of potential residents that recently received a housing voucher. The continued marketing efforts by management resulted in a 2010 average occupancy of 84%, a slight increase from the 2009 average. The property continued to operate below breakeven in 2010. Occupancy is averaging 88% through the second quarter of 2011 and operations are above breakeven status. In March 2011, the property converted from residents paying water bills to the owner paying water bills, resulting in an increase in the gross potential rent. Management stated the mortgage, taxes, and insurance payments are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to 2730 Lafferty Street Apartments, LP.

Northfield Apartments, LP (Willow Point I Apartments) is a 120-unit property located in Jackson, Mississippi. Through the second quarter of 2011, the property continued to operate below breakeven due to low occupancy and high operating expenses. The Jackson, MS market is over-saturated with affordable units and the property faces competition from newer affordable communities offering more sophisticated amenities. Management continued to turn the backlog of vacant units during the second quarter of 2011 and introduced a $99 move-in special to generate traffic to the property. As a result of these efforts, occupancy improved during the quarter and the property closed the second quarter of 2011 at 90% occupied. The turn work and marketing efforts increased operating expenses for the quarter, preventing above breakeven operations. Further improvement in occupancy and decreased operating expenses will be needed in order for the property to operate above breakeven. The investment general partner continues weekly communication with the operating general partner to discuss operations and occupancy concerns. All tax and insurance payments are current; however, the operating general partner has not made payment on the mortgage since the third quarter of 2010. The money has instead been used to fund turn work for the vacant units. The operating general partner is pursuing a workout plan with the lender and stopped paying debt service in order to motivate the lender to negotiate. During the third quarter of 2011 the investment general partners intends to conduct a site visit at the property to inspect the physical condition of the property, analyze the local market and interview the property management team. 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, Boston Capital Tax Credit Fund III - Series 17, and Series 20 transferred 33% of their interest in College Greene Rental Associates Limited Partnership to entities affiliated with the operating general partners for their assumption of one third of the outstanding mortgage balance. The cash proceeds received by Series 14, Series 17, and Series 20 were $25,740, $7,919, and $65,341, respectively. Of the proceeds received, $1,950, $599, and $4,951 for Series 14, Series 17, and Series 20, respectively, was paid to BCAMLP for expenses related to the 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, was 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 was transferred on March 31, 2011. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $61,174, $17,577 and $158,058, respectively, for Series 14, Series 17, and Series 20, as of March 31, 2011.

In May 2010, the investment general partner of Boston Capital Tax Credit Fund III - Series 18 and 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, 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 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 was 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.

In April 2011, the investment general partner transferred its interest in Bennetts Pointe LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,274,688 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,000 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 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 $55,000 as of April 30, 2011. In addition, the investment general partner on behalf of the investment partnership entered into a partner interest pledge agreement with the Operating Partnership for receipt of a residual payment. Under the terms of the partner interest pledge agreement, if the property owned by the Operating Partnership is sold within 5 years from the initial transfer date, there would be a residual payment of up to $140,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement. The partners interest pledge agreement goes into effect at the date the investment limited partner transferred its interest.

Series 21

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 21 reflects a net income (loss) from Operating Partnerships of $5,911 and $(53,715), respectively, which includes depreciation and amortization of $140,769 and $155,205, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Fort Halifax Associates, LP (Fort Halifax Commons Apartment) is a 24-unit 100% LIHTC property located in Winslow, ME. The property operated below breakeven through the second quarter of 2011 due to low rental rates and very high debt service. The property was 93% occupied as of June 30, 2011. The investment general partner will request the operating general partner to increase the rents given the high occupancy in the second quarter. The increase will help to offset the high debt service. The mortgage is current; however, real estate taxes and insurance payments are delinquent. The investment general partner will continue to follow up with the operating general partner to ensure the taxes and insurance are paid as the operating deficit guaranty is unlimited in time and amount. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Fort Halifax Associates, LP.

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a 48-unit family property located in Chippewa, Wisconsin. Occupancy as of June 30, 2011 was 97%. 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 as required. 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, 2011 was 95%. Although expenses remain below the state averages for the investment limited partnership's portfolio of properties, 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 general partner stopped making debt service payments in 2009 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 to 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 2011 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 would be recognized by the investment partnership as a result of the foreclosure.

On November 4, 2010, Lookout Ridge was sold to a third-party buyer for $825,000 which included the outstanding mortgage balance of approximately $658,441 and cash proceeds to the investment partnership of $61,749. Of the total proceeds received, $28,000 represents reporting fees paid to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of these remaining proceeds from the transfer, $8,020 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $25,729 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'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 $25,729 as of December 31, 2010.

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family property located in Menomonie, Wisconsin. Occupancy was 95% as of June 30, 2011. The property's operating expenses are below the state averages for the investment limited partnership's portfolio of properties. Despite high occupancy and reasonable expenses, 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 accounts payable 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.

Centrum-Fairfax I, LP (Forest Glen at Sully Station, Phase I) is an 83-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 83 units instead of 119 units, which reduced the number of 1-bedroom units from 100 to 29 and increased the number of 2-bedroom units from 19 to 54. The construction was completed in March 2007 and the property was fully reoccupied by the spring of 2008. However, in 2009 average occupancy dropped to an average of 85% and as a result the property was unable to breakeven. The operating general partner interests were transferred to a new operating general partner in the fourth quarter 2010, and property management duties were assumed by an affiliate of the new operating general partner. In order to improve occupancy, the new management company has been advertising the property, is training staff on leasing techniques, and is offering temporary rent concessions. Average occupancy in 2010 improved to 91% and the property operated above breakeven. Average occupancy through the second quarter of 2011 was 87% and operations were above breakeven. The mortgage, taxes, and insurance are current. The low income housing tax credit compliance period expired on December 31, 2010. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Centrum-Fairfax I, LP subsequent to June 30, 2011.

In January 2011, the investment general partner transferred 49.5% of its interest in Tower View LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $526,958 and cash proceeds to the investment partnership of $0. The remaining 39.5% investment limited partner interest in the Operating Partnership is scheduled to be transferred in January 2012 for the assumption of approximately $417,156 of the remaining outstanding mortgage balance and anticipated cash proceeds 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, 2011. In addition, 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, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 22 reflects a net loss from Operating Partnerships of $(236,029) and $(236,436), respectively, which includes depreciation and amortization of $342,975 and $378,772, 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. The property averaged 90% occupancy in 2010 and operating expenses were 61.25% of the prior year's state per unit average. However, the property's net operating income was not sufficient to meet the annual debt service of approximately $35,000. 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. As of June 30, 2011, occupancy was 89% and the property continues to operate below breakeven. The mortgage, real estate taxes, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2011.

Black River Run, LP (River Run Apartments) is a 48-unit family property located in Black River Falls, Wisconsin. Occupancy as of June 30, 2011 was 95%. Although expenses remain below the state averages for the investment limited partnership's portfolio of properties, 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 general partner stopped making debt service payments in 2009 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 to 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 2011 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 would be recognized by the investment partnership as a result of the foreclosure.

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 closed on August 10, 2010. The sales price for the property was $6,565,000, which included the outstanding mortgage balance of approximately $4,198,481 and cash proceeds to the investment partnerships of $654,789 and $654,789 for Series 22 and Series 23, respectively. Of the total proceeds received, $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 $647,289 and $647,289 for Series 22 and Series 23, respectively, 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'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 $647,289 and $647,289 for Series 22 and Series 23, respectively, as of September 30, 2010. In December 2010, the investment partnerships received additional proceeds for its share of the Operating Partnership's cash in the amount of $15,150 and $15,150 which were returned to the cash reserves held by Series 22 and Series 23, respectively. In January 2011, the investment partnerships received its share of the remaining Operating Partnership's cash totaling $2,472 of which $1,236 and $1,236 were returned to the cash reserves held by Series 22 and Series 23, respectively.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property in Riverview, FL. In 2010, average occupancy was 88% and the property continued to operate below breakeven due to high rental concessions, bad debt, and vacancy loss. During the fourth quarter of 2010, occupancy averaged 85% and ended the year at 83%. Occupancy continues to improve averaging 87% through the second quarter of 2011. Management continues to focus marketing efforts to on-line sources, Section 8 voucher holders, the Tampa Housing Authority, and the Hillsboro County agencies. 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 more strict screening process in order to mitigate evictions and unexpected move outs. The property received a one time marketing reimbursement in May 2010 in the amount of $87,000 from a cable company, resulting from an agreement which granted the cable company the right to take control over the cable at the property. These funds helped offset the high operating expenses. The investment general partner will continue to work with management to improve economic occupancy and control expenses. Through June 2011, all operating expenses were in line with the budget except for rental concessions and bad debt. All real estate tax, insurance and mortgage payments are current. The low income housing tax credit compliance period expired as of December 31, 2010.

Richmond Hardin, LP (Richmond Square Apartments) is a 32-unit family property located in Richmond, Missouri. As of June 30, 2011 occupancy was strong at 94%. Despite strong occupancy, the property operated below breakeven through the second quarter of 2011 as a result of high real estate taxes, high administrative expenses, and increased turnover, which resulted in high bad debt. The property is located in a sparsely populated area and the majority of its residents are retail employees who are struggling with diminished work hours and job loss. Management increased advertising and outreach to social service agencies, area employers, and community organizations by distributing marketing materials within a 30 mile radius and by advertising weekly in the local and county newspapers and on Craig's List. Administrative expenses were high as a result of a one time audit fee in April. Management continues to focus on retaining residents and improving the property through a strong resident retention. Real estate taxes are higher than the investment general partner's state average for its portfolio of properties due to the fact that there are both county and city taxes. The county rate is comparable to other properties; however, the city rate raises the total paid for real estate taxes to 24% more than properties in other counties across Missouri. In order to control real estate taxes, the county and city assessments are reviewed on a regular basis and all unreasonable assessments are appealed. The property also suffered from high bad debt in the second quarter as damages assessed with move-outs were written off. Management is currently working with a collection agency to decrease bad debt. The investment general partner will continue to monitor these issues. 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.

In August 2010, the investment general partner transferred its interest in Lost Tree Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,320,388 and cash proceeds to the investment partnership of $100,050. Of the total proceeds received, $2,875 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,950 was paid to BCAMLP for expenses related to the transfer, which included third party legal costs. The remaining proceeds of $91,225 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'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 $91,225 as of September 30, 2010.

In December 2010, the investment general partner transferred its interest in Sacramento Properties Limited to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $412,797 and cash proceeds to the investment partnership of $5,001. Of the total proceeds received, $5,001 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no proceeds 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 in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded as of December 31, 2010.

Series 23

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 23 reflects a net loss from Operating Partnerships of $(105,576) and $(156,506), respectively, which includes depreciation and amortization of $283,152 and $307,389, 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. Over $360,000 is due from the operating general partner and affiliates for unapproved loans from the Operating Partnership. Asset management fees are guaranteed and remain outstanding. In addition, the Operating Partnership reporting from the operating general partner is sporadic. The former management company was replaced on June 1, 2010 without the investment general partner's approval. The investment general partner has made several requests to the operating general partner for the 2010 audit. The operating general partner continues to delay finalizing the 2010 audit as they are negotiating pricing and the scope of work. The operating general partner stated that they filed an extension for the 2010 tax return. The lender filed a Summons and Complaint on August 25, 2010, which initiated the foreclosure process due to non-payment. The operating general partner and the lender came to a payment agreement in which the lender at that time confirmed that they received payment in full on February 10, 2011 and that the mortgage was assigned to a operating general partner related entity.

The second quarter 2011 occupancy of 89% was consistent with December 31, 2010, and the property is operating close to breakeven. The investment general partner continues to liaise with the management company in an attempt to better understand operating results and initiatives for the property. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Colonna Redevelopment Company.

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO. Despite average physical occupancy of 95% in the second quarter of 2011, the property operated below breakeven due to low economic occupancy coupled with high operating expenses, specifically, maintenance and bad debt. Maintenance expenses were high due to high turnover, which led to an increase in make-ready costs. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in 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. Management is aggressively advertising in local publications and online sources. To attract applicants, management continues to offer rental concessions and resident referral fees. 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 $146,810 for operating deficits. The mortgage, trade payables, property taxes and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Halls Ferry Apartments LP.

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 2009, 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 appears to have maintained 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. As a result, the actual recapture costs were based only on the units that were not occupied by income qualified residents in 2010. This resulted in recapture and interest of $148,802 to the Operating Partnership, equivalent to approximately $44 per 1,000 BACs.

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 closed on August 10, 2010. The sales price for the property was $6,565,000, which included the outstanding mortgage balance of approximately $4,198,481 and cash proceeds to the investment partnerships of $654,789 and $654,789 for Series 22 and Series 23, respectively. Of the total proceeds received, $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 $647,289 and $647,289 for Series 22 and Series 23, respectively, 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'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 $647,289 and $647,289 for Series 22 and Series 23, respectively, as of September 30, 2010. In December 2010, the investment partnerships received additional proceeds for its share of the Operating Partnership's cash in the amount of $15,150, and $15,150 which were returned to the cash reserves held by Series 22 and Series 23, respectively. In January 2011, the investment partnerships received its share of the remaining Operating Partnership's cash totaling $2,472 of which $1,236 and $1,236 were returned to the cash reserves held by Series 22 and Series 23, respectively.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property in Riverview, FL. In 2010, average occupancy was 88% and the property continued to operate below breakeven due to high rental concessions, bad debt, and vacancy loss. During the fourth quarter of 2010, occupancy averaged 85% and ended the year at 83%. Occupancy continues to improve averaging 87% through the second quarter of 2011. Management continues to focus marketing efforts to on-line sources, Section 8 voucher holders, the Tampa Housing Authority, and the Hillsboro County agencies. 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 more strict screening process in order to mitigate evictions and unexpected move outs. The property received a one time marketing reimbursement in May 2010 in the amount of $87,000 from a cable company, resulting from an agreement which granted the cable company the right to take control over the cable at the property. These funds helped offset the high operating expenses. The investment general partner will continue to work with management to improve economic occupancy and control expenses. Through June 2011, all operating expenses were in line with the budget except for rental concessions and bad debt. All real estate tax, insurance and mortgage payments are current. The low income housing tax credit compliance period expired as of December 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 $51,780. 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 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds from the transfer of $21,380 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 $21,380 as of June 30, 2010.

Mid City Associates LP (Mid City Apartments) consists of 58 modular duplex apartments in the North Greenville section of Jersey City, NJ. As of June 2011, the property is 100% occupied and is operating above breakeven. The Operating Partnership is in discussions with the New Jersey Housing and Mortgage Finance Agency (NJHMFA) regarding the third mortgage note that matured in November 2009. As of December 2010, the current mortgage maturity was $398,350 with $698,728 of accrued interest. The process is currently ongoing with NJHMFA agreeing to forbearance until refinancing is finalized. The operating general partner is applying for a grant for energy improvements, which is expected to be finalized concurrently with the third mortgage note. 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. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Mid City Associates LP subsequent to June 30, 2011.

In March 2011, the investment general partner transferred its interest in Barlee Properties LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $721,401 and cash proceeds to the investment partnership of $23,250. Of the total proceeds received, $7,281 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $12,300 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $3,669 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 $3,669 as of March 31, 2011.

Woodland Hills Properties, A LP (Woodland Hills Apartments) is a 10-unit property located in Roland, OK. The property's low-income housing tax credit compliance period expired on December 31, 2009. The operating general partner ceased making debt service payments and funding deficits in September 2009. On February 24, 2010, the lender declared default of the loan and began foreclosure proceedings. On July 7, 2010, a foreclosure sale was completed and title to the property was conveyed. The investment general partner was not notified of the foreclosure by the lender or operating general partner. The investment general partner is working with the operating general partner's attorney to retrieve foreclosure documentation. No proceeds were returned to cash reserves. 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 was recorded as of September 30, 2010.

Village Woods Estates, LP (Village Woods Estates) is a 45-unit development of detached single-family homes in Kansas City, Kansas. The property averaged 95% occupancy in 2009, but operated below breakeven due to high maintenance costs and real estate taxes. Due to language in the lender's loan documents, the property cannot withdraw from the replacement reserve for carpet replacement, a significant annual expense. Additionally, the property is subject to high real estate taxes of approximately $75,000, or $1,667 per unit. Due to a successful tax appeal, the real estate tax for 2010 was reduced by approximately 40%. As a result, the property was able to operate above breakeven in 2010 despite an average occupancy of 86%. Real estate taxes were assessed at $67,500 for 2011, but average occupancy has improved to 93% through June 2011. As a result, the property is operating above breakeven. The mortgage, real estate taxes and insurance are all current. The first mortgage note is set to mature on November 1, 2011. The operating general partner is in discussions with lenders regarding a refinance. The low income housing tax credit compliance period expired on December 31, 2010. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Village Woods Estates, LP subsequent to June 30, 2011.

Series 24

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 24 reflects a net loss from Operating Partnerships of $(69,114) and $(141,893), respectively, which includes depreciation and amortization of $353,934 and $372,799, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Elm Street Associates, LP (Elm Street Apartments) is a 35-unit property 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. Management has been working with the Department of Social Services in Westchester County through the County's shelter program. Through these efforts they identified a group of potential residents living in emergency housing units. These residents were being prepared for transition into permanent housing, and came with a subsidy provided by the Department of Social Services based on family size. As a result, occupancy has averaged 91% through the first two quarters of 2011, with June occupancy ending at 97%. 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 2011 are running slightly above budget and the property continues to operate below breakeven. 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. The operating general partner remains committed to the property and the neighborhood and expressed a willingness to continue funding deficits. The mortgage, real estate taxes, and insurance payments are all current. The tax credit compliance period expired December 31, 2010.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Despite an average occupancy of 99% in 2010, the property continued to operate below breakeven due to high operating expenses. Rental revenues increased in 2010, which allowed for a decrease in the amount of cash flow loss from prior years. Occupancy continues to be strong and was 99% as of June 30, 2011. 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, brick veneer, windows and doors and sagging balconies. The operating general partner has addressed these concerns on an ongoing basis via advances. Cost control efforts include staffing reduction, reduced marketing and the shutting down of one boiler during warmer months. 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 $2,000,000 for repairs and operating deficits. The mortgage, trade payables, property taxes and insurance are current. The low income housing tax credit compliance period expired on December 31, 2010. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

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, as only twenty-one of the property's seventy-two units have rental assistance. Consequently, the property has trouble competing with properties that offer more units with rental assistance. In 2009, the property averaged 73% occupancy and operated below breakeven. In 2010, average occupancy increased to 92%, but the property continued to operate below breakeven, although at a lesser extent than the previous year. 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 continues to improve in 2011, and averaged 98% in the second quarter of 2011. The improved occupancy is the result of a new community manager and a one free month rent concession. Management continues to market the property through local media and civic organizations. New Hilltop Apartments has also seen a significant decrease in vacancy loss from the first quarter, which has led to an increase in operating income. Rental rates were increased by $10 in 2011, potentially increasing cash flow by $9,000. The strong occupancy rates and improved vacancy loss have helped the property surpass management's second quarter budget by 14%. The operating general partner continues to investigate 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.

Lake Apartments I, LP (Lake Apartments I) is a 24-unit property located in Fargo, ND. In 2010, the average occupancy was 90% and the property operated at breakeven, despite increased maintenance and administrative expenses relating to tenant turnover. In early 2010 management made the property pet friendly, opening the door to a new resident base, which had a positive effect on operations. At the close of the second quarter of 2011 the physical occupancy was 92% and the property was operating slightly below breakeven. Management continues to remain diligent in reducing tenant turnover through aggressive marketing tactics, which include advertisements in the local newspaper and the Apartment Finder Magazine. Currently, management is offering $500 off one month's rent with the signing of a 12-month lease. According to the operating general partner, current market conditions continue to have an adverse effect on unit turnover. There is a large supply of rental communities in the area and not enough qualified residents to fill the units. Management also states that there are a large number of voucher holders who continue to choose newer, conventional housing over older, affordable housing properties when the local Housing Authority approves the higher voucher amounts required to live at the conventional housing sites. As of late, management states that market conditions have strengthened and leasing activities have increased. The operating general partner continues to fund all deficits as operations are supported by an unlimited guarantee. The investment general partner intends to 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 July 2011, the investment general partner of Series 24 and Series 25 transferred its interest in New Madison Park IV LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $13,147,712 and cash proceeds to the investment partnerships of $110,731 and $196,854 to Series 24 and Series 25, respectively. Of the total proceeds received, $3,600 and $6,400 from Series 24 and Series 25, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $107,131 and $190,454 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 transfer of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $107,131 and $190,454 by Series 24 and Series 25, respectively, as of July 31, 2011.

Series 25

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 25 reflects a net income from Operating Partnerships of $26,996 and $50,898, respectively, which includes depreciation and amortization of $348,439 and $428,971, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2010, the operating general partner of Sutton Place Apartments Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on April 21, 2011. The sales price of the property was $9,400,000, which included the outstanding mortgage balance of approximately $5,010,000 and cash proceeds to the investment partnership of $947,216. Of the total proceeds received by the investment partnership, $60,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of approximately $872,216 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'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 $872,216 as of April 30, 2011.

M.R.H., LP (The Mary Ryder Home) is a 48-unit elderly property located in St. Louis, MO. The property experienced a decline in occupancy throughout 2010, with an annual average of 84%. As a result, maintenance costs associated with turnover expenses increased. High operating expenses caused the property to operate below breakeven in 2010. This trend has continued throughout the first half of 2011. Occupancy averaged 71% in both the first and second quarters of 2011 and management has reported that an improvement in occupancy is not expected throughout 2011. The current deficits are being funded through charitable contributions and operating general partner advances. The investment general partner intends to continue to hold quarterly 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 January 2010, the operating general partner of Sandstone Village Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on April 9, 2010. The sales price of the property was $1,509,127, which included the outstanding mortgage balance of approximately $1,324,657 and cash proceeds to the investment partnership of $27,542. 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, $14,408 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.

In December 2010, the investment general partner transferred its interest in Maple Hill, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $621,609 and cash proceeds to the investment partnership of $98,292. Of the total proceeds received, $3,914 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $84,378 were returned to cash reserves held by Series 25. 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 $84,378 as of December 31, 2010. In addition, the investment partnership received an unsecured note payable in the amount of $49,051. Payment under the note is contingent upon several factors including timely completion of a minor rehabilitation at the property owned by Maple Hill, LP.

In January 2011, the investment general partner transferred its interest in Main Everett Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $513,023 and cash proceeds to the investment partnership of $231,170. Of the total proceeds received, $15,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $216,170 were returned to cash reserves held by Series 25. 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 $216,170 as of March 31, 2011.

In January 2011, the investment general partner transferred its interest in Osborne Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $354,307 and cash proceeds to the investment partnership of $183,965. Of the total proceeds received, $15,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $168,965 were returned to cash reserves held by Series 25. 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 $168,965 as of March 31, 2011.

In May 2011, the investment general partner of transferred its interest in Ohio Investors LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,167,881 and cash proceeds to the investment partnership of $7,071. Of the total proceeds received, $4,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. The remaining proceeds of approximately $2,571 were returned to cash reserves held by Series 25. 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 $2,571 as of May 31, 2011.

In July 2011, the investment general partner of Series 24 and Series 25 transferred its interest in New Madison Park IV LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $13,147,712 and cash proceeds to the investment partnerships of $110,731 and $196,854 to Series 24 and Series 25, respectively. Of the total proceeds received, $3,600 and $6,400 from Series 24 and Series 25, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $107,131 and $190,454 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 transfer of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $107,131 and $190,454 by Series 24 and Series 25, respectively, as of July 31, 2011.

In July 2011, the investment general partner of transferred its interest in Smith House II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $938,798 and cash proceeds to the investment partnership of $4,500. Of the total proceeds received, $4,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No remaining proceeds were returned to cash reserves held by Series 25. 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, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 40 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 26 reflects a net loss from Operating Partnerships of $(310,330) and $(124,736), respectively, which includes depreciation and amortization of $551,425 and $649,045, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Country Edge, LP (Country Edge Apts.) is a 48-unit property located in Fargo, North Dakota. Through 2010, occupancy averaged 84%, and the property operated below breakeven. Operations were adversely affected by high vacancy, high administrative expenses relating to tenant turnover, and bad debt. The operating general partner has stated that poor operations resulted from an extremely harsh winter, which made it difficult to entice applicants to move and increased operating expenses, and an overabundance of apartment complexes in the community. Fargo has a large supply of affordable rental communities and not enough qualified people looking for units. In order to increase marketability, the operating general partner is making physical improvements, such as adding new landscaping and replacing appliances. Management is also offering $500 off one month's rent with the signing of a 12-month lease. The operating general partner reported that the market has strengthened and leasing activities have picked up in the spring and summer of 2011. As of June 30, 2011, physical occupancy was 96%, but the property was operating below breakeven. Management remains diligent in marketing and advertising throughout the local community via billboards and fliers. The marketing costs have been partially responsible for the negative cash flow. The investment general partner will continue to work with the operating general partner to stabilize operations. 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. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Country Edge, LP.

Grandview Apartments, LP (Grandview Apts.) is a 36-unit property located in Fargo, North Dakota. In 2010, average occupancy increased to 95% and the property operated slightly below breakeven. High real estate taxes, turnover costs, and high utility expenses negatively affected operations. Despite a weak local economy and a large supply of affordable housing in Fargo, Grandview Apartments has maintained high occupancy in 2010 and through the second quarter of 2011. At the end of June 2011 physical occupancy was 100%, with the property operating slightly below breakeven. The operating general partner states that Fargo experienced an extremely harsh winter, which increased maintenance expenses from snow removal and grounds maintenance. Currently, management is offering $500 off one month's rent with the signing of a 12-month lease, and states that the leasing activities have increased in the spring and summer of 2011. The investment general partner continues to monitor the 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. On December 31, 2011, the 15-year low income housing tax credit compliance period will expire with respect to Grandview Apartments, LP.

Lake Apartments IV Limited Partnership (Lake Apartments IV) is a 24-unit property located in Fargo, ND. In 2010, average occupancy was 85%, and the property operated below breakeven. Low occupancy, high administrative and maintenance expenses, and bad debt negatively affected operations. Management states that there is a large supply of affordable rental communities in the market and a limited pool of qualified residents, which has increased competition and the need for concessions. Management is currently offering $500 off one month's rent with the signing of a 12-month lease. As of June 30, 2011, physical occupancy was 88%, but the property continues to operate below breakeven. The extremely harsh weather during this past winter drove up maintenance expenses and limited leasing activities. The operating general partner states that the market has strengthened and leasing activities have picked up with the warmer weather in the spring and summer of 2011. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The investment general partner intends to 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. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments IV Limited Partnership.

Lake Apartments V Limited Partnership (Lake Apartments V) is a 24-unit property located in Fargo, ND. Occupancy at the property averaged 84% in 2010. The low occupancy, along with increased administrative and maintenance expenses, resulted in the property operating below breakeven. Management states that there is a large supply of affordable rental communities in the market and a limited pool of qualified residents. These factors, along with an extremely harsh winter in the Fargo area, had a negative impact on operations, and increased the need for concessions. Management is focusing on market out-reach, and is offering $500 off one month's rent with the signing of a 12-month lease. These marketing efforts have been successful. The market has also strengthened in the spring and summer of 2011 and leasing activities have increased. As of June 30, 2011, physical occupancy was 96%, but the property continues to operate below breakeven due to high maintenance expenses. Management states the increase in expenses is from unit turnover and the extremely harsh winter the Fargo area experienced. 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. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments V Limited Partnership.

East Park II, LP (East Park Apartments II) is a 24-unit development in Dilworth, MN. Average occupancy in 2010 was 76% and operations 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 units appeal to families. The property has experienced an increase in turnover as many families living at the property moved to competing properties that feature larger townhouses. Management remains diligent in their marketing efforts, and is currently offering a $500 Wal-Mart gift-card and $500 off one month's rent with the signing of a 12-month lease. At the close of the second quarter of 2011, physical occupancy was 96%, and the property was operating slightly above breakeven. All real estate tax, mortgage, and insurance payments are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to East Park II, LP.

Beckwood Manor One Limited Partnership (Westside Apartments) is a 29-unit senior property in Salem, Arkansas. In 2010, occupancy averaged 85%, a 10% increase from 2009 levels, and the property operated above breakeven. The property does not receive rental assistance. Given the state of the economy, many seniors lack the financial resources to rent without rental assistance. In an effort to alleviate the upfront cost of moving, the property is offering a move-in incentive of a deferred security deposit. Management continues to advertise heavily in the surrounding area newspapers. Consequently, occupancy increased to 92% at the end of the second quarter of 2011 and operations were above breakeven. Management attributes the recent increase in occupancy to an advertisement run through a local television channel, which was very successful. The investment general partner conducted a site visit in September 2010 and found the property to be in excellent condition with no deferred maintenance issues. The operating general partner continues to fund operating deficits. The mortgage payments, taxes, insurance, and accounts payables are all current. On December 31, 2011, the 15-year low income housing tax credit compliance period will expire with respect to Beckwood Manor One Limited Partnership.

Maxton Green Associates Limited Partnership (Carolina Pines Apartments) is a 32-unit development 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 of several problematic tenants at the property that caused damages to the units. 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 was utilized to collect what the deposits did not cover. To address problem tenants and unit damages, management implemented quarterly unit inspections 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 maintain 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. Occupancy increased to an average of 93% in 2010 with operations above breakeven. For the first two quarters of 2011, occupancy has averaged 92% with three vacant units as of June 30, 2011. Operations are currently below breakeven primarily due to a large operating expense of $22,600 for kitchen cabinets and countertops in various units. Had this additional expense not occurred, then operations would be at breakeven. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2011.

In December 2010, the investment general partner transferred its interest in Bradley Phase I, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,362,945 and cash proceeds to the investment partnership of $427,597. Of the proceeds received, $3,700 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $413,897 were returned to cash reserves held by Series 26. 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 $413,897 as of December 31, 2010. In addition, the investment partnership received an unsecured note payable in the amount of $156,021. Payment under the note is contingent upon several factors including timely completion of a minor rehabilitation at the property owned by Bradley Phase I, LP.

In December 2010, the investment general partner transferred its interest in Bradley Phase II, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $785,259 and cash proceeds to the investment partnership of $247,532. Of the proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $236,332 were returned to cash reserves held by Series 26. 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 $236,332 as of December 31, 2010. In addition, the investment partnership received an unsecured note payable in the amount of $96,453. Payment under the note is contingent upon several factors including timely completion of a minor rehabilitation at the property owned by Bradley Phase II, LP.

In December 2010, the investment general partner transferred its interest in Butler St./Hanover Towers, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,019,407 and cash proceeds to the investment partnership of $819,441. Of the total proceeds received, $7,704 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $801,737 were returned to cash reserves held by Series 26. 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 $801,737 as of December 31, 2010. In addition, the investment partnership received an unsecured note payable in the amount of $293,823. Payment under the note is contingent upon several factors including timely completion of a minor rehabilitation at the property.

Warrensburg Heights, LP (Warrensburg Heights) is a 28-unit family property located in Warrensburg, Missouri. Low occupancy, high unit turnover, and excessive maintenance expenses caused below breakeven operations in 2010. Through the second quarter of 2011, the property operated above breakeven due to improved occupancy and stabilized operating expenses. As of June 30, 2011, the property was 96% occupied. The operating general partner has increased its advertising efforts in the local newspaper to combat its seasonal occupancy issues. The excessive maintenance expenses that were associated with high unit turnover in late 2010 have been mitigated by improved occupancy levels. Additionally, a new property manager and maintenance staff took over in July 2010 and have successfully implemented preventative measures to curtail costs. These preventative measures include repairing damages found during monthly unit inspections and billing the resident for the work. As a result of these efforts, maintenance expenses in the first half of 2011 have been reduced by more than half. All taxes, insurance and mortgage payments are current. On December 31, 2011, the 15-year low income housing tax credit compliance period is set to expire with respect to Warrensburg Heights, LP.

As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Warrensburg Heights, LP subsequent to June 30, 2011.

T.R. Bobb Apartments Partnership, A L.D.H.A. (T.R. Bobb Apartments) is a 30-unit property in New Iberia, Louisiana. In 2010, occupancy averaged 75% and the property operated with a cash flow deficit. Operating expenses were 13% over the prior year state average despite a 23% reduction in maintenance costs. Occupancy has increased to 77% as of June 30, 2011, but operations remain below breakeven. The investment general partner intends to continue to monitor the property until operations stabilize. The mortgage, tax and insurance payments are current. The low-income housing tax credit compliance period expires on December 31, 2011.

Jackson Bond, LP (Park Ridge Apartments) is a 136-unit family property located in Jackson, TN. The property operated above breakeven during 2011 and occupancy closed the second quarter of 2011 at 74%. Despite the low occupancy, the property continues to operate above breakeven due to favorable floating rate financing. During the second quarter, the property sustained wind damage due to severe thunderstorms. Management immediately made the property weather-tight and filed a claim with the insurance company. No residents were displaced as a result of the wind damage. At the close of the second quarter of 2011 the operating general partner was awaiting a check from the insurance company to complete repairs. The investment general partner intends to monitor management's progress and ensure that repairs are completed by the end of the year. All mortgage, tax and insurance payments are current. The low income housing tax credit compliance period for Jackson Bond, LP expires on December 31, 2014.

Series 27

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 27 reflects a net income (loss) from Operating Partnerships of $(73,279) and $34,768, respectively, which includes depreciation and amortization of $332,176 and $431,941, 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, 2011. 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 loan large enough to take out the existing debt. The management company, an affiliate of the operating general partner, is deferring all fees until operations improve. The operating general partner discontinued funding deficits in the fourth quarter of 2008. At the end of second quarter 2011, the 2008-2009 real estate taxes in the amount of $17,000 remained unpaid. 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 intends to 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 on December 31, 2012.

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property in Harlem, New York. Occupancy remains 100% through June 30, 2011. Winn Residential became the managing agent effective October 1, 2010. Tenant receivables are an issue that has historically plagued the project. However, in 2010 the property made substantial progress collecting prior and current tenant receivables. Winn has implemented an aggressive rent collection policy and is working with attorneys to follow up on all past cases that were allowed to lapse. Winn has also made payments towards reducing account payables. The resulting increase in cash flow has allowed the property to report slightly above breakeven operations in 2010, as well as fund monthly replacement reserves. The investment general partner received the 2011 operating budget and intends to continue to closely monitor 2011 results. Management plans to increase rents effective June 2011. Although Winn made progress in reducing tenant receivables and accounts payable in 2010, these account balances remain high in 2011. Management is hopeful that its attorney will speed up the eviction process of delinquent tenants upon receipt of monies owed to the attorney. The operating general partner is requesting funds from the reserve account to pay the attorney. To combat the continued increase in utility costs, management implemented a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer provided a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consisted of upgrading showerheads, bathroom faucet aerators, and kitchen faucet aerators, and installing water-reducing devices in toilet tanks. The Department of Water and Sewer also provided 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. Through the second quarter of 2011, utility costs continue to be lower than budget. In the past seven months, Winn has made physical repairs to the roof, boilers, emergency lighting, compactor doors, and intercom system. The mortgage and insurance are current through June 2011. The property is real estate tax exempt. The investment general partner continues to hold conference calls with the operating general partner and management to discuss overall performance of the property. 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 2010, average occupancy was 84%. The property operated below breakeven in 2010 due to high economic vacancy, high utility costs, high turnover related expenses, and increased bad debt. Fargo has a large supply of affordable rental communities and not enough qualified residents to fill all the units. Management has stated that there are a large number of voucher holders who are being provided voucher payment amounts from the local Housing Authority sufficient to allow them to live at conventional housing versus older, affordable housing properties such as Lake Apartments II. However, management has noted that leasing activities have increased since the onset of the warmer weather, and it remains diligent in marketing the property through online ads, fliers and billboards. As of June 30, 2011, physical occupancy was 96%. Despite the increase in occupancy, the property continues to operate below breakeven due to increased maintenance expenses. The operating general partner states that the extremely harsh weather during the past winter increased grounds, maintenance, and snow removal costs. Management continues to offer $500 off one month's rent with the signing of a 12-month lease. 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. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments II, LP.

In December 2010, the investment general partner transferred its interest in Harbor LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,528,742 and cash proceeds to the investment partnership of $1,658,582. 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, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $1,638,582 were returned to cash reserves held by Series 27. 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 $2,321,435. Accordingly, a loss 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 $(682,853) as of December 31, 2010. In addition, the investment partnership received an unsecured note payable in the amount of $584,595. Payment under the note is contingent upon several factors including timely completion of a minor rehabilitation at the property.

Series 28

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 28 reflects a net loss from Operating Partnerships of $(206,310) and $(552,220), respectively, which includes depreciation and amortization of $522,723 and $528,551, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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, as these 44 apartments are subsidized. 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. The property reported average occupancy of 85% in 2010, ending the year with five vacancies and operations below breakeven. Management confirmed that as of the end of June 2011, occupancy was 96% with operations improving to above breakeven status. However, management also mentioned there was 1 tenant scheduled for eviction due to non-payment of rent. 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. In 2009, the property averaged 74% occupancy and operated below breakeven. The investment general partner conducted a site visit in March of 2010 to assess the physical condition of the property and to interview management. During the site visit, the investment general partner identified major deferred maintenance issues and fourteen vacant units that had not been turned over. In an effort to improve operations at the property, the investment general partner approved an operating general partner transfer, which was finalized in April 2010. The new operating general partner has a strong record of managing successful properties in this region and they made an immediate positive impact on this property. The new operating general partner made a request for reserve funds in order to pay for the turnover of the vacant units in need of major repair. According to the operating general partner, all of these repairs were completed by October 15, 2010. In addition, they completed repairs to major cracks in the drives and walkways throughout the property. They also replaced 170 feet of sewer main under the property that was in need of repair. In total, the new operating general partner spent $60,000 over the second half of 2010 to address deferred maintenance at the property and to ensure that all units were ready to be rented. As a result of their efforts, occupancy improved to 98% as of December 31, 2010. Occupancy reached 100% in March 2011 but has since declined to 75% as of June 30, 2011 due to the loss of Section 8 vouchers by several tenants. Management is working with the local HUD field office to obtain more vouchers should they become available. Management has also started advertising to attract new qualified tenants. The property continues to operate at a deficit through June 2011. The operating general partner's 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 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. As a result, the loan should have been funded by the operating general partner, without reimbursement, as part of his obligation to complete construction of the property according to 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 failed to 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 against proceeding 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. In 2010 operations were back above breakeven for the year, with average occupancy reported to be at 80%. As of June 30, 2011, occupancy remains at 80%. The mortgage, property taxes and insurance are current. The tax credit delivery period ended in 2007, and 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 in Shreveport, LA. In 2009, occupancy averaged 80% and the property operated below breakeven. In an effort to improve operations, the investment general partner approved an operating general partner transfer that was effective in April 2010. The new operating general partner has the experience, personnel, and systems in place to improve operations. Their first course of action was to address all deferred maintenance issues at the property, which they completed in July and August of 2010. Improvements included repairs to stairways, concrete drives, and walks. There were over $20,000 in replacement reserve withdrawals used to address deferred maintenance items inherited upon the property's transfer. Funds were used for flooring, refrigerator and range replacement, stairwell painting, coil cleaning, pressure washing, and new windows. Occupancy improved 16% from 2009, averaging 96% in 2010, and increasing to an average of 98% for the first two quarters of 2011. The property operated below breakeven in 2010 mainly due to a 90% increase in maintenance expenses. Expenses have since begun to decrease, and the property is currently operating close to breakeven through the second quarter of 2011. Management expects operations to improve as expenses at the property begin to normalize, with above breakeven operations anticipated by the fourth quarter of 2011. The investment general partner will continue to monitor expenses and occupancy until operations stabilize. The low income housing tax credit compliance period expires on December 31, 2012.

Athens Partners, LP (Park Village Apartments) is an 80-unit family property located in Athens, TN. The property operated above breakeven during 2011 and occupancy remained strong, ending the second quarter of 2011 at 92% occupancy. During the second quarter the property sustained wind damage due to severe thunderstorms. Management immediately made the property weather-tight and filed a claim with the insurance company. No residents were displaced as a result of the wind damage. At the close of the second quarter of 2011 the operating general partner was awaiting a check from the insurance company to complete repairs. The investment general partner intends to monitor management's progress and ensure that repairs are completed by the end of the year. All mortgage, tax and insurance payments are current. The low income housing tax credit compliance period for Athens Partners, LP expires on December 31, 2013.

Series 29

As of June 30, 2011 and 2010, the average Qualified Occupancy for the Series was 99.2%. The series had a total of 21 properties at June 30, 2011, of which 20 were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 29 reflects a net loss from Operating Partnerships of $(240,753) and $(343,325), respectively, which includes depreciation and amortization of $594,590 and $628,691, 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 general 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, which 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. The hearing on the sanctions occurred on January 31, 2011. On March 30, 2011 the court approved a damages judgment of $389,043, plus legal costs and interest of $29,726. This development likely increases the chance of 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. As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. A ruling on this motion was expected by the end of the second quarter of 2011. However, that did not occur and is now expected in the third quarter of 2011. Local Missouri counsel has been retained and is ready to take the deposition from the guarantors as soon as the aforementioned motion is approved. 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, which has 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 the first half of 2010 due to low average occupancy of 88% and increased operating expenses. Increased marketing efforts resulted in improved occupancy in the second part of the year. As of December 2010, the property was 90% occupied, and it operated above breakeven in 2010. Through second quarter 2011, the property was 100% occupied and was operating at breakeven. The operating general partner continues to fund deficits as necessary. The mortgage, taxes and insurance are all current. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Bryson Apartments, Limited Partnership.

Northfield Apartments III, LP (Willow Point Apartments III) is a 120-unit property located in Jackson, Mississippi. During the second quarter of 2011, the property continued to operate below breakeven due to high maintenance expenses. Through the second quarter, management continued to promote the move-in special and traffic to the property remained steady. As a result of these efforts, occupancy remained above 90% for the quarter and ended June 2011 at 93%. Maintenance expenses remained high due to the turn work to make vacant units rent-ready. The Jackson market is over-saturated with affordable units and the property faces competition from newer affordable communities, which offer more sophisticated amenities. All insurance and mortgage payments are current; however, the operating general partner has not paid the 2010 real estate taxes. The operating general partner has advised that the taxes will be paid in August 2011. During the third quarter, the investment general partner intends to conduct a site visit to inspect the physical condition of the property, analyze the local market and interview the property management team. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Northfield Apartments III, LP.

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. Issues related to the receipt of the insurance proceeds caused delays in the reconstruction of the property. The property was eventually rebuilt and received final certificates of occupancy in January 2008. Due to weak economic conditions in the area, it took the property almost two years to reach stabilized operations. Through the fourth quarter of 2010 average occupancy was 93%. In 2010, strong occupancy and reasonable operating expense levels resulted in above breakeven operations for the year. Through the second quarter of 2011, the property operated with an average physical occupancy of 91% and as of June 30 the property was 97% occupied and 100% leased. The property has operated slightly below breakeven in 2011 due to vacancy losses incurred early in the year. The mortgage, real estate taxes, and property insurance escrows are current. The operating general partner continues to fund all operating deficits as necessary. On December 31, 2013, the 15-year low income housing tax credit compliance period will expire with respect to Forest Hill Apartments II, LP.

Series 30

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 30 reflects a net loss from Operating Partnerships of $(180,033) and $(254,649), respectively, which includes depreciation and amortization of $297,689 and $310,542, 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 in Gentry, Arkansas. Occupancy has historically been low at the property as it is in a very rural area with limited rental demand. Occupancy averaged 87% in 2010. In order to increase occupancy, management continues to run advertisements in local media and distribute fliers in adjacent towns in hopes of attracting qualified tenants. Management is in contact with the local HUD office seeking new residents and aid for current residents who have difficulty making rental payments. As a rental incentive, management is offering two months free electricity. The high operating expenses are related to turnover and renovation costs in order to make units rent ready. To help keep expenses to a minimum, property management completes as many work orders as possible in-house. As of the end of the second quarter 2011 the property was 75% occupied and operating above breakeven. The recent decrease in occupancy is due to evictions for non-payment of rent. The local economy continues to experience job cuts at local factories. The mortgage, taxes and insurance are current. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Bellwood Four LP.

JMC, LLC (Farwell Mills Apts.) is a 27-unit property in Lisbon, ME.  Despite strong occupancy of 96% as of June 30, 2011, the property continued to operate below breakeven in the second quarter of 2011 due to turnover costs and improvements to the property. Due to the age of the property, management continues to make a number of necessary improvements during unit turns. During the second quarter of 2011 management replaced two carpets and two dishwashers which amounted to $4,288. These items cannot be reimbursed from the replacement reserve as the reserve has been depleted. Management also pressure-washed the property in the second quarter, which increased water usage and utility costs. The property currently has a waitlist of 23 applicants and occupancy remains strong as the new occupancy specialist has undergone extensive training. Management continues to advertise the property on websites such as Craig's List and The Apartment Guide and is offering rental incentives including one-month free rent and $200 for resident referrals. The resident referral incentive drove traffic in the second quarter, with two applications based upon resident referrals currently being processed. On April 1, 2011, a rent increase went into effect increasing gross potential rent annually by $6,024. In the second quarter of 2011 the investment general partner conducted a site visit to assess the property's physical condition and meet with management to discuss operations. The property was found to be in good physical condition. 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 a low of 77%, but rebounded to 87% by year-end 2010. The property operated above breakeven in 2010 due to reduced vacancy loss and lower maintenance costs. Other tax credit communities in the area have been able to operate with high 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. Despite the competition, management has improved resident retention through the use of resident referral fees. Occupancy at Western Trails Apartments II was 93% as of June 30, 2011, and the property operated slightly above breakeven. 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 focused on evicting delinquent residents and increasing marketing and outreach. This strategy resulted in improved occupancy. In 2010, physical occupancy averaged 93% and as a result the property operated above breakeven. Through the second quarter of 2011, physical occupancy continued to be strong and as of June 30, 2011 the property was 95% occupied. The property also operated with positive cash flow through the second quarter. 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 2013. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Nocona Apartments, LP subsequent to June 30, 2011.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit family property 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 March 2011.

In 2010 the property operated below breakeven primarily due to high operating expenses, bad debt, high vacancy losses, and a burdensome debt service. However, through the second quarter of 2011, occupancy improved averaging 95%, a 16% increase from the 2010 average. During May, the property's $99 move-in special resulted in 13 new applications and 11 move-ins for the month. The property continues to offer reduced rental rates of $599 for two-bedroom units and $695 for three-bedroom units. Management also offers complimentary carpet steam clean and touch up painting to all current residents that renew within 30 days of the lease expiration date. The operating general partner hired a third party consultant to formulate a new marketing plan during the third quarter of 2010. This plan was still in effect through the second quarter of 2011. The plan included the following 12-point suggestions to be used for all managed properties: 1) restructuring the leasing compensation with a threshold of 95% occupancy; 2) providing gift cards or giving a $200 credit toward rent for resident referrals; 3) participating in the Fresh Start Program, a government funded program offering up to $3,000 to current and prospective tenants to pay off past bills in order to improve their credit rating; 4) initiating the Ambassador Program where the top 15 current residents can profit up to $2,200 a year by referring residents that move in and comply with all lease requirements for 30 days; 5) waiving late fees for first time offenders in order to enhance resident retention; 6) establishing a relationship with a third party collections agency; 7) creating a Look and Lease Program where prospective tenants will receive a small gift for viewing a model apartment; 8) corporate outreach with free advertising at local businesses; 9) using "spinners," people holding directional signs to the property to improve traffic; 10) holding job fairs on site; 11) Internet advertising through free websites; and 12) establishing relationships with local housing authorities in order to get tenants with mobile vouchers. The consultant continues to work with management to improve occupancy at the property. Through May 2011, management stated that fliers distributed to local businesses, schools, and churches, and ads posted on Craigslist and the Douglas Country Chamber of Commerce website, resulted in weekly walk-ins. During the second quarter, management attended local fairs at malls in the Atlanta area promoting the site. In order to enhance curb appeal, management painted the property sign a brighter color and posted its spring-themed banners, flags, and signs. To bolster resident retention, management hosted a Community Awareness meeting with the local police department as well as the first annual "Summer Splash Bash" to celebrate the opening of the pool season. Both events were well attended by residents.

The property manager resigned effective March 1, 2011 and the assistant property manager was promoted. The new property manager continues to focus on resident retention efforts by hosting monthly tenant birthday gatherings, lease renewal parties, crime awareness meetings, and an after school program. The private security company continues to have a positive effect on the property as crime has 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. A new maintenance supervisor was hired in May 2011. Moreover, the operating general partner is in the process of looking for an asset manager to oversee the operations of all its operations in Georgia. The operating general partner has funded all operating deficits and is expected to continue to do so in 2011. All tax, insurance, and mortgage payments are current through May 2011. The low income housing tax credit compliance period expires on December 31, 2014.

West Swanzey Affordable Housing Associates, LP (Riverbend Apartments) is a 24-unit family development located in West Swanzey, NH. Despite strong average occupancy, the property operated below breakeven in 2010 due to insufficient rental rates and high maintenance and utility expenses. Lower maintenance expenses and rent increases to the maximum allowable rent at the end of 2010 allowed the property to operate above breakeven in the first and second quarters of 2011. As of June 30, 2011, the property was 96% occupied. Management anticipates the property will continue to operate above breakeven in the third quarter since maintenance expenses should remain low and utility expenses will be lower during the summer months. In the second quarter, the investment general partner conducted a site visit to assess the property's physical condition and to meet with management to discuss operations. The property was found to be in good physical condition. All tax, insurance, and mortgage payments are current. The operating general partner and his affiliates continue to fund deficits as needed. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for West Swanzey Affordable Housing Associates, LP subsequent to June 30, 2011.

In December 2010, the investment general partner transferred its interest in Byam, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $722,105 and cash proceeds to the investment partnership of $163,641. Of the total proceeds received, $2,300 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $151,341 were returned to cash reserves held by Series 30. 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 $151,341 as of December 31, 2010. In addition, the investment partnership received an unsecured note payable in the amount of $73,946. Payment under the note is contingent upon several factors including timely completion of a minor rehabilitation at the property.

Hillside Terrace Associates, LP (Hillside Terrace Apartments) is a 64-unit property in Poughkeepsie, NY. In 2010, occupancy averaged 99% and the property operated well above breakeven. Average occupancy was 100% through June 30, 2011 and the property continues to operate above breakeven. While the property's occupancy and operations are strong, the property encountered a problem with its septic system's leeching field. Since its installation in 2000-2001, the field has failed to perform in a consistent manner. As a result, management initiated a program to pump the system monthly. Over the years, the pumping has occurred more frequently due to flooding in the field. In an effort to temporarily reduce the flooding and associated pumping costs, the property has effectively reduced its flow rate by utilizing conservation methods including low-flow faucets and front loading washing machines. As a more permanent solution, the investment general partner and the operating general partner are in negotiations with the abutting property owner to connect to his sewer system. The investment general partner intends to continue to work with management and the operating general partner in an effort to remedy the failed septic system. The low income housing tax credit compliance period expires on December 31, 2014.

Madison Partners (Park Trace Apartments) is an 84-unit property located in Jackson, TN. The property operated above breakeven during 2011 and occupancy remained strong, ending the quarter at 98%. During the second quarter of 2011 the property sustained wind damage due to severe thunderstorms. Management immediately made the property weather-tight and filed a claim with the insurance company. No residents were displaced as a result of the wind damage. At the close of the second quarter, the operating general partner was awaiting a check from the insurance company to complete repairs. The investment general partner intends to monitor management's progress and ensure that repairs are completed by the end of the year. Additionally, a resident who alleged she slipped and fell while the custodian was mopping the floor filed a lawsuit. The resident voluntarily dismissed the lawsuit. However, the resident has until September 2011 to re-file the suit. The investment general partner intends to monitor the status of the suit until the re-file period expires. All mortgage, tax and insurance payments are current.

Series 31

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 31 reflects a net loss from Operating Partnerships of $(186,658) and $(373,458), respectively, which includes depreciation and amortization of $745,936 and $808,278, 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 72% at the end of the second quarter of 2011. 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 2010. 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 have increased security at the site. Management has also taken several measures in its effort to increase occupancy. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. Further, arrangements were made to employ a full-time manager at the site and extra personnel have been hired to turn vacancies. As a result of low occupancy, the property operated below breakeven in the second quarter of 2011. 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. As of June 30, 2011, occupancy was 97%; however, the property operated below breakeven due to low economic occupancy coupled with high operating expenses, specifically administrative, maintenance, utilities and bad debt. Management's marketing strategy focused on aggressive business and community outreach programs coupled with print and on-line advertising. 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 2011 increased over 2010 levels, due to an increase in water/sewer rates. To reduce utility expenses, management organizes informational seminars for residents on reducing consumption and puts out a monthly newsletter that outlines various energy conservation tips. The operating general partner continues to fund operating deficits as needed. The investment general partner intends to 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 in Biddeford, ME. The property continued to operate below breakeven through the second quarter of 2011 as a result of three evictions for non-payment of rent. The evictions lowered occupancy and increased administrative and maintenance expenses because of legal and turn costs. As of June 30, 2011, the property was 86% occupied. Management continues to advertise the property on websites such as Craig's List and The Apartment Guide and is offering rental incentives including one month of free rent and $300 for resident referrals. A rent increase went into effect on April 1, 2011, which will increase gross potential rent annually by $3,432. Marketing efforts have generated rental inquiries; however, the majority of the applicants only satisfy the 40% area median income standard, rather than the required 60%. Since the four vacant units are at the 60% level, management lowered the 60% rents to the 50% rents during the second quarter. This allowed 2 candidates from the waitlist to qualify for an apartment. The investment general partner conducted a site visit during the second quarter to assess the property's physical condition and meet with management to discuss operations. The property was found to be in good physical condition. 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 the tax credit compliance period. The operating general partner funds cash deficits by deferring fees owed to his management and maintenance companies.

Series 32

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2011, all of which were at 100% Qualified Occupancy

For the three month periods ended June 30, 2011 and 2010, Series 32 reflects a net loss from Operating Partnerships of $(283,235) and $(356,297), respectively, which includes depreciation and amortization of $547,892 and $555,246, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2010, the investment general partner sold its 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. A gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010.

In August 2010, the operating general partner of FFLM Associates - Carriage Pointe entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on September 24, 2010. The sales price of the property was $775,000, which included the outstanding mortgage balance of approximately $115,914 and cash proceeds to the investment partnerships of $75,000 and $75,000 to Series 32 and Series 33, respectively. Of the total proceeds received, $15,000 and $15,000 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $60,000 and $60,000 were returned to cash reserves held by Series 32 and Series 33, 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 $60,000 and $60,000 for Series 32 and Series 33, respectively, as of September 30, 2010.

Indiana Development, LP (Clear Creek Apartments) is a 64-unit development, located in North Manchester, Indiana. In the years prior to 2008, the property operated considerably below breakeven as a result of low occupancy and incurred significant cash deficits. During that period, the operating general partner, who does not have an affiliated management company, engaged five different management companies. In early 2008 in connection with a portfolio-wide debt restructuring, the current third party management company was engaged. This management company appears more effective than any of the previous management firms and operations have moderately improved. For the second quarter of 2011 average occupancy was 96% compared to average occupancies of 93% and 94% reported for 2010 and 2009, respectively. Despite strong occupancy, the property continues to operate below breakeven. For the six months ending June 30, 2011, net cash flow expended from property operations totaled approximately ($12,000). Net cash flows expended from property operations totaled ($23,707) and ($3,499) in 2010 and 2009, respectively. Although the quality of the tenant base and physical occupancy has improved since 2009, maintenance expenses and bad debt remain high. Also, rental rates have remained at a reduced level in order to compete with other properties in the sub-market. The local economy in northern Indiana remains weak. To date, the operating general partner has funded all operating deficits, although its unlimited operating deficit guarantee expired in September 2004. The operating general partner financed operating deficits of $30,012 and $17,399 in 2010 and 2009, respectively. The mortgage payment and tax and insurance escrows are current as of June 30, 2011.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property 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. Operations improved to above breakeven status in 2009. Occupancy averaged 100% in 2010. Due to high bad debt, operating expenses, and excessive receivable and accounts payable balances, the property operated slightly below breakeven in 2010. Through the second quarter of 2011, occupancy averaged 96%. Winn Residential became the new managing agent effective October 1, 2010. An executed management agreement was submitted to the investment general partner January 2011. Tenant receivables are an issue that has historically plagued the profitability of the project. Through June 2011, receivables continue to be excessive. New management has implemented an aggressive rent collection policy and is working with attorneys to follow up on all past cases that were allowed to lapse. Winn continues to take action against delinquent tenants and states that an increase in tenant collection will aid in paying down the accounts receivables balance. Currently, there are ten residents that are either in the process of being evicted or under a repayment agreement with management. The operating general partner is currently requesting funds from the reserve account to pay the attorney that handles all eviction cases. Management expects the attorney to speed up the eviction process once payment is received. Accounts payable remain high through the second quarter of 2011. The investment general partner is working with the general partner to prioritize which trade payables should be paid off first in order to decrease the balance. The investment general partner has received the 2011 operating budget and intends to continue to closely monitor 2011 results. To combat the continued increase in utility costs, management implemented a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer provided a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consisted 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 also provided educational brochures for the tenants. The brochures educate the tenants on how to reduce their water and energy consumption. Utility costs continue to be below the 2011 budget due to these retrofit kits. The operating general partner also informed the investment general partner of a water bill rebate that will be applied to the 2011 utility bill. Since Winn Management began oversight of the property, it has repaired the boilers and roof. Some of the tenants' apartments were also renovated due to damages from the roof leak. The mortgage and insurance are current through June 2011. The property is real estate tax exempt. The low income housing tax credit compliance period expires on December 31, 2015.

Jackson Bond, LP (Park Ridge Apartments) is a 136-unit family property located in Jackson, TN. The property operated above breakeven during 2011 and occupancy closed the second quarter of 2011 at 74%. Despite the low occupancy, the property continues to operate above breakeven due to favorable floating rate financing. During the second quarter of 2011 the property sustained wind damage due to severe thunderstorms. Management immediately made the property weather-tight and filed a claim with the insurance company. No residents were displaced as a result of the wind damage. At the close of the second quarter of 2011 the operating general partner was awaiting a check from the insurance company to complete repairs. The investment general partner intends to monitor management's progress and ensure that repairs are completed by the end of the year. All mortgage, tax and insurance payments are current.

Athens Partners, LP (Park Village Apartments) is an 80-unit family property located in Athens, TN. The property operated above breakeven during 2011 and occupancy remained strong, ending the second quarter at 92%. During the second quarter, the property sustained wind damage due to severe thunderstorms. Management immediately made the property weather-tight and filed a claim with the insurance company. No residents were displaced as a result of the wind damage. At the close of the second quarter of 2011, the operating general partner was awaiting a check from the insurance company to complete repairs. The investment general partner intends to monitor management's progress and ensure that repairs are completed by the end of the year. All mortgage, tax and insurance payments are current.

Series 33

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 33 reflects a net loss from Operating Partnerships of $(162,679) and $(197,938), respectively, which includes depreciation and amortization of $250,428 and $255,460, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2010, the operating general partner of FFLM Associates - Carriage Pointe entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on September 24, 2010. The sales price of the property was $775,000, which included the outstanding mortgage balance of approximately $115,914 and cash proceeds to the investment partnerships of $75,000 and $75,000 to Series 32 and Series 33, respectively. Of the total proceeds received, $15,000 and $15,000 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $60,000 and $60,000 were returned to cash reserves held by Series 32 and Series 33, 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 $60,000 and $60,000 for Series 32 and Series 33, respectively, as of September 30, 2010.

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 elevated operating expenses caused the property to operate below breakeven. Occupancy declined to 68% in December 2010 due to a number of deaths and illnesses among the residents and a declining local economy created difficulties in filling vacant units. In order to increase occupancy, management continues outreach to local social service organizations. As of June 2011, occupancy has slightly improved to 72%, but the property continues to operate below breakeven. A title search conducted in the fourth quarter of 2010 showed no liens or judgments being placed on the property. The operating general partner is seeking a refinance loan that could pay outstanding asset management fees and legal fees associated with a possible ownership restructure. 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.  The property operated below breakeven during the second quarter of 2011 as a result of high concession loss and high maintenance expenses. At the close of the second quarter of 2011 the property was 90% occupied. Management continued to offer a concession of one half off the first month's rent. Management maintains that concessions are necessary in order to keep occupancy strong. To reduce the impact of the concession loss, management increased rents by $10 on lease renewals and for new move-ins. During the second quarter of 2011 maintenance expenses remained high due to management's efforts to turn vacant units. Several vacant units were left in poor condition and required significant work to make them rent ready. Management has secured a vendor to complete the make ready process; this should ensure that vacant units are made ready efficiently and cost effectively. Also, during the second quarter of 2011 there was a fire in one unit of a building. The fire caused minor damage to the unit and water damage to two other units. The resident's renter's insurance covered the repairs. As of the close of the second quarter, all repairs are complete and the units are back online and occupied. All mortgage, tax and insurance payments are current.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property located in Millinocket, ME. The property operated below breakeven in 2010 due to low occupancy in the first half of the year and high utility costs. Despite strong occupancy of 95% as of June 30, 2011, the property continued to operate at a deficit through the second quarter of 2011 due to high operating expenses. Maintenance and utility costs were high as a result of a harsh winter, which caused significant heating and snow removal costs. Utilities were also high as a result of increased fuel costs and 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. Although the operating general partner obtained approval from Maine State Housing Authority (MSHA) for energy efficiency funding at another property, MSHA indicated that Stearns Assisted Housing would not qualify for any MSHA funding program as the property cannot service any additional debt. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All mortgage, tax and insurance payments are current.

Southaven Partners I, LP (Bradford Park Apartments) is a 208-unit family property located in Southaven, MS. The property operated above breakeven during 2011 and occupancy remained strong, ending the second quarter at 95% occupancy. During the second quarter of 2011, the property sustained wind damage due to severe thunderstorms. Management immediately made the property weather-tight and filed a claim with the insurance company. At the close of the second quarter of 2011, the operating general partner was awaiting a check from the insurance company to complete repairs. Further, at the end of the second quarter, there was a fire at the property. Lightning struck a satellite dish and started a fire on the roof of a building. The fire spread to encompass the entire building. There were no injuries reported and management relocated the displaced residents. Management is awaiting an inspection with the insurance adjuster in order to begin the repair work. The investment general partner intends to monitor management's progress and ensure that repairs are completed by the end of the year to avoid recapture. All mortgage, tax and insurance payments are current.

Series 34

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 34 reflects a net loss from Operating Partnerships of $(405,855) and $(390,784), respectively, which includes depreciation and amortization of $621,318 and $538,619, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Belmont Affordable Housing II, LP (Belmont Affordable Housing Two Apartments) is a 20-unit family scattered site rehabilitation property in West Philadelphia, Pennsylvania. The property operated below breakeven in 2010. Turnover in 2010 led to higher maintenance and bad debt expenses along with significantly increased tenant accounts receivable. The operating general partner attributed high maintenance costs to heating repairs, but also to the wear and tear that has occurred over the past twelve years. The tenant profile has a history of damaging the units prior to move out. The operating general partner has not provided occupancy reports since the second quarter of 2008. The mortgage, taxes and insurance are all current. The low income housing tax credit compliance period expires on December 31, 2013.

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 also experienced an increase in turnover mostly because of the economic downturn. The local economy continues to struggle; many employers have relocated or reduced their work force. Evictions and 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 new management continues to work 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 continue to offer 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. Despite management's increased efforts, the subject property operated below breakeven in 2010 and lost ($121,017). The poor operations are attributed to low average occupancy, insufficient rental rates and high operating expenses. The property experienced low average occupancy in 2010, but did show improvements in the second half of the year. Occupancy has increased from 83% at the end of the second quarter to an average occupancy of 90% for the fourth quarter of 2010. Through the first half of 2011 average occupancy has improved and the property has averaged 94% for the year. The operating expenses at this property remain high and are above state averages, specifically the administrative, maintenance and utility expenses. Collections have also improved. With the help of the improved occupancy the property has operated at breakeven for the first half of 2011. The property's mortgage, real estate taxes, and insurance are current as of June 30, 2011. The operating general partner is committed to this property and has indicated that he will fulfill his operating deficit guarantee as required. In October 2010 the investment general partner hired a third party site inspector to perform a physical inspection and perform a file review. The file audit came back with a score of "excellent" and the property appeared in good physical condition, per the inspector.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit property located in Dallas, GA.  The property operated below breakeven during the second quarter of 2011 as a result of high concession loss and high maintenance expenses. At the close of the second quarter of 2011 the property was 90% occupied. Management continued to offer a concession of one half off the first month's rent. Management maintains that concessions are necessary in order to keep occupancy strong. To reduce the impact of the concession loss, management increased rents by $10 on lease renewals and for new move-ins. During the second quarter of 2011 maintenance expenses remained high due to management's efforts to turn vacant units. Several vacant units were left in poor condition and required significant work to make them rent ready. Management has secured a vendor to complete the make ready process; this should ensure that vacant units are made ready efficiently and cost effectively. Also, during the second quarter of 2011 there was a fire in one unit of a building. The fire caused minor damage to the unit and water damage to two other units. The resident's renter's insurance covered the repairs. As of the close of the second quarter, all repairs are complete and the units are back online and occupied. All mortgage, tax and insurance payments are current.

RHP 96-I, LP (Hillside Club I Apartments) is a 56-unit property located in Petosky, Michigan. In the years prior to 2008, Hillside Club I Apartments operated below breakeven as a result of low occupancy and incurred significant cash deficits. Also prior to 2008, the operating general partner, who does not have an affiliated management company, engaged several third party management companies to manage the property. In early 2008, in connection with a portfolio wide restructuring, the operating general partner hired the current third party management company, who subsequently was able to make some improvements to property operations. Occupancy, which had been in the low 80%s, has improved moderately and stabilized to average 92% for the second quarter of 2011 and 90% and 87% for 2010 and 2009, respectively. Management is currently offering a reduced security deposit as a leasing incentive, has eliminated the application fee, and has increased the overall marketing effort.

The local economy in northern Michigan has suffered over the last several years and remains weak. Through June 30, 2011 net cash flow expended from property operations totaled ($27,000) due to an increase in administrative and maintenance expenses. During 2010 and 2009, net cash flow expended from property operations totaled ($15,613) and ($17,876), respectively. 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 temporarily 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.

On December 6, 2010 the Operating Partnership received a formal Default Notice from its first mortgage lender indicating a mortgage payment deficiency of $40,426. The first mortgage lender did continue to accept monthly mortgage payments through June 2011 but penalty and interest charges increased the amount of the mortgage deficiency. On May 11, 2011 the Operating Partnership received an Event of Default Notice accelerating the full amount of the debt and triggering the accrual of default interest. Also, the Operating Partnership's 2010 PILOT payment of $31,697 was due to the taxing authority by June 15, 2011.

On June 30, 2011 the investment general partner provided a loan of $78,448 from fund reserves to the Operating Partnership. From these funds, $46,751 was paid to the first mortgage lender to cure the mortgage default and $31,697 was paid to the taxing authority for the outstanding 2010 PILOT charge. The loan from the investment general partner will bear interest at prime plus 1%, will be payable from property cash flow by December 31, 2013, and will be secured by the operating general partner's general partner interest in the Operating Partnership as well as cash flows from Hillside Club II LDHA LP, an unaffiliated entity owning the adjacent, Phase II property. The operating general partner is attempting to refinance the first mortgage loan. If successful, the refinance is anticipated to occur in the first or second quarter of 2012. As of June 30, 2011, all mortgage, tax, and insurance payments are current.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit family property 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 March 2011.

In 2010 the property operated below breakeven primarily due to high operating expenses, bad debt, high vacancy losses, and a burdensome debt service. However, through the second quarter of 2011, occupancy improved averaging 95%, a 16% increase from the 2010 average. During May, the property's $99 move-in special resulted in 13 new applications and 11 move-ins for the month. The property continues to offer reduced rental rates of $599 for two-bedroom units and $695 for three-bedroom units. Management also offers complimentary carpet steam clean and touch up painting to all current residents that renew within 30 days of the lease expiration date. The operating general partner hired a third party consultant to formulate a new marketing plan during the third quarter of 2010. This plan was still in effect through the second quarter of 2011. The plan included the following 12-point suggestions to be used for all managed properties: 1) restructuring the leasing compensation with a threshold of 95% occupancy; 2) providing gift cards or giving a $200 credit toward rent for resident referrals; 3) participating in the Fresh Start Program, a government funded program offering up to $3,000 to current and prospective tenants to pay off past bills in order to improve their credit rating; 4) initiating the Ambassador Program where the top 15 current residents can profit up to $2,200 a year by referring residents that move in and comply with all lease requirements for 30 days; 5) waiving late fees for first time offenders in order to enhance resident retention; 6) establishing a relationship with a third party collections agency; 7) creating a Look and Lease Program where prospective tenants will receive a small gift for viewing a model apartment; 8) corporate outreach with free advertising at local businesses; 9) using "spinners," people holding directional signs to the property to improve traffic; 10) holding job fairs on site; 11) Internet advertising through free websites; and 12) establishing relationships with local housing authorities in order to get tenants with mobile vouchers. The consultant continues to work with management to improve occupancy at the property. Through May 2011, management stated that fliers distributed to local businesses, schools, and churches, and ads posted on Craigslist and the Douglas Country Chamber of Commerce website, resulted in weekly walk-ins. During the second quarter, management attended local fairs at malls in the Atlanta area promoting the site. In order to enhance curb appeal, management painted the property sign a brighter color and posted its spring-themed banners, flags, and signs. To bolster resident retention, management hosted a Community Awareness meeting with the local police department as well as the first annual "Summer Splash Bash" to celebrate the opening of the pool season. Both events were well attended by residents.

The property manager resigned effective March 1, 2011 and the assistant property manager was promoted. The new property manager continues to focus on resident retention efforts by hosting monthly tenant birthday gatherings, lease renewal parties, crime awareness meetings, and an after school program. The private security company continues to have a positive effect on the property as crime has 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. A new maintenance supervisor was hired in May 2011. Moreover, the operating general partner is in the process of looking for an asset manager to oversee the operations of all the Georgia deals. The operating general partner has funded all operating deficits and is expected to continue to do so in 2011. All tax, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2014.

Howard Park Limited Partnership (Howard Park Apartments) is a 16-unit family property located in Florida City, FL. The property operated with 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 through a local bank to pay the balance of the 2009 and 2010 taxes. He also plans to follow-up with the Valuation Adjustment Board to see if tax abatement is possible. In 2010, the property maintained an average occupancy of 97% with operations above breakeven. Occupancy continues to average 96% in 2011. The investment general partner intends to continue to monitor property operations and ensure that the tax payment is made. The low income housing tax credit compliance period expires on December 31, 2014.

Southaven Partners I, LP (Bradford Park Apartments) is a 208-unit family property located in Southaven, MS. The property operated above breakeven during 2011 and occupancy remained strong, ending the second quarter at 95% occupancy. During the second quarter of 2011, the property sustained wind damage due to severe thunderstorms. Management immediately made the property weather-tight and filed a claim with the insurance company. At the close of the second quarter of 2011, the operating general partner was awaiting a check from the insurance company to complete repairs. Further, at the end of the second quarter, there was a fire at the property. Lightning struck a satellite dish and started a fire on the roof of a building. The fire spread to encompass the entire building. There were no injuries reported and management relocated the displaced residents. Management is awaiting an inspection with the insurance adjuster in order to begin the repair work. The investment general partner intends to monitor management's progress and ensure that repairs are completed by the end of the year to avoid recapture. All mortgage, tax and insurance payments are current.

Series 35

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 35 reflects a net loss from Operating Partnerships of $(262,108) and $(269,151), respectively, which includes depreciation and amortization of $420,462 and $389,352, 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 operated below breakeven in the second quarter of 2011 due to low occupancy caused by current housing market conditions, insufficient rental rates and increasing operating expenses, specifically utilities, maintenance and insurance. 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. 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. Management's marketing strategy focuses on aggressive business and community outreach programs coupled with print and on-line advertising. 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 a 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. Although average occupancy increased to 91% in the second quarter of 2011, further improvements are needed to achieve breakeven operations. The investment general partner continues 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 operated below breakeven. In 2010, operations made significant improvements over 2009 results, but still operated below breakeven for the year. Management hired new portfolio and property managers, and both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 75% in September 2009 to 88% as of December 2010 and up to 91% as of June 2011. Historically, 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 continue to improve.

The investment general partner met with the operating general partner and visited this site in November 2010. The property was very well maintained and the tax credit files were in very good order. Capital improvements in 2010 included new signage and asphalt repairs. These improvement projects were funded from replacement reserves and operating general partner advances. Real estate tax, insurance and mortgage payments are current. The operating general partner's guarantee remains unlimited. Rental achievement has not yet been met. After rental achievement is met, 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 are planned to continue until occupancy and operations stabilize. The low income tax credit compliance period expires on December 31, 2016.

Mulvane Housing Associates, LP (Country Walk Apartments) is a 68-unit family property located in Mulvane, Kansas. As of June 30, 2011, the property was 99% occupied. Strong occupancy coupled with a rent increase and low maintenance expenses allowed the property to operate above breakeven through the second quarter. Occupancy remained strong as management is running a successful resident retention program, which includes monthly drawings, a resident newsletter, and coffee and snacks in the leasing office. The small business center that management added for the residents, giving them 24-hour access to a computer, copier, and printer, has been a popular addition to the property. In April 2011 management implemented a $10-$20 per unit rent increase. Maintenance expenses were low as the maintenance payroll was decreased to one part time maintenance technician. Maintenance costs are expected to remain in line with the budget in the third quarter of 2011, as management does not anticipate any additional improvements to the property in the short term. 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 any 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. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Mulvane Housing Associates, LP subsequent to June 30, 2011.

Hillside Terrace Associates, LP (Hillside Terrace Apartments) is a 64-unit property in Poughkeepsie, NY. In 2010, occupancy averaged 99% and the property operated well above breakeven. Average occupancy was 100% through June 30, 2011 and the property continues to operate above breakeven. While the property's occupancy and operations are strong, the property encountered a problem with its septic system's leeching field. Since its installation in 2000-2001, the field has failed to perform in a consistent manner. As a result, management initiated a program to pump the system monthly. Over the years, the pumping has occurred more frequently due to flooding in the field. In an effort to temporarily reduce the flooding and associated pumping costs, the property has effectively reduced its flow rate by utilizing conservation methods including low-flow faucets and front loading washing machines. As a more permanent solution, the investment general partner and the operating general partner are in negotiations with the abutting property owner to connect to his sewer system. The investment general partner will continue to work with management and the operating general partner in an effort to remedy the failed septic system. The low income housing tax credit compliance period expires on December 31, 2014.

Series 36

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 36 reflects a net loss from Operating Partnerships of $(49,351) and $(98,193), respectively, which includes depreciation and amortization of $241,543 and $254,453, 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 operated above breakeven. In 2009, despite strong average occupancy of 96% for the year, the property operated below breakeven due to the high debt service requirements. 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 2011. To date, the lender has not issued a default notice.

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 99% at the end of the second quarter of 2011. Despite the strong occupancy, operations continue to struggle due to the high debt service payments. The property operated below breakeven in 2010 and continues to operate below breakeven through the second quarter of 2011. Although the mortgage lenders have not issued notices of default as of the end of the second quarter, they could do so since there are ongoing mortgage payment arrearages. Such a notice could trigger a foreclosure action in 2011 if the operating general partner does not cure the mortgage payment defaults. At the end of the second quarter of 2010 the operating general partner agreed to pursue refinancing the current debt. In the second quarter of 2011 the operating general partner was advised by the potential lender it had been working with for the last nine months that due to the operating general partner's inability to satisfy the lender's underwriting criteria, the lender would not be able to refinance the mortgage debt at the current time. At the end of the second quarter of 2011 the operating general partner and the investment general partner are currently looking into the possibility of selling this property to an owner that would be able to bring in new financing and guarantee that the property would stay compliant with LIHTC regulations through the compliance period. If a sale or some type of refinancing does not occur as forecasted by the operating general partner, the property could go into foreclosure in 2011 if the operating general partner does not cure the existing mortgage payment defaults. A foreclosure sale in 2011 would require the Operating Partnership to recognize estimated tax credit recapture costs and an interest penalty of approximately $338,318, equivalent to $159 per 1,000 BACs. The investment general partner intends to continue to monitor the progress on these issues and encourage the operating general partner to fund deficits in a timelier manner.

Nowata Village, LP (Nowata Village) is a 28-unit family property in Nowata, OK. In 2009, occupancy averaged 93%, 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. In addition, Rural Development no longer allows maintenance work to be completed by in-house or related party contractors. Insurance costs also increased due to a spike in insurance claims across the Midwest in 2008 and 2009. In 2010, operations remained below breakeven. Rural Development approved a $20-75 rent increase on all units effective January 1, 2010 causing an 11% increase in rental income; however, maintenance costs continued to rise due to the Rural Development restrictions, and insurance costs increased by 25%. Despite consistently strong occupancy, the property suffered a deficit for the year. Throughout the first half of 2011, operating expenses decreased, occupancy remained strong at 90%, and the property is operating above breakeven as of June 30, 2011. 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. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Nowata Village, LP subsequent to June 30, 2011.

Wingfield Apartments, LP (Wingfield Apartments) is a 40-unit multifamily development located in Kinder, Louisiana. In 2009, occupancy averaged 85% and the property operated below breakeven due to increased operating expenses. 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 of roof replacement resulting from frequent windstorms. According to the operating general partner, the property is located in central Louisiana, which has been hit hard by the economic downturn. While the local economy is a factor contributing to the occupancy issues, manager turnover has also been a recurring issue at the property over the past two years. The investment general partner ordered a secret shopping report in June 2010 in which the manager received a very poor score. According to the report, the manager was rude and exhibited no closing ability whatsoever. According to the operating general partner, this manager was removed in August 2010. They replaced this manager with one of their most experienced managers from another property who has a proven track record for leasing up rural properties located in economically challenged locations. The investment general partner conducted a site visit in December of 2010 to assess the physical condition of the property as well as the effectiveness of the new manager. With the exception of some cracking to asphalt drives and walks, the property was in good physical condition. It was also concluded that the new manager was professional and up to the task of running the property. In 2010, occupancy averaged 83% with operations below breakeven. Occupancy ended the year at 88% and has increased to 98% as of June 30, 2011. The low income housing tax credit compliance period expires on December 31, 2014. All real estate tax, mortgage, and insurance payments are current. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Wingfield Apartments, LP subsequent to June 30, 2011.

Series 37

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 37 reflects a net loss from Operating Partnerships of $(196,713) and $(251,504), respectively, which includes depreciation and amortization of $399,077 and $441,693, 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 operated below breakeven. In 2010, operations made significant improvements over 2009 results, but still operated below breakeven for the year. Management hired new portfolio and property managers, and both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 75% in September 2009 to 88% as of December 2010 and up to 91% as of June 2011. Historically, 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 continue to improve.

The investment general partner met with the operating general partner and visited this site in November 2010. The property was very well maintained and the tax credit files were in very good order. Capital improvements in 2010 included new signage and asphalt repairs. These improvement projects were funded from replacement reserves and operating general partner advances. Real estate tax, insurance and mortgage payments are current. The operating general partner's guarantee remains unlimited. Rental achievement has not yet been met. After rental achievement is met, 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 are planned to continue until occupancy and operations stabilize. The low income tax credit compliance period expires on December 31, 2016.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property located in Millinocket, ME. The property operated below breakeven in 2010 due to low occupancy in the first half of the year and high utility costs. Despite strong occupancy of 95% as of June 30, 2011, the property continued to operate at a deficit through the second quarter of 2011 due to high operating expenses. Maintenance and utility costs were high as a result of a harsh winter, which caused significant heating and snow removal costs. Utilities were also high as a result of increased fuel costs and 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. Although the operating general partner obtained approval from Maine State Housing Authority (MSHA) for energy efficiency funding at another property, MSHA indicated that Stearns Assisted Housing would not qualify for any MSHA funding program as the property cannot service any additional debt. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All mortgage, tax and insurance payments are current.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. The project consists of three and four-bedroom single family rental homes, with a home ownership 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 subsidies to afford the $1,000+/per month rents. The property has experienced a significant decline in operations and cash flow since 2006 due in part to the temporarily decreased availability of portable Section 8 vouchers resulting from funding constraints. As of June 30, 2011, Baldwin Villas has mounting unpaid debt service obligations, real estate taxes, and operating payables. In addition, Baldwin Villas has various technical defaults on its mortgage payable.

In October 2007, the operating general partner engaged a new property management company to manage several of its properties, including Baldwin Villas. Average occupancy was 85% for the second quarter of 2011 and 89% and 88% for 2010 and 2009, respectively. In recent years Section 8 vouchers have again become available and as of June 30, 2011 approximately 65% of the property's tenant base consists of Section 8 voucher holders. Since 2009 management has tried to improve occupancy through working with the local housing authority to obtain voucher holder referrals, held several open houses, and increased online and newspaper advertisements. A new full time property manager was hired in February 2011 and management expects occupancy to improve in the remainder of 2011.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In 2009, the operating general partner provided $101,846 to pay 2007 outstanding real estate taxes, interest and penalties. From inception through June 30, 2011, the operating general partner has provided to Baldwin Villas operating advances totaling $101,846.

The property has operated significantly below breakeven for the past few years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family homes. Maintenance expenses are approximately three times the state average due to extremely costly unit turnovers. Management has been using a credit agency for more comprehensive credit checks in an effort to curb unit turnovers and tenant receivables; however, bad debt expense and evictions for non-payment of rent continue to be issues. Utility expenses increased in 2010 due to the charges to maintain basic heating and lighting for unoccupied homes. 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 and management is further extending payables. Although there are qualified tenants available, vacancies continue to remain high due to the lack of available funds to complete the costly tenant turnovers.

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, 2011, these principal payments remain deferred. Furthermore, as of June 30, 2011, the scheduled principal payments for 2008, 2009 and 2010 have not been paid, although the lender elected to convert all unpaid principal payments to separate demand notes executed by the Operating Partnership. A principal payment on the demand note was due October 31, 2009; however, that payment has not been made. As of June 30, 2011, the Operating Partnership remains current on the interest portion of its debt service.

The lender obtained the funding for the debt through variable rate obligations bonds issued through the state housing authority and this funding is secured by an irrevocable letter of credit provided by the lender. As of June 30, 2011, letter of credit fees, which have been accruing at approximately $33,000 per quarter and totaled approximately $198,000, have not been paid by the Operating Partnership.

In January 2011, Baldwin Villas received a tax foreclosure notice from Oakland County regarding past due 2008 real estate taxes.  Total taxes, interest and penalties of $101,995 were due on March 31, 2011 or the County had the right to take the property through foreclosure.  On March 16, 2011, the lender made a protective advance for the outstanding amount to prevent the property from being taken through foreclosure. The operating general partner is currently negotiating with the lender to repay the protective advance made for the 2008 real estate taxes.

For the six months ended June 30, 2011, the Operating Partnership has expended net cash flows of approximately ($80,000) funded primarily though accruals of letter of credit fees and real estate taxes. In 2010 and 2009 the Operating Partnership expended net cash flows of ($306,845) and (307,148), respectively, funded primarily through increased accruals in operating payables, interest, letter of credit fees, and real estate taxes, as well as the previously mentioned operating deficit advance made by the operating general partner in 2009.

The lender has not yet issued a default notice to the Operating Partnership in regards to the mortgage and real estate payment deficiencies. The operating general partner is attempting to resolve these various debt issues with the lender. As of June 30, 2011, the Operating Partnership remains current on its property insurance obligations. Real estate taxes for 2010 and 2009 totaling approximately $170,000 remain unpaid. The operating general partner did file appeals for the 2010 and 2009 real estate taxes, which are 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. Also, the investment general partner continues to press the operating general partner for 1) a plan to pay down the mortgage and real estate tax deficiencies, and 2) providing appropriate operating deficit advances to both pay down growing payables and fund tenant turnover expenses. If the property is foreclosed in 2011, the estimated credit loss of $72,828 and tax credit recapture cost and interest penalty of $903,568 will result. This is equivalent to credit loss of $28 and recapture and interest of $352 per 1,000 BACs.

Series 38

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2011, all of which were at 100% qualified occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 38 reflects a net loss from Operating Partnerships of $(122,728) and $(156,936), respectively, which includes depreciation and amortization of $269,432 and $280,949, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family development located in Woodstock, GA. The property suffered from fluctuating and declining occupancy over the last few years resulting in below breakeven operations. The primary causes for the poor performance were low occupancy, high bad debt, and high operating expenses. 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 continued to operate below breakeven due to low occupancy and high bad debt. In 2010, management hired new portfolio and property managers. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 73% in September 2009 to 92% as of June 30, 2011.

The investment general partner met with the operating general partner and visited the site in November 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 enhance curb appeal. Management plans to upgrade the fitness equipment in 2011. All files were well kept and in good order. All real estate tax, 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 are planned to 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 2009, occupancy averaged 86% and the property operated below breakeven. In 2010, occupancy averaged 83%, and operations remained below breakeven, but at a much lesser extent than in the prior year. Occupancy remained stable at 88% through the second quarter of 2011. The investment general partner conducted a site visit in December 2010 to assess the physical condition of the property and to gauge management's effectiveness. The site visit revealed major deferred maintenance including: damage to asphalt walks and drives, landscaping issues, nine vacant units in a state of disrepair, broken appliances, stained carpets and debris throughout the property. It was concluded that the manager was ineffective and she was not getting the support and oversight needed to run the property. Vacant units were not being turned over in a timely fashion and the property manager was not being held accountable by senior management. The investment general partner shared these results with the operating general partner. According to the operating general partner, they have taken immediate action to get all units rent ready and to address the numerous deferred maintenance items identified. The investment general partner visited the site in May 2011 to verify that corrective measures have been taken. The site was in much better condition. All items noted at the previous site visit have been addressed, with the exception of the issues with asphalt drives and walk ways. The manager was terminated and replaced with a community manager from another site that is well qualified to turn the site around. The site was generally free of debris and there were two vacant units which were in the process of being made rent ready. The low income housing tax credit compliance period expires on December 31, 2014. All real estate tax, mortgage, and insurance payments are current. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Hammond Place Apartments Partnership subsequent to June 30, 2011.

Bristow Place Apartments, Limited Partnership (Bristow Place Apartments) is a 28-unit family property in Bristow, OK. In 2009, occupancy averaged 96% and the property was able to generate cash flow. In 2010, operations fell below breakeven due to a drop in occupancy and a 47% increase in operating expenses, particularly 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. In addition, Rural Development required the property to contract out all maintenance work at a higher cost rather than using affiliated company employees. A spike in insurance claims across the Midwest in 2008 and 2009 resulted in significantly higher insurance premiums. As a result of the lower occupancy and increased operating expenses, Bristow Place suffered a cash flow deficit in 2010. In the second quarter of 2011, occupancy further dropped to 68%. Operating expenses decreased; however, the lower rental income resulted in below breakeven operations. 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, 2015.

Series 39

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 39 reflects net loss from Operating Partnerships of $(171,779) and $(194,584), respectively, which includes depreciation and amortization of $229,619 and $230,191, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family development located in Woodstock, GA. The property suffered from fluctuating and declining occupancy over the last few years resulting in below breakeven operations. The primary causes for the poor performance were low occupancy, high bad debt, and high operating expenses. 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 continued to operate below breakeven due to low occupancy and high bad debt. In 2010, management hired new portfolio and property managers. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 73% in September 2009 to 92% as of June 30, 2011.

The investment general partner met with the operating general partner and visited the site in November 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 enhance curb appeal. Management plans to upgrade the fitness equipment in 2011. All files were well kept and in good order. All real estate tax, 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 are planned to continue until occupancy and operations stabilize. The low income housing tax credit compliance period expires on December 31, 2016.

Series 40

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at June 30, 2011, all of which at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 40 reflects a net loss from Operating Partnerships of $(148,731) and $(190,661), respectively, which includes depreciation and amortization of $328,104 and $317,926, 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 three and four-bedroom single family rental homes, with a home ownership 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 subsidies to afford the $1,000+/per month rents. The property has experienced a significant decline in operations and cash flow since 2006 due in part to the temporarily decreased availability of portable Section 8 vouchers resulting from funding constraints. As of June 30, 2011, Baldwin Villas has mounting unpaid debt service obligations, real estate taxes, and operating payables. In addition, Baldwin Villas has various technical defaults on its mortgage payable.

In October 2007, the operating general partner engaged a new property management company to manage several of its properties, including Baldwin Villas. Average occupancy was 85% for the second quarter of 2011 and 89% and 88% for 2010 and 2009, respectively. In recent years Section 8 vouchers have again become available and as of June 30, 2011 approximately 65% of the property's tenant base consists of Section 8 voucher holders. Since 2009 management has tried to improve occupancy through working with the local housing authority to obtain voucher holder referrals, held several open houses, and increased online and newspaper advertisements. A new full time property manager was hired in February 2011 and management expects occupancy to improve in the remainder of 2011.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In 2009, the Operating general partner provided $101,846 to pay 2007 outstanding real estate taxes, interest and penalties. From inception through June 30, 2011, the operating general partner has provided Baldwin Villas operating advances totaling $101,846.

The property has operated significantly below breakeven for the past few years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family homes. Maintenance expenses are approximately three times the state average due to extremely costly unit turnovers. Management has been using a credit agency for more comprehensive credit checks in an effort to curb unit turnovers and tenant receivables; however, bad debt expense and evictions for non-payment of rent continue to be issues. Utility expenses increased in 2010 due to the charges to maintain basic heating and lighting for unoccupied homes. 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 and management is further extending payables. Although there are qualified tenants available, vacancies continue to remain high due to the lack of available funds to complete the costly tenant turnovers.

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, 2011, these principal payments remain deferred. Furthermore, as of June 30, 2011, the scheduled principal payments for 2008, 2009 and 2010 have not been paid as well, although the lender elected to convert all unpaid principal payments to separate demand notes executed by the Operating Partnership. A principal payment on the demand note was due October 31, 2009; however, that payment has not been made. As of June 30, 2011, the Operating Partnership remains current on the interest portion of its debt service.

The lender obtained the funding for the debt through variable rate obligations bonds issued through the state housing authority and this funding is secured by an irrevocable letter of credit provided by the lender. As of June 30, 2011, letter of credit fees, which have been accruing at approximately $33,000 per quarter and totaled approximately $198,000, have not been paid by the Operating Partnership.

In January 2011, Baldwin Villas received a tax foreclosure notice from the Oakland County regarding past due 2008 real estate taxes.  Total taxes, interest and penalties of $101,995 were due on March 31, 2011 or the County had the right to take the property through foreclosure.  On March 16, 2011, the lender made a protective advance for the outstanding amount to prevent the property from being taken through foreclosure. The operating general partner is currently negotiating with the lender to repay the protective advance made for the 2008 real estate taxes.

For the six months ended June 30, 2011, the Operating Partnership has expended net cash flows of approximately ($80,000) funded primarily though accruals of letter of credit fees and real estate taxes. In 2010 and 2009 the Operating Partnership expended net cash flows of ($306,845) and ($307,148), respectively, funded primarily through increased accruals in operating payables, interest, letter of credit fees, and real estate taxes, as well as the previously mentioned operating deficit advance made by the operating general partner in 2009.

The lender has not yet issued a default notice to the Operating Partnership in regards to the mortgage and real estate payment deficiencies. The operating general partner is attempting to resolve these various debt issues with the lender. As of June 30, 2011, the Operating Partnership remains current on its property insurance obligations. Real estate taxes for 2010 and 2009 totaling approximately $170,000 remain unpaid. The operating general partner did file appeals for the 2010 and 2009 real estate taxes, which are 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. Also, the investment general partner continues to press the operating general partner for 1) a plan to pay down the mortgage and real estate tax deficiencies, and 2) providing appropriate operating deficit advances to both pay down growing payables and fund tenant turnover expenses. If the property is foreclosed in 2011, the estimated credit loss of $14,939 and tax credit recapture cost and interest penalty of $184,987 will result. This is equivalent to credit loss of $6 and recapture and interest of $69 per 1,000 BACs.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit complex located in Dequincey, LA. In 2009, occupancy averaged 78% and the property operated below breakeven. In addition to the occupancy issues in 2009, maintenance costs increased 171% over 2008 figures. According to the operating general partner, the large increase in maintenance expenses was due to Rural Development required repairs. In 2010, occupancy averaged 76% and the property operated at breakeven. Occupancy ended the second quarter of 2011 at 79%, which was up from 63% as of March 2011, and operations remained above breakeven status. Maintenance expenses have returned back to normal levels. The investment general partner plans to work with the operating general partner to increase occupancy. All tax, 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, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 41 reflects a net loss from Operating Partnerships of $(165,252) and $(176,884), respectively, which includes depreciation and amortization of $372,880 and $387,342, 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 in Mt. Carroll, IL. The property is located in a depressed rural area. Occupancy at the property averaged 77% in 2010. The low occupancy in 2010 was the result of the economic hardship that faces the area. As of June 30, 201l, occupancy was 67%. Two of the units lost rental assistance from Rural Development several years ago because they were vacant for more than six months. It is now difficult to find tenants who can afford the rents of these two units without rental assistance. According to the operating general partner, there is little chance of regaining the lost rental assistance. The operating general partner has begun focusing on cutting expenses at the property. Despite operating below breakeven in 2010, the property has generated positive cash through the second quarter of 2011. The mortgage, property taxes, and insurance are current.

Rural Housing Partners of Fulton, LP (Palisades Park) is a 16-unit family property in Fulton, IL. The property is located in a depressed rural area, and receives rental assistance from Rural Development. In 2010 the property operated with an average occupancy of 86%. Occupancy declined to 81% as of June 30, 2011. The decline in occupancy is the result of the poor economic condition of the surrounding area. The property operated below breakeven in 2010. Operations have been slightly above breakeven through the second quarter of 2011 as the operating general partner has focused on reducing expenses. The mortgage, property taxes and insurance are current.

Hawthorne Associates, LP (Sandalwood Apartments) is a 20-unit property located in Toppenish, Washington. 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. In 2010, average occupancy was 88% with operations just reaching breakeven status. As of June 30, 2011, occupancy is averaging 85% for the year. The rent collection and eviction policies are being strictly enforced. The taxes, mortgage and insurance are all current. The low income tax credit compliance period expires on December 31, 2015.

Bienville Partnership (Bienville Apartments) is a 32-unit complex in Ringgold, LA. In 2009, average occupancy was 79% and the property operated below breakeven. In an effort to improve operations, the investment general partner approved an operating general partner transfer that was effective in April 2010. The new operating general partner has the experience, personnel, and systems in place to improve operations. The new operating general partner's first order of business was to address any existing deferred maintenance items, 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. In addition, they built a fence around the property, added high intensity exterior lighting, and closed off one entrance to the property to reduce traffic. Security has improved as a result of these efforts. In June 2010, there was a fire at neighboring Bienville II Apartments, which displaced five rental assisted units. At the time, Bienville Apartments could accommodate these tenants so they were moved to Bienville Apartments on a temporary basis. As a result, occupancy at Bienville improved to 100% as of June 30, 2010. The repairs at Bienville II were completed in September and those displaced tenants were then moved from Bienville back to Bienville II. As a result, occupancy at Bienville dropped to 84% as of September 30, 2010. Management then refocused on leasing and marketing, improving occupancy to an average of 88% for 2010, and averaging 96% occupancy for the first two quarters of 2011. According to the operating general partner, they improved their relationship with the local HUD office and other community action agencies and this has been effective at driving prospective tenants to the property. The property operated below breakeven in 2010 mainly due to significant increases in maintenance expenses to address deferred maintenance items inherited upon the property's transfer. Expenses have begun to decrease in the first two quarters of 2011, but operations still remain below breakeven. Management expects expenses to normalize in the third and fourth quarters of 2011, at which time operations should improve allowing the property to operate above breakeven. The investment general partner intends to monitor occupancy and expenses at the site and continue to work with the new operating general partner until operations stabilize. 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, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 42 reflects a net loss from Operating Partnerships of $(68,763) and $(99,232), respectively, which includes depreciation and amortization of $410,004 and $416,998, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Wingfield Apartments Partnership II LP (Wingfield Apartments II) is a 42-unit multifamily development located in Kinder, Louisiana. In 2009, occupancy averaged 70% and the property operated below breakeven. Occupancy declined further in 2010, averaging 65%, with operations remaining below breakeven. Occupancy improved to 79% as of year-end 2010 and has improved to to 98% as of the end of the second quarter of 2011. While the local economy has been a factor contributing to the occupancy issues, manager turnover has also been a recurring issue at the property in past years. The investment general partner ordered a secret shopping report in June 2010 in which the manager received a very poor score. According to the report, the manager was rude and exhibited no closing ability. According to the operating general partner, this manager was removed in August 2010. They replaced this manager with one of their experienced managers from another property who has a proven track record for leasing up rural properties located in economically challenged locations. The investment general partner conducted a site visit in December of 2010 to assess the physical condition of the property as well as the effectiveness of the new manager. With the exception of some cracking to asphalt drives and walks, the property was in very good physical condition. It was also concluded that the new manager was professional and effective in her role. The investment general partner intends to 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 91% for 2010 and 89% for the first half of 2011, and the property operated above breakeven in 2010 and through the second quarter 2011. A fire occurred on December 25, 2010 that resulted in fire and water damage to one unit and water damage to two other units and some hallways. No residents were injured in the fire. Rehabilitation is in process and is expected to be complete early in the third quarter of 2011. The damages were covered under the Operating Partnership's property insurance. The Operating Partnership has been funding the replacement reserve, in accordance with the loan and Operating Partnership agreements. The mortgage, taxes and insurance payments are all current as of June 30, 2011. Accounts payable and accrued expenses stood at approximately $75,000 as of the end of the second quarter 2011, which equates to just under two months of operating expenses.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Despite an average occupancy of 99% in 2010, the property continued to operate below breakeven due to high operating expenses. Rental revenues increased in 2010, which allowed for a decrease in the amount of cash flow loss from prior years. Occupancy continues to be strong and was 99% as of June 30, 2011. 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, brick veneer, windows and doors and sagging balconies. The operating general partner has addressed these concerns on an ongoing basis via advances. Cost control efforts include staffing reduction, reduced marketing and the shutting down of one boiler during warmer months. 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 $2,000,000 for repairs and operating deficits. The mortgage, trade payables, property taxes and insurance are current. The low income housing tax credit compliance period expired on December 31, 2010. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Series 43


As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 43 reflects a net loss from Operating Partnerships of $(221,807) and $(189,665), respectively, which includes depreciation and amortization of $516,388 and $550,425, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Henderson Fountainhead, LP (Seven Points Apartments) is a 36-unit family property located in Seven Points, TX. There was a fire at the property on May 12, 2010. The fire started in the attic of Building Seven, severely damaging two units and causing minor damage in the remaining two units in the building. Wiring that was not replaced when the property was rehabbed in 2003 caught fire in the attic and quickly spread throughout the building. Unit fire alarms functioned properly and all residents were able to escape without injury. Insurance proceeds were sufficient to cover the cost of repairs. The repair work was completed December 20, 2010. City inspectors approved all work completed and no credit loss or recapture is anticipated. The USDA inspection, which was conducted at the end of January 2011, approved all repairs. In 2010 the property recorded 86% occupancy with operations above breakeven. The property has continued to operate above breakeven through the second quarter of 2011 and occupancy remains strong at 100% as of June 2011. Improved financials and occupancy are the result of the property returning to normal operations after the fire. All real estate tax, insurance and mortgage payments are current. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Henderson Fountainhead, LP subsequent to June 30, 2011.

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 91% for 2010 and 89% for the first half of 2011, and the property operated above breakeven in 2010 and the second quarter 2011. A fire occurred on December 25, 2010 that resulted in fire and water damage to one unit and water damage to two other units and some hallways. No residents were injured in the fire. Rehabilitation is in process and is expected to be complete early in the third quarter of 2011. The damages were covered under the Operating Partnership's property insurance. The Operating Partnership has been funding the replacement reserve, in accordance with the loan and Operating Partnership agreements. The mortgage, taxes and insurance payments are all current as of June 30, 2011. Accounts payable and accrued expenses stood at approximately $75,000 as of the end of the second quarter 2011, which equates to just under two months of operating expenses.

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 order for occupancy to remain above 90% the property needs to offer rental conessions. The property operated below breakeven in 2010, despite an increase in average occupancy to 91%. Average occupancy continued to increase in 2011 with the first quarter reporting an average of 96% and the second quarter reporting full 100% occupancy. In 2011, the property has started to operate close to breakeven, while making the required replacement deposits. The property continues to show high accounts payable which are due to unpaid management fees. These management fees are owed to both the previous and current management companies. With the increase in occupancy and all other vendors being current, a full fee is expected to be paid each month going forward. All taxes and insurance are current. The replacement reserve account is fully funded. The low income housing tax credit compliance period expired on December 31, 2010.

Riverview Apartments - Blissfield L.D.H.A., LP (Riverview Apartments) is a 32-unit property 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 that 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 as well as 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 average occupancy improved to 83% in 2010, and 84% for the first quarter of 2011. At the end of the second quarter of 2011 the property showed an average occupancy of 92%. The property continues to operate below breakeven. Deficits are currently being funded through a USDA Rural Development approved Workout Agreement, waiving the annual replacement reserve deposit until December 31, 2012. Management reports that rent growth has become limited due to market rate competition in the area. As a means of attracting more potential tenants to the property, management has implemented a one-month rent concession. Marketing is focused on internet sources such as Craigslist and Rent Linx Plus as well as advertising in the newspaper. Management continues outreach to the local social service providers, but focusing on the Continuum of Care. All real estate taxes, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2017.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, MS. In 2009, the property operated below breakeven due to decreased occupancy and low rental rates. Average physical occupancy in 2009 was 89%. Through the fourth quarter of 2010, occupancy improved and as of December the property was 93% occupied. Despite improved occupancy, the property operated below breakeven in 2010. Through the second quarter of 2011 the property was 97% occupied. Again, despite the strong physical occupancy, low rental rates in the area continued to negatively impact cash flow and the property operated below breakeven. The management company continues to market the available units by working closely with the housing authority and by running 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 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 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. Operations improved to above breakeven status in 2009. Occupancy averaged 100% in 2010. Due to high bad debt, operating expenses, and excessive receivable and accounts payable balances, the property operated slightly below breakeven in 2010. Through the second quarter of 2011, occupancy averaged 96%. Winn Residential became the new managing agent effective October 1, 2010. An executed management agreement was submitted to the investment general partner January 2011. Tenant receivables are an issue that has historically plagued the profitability of the project. Through June 2011, receivables continue to be excessive. New management has implemented an aggressive rent collection policy and is working with attorneys to follow up on all past cases that were allowed to lapse. Winn continues to take action against delinquent tenants and states that an increase in tenant collection will aid in paying down the accounts receivables balance. Currently, there are ten residents that are either in the process of being evicted or under a repayment agreement with management. The operating general partner is currently requesting funds from the reserve account to pay the attorney that handles all eviction cases. Management expects the attorney to speed up the eviction process once payment is received. Accounts payable remain high through the second quarter of 2011. The investment general partner is working with the general partner to prioritize which trade payables should be paid off first in order to decrease the balance. The investment general partner has received the 2011 operating budget and will continue to closely monitor 2011 results. To combat the continued increase in utility costs, management implemented a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer provided a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consisted 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 also provided educational brochures for the tenants. The brochures educate the tenants on how to reduce their water and energy consumption. Utility costs continue to be below the 2011 budget due to these retrofit kits. The operating general partner also informed the investment general partner of a water bill rebate that will be applied to the 2011 utility bill. Since Winn Management began oversight of the property, it has repaired the boilers and roof. Some of the tenants' apartments were also renovated due to damages from the roof leak. The mortgage and insurance are current through June 2011. 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 half of 2010 at 90%, but this could only be achieved with rent concessions. During the third and fourth quarters of 2010 occupancy regressed to levels not seen since July 2009 and only averaged 85% and 83%, respectively, and ended 2010 at 83% occupancy due to move-outs, evictions and fewer new leases. 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 December 31, 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. Bad debt expense did decline in the third and fourth quarters of 2010 compared to the second quarter of 2010; however, it is still significantly above what would be considered normal for a multi-family apartment community. The investment general partner performed a site visit in May 2010 and revisited the property in March 2011. The property was found to be in excellent condition. The investment general partner intends to 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 restructure 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 the contractual mortgage amortization restarts. At closing on the forbearance agreement, the past due interest was paid and a $200,000 operating deficit reserve was established. At the time the forbearance agreement closed in April 2010, the investment general partner expected that property operations would be able to pay the interest only debt service payments through year end 2011 without needing to access monies in the newly established operating deficit reserve. That did not turn out to be the case as operations at Alexander Mills deteriorated over the second half of 2010 due to general weakness in the Lawrenceville, GA sub-market as evidenced by low physical and economic occupancy at the property and resulting incremental costs for bad debt, evictions and unit turn expenses. As of June 30, 2011, the balance in the operating deficit reserve was down to $6,296. In the first quarter 2011 there were signs that the local economy was improving as occupancy increased to 90% from 83% in the fourth quarter 2010 and negative cash flow declined to ($29,000) for the first quarter 2011. This improvement in market conditions continued in the second quarter of 2011 as physical occupancy continued to improve, averaging 95%. For the last two months of the second quarter of 2011, the property operated at a breakeven level. While it appears that the rental market in Cobb County started to improve in the first half of 2011, the improvement will need to be sustained and then further strengthened to enable the Operating Partnership to continue making its monthly interest only mortgage payments through year end 2011, and its full monthly mortgage payment in 2012 when amortization re-starts. If this the market strengthening does not occur, the Operating Partnership could be exposed to foreclosure risk and potential recapture costs in 2011 or 2012. If recapture were to occur in 2011, the Operating Partnership would lose future tax credits of $566,623 and recapture and interest of $148,296, equivalent to approximately $156 and $41 per 1,000 BACs respectively. Due to the aforementioned risks, the operating general partner contacted the loan servicer in May 2011 to initiate conversations about extending the expiration date of the existing forbearance period or amending the mortgage loan terms in some other fashion. In June 2011, the loan was transferred to the special servicer to address the operating general partner's request. The investment general partner expects negotiations with the special servicer to continue into the fourth quarter of 2011. The outcome from these negotiations is unpredictable at this time. The interest only mortgage payment, real estate taxes and insurance payments are current as of June 30, 2011.

Series 44

As of June 30, 2011 and 2010, the average Qualified Occupancy was 100%. The series had a total of 10 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 44 reflects a net loss from Operating Partnerships of $(344,692) and $(280,302), respectively, which includes depreciation and amortization of $600,486 and $596,572, 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 Euless, Texas. Occupancy began to decline in the fourth quarter of 2009, reaching 85% in December 2009. A new management company, hired in December 2009, 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 an average of 92% for 2010 and for the first half of 2011. Prior to the construction loan converting to conventional permanent fixed-rate financing in November 2010, the property was operating above breakeven. However, the debt payments under the construction loan (floating rate, tax-exempt bonds) consisted of only interest payments with no principal amortization payments. Had the loan converted to permanent financing under the floating rate for tax-exempt bonds, as originally planned, and the property maintained the then current levels of bad debt expense, unit turnover costs, and real estate taxes, operations would have been below breakeven.

In November 2010, simultaneously with the conversion to conventional permanent financing, and with the approval of the Texas Department of Housing and Community Affairs and the investment general partner, the Operating Partnership admitted a new non-profit operating general partner that assumed 51% of the original operating general partner interest. The remaining 49% of the original operating general partner interest was converted to a Class B limited partner interest, owned by the original operating general partner. Because of its non-profit status, the new operating general partner entitles the property to a full abatement of the real estate taxes, saving the property approximately $150,000 annually. The year to date second quarter 2011 unaudited financial statements indicate that under the terms of the permanent loan (principal of $13,600,000 and a fixed interest rate of 5.50%) and a full abatement of the real estate taxes, the property is operating above breakeven.

The Class B limited partner has an unlimited guarantee until rental achievement, which has not yet occurred (three consecutive calendar months after permanent mortgage commencement in which the property generates a debt coverage ratio of 1.15 to 1.0). In an effort to facilitate the closing of the permanent financing, the investment general partner approved the release of the remaining equity due, prior to the Operating Partnership meeting rental achievement. However, as stated above, the requirement to meet rental achievement with respect to the guaranty remains in effect. The property's mortgage and insurance payments are current as of June 30, 2011.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property 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 an operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011. The operating general partner conveyed that they will continue to fund all deficits even as their operating deficit guarantee has expired. Occupancy improved in 2010 averaging 94%. Occupancy remains strong through the second quarter of 2011 averaging 94%. Currently, management offers a move-in special on the two-bedroom terrace level apartments where prospective tenants will pay a reduced rent of $699 for the first six months, and the regular rate of $745 for the remainder of the year lease. Management continues to market the property by distributing fliers to local and city businesses, using on-line advertising sites, and leaving property information at the local housing authority for recent voucher recipients. Recently, the property partnered with Community Connections, a social service organization. Though occupancy remains strong, the property operated below breakeven through the second quarter of 2011. This drop in cash flow is attributable to high tenant receivables, bad debt, higher than budgeted vacancy losses and rental concessions, and high utility costs. 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. Management hired a new leasing consultant in May to aid in further improving occupancy. 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 half of 2010 at 90%, but this could only be achieved with rent concessions. During the third and fourth quarters of 2010 occupancy regressed to levels not seen since July 2009 and only averaged 85% and 83%, respectively, and ended 2010 at 83% occupancy due to move-outs, evictions and fewer new leases. 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 December 31, 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. Bad debt expense did decline in the third and fourth quarters of 2010 compared to the second quarter of 2010; however, it is still significantly above what would be considered normal for a multi-family apartment community. The investment general partner performed a site visit in May 2010 and revisited the property in March 2011. 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 restructure 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 the contractual mortgage amortization restarts. At closing on the forbearance agreement, the past due interest was paid and a $200,000 operating deficit reserve was established. At the time the forbearance agreement closed in April 2010, the investment general partner expected that property operations would be able to pay the interest only debt service payments through year end 2011 without needing to access monies in the newly established operating deficit reserve. That did not turn out to be the case as operations at Alexander Mills deteriorated over the second half of 2010 due to general weakness in the Lawrenceville, GA sub-market as evidenced by low physical and economic occupancy at the property and resulting incremental costs for bad debt, evictions and unit turn expenses. As of June 30, 2011, the balance in the operating deficit reserve was down to $6,296. In the first quarter 2011 there were signs that the local economy was improving as occupancy increased to 90% from 83% in the fourth quarter 2010 and negative cash flow declined to ($29,000) for the first quarter 2011. This improvement in market conditions continued in the second quarter of 2011, as physical occupancy continued to improve, averaging 95%. For the last two months of second quarter the property operated at a breakeven level. While it appears that the rental market in Cobb County started to improve in the first half of 2011, the improvement will need to be sustained and then further strengthened to enable the Operating Partnership to continue making its monthly interest only mortgage payments through year end 2011, and its full monthly mortgage payment in 2012 when amortization re-starts. If this the market strengthening does not occur, the Operating Partnership could be exposed to foreclosure risk and potential recapture costs in 2011 or 2012. If recapture were to occur in 2011, the Operating Partnership would lose future tax credits of $692,560 and recapture and interest of $181,255, equivalent to approximately $256 and $67 per 1,000 BACs respectively. Due to the aforementioned risks, the operating general partner contacted the loan servicer in May 2011 to initiate conversations about extending the expiration date of the existing forbearance period or amending the mortgage loan terms in some other fashion. In June 2011, the loan was transferred to the special servicer to address the operating general partner's request. The investment general partner expects negotiations with the special servicer to continue into fourth quarter of 2011. The outcome from these negotiations is unpredictable at this time. The interest only mortgage payment, real estate taxes and insurance payments are current as of June 30, 2011.

United Development CO. 2001 LP (Memphis 102) is a 102-unit scattered site family development, located in Memphis, TN. Due to a downturn in the local economy and rising unemployment, average occupancy has suffered at Memphis 102 since 2007. In 2010, occupancy remained relatively stable at 88%, but the property operated below breakeven due to high real estate taxes and maintenance costs. Additionally, bad debt expense increased to approximately $530 per unit. The 2010 cash flow deficit was funded with operating general partner deficit advances. In 2011, occupancy has declined to 72% as of June 30, 2011 and the property continues to operate below breakeven. The investment general partner has scheduled a site visit in August 2011 to discuss operational concerns with the operating general partner. According to the operating general partner, there was $403,088 of accrued taxes as of December 31, 2010. The operating general partner is currently paying between $15,000 and $25,000 per month towards accrued real estate taxes depending on available cash flow. The mortgage payments, insurance, and accounts payable are all current. The low income housing tax credit compliance period expires on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family development, located in West Memphis, AR. Due to a downturn in the local economy and rising unemployment, operations suffered at Families First II in 2010. Despite average occupancy of 92%, the property operated below breakeven due to bad debt and escalating maintenance costs. In 2011, average occupancy remains strong at 93% through June 30, 2011, but the property continues to operate below breakeven. The investment general partner has scheduled a site visit in August 2011 to discuss operational concerns with the operating general partner. The mortgage payments, insurance, and accounts payable 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 thirty low income housing tax credit units located in fifteen 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 and the property operated below breakeven. In 2010, occupancy increased to an average of 99% and the property operated at breakeven. Occupancy continues to be strong at 97% as of June 30, 2011 and operations appear to be above breakeven. The property was inspected in June 2010 and was found to be in excellent condition. All real estate tax, 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, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 30 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 45 reflects a net loss from Operating Partnerships of $(247,801) and $(366,947), respectively, which includes depreciation and amortization of $717,340 and $728,228 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 three and four-bedroom single family rental homes, with a home ownership 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 subsidies to afford the $1,000+/per month rents. The property has experienced a significant decline in operations and cash flow since 2006 due in part to the temporarily decreased availability of portable Section 8 vouchers resulting from funding constraints. As of June 30, 2011 Baldwin Villas has mounting unpaid debt service obligations, real estate taxes, and operating payables. In addition, Baldwin Villas has various technical defaults on its mortgage payable.

In October 2007, the operating general partner engaged a new property management company to manage several of its properties, including Baldwin Villas. Average occupancy was 85% for the second quarter of 2011 and 89% and 88% for 2010 and 2009, respectively. In recent years Section 8 vouchers have again become available and as of June 30, 2011 approximately 65% of the property's tenant base consists of Section 8 voucher holders. Since 2009 management has tried to improve occupancy through working with the local housing authority to obtain voucher holder referrals, held several open houses, and increased online and newspaper advertisements. A new full time property manager was hired in February 2011 and management expects occupancy to improve in the remainder of 2011.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In 2009, the perating general partner provided $101,846 to pay 2007 outstanding real estate taxes, interest and penalties. From inception through June 30, 2011, the operating general partner has provided to Baldwin Villas cumulative operating advances totaling $101,846.

The property has operated significantly below breakeven for the past few years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family homes. Maintenance expenses are approximately three times the state average due to extremely costly unit turnovers. Management has been using a credit agency for more comprehensive credit checks in an effort to curb unit turnovers and tenant receivables; however, bad debt expense and evictions for non-payment of rent continue to be an issue. Utility expenses increased in 2010 due to the charges to maintain basic heating and lighting for unoccupied homes. 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 and management is further extending payables. Although there are qualified tenants available, vacancies continue to remain high due to the lack of available funds to complete the costly tenant turnovers.

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, 2011, these principal payments remain deferred. Furthermore, as of June 30, 2011, the scheduled principal payments for 2008, 2009 and 2010 have not been paid as well, although the lender elected to convert all unpaid principal payments to separate demand notes executed by the Operating Partnership. A principal payment on the demand note was due October 31, 2009; however, that payment has not been made. As of June 30, 2011, the Operating Partnership remains current on the interest portion of its debt service.

The lender obtained the funding for the debt through variable rate obligations bonds issued through the state housing authority and this funding is secured by an irrevocable letter of credit provided by the lender. As of June 30, 2011, letter of credit fees, which have been accruing at approximately $33,000 per quarter and totaled approximately $198,000, have not been paid by the Operating Partnership.

In January 2011, Baldwin Villas received a tax foreclosure notice from Oakland County regarding past due 2008 real estate taxes.  Total taxes, interest and penalties of $101,995 were due on March 31, 2011 or the County had the right to take the property through foreclosure.  On March 16, 2011, the lender made a protective advance for the outstanding amount to prevent the property from being taken through foreclosure. The operating general partner is currently negotiating with the lender to repay the protective advance made for the 2008 real estate taxes.

For the six months ended June 30, 2011, the Operating Partnership has expended net cash flows of approximately ($80,000) funded primarily though accruals of letter of credit fees and real estate taxes. In 2010 and 2009 the Operating Partnership expended net cash flows of ($306,845) and ($307,148), respectively, funded primarily through increased accruals in operating payables, interest, letter of credit fees, and real estate taxes, as well as the previously mentioned operating deficit advance made by the operating general partner in 2009.

The lender has not yet issued a default notice to the Operating Partnership in regards to the mortgage and real estate payment deficiencies. The operating general partner is attempting to resolve these various debt issues with the lender. As of June 30, 2011, the Operating Partnership remains current on its property insurance obligations. Real estate taxes for 2010 and 2009 totaling approximately $170,000 remain unpaid. The operating general partner did file appeals for the 2010 and 2009 real estate taxes, which are 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. Also, the investment general partner continues to press the operating general partner for 1) a plan to pay down the mortgage and real estate tax deficiencies, and 2) providing appropriate operating deficit advances to both pay down growing payables and fund tenant turnover expenses. If the property is foreclosed in 2011, the estimated credit loss of $5,509 and tax credit recapture cost and interest penalty of $53,067 will result. This is equivalent to credit loss of $1 and recapture and interest of $13 per 1,000 BACs.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property 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 an operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011. The operating general partner conveyed that they would continue to fund all deficits even as their operating deficit guarantee has expired. Occupancy improved in 2010 averaging 94%. Occupancy remains strong through the second quarter of 2011 averaging 94%. Currently, management offers a move-in special on the two-bedroom terrace level apartments where prospective tenants will pay a reduced rent of $699 for the first six months, and the regular rate of $745 for the remainder of the year lease. Management continues to market the property by distributing fliers to local and city businesses, using on-line advertising sites, and leaving property information at the local housing authority for recent voucher recipients. Recently, the property partnered with Community Connections, a social service organization. Though occupancy remains strong, the property operated below breakeven through the second quarter of 2011. This drop in cash flow is attributable to high tenant receivables, bad debt, higher than budgeted vacancy losses and rental concessions, and high utility costs. 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. Management hired a new leasing consultant in May to aid in further improving occupancy. 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.

Lone Terrace, Limited Partnership (Lone Terrace Apartments) is a 31-unit family property in Lone Grove, OK. In 2009, the property generated cash flow with 95% average occupancy and operating expenses below state averages. In 2010, operations fell below breakeven for the year due to a 6% drop in occupancy and an increase in 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. In addition, Rural Development required the property to contract out all maintenance work at a higher cost instead of using affiliated company employees. Insurance costs also increased due to a spike in claims across the Midwest in 2008 and 2009. Throughout the first half of 2011, occupancy averaged 84%. As a result of lower rental income and increasing maintenance expenses, operations are below breakeven in 2011. 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.

Series 46

As of June 30, 2011 and 2010, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2011, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2011 and 2010, Series 46 reflects a net loss from Operating Partnerships of $(189,789) and $(244,261), respectively, which includes depreciation and amortization of $334,988 and $335,999, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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. 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 to increase marketing efforts and work closely with local businesses to improve occupancy through referrals. As a result of the 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 costs also increased due to a spike in claims across the Midwest in 2008 and 2009. 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, average occupancy dropped to 82% and rental income actually decreased. Maintenance and insurance costs continued to increase and operations remained below breakeven for the year. Throughout the second quarter of 2011, occupancy averaged 97% and rental income increased. As a result, operations were above breakeven, despite operating expenses consistent with the previous year. 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.

Sulphur Terrace, Limited Partnership (Sulphur Terrace Apartments) is a 32-unit family property in Sulphur, OK. Operations were below breakeven in 2009 due to high maintenance and insurance costs, despite an average occupancy of 95%. Rural Development restrictions prohibited the property from reimbursing maintenance costs from the replacement reserve account. Also due to Rural Development restrictions, the operating general partner was required to contract out all maintenance work at a higher cost instead of using the affiliated company employees. A spike in insurance claims across the Midwest in 2008 and 2009 caused insurance costs to double. In 2010, the property once again suffered a deficit for the year. Maintenance expenses decreased slightly but not enough for operations to breakeven. Throughout the second quarter of 2011, occupancy averaged 97% but operations remained below breakeven due to increased operating 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, averaging 97% in 2010 and 98% for the first half of 2011, the property is operating just below breakeven. In March 2011, the operating managing member filed an appeal of the assessed value of the property and is awaiting a response from the tax authority. In addition, because occupancy is very strong, in September 2010, the state tax credit-allocating agency approved a $15 per unit per month rent increase, which took effect in November 2010. This increase in rental income along with a slight reduction in real estate taxes, should result in the property operating above breakeven. In December 2010, with the approval of the investment general partner, the operating managing member closed a transaction, which re-set the principal balance outstanding on the first mortgage loan from its current balance to its original commitment amount. This provided enough capital to pay the past due real estate taxes, which were approximately two and a half years in arrears. The monthly mortgage and insurance payments are also current as of June 30, 2011.

 

 

 

 

Off Balance Sheet Arrangements

None.

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.

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, 2011 and 2010. 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 because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  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, advances made to 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 general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting Changes

In June 2009, the FASB issued an amendment to the accounting and disclosure requirements for the consolidation of variable interest entities (VIEs). The amended guidance modifies the consolidation model to one based on control and economics, and replaced quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that 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 amended guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment was effective for fiscal years beginning after November 15, 2009. The adoption of this guidance on April 1, 2010 did not have a material effect on the Fund's financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

 

 

 

Not Applicable

Item 4

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 with respect to each series individually, as well as the Fund as a whole. 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 relating to any series or the Fund as a whole 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 with respect to each series individually, as well as the Fund as a whole.

(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, 2011 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, 2011.

 

 

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

 

 

 

 

101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2011 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished 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 15, 2011

 

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 15, 2011

/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 15, 2011

/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.