UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended December 31, 2013
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 the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

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

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

Yes  No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2013

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements
		Condensed Balance Sheets			3-30
		Condensed Statements of Operations Three Months			31-58
		Condensed Statements of Operations Nine Months			59-86
		Condensed Statements of Changes in  Partners' Capital (Deficit)			87-96
		Condensed Statements of Cash Flows			97-124
		Notes to Condensed Financial Statements			125-160
	Item 2. Management's Discussion and Analysis of          Financial Condition and Results of Operations			161-247
	Item 3. Quantitative and Qualitative Disclosures About         Market Risk			248
	Item 4. Controls and Procedures			248
PART II OTHER INFORMATION
	Item 1. Legal Proceedings			249
	Item 1A. Risk Factors			249
	Item 2. Unregistered Sales of Equity Securities and         Use of Proceeds			249
	Item 3. Defaults Upon Senior Securities			249
	Item 4. Mine Safety Disclosures			249
	Item 5. Other Information			249
	Item 6. Exhibits			249
	Signatures			250

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

			December 31, 2013				March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$		12,132,469		$		13,605,938
OTHER ASSETS
Cash and cash equivalents			14,255,375				10,156,227
Notes receivable			22,790				69,698
Acquisition costs, net			1,451,666				1,786,668
Other assets			382,201				838,860
	$		28,244,501		$		26,457,391
LIABILITIES
Accounts payable and accrued expenses		$		250,275		$		196,892
Accounts payable affiliates (Note C)			51,725,702				53,175,805
Capital contributions payable			664,260				1,111,008
			52,640,237				54,483,705
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  83,651,080 issued and  83,628,246 and 83,644,880 outstanding as of December 31, 2013 and March 31, 2013, respectively.			(16,985,555)				(20,579,829)
General Partner			(7,410,181)				(7,446,485)
			(24,395,736)				(28,026,314)
	$		28,244,501		$		26,457,391

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		655,067		158,143
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	655,067	$	158,143
LIABILITIES
Accounts payable and accrued expenses	$	8,333	$	20,000
Accounts payable affiliates (Note C)		1,907,665		2,027,860
Capital contributions payable		-		-
		1,915,998		2,047,860
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,866,700 issued and  3,864,700 and 3,865,700 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(940,070)		(1,562,568)
General Partner		(320,861)		(327,149)
		(1,260,931)		(1,889,717)
	$	655,067	$	158,143

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		119,871		128,750
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		3,000		3,000
	$	122,871	$	131,750
LIABILITIES
Accounts payable and accrued expenses	$	5,000	$	-
Accounts payable affiliates (Note C)		1,372,439		1,403,159
Capital contributions payable		-		-
		1,377,439		1,403,159
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  1,892,700 issued and  1,888,200 and 1,890,700 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(1,080,071)		(1,096,744)
General Partner		(174,497)		(174,665)
		(1,254,568)		(1,271,409)
	$	122,871	$	131,750

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		102,179		223,347
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	102,179	$	223,347
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,880,568		2,918,338
Capital contributions payable		9,352		9,352
		2,889,920		2,927,690
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,564,400 issued and  2,561,400 and 2,564,400 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(2,540,780)		(2,458,216)
General Partner		(246,961)		(246,127)
		(2,787,741)		(2,704,343)
	$	102,179	$	223,347

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		119,623		172,186
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	119,623	$	172,186
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,527,270		2,478,131
Capital contributions payable		-		-
		2,527,270		2,478,131
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,336,727 issued and  3,336,227 and 3,336,727 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(2,098,724)		(1,998,039)
General Partner		(308,923)		(307,906)
		(2,407,647)		(2,305,945)
	$	119,623	$	172,186

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		825,753		1,726,961
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		3,422
	$	825,753	$	1,730,383
LIABILITIES
Accounts payable and accrued expenses	$	20,000	$	-
Accounts payable affiliates (Note C)		-		2,468,363
Capital contributions payable		-		-
		20,000		2,468,363
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,169,878 issued and  2,168,878 and 2,169,878 outstanding as of December 31, 2013 and March 31, 2013, respectively.		982,993		(545,303)
General Partner		(177,240)		(192,677)
		805,753		(737,980)
	$	825,753	$	1,730,383

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		2,563,415		1,984,103
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		1,250		627,865
	$	2,564,665	$	2,611,968
LIABILITIES
Accounts payable and accrued expenses	$	5,000	$	978
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-
		5,000		978
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,026,109 issued and  3,025,609 outstanding as of December 31, 2013 and March 31, 2013.		2,791,512		2,842,324
General Partner		(231,847)		(231,334)
		2,559,665		2,610,990
	$	2,564,665	$	2,611,968

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		2,370,316		271,051
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		4,363
	$	2,370,316	$	275,414
LIABILITIES
Accounts payable and accrued expenses	$	34,960	$	7,460
Accounts payable affiliates (Note C)		-		499,347
Capital contributions payable		1,293		1,293
		36,253		508,100
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,995,900 issued and  3,995,200 outstanding as of December 31, 2013 and March 31, 2013.		2,650,976		109,894
General Partner		(316,913)		(342,580)
		2,334,063		(232,686)
	$	2,370,316	$	275,414

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		2,444,361		230,059
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		6,500		7,233
	$	2,450,861	$	237,292
LIABILITIES
Accounts payable and accrued expenses	$	10,000	$	7,500
Accounts payable affiliates (Note C)		1,399,257		1,603,517
Capital contributions payable		10,020		10,020
		1,419,277		1,621,037
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 as of December 31, 2013 and March 31, 2013.		1,227,716		(1,163,460)
General Partner		(196,132)		(220,285)
		1,031,584		(1,383,745)
	$	2,450,861	$	237,292

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		1,401,091		386,279
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		2,817		3,550
	$	1,403,908	$	389,829
LIABILITIES
Accounts payable and accrued expenses	$	7,500	$	-
Accounts payable affiliates (Note C)		1,528,045		1,577,136
Capital contributions payable		40,968		40,968
		1,576,513		1,618,104
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,000,738 issued and  3,999,738 and 4,000,238 outstanding as of December 31, 2013 and March 31, 2013, respectively.		172,869		(872,244)
General Partner		(345,474)		(356,031)
		(172,605)		(1,228,275)
	$	1,403,908	$	389,829

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		328,403		82,084
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	328,403	$	82,084
LIABILITIES
Accounts payable and accrued expenses	$	17,500	$	-
Accounts payable affiliates (Note C)		3,623,316		3,508,005
Capital contributions payable		8,235		10,197
		3,649,051		3,518,202
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,991,800 issued and  3,991,300 and 3,991,800 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(2,948,795)		(3,063,110)
General Partner		(371,853)		(373,008)
		(3,320,648)		(3,436,118)
	$	328,403	$	82,084

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		245,990		269,758
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		500		500
	$	246,490	$	270,258
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,652,026		1,535,665
Capital contributions payable		127,396		127,396
		1,779,422		1,663,061
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 as of December 31, 2013 and March 31, 2013.		(1,290,547)		(1,151,819)
General Partner		(242,385)		(240,984)
		(1,532,932)		(1,392,803)
	$	246,490	$	270,258

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		269,079		233,992
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		25,000		25,000
	$	294,079	$	258,992
LIABILITIES
Accounts payable and accrued expenses	$	5,000	$	-
Accounts payable affiliates (Note C)		3,182,423		2,933,577
Capital contributions payable		66,294		66,294
		3,253,717		2,999,871
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,417,857 issued and  4,415,757 and 4,417,857 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(2,550,783)		(2,334,212)
General Partner		(408,855)		(406,667)
		(2,959,638)		(2,740,879)
	$	294,079	$	258,992

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		281,232		337,905
Notes receivable		-		46,908
Acquisition costs, net		-		-
Other assets		-		22,577
	$	281,232	$	407,390
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,019,737		2,815,554
Capital contributions payable		3,486		173,561
		3,023,223		2,989,115
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  4,754,198 issued and  4,753,198 and 4,753,698 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(2,308,208)		(2,149,545)
General Partner		(433,783)		(432,180)
		(2,741,991)		(2,581,725)
	$	281,232	$	407,390

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		195,185		201,600
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	195,185	$	201,600
LIABILITIES
Accounts payable and accrued expenses	$	3,403	$	3,403
Accounts payable affiliates (Note C)		1,910,534		1,817,978
Capital contributions payable		69,154		69,154
		1,983,091		1,890,535
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,636,533 issued and  2,635,533 outstanding as of December 31, 2013 and March 31, 2013.		(1,544,247)		(1,446,266)
General Partner		(243,659)		(242,669)
		(1,787,906)		(1,688,935)
	$	195,185	$	201,600

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		98,311		63,811
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	98,311	$	63,811
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,834,900		3,631,497
Capital contributions payable		-		-
		3,834,900		3,631,497
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,529,319 issued and  3,528,319 and 3,529,319 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(3,398,833)		(3,231,619)
General Partner		(337,756)		(336,067)
		(3,736,589)		(3,567,686)
	$	98,311	$	63,811

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		151,323		101,782
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	151,323	$	101,782
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,211,401		2,055,092
Capital contributions payable		-		-
		2,211,401		2,055,092
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  3,300,463 issued and  3,298,763 and 3,300,463 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(1,757,452)		(1,651,752)
General Partner		(302,626)		(301,558)
		(2,060,078)		(1,953,310)
	$	151,323	$	101,782

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		437,843		1,437,216
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	437,843	$	1,437,216
LIABILITIES
Accounts payable and accrued expenses	$	131,912	$	131,000
Accounts payable affiliates (Note C)		1,075,231		1,975,871
Capital contributions payable		-		-
		1,207,143		2,106,871
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,106,838 issued and  2,104,504 and 2,106,838 outstanding as of December 31, 2013 and March 31, 2013, respectively.		(582,944)		(484,295)
General Partner		(186,356)		(185,360)
		(769,300)		(669,655)
	$	437,843	$	1,437,216

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		308,529		287,786
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	308,529	$	287,786
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,095,931		1,942,283
Capital contributions payable		138,438		138,438
		2,234,369		2,080,721
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 as of December 31, 2013 and March 31, 2013.		(1,691,018)		(1,559,442)
General Partner		(234,822)		(233,493)
		(1,925,840)		(1,792,935)
	$	308,529	$	287,786

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		211,991		175,521
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	211,991	$	175,521
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,675,732		1,552,432
Capital contributions payable		-		-
		1,675,732		1,552,432
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 as of December 31, 2013 and March 31, 2013.		(1,230,819)		(1,144,857)
General Partner		(232,922)		(232,054)
		(1,463,741)		(1,376,911)
	$	211,991	$	175,521

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		130,633		142,890
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	130,633	$	142,890
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,513,699		1,411,099
Capital contributions payable		-		-
		1,513,699		1,411,099
PARTNERS' CAPITAL (DEFICIT)
Assignees
Units of limited partnership  interest, $10 stated value per BAC;  101,500,000 authorized BACs;  2,292,151 issued and  outstanding as of December 31, 2013 and March 31, 2013.		(1,172,793)		(1,059,085)
General Partner		(210,273)		(209,124)
		(1,383,066)		(1,268,209)
	$	130,633	$	142,890

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		77,334		92,145
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-
	$	77,334	$	92,145
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,776,621		2,615,847
Capital contributions payable		102		102
		2,776,723		2,615,949
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 as of December 31, 2013 and March 31, 2013.		(2,447,451)		(2,273,622)
General Partner		(251,938)		(250,182)
		(2,699,389)		(2,523,804)
	$	77,334	$	92,145

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-
OTHER ASSETS
Cash and cash equivalents		126,925		147,099
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		1,218		1,218
	$	128,143	$	148,317
LIABILITIES
Accounts payable and accrued expenses	$	1,667	$	-
Accounts payable affiliates (Note C)		2,995,549		2,869,208
Capital contributions payable		100		100
		2,997,316		2,869,308
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 as of December 31, 2013 and March 31, 2013.		(2,591,312)		(2,444,612)
General Partner		(277,861)		(276,379)
		(2,869,173)		(2,720,991)
	$	128,143	$	148,317

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	109,918
OTHER ASSETS
Cash and cash equivalents		258,447		259,722
Notes receivable		22,790		22,790
Acquisition costs, net		224,772		276,642
Other assets		51,003		51,003
	$	557,012	$	720,075
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,009,298		1,872,773
Capital contributions payable		73,433		73,433
		2,082,731		1,946,206
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 as of December 31, 2013 and March 31, 2013.		(1,269,523)		(972,931)
General Partner		(256,196)		(253,200)
		(1,525,719)		(1,226,131)
	$	557,012	$	720,075

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,202,088	$	1,467,908
OTHER ASSETS
Cash and cash equivalents		267,328		244,501
Notes receivable		-		-
Acquisition costs, net		217,074		267,168
Other assets		97,581		85,341
	$	1,784,071	$	2,064,918
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,471,533		2,241,448
Capital contributions payable		99,265		121,112
		2,570,798		2,362,560
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 as of December 31, 2013 and March 31, 2013.		(457,338)		26,856
General Partner		(329,389)		(324,498)
		(786,727)		(297,642)
	$	1,784,071	$	2,064,918

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	975,803	$	1,079,218
OTHER ASSETS
Cash and cash equivalents		34,627		342,053
Notes receivable		-		-
Acquisition costs, net		919,090		1,131,190
Other assets		45,764		-
	$	1,975,284	$	2,552,461
LIABILITIES
Accounts payable and accrued expenses	$	-	$	21,551
Accounts payable affiliates (Note C)		1,577,246		1,352,903
Capital contributions payable		-		252,864
		1,577,246		1,627,318
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 as of December 31, 2013 and March 31, 2013.		631,506		1,153,340
General Partner		(233,468)		(228,197)
		398,038		925,143
	$	1,975,284	$	2,552,461

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	4,397,973	$	4,953,547
OTHER ASSETS
Cash and cash equivalents		61,578		274,823
Notes receivable		-		-
Acquisition costs, net		57,900		71,262
Other assets		143,780		-
	$	4,661,231	$	5,299,632
LIABILITIES
Accounts payable and accrued expenses	$	-	$	5,000
Accounts payable affiliates (Note C)		1,370,832		1,141,419
Capital contributions payable		16,724		16,724
		1,387,556		1,163,143
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 as of December 31, 2013 and March 31, 2013.		3,594,600		4,448,786
General Partner		(320,925)		(312,297)
		3,273,675		4,136,489
	$	4,661,231	$	5,299,632

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

		December 31, 2013		March 31, 2013
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,556,605	$	5,995,347
OTHER ASSETS
Cash and cash equivalents		168,941		180,660
Notes receivable		-		-
Acquisition costs, net		32,830		40,406
Other assets		3,788		3,788
	$	5,762,164	$	6,220,201
LIABILITIES
Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,114,449		927,303
Capital contributions payable		-		-
		1,114,449		927,303
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 as of December 31, 2013 and March 31, 2013.		4,863,981		5,502,712
General Partner		(216,266)		(209,814)
		4,647,715		5,292,898
	$	5,762,164	$	6,220,201

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 December 31,
(Unaudited)

		2013		2012
Income
Interest income	$	31,253	$	4,117
Other income		59,634		142,020
		90,887		146,137
Share of income (loss) from  Operating Partnerships (Note D)		4,074,927		6,000,715
Expenses
Professional fees		27,008		44,714
Fund management fee, net (Note C)		1,157,801		1,080,074
Amortization		111,667		158,450
General and administrative expenses		202,513		202,226
		1,498,989		1,485,464
NET INCOME (LOSS)	$	2,666,825	$	4,661,388
Net income (loss) allocated to  assignees	$	2,640,156	$	4,614,774
Net income (loss) allocated to general partner	$	26,669	$	46,614
Net income (loss) per BAC	$	.03	$	.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 December 31,
(Unaudited)

Series 20

		2013		2012
Income
Interest income	$	230	$	142
Other income		-		1,250
		230		1,392
Share of income (loss) from  Operating Partnerships (Note D)		539,000		6,402
Expenses
Professional fees		574		55
Fund management fee, net (Note C)		20,295		22,130
Amortization		-		-
General and administrative expenses		9,217		8,329
		30,086		30,514
NET INCOME (LOSS)	$	509,144	$	(22,720)
Net income (loss) allocated to  assignees	$	504,053	$	(22,493)
Net income (loss) allocated to general partner	$	5,091	$	(227)
Net income (loss) per BAC	$	.13	$	(.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 December 31,
(Unaudited)

Series 21

		2013		2012
Income
Interest income	$	82	$	131
Other income		-		-
		82		131
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		15,552		16,770
Amortization		-		-
General and administrative expenses		5,204		5,399
		21,330		22,169
NET INCOME (LOSS)	$	(21,248)	$	(22,038)
Net income (loss) allocated to  assignees	$	(21,036)	$	(21,818)
Net income (loss) allocated to general partner	$	(212)	$	(220)
Net income (loss) per BAC	$	(.01)	$	(.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 December 31,
(Unaudited)

Series 22

		2013		2012
Income
Interest income	$	57	$	137
Other income		-		-
		57		137
Share of income (loss) from  Operating Partnerships (Note D)		-		218,995
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		16,995		20,949
Amortization		-		-
General and administrative expenses		7,005		7,862
		24,574		28,811
NET INCOME (LOSS)	$	(24,517)	$	190,321
Net income (loss) allocated to  assignees	$	(24,272)	$	188,418
Net income (loss) allocated to general partner	$	(245)	$	1,903
Net income (loss) per BAC	$	(.01)	$	.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 December 31,
(Unaudited)

Series 23

		2013		2012
Income
Interest income	$	63	$	88
Other income		-		-
		63		88
Share of income (loss) from  Operating Partnerships (Note D)		-		70,180
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		22,679		24,977
Amortization		-		-
General and administrative expenses		8,628		7,943
		31,881		32,920
NET INCOME (LOSS)	$	(31,818)	$	37,348
Net income (loss) allocated to  assignees	$	(31,500)	$	36,975
Net income (loss) allocated to general partner	$	(318)	$	373
Net income (loss) per BAC	$	(.01)	$	.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 December 31,
(Unaudited)

Series 24

		2013		2012
Income
Interest income	$	218	$	155
Other income		-		11,048
		218		11,203
Share of income (loss) from  Operating Partnerships (Note D)		-		1,540,442
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		19,092		28,661
Amortization		-		-
General and administrative expenses		6,594		6,434
		26,260		35,095
NET INCOME (LOSS)	$	(26,042)	$	1,516,550
Net income (loss) allocated to  assignees	$	(25,782)	$	1,501,384
Net income (loss) allocated to general partner	$	(260)	$	15,166
Net income (loss) per BAC	$	(.01)	$	.69

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 December 31,
(Unaudited)

Series 25

		2013		2012
Income
Interest income	$	1,288	$	156
Other income		16		17,867
		1,304		18,023
Share of income (loss) from  Operating Partnerships (Note D)		-		2,119,968
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		11,127		(7,240)
Amortization		-		-
General and administrative expenses		8,012		7,030
		19,713		(210)
NET INCOME (LOSS)	$	(18,409)	$	2,138,201
Net income (loss) allocated to  assignees	$	(18,225)	$	2,116,819
Net income (loss) allocated to general partner	$	(184)	$	21,382
Net income (loss) per BAC	$	(.01)	$	.70

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 December 31,
(Unaudited)

Series 26

		2013		2012
Income
Interest income	$	642	$	211
Other income		-		13,358
		642		13,569
Share of income (loss) from  Operating Partnerships (Note D)		471,941		1,367,856
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		46,723		34,109
Amortization		-		-
General and administrative expenses		11,177		10,512
		58,474		44,621
NET INCOME (LOSS)	$	414,109	$	1,336,804
Net income (loss) allocated to  assignees	$	409,968	$	1,323,436
Net income (loss) allocated to general partner	$	4,141	$	13,368
Net income (loss) per BAC	$	.10	$	.33

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 December 31,
(Unaudited)

Series 27

		2013		2012
Income
Interest income	$	512	$	175
Other income		-		27,615
		512		27,790
Share of income (loss) from  Operating Partnerships (Note D)		2,199,875		6,283
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		38,319		34,894
Amortization		-		16,347
General and administrative expenses		7,063		6,560
		45,956		57,801
NET INCOME (LOSS)	$	2,154,431	$	(23,728)
Net income (loss) allocated to  assignees	$	2,132,887	$	(23,491)
Net income (loss) allocated to general partner	$	21,544	$	(237)
Net income (loss) per BAC	$	.87	$	(.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 December 31,
(Unaudited)

Series 28

		2013		2012
Income
Interest income	$	466	$	320
Other income		85		19,840
		551		20,160
Share of income (loss) from  Operating Partnerships (Note D)		889,495		-
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		63,612		59,972
Amortization		-		-
General and administrative expenses		9,338		8,742
		73,524		68,714
NET INCOME (LOSS)	$	816,522	$	(48,554)
Net income (loss) allocated to  assignees	$	808,357	$	(48,068)
Net income (loss) allocated to general partner	$	8,165	$	(486)
Net income (loss) per BAC	$	.20	$	(.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 December 31,
(Unaudited)

Series 29

		2013		2012
Income
Interest income	$	70	$	112
Other income		-		2,854
		70		2,966
Share of income (loss) from  Operating Partnerships (Note D)		344,556		-
Expenses
Professional fees		1,744		24,747
Fund management fee, net (Note C)		68,008		80,651
Amortization		-		-
General and administrative expenses		9,356		9,072
		79,108		114,470
NET INCOME (LOSS)	$	265,518	$	(111,504)
Net income (loss) allocated to  assignees	$	262,863	$	(110,389)
Net income (loss) allocated to general partner	$	2,655	$	(1,115)
Net income (loss) per BAC	$	.07	$	(.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 December 31,
(Unaudited)

Series 30

		2013		2012
Income
Interest income	$	174	$	217
Other income		-		-
		174		217
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		574		859
Fund management fee, net (Note C)		38,787		27,027
Amortization		-		-
General and administrative expenses		6,899		6,821
		46,260		34,707
NET INCOME (LOSS)	$	(46,086)	$	(34,490)
Net income (loss) allocated to  assignees	$	(45,625)	$	(34,145)
Net income (loss) allocated to general partner	$	(461)	$	(345)
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 December 31,
(Unaudited)

Series 31

		2013		2012
Income
Interest income	$	181	$	181
Other income		15,000		-
		15,181		181
Share of income (loss) from  Operating Partnerships (Note D)		15,000		-
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		68,868		60,127
Amortization		-		-
General and administrative expenses		9,932		9,290
		79,374		69,417
NET INCOME (LOSS)	$	(49,193)	$	(69,236)
Net income (loss) allocated to  assignees	$	(48,701)	$	(68,544)
Net income (loss) allocated to general partner	$	(492)	$	(692)
Net income (loss) per BAC	$	(.01)	$	(.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 December 31,
(Unaudited)

Series 32

		2013		2012
Income
Interest income	$	26,020	$	266
Other income		3,439		10,000
		29,459		10,266
Share of income (loss) from  Operating Partnerships (Note D)		3,428		1,449
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		49,722		51,972
Amortization		-		-
General and administrative expenses		9,628		8,746
		59,924		60,718
NET INCOME (LOSS)	$	(27,037)	$	(49,003)
Net income (loss) allocated to  assignees	$	(26,767)	$	(48,513)
Net income (loss) allocated to general partner	$	(270)	$	(490)
Net income (loss) per BAC	$	(.01)	$	(.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 December 31,

(Unaudited)

Series 33

		2013		2012
Income
Interest income	$	147	$	172
Other income		-		2,529
		147		2,701
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		30,852		30,383
Amortization		-		-
General and administrative expenses		5,903		5,903
		37,329		36,286
NET INCOME (LOSS)	$	(37,182)	$	(33,585)
Net income (loss) allocated to  assignees	$	(36,810)	$	(33,249)
Net income (loss) allocated to general partner	$	(372)	$	(336)
Net income (loss) per BAC	$	(.01)	$	(.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 December 31,
(Unaudited)

Series 34

		2013		2012
Income
Interest income	$	24	$	3
Other income		-		23,956
		24		23,959
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		742		1,646
Fund management fee, net (Note C)		61,649		50,810
Amortization		-		-
General and administrative expenses		7,246		7,326
		69,637		59,782
NET INCOME (LOSS)	$	(69,613)	$	(35,823)
Net income (loss) allocated to  assignees	$	(68,917)	$	(35,465)
Net income (loss) allocated to general partner	$	(696)	$	(358)
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 December 31,
(Unaudited)

Series 35

		2013		2012
Income
Interest income	$	71	$	54
Other income		28,229		-
		28,300		54
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		574		6,831
Fund management fee, net (Note C)		13,721		50,520
Amortization		-		-
General and administrative expenses		6,855		6,932
		21,150		64,283
NET INCOME (LOSS)	$	7,150	$	(64,229)
Net income (loss) allocated to  assignees	$	7,078	$	(63,587)
Net income (loss) allocated to general partner	$	72	$	(642)
Net income (loss) per BAC	$	.00	$	(.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 December 31,
(Unaudited)

Series 36

		2013		2012
Income
Interest income	$	159	$	74
Other income		-		3,330
		159		3,404
Share of income (loss) from  Operating Partnerships (Note D)		-		1,242,272
Expenses
Professional fees		574		18
Fund management fee, net (Note C)		23,882		(49,019)
Amortization		-		-
General and administrative expenses		5,480		5,685
		29,936		(43,316)
NET INCOME (LOSS)	$	(29,777)	$	1,288,992
Net income (loss) allocated to  assignees	$	(29,479)	$	1,276,102
Net income (loss) allocated to general partner	$	(298)	$	12,890
Net income (loss) per BAC	$	(.01)	$	.61

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 December 31,
(Unaudited)

Series 37

		2013		2012
Income
Interest income	$	180	$	236
Other income		-		-
		180		236
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		51,216		51,216
Amortization		-		-
General and administrative expenses		5,512		5,590
		57,302		56,806
NET INCOME (LOSS)	$	(57,122)	$	(56,570)
Net income (loss) allocated to  assignees	$	(56,551)	$	(56,004)
Net income (loss) allocated to general partner	$	(571)	$	(566)
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 December 31,
(Unaudited)

Series 38

		2013		2012
Income
Interest income	$	70	$	76
Other income		8,000		8,220
		8,070		8,296
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		41,100		35,100
Amortization		-		-
General and administrative expenses		5,899		5,985
		47,573		41,085
NET INCOME (LOSS)	$	(39,503)	$	(32,789)
Net income (loss) allocated to  assignees	$	(39,108)	$	(32,461)
Net income (loss) allocated to general partner	$	(395)	$	(328)
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 December 31,
(Unaudited)

Series 39

		2013		2012
Income
Interest income	$	79	$	128
Other income		-		-
		79		128
Share of income (loss) from  Operating Partnerships (Note D)		-		(28,155)
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		34,200		27,265
Amortization		-		-
General and administrative expenses		5,502		5,503
		40,276		32,768
NET INCOME (LOSS)	$	(40,197)	$	(60,795)
Net income (loss) allocated to  assignees	$	(39,795)	$	(60,187)
Net income (loss) allocated to general partner	$	(402)	$	(608)
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 December 31,
(Unaudited)

Series 40

		2013		2012
Income
Interest income	$	18	$	16
Other income		-		-
		18		16
Share of income (loss) from  Operating Partnerships (Note D)		-		(87,711)
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		46,779		37,679
Amortization		-		-
General and administrative expenses		5,972		6,876
		53,325		44,555
NET INCOME (LOSS)	$	(53,307)	$	(132,250)
Net income (loss) allocated to  assignees	$	(52,774)	$	(130,927)
Net income (loss) allocated to general partner	$	(533)	$	(1,323)
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 December 31,
(Unaudited)

Series 41

		2013		2012
Income
Interest income	$	109	$	113
Other income		169		-
		278		113
Share of income (loss) from  Operating Partnerships (Note D)		-		(138,757)
Expenses
Professional fees		574		18
Fund management fee, net (Note C)		57,646		54,447
Amortization		-		28,326
General and administrative expenses		7,506		8,019
		65,726		90,810
NET INCOME (LOSS)	$	(65,448)	$	(229,454)
Net income (loss) allocated to  assignees	$	(64,794)	$	(227,159)
Net income (loss) allocated to general partner	$	(654)	$	(2,295)
Net income (loss) per BAC	$	(.02)	$	(.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 December 31,
(Unaudited)

Series 42

		2013		2012
Income
Interest income	$	87	$	188
Other income		-		-
		87		188
Share of income (loss) from  Operating Partnerships (Note D)		(20,631)		22,907
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		42,271		59,678
Amortization		17,290		17,289
General and administrative expenses		7,226		7,754
		67,361		84,721
NET INCOME (LOSS)	$	(87,905)	$	(61,626)
Net income (loss) allocated to  assignees	$	(87,026)	$	(61,010)
Net income (loss) allocated to general partner	$	(879)	$	(616)
Net income (loss) per BAC	$	(.03)	$	(.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 December 31,
(Unaudited)

Series 43

		2013		2012
Income
Interest income	$	123	$	165
Other income		-		-
		123		165
Share of income (loss) from  Operating Partnerships (Note D)		(47,291)		(10,377)
Expenses
Professional fees		574		-
Fund management fee, net (Note C)		53,706		72,428
Amortization		16,698		16,698
General and administrative expenses		8,734		9,052
		79,712		98,178
NET INCOME (LOSS)	$	(126,880)	$	(108,390)
Net income (loss) allocated to  assignees	$	(125,611)	$	(107,306)
Net income (loss) allocated to general partner	$	(1,269)	$	(1,084)
Net income (loss) per BAC	$	(.03)	$	(.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 December 31,
(Unaudited)

Series 44

		2013		2012
Income
Interest income	$	21	$	245
Other income		4,696		51
		4,717		296
Share of income (loss) from  Operating Partnerships (Note D)		(41,993)		(73,244)
Expenses
Professional fees		9,200		-
Fund management fee, net (Note C)		71,175		71,175
Amortization		70,700		70,700
General and administrative expenses		5,947		6,879
		157,022		148,754
NET INCOME (LOSS)	$	(194,298)	$	(221,702)
Net income (loss) allocated to  assignees	$	(192,355)	$	(219,485)
Net income (loss) allocated to general partner	$	(1,943)	$	(2,217)
Net income (loss) per BAC	$	(.07)	$	(.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 December 31,
(Unaudited)

Series 45

		2013		2012
Income
Interest income	$	45	$	190
Other income		-		51
		45		241
Share of income (loss) from  Operating Partnerships (Note D)		(143,250)		(135,265)
Expenses
Professional fees		2,118		855
Fund management fee, net (Note C)		87,443		81,511
Amortization		4,454		4,454
General and administrative expenses		9,385		10,269
		103,400		97,089
NET INCOME (LOSS)	$	(246,605)	$	(232,113)
Net income (loss) allocated to  assignees	$	(244,139)	$	(229,792)
Net income (loss) allocated to general partner	$	(2,466)	$	(2,321)
Net income (loss) per BAC	$	(.06)	$	(.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 December 31,
(Unaudited)

Series 46

		2013		2012
Income
Interest income	$	117	$	166
Other income		-		51
		117		217
Share of income (loss) from  Operating Partnerships (Note D)		(135,203)		(122,530)
Expenses
Professional fees		576		9,685
Fund management fee, net (Note C)		62,382		51,882
Amortization		2,525		4,636
General and administrative expenses		7,293		7,713
		72,776		73,916
NET INCOME (LOSS)	$	(207,862)	$	(196,229)
Net income (loss) allocated to  assignees	$	(205,783)	$	(194,267)
Net income (loss) allocated to general partner	$	(2,079)	$	(1,962)
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
Nine Months Ended December 31,
(Unaudited)

		2013		2012
Income
Interest income	$	40,846	$	96,717
Other income		630,736		664,465
		671,582		761,182
Share of income (loss) from  Operating Partnerships (Note D)		7,393,379		6,629,917
Expenses
Professional fees		616,713		712,907
Fund management fee, net (Note C)		3,069,602		3,327,441
Amortization		335,002		475,355
General and administrative expenses		413,066		431,153
		4,434,383		4,946,856
NET INCOME (LOSS)	$	3,630,578	$	2,444,243
Net income (loss) allocated to  assignees	$	3,594,274	$	2,419,802
Net income (loss) allocated to general partner	$	36,304	$	24,441
Net income (loss) per BAC	$	.04	$	.03

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 20

		2013		2012
Income
Interest income	$	470	$	571
Other income		689		3,125
		1,159		3,696
Share of income (loss) from  Operating Partnerships (Note D)		722,000		6,402
Expenses
Professional fees		17,139		20,535
Fund management fee, net (Note C)		59,168		72,058
Amortization		-		-
General and administrative expenses		18,066		18,703
		94,373		111,296
NET INCOME (LOSS)	$	628,786	$	(101,198)
Net income (loss) allocated to  assignees	$	622,498	$	(100,186)
Net income (loss) allocated to general partner	$	6,288	$	(1,012)
Net income (loss) per BAC	$	.16	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 21

		2013		2012
Income
Interest income	$	256	$	430
Other income		7,372		3,559
		7,628		3,989
Share of income (loss) from  Operating Partnerships (Note D)		79,000		-
Expenses
Professional fees		13,509		16,215
Fund management fee, net (Note C)		44,604		47,259
Amortization		-		-
General and administrative expenses		11,674		12,658
		69,787		76,132
NET INCOME (LOSS)	$	16,841	$	(72,143)
Net income (loss) allocated to  assignees	$	16,673	$	(71,422)
Net income (loss) allocated to general partner	$	168	$	(721)
Net income (loss) per BAC	$	.01	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 22

		2013		2012
Income
Interest income	$	262	$	307
Other income		5,683		5,683
		5,945		5,990
Share of income (loss) from  Operating Partnerships (Note D)		-		318,670
Expenses
Professional fees		27,274		23,277
Fund management fee, net (Note C)		47,605		86,574
Amortization		-		-
General and administrative expenses		14,464		16,782
		89,343		126,633
NET INCOME (LOSS)	$	(83,398)	$	198,027
Net income (loss) allocated to  assignees	$	(82,564)	$	196,047
Net income (loss) allocated to general partner	$	(834)	$	1,980
Net income (loss) per BAC	$	(.03)	$	.08

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 23

		2013		2012
Income
Interest income	$	213	$	240
Other income		-		68,066
		213		68,306
Share of income (loss) from  Operating Partnerships (Note D)		-		82,930
Expenses
Professional fees		20,399		19,867
Fund management fee, net (Note C)		64,539		76,984
Amortization		-		-
General and administrative expenses		16,977		17,881
		101,915		114,732
NET INCOME (LOSS)	$	(101,702)	$	36,504
Net income (loss) allocated to  assignees	$	(100,685)	$	36,139
Net income (loss) allocated to general partner	$	(1,017)	$	365
Net income (loss) per BAC	$	(.03)	$	.01

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 24

		2013		2012
Income
Interest income	$	1,055	$	519
Other income		972		15,528
		2,027		16,047
Share of income (loss) from  Operating Partnerships (Note D)		1,544,276		1,754,864
Expenses
Professional fees		22,764		22,505
Fund management fee, net (Note C)		(33,891)		80,009
Amortization		-		-
General and administrative expenses		13,697		14,531
		2,570		117,045
NET INCOME (LOSS)	$	1,543,733	$	1,653,866
Net income (loss) allocated to  assignees	$	1,528,296	$	1,637,327
Net income (loss) allocated to general partner	$	15,437	$	16,539
Net income (loss) per BAC	$	.70	$	.75

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 25

		2013		2012
Income
Interest income	$	3,376	$	836
Other income		11,155		20,027
		14,531		20,863
Share of income (loss) from  Operating Partnerships (Note D)		-		2,424,100
Expenses
Professional fees		19,079		20,505
Fund management fee, net (Note C)		31,019		26,855
Amortization		-		-
General and administrative expenses		15,758		16,145
		65,856		63,505
NET INCOME (LOSS)	$	(51,325)	$	2,381,458
Net income (loss) allocated to  assignees	$	(50,812)	$	2,357,643
Net income (loss) allocated to general partner	$	(513)	$	23,815
Net income (loss) per BAC	$	(.02)	$	.78

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 26

		2013		2012
Income
Interest income	$	1,235	$	869
Other income		5,834		37,043
		7,069		37,912
Share of income (loss) from  Operating Partnerships (Note D)		2,601,619		1,948,350
Expenses
Professional fees		40,074		34,850
Fund management fee, net (Note C)		(18,744)		150,276
Amortization		-		-
General and administrative expenses		20,609		21,056
		41,939		206,182
NET INCOME (LOSS)	$	2,566,749	$	1,780,080
Net income (loss) allocated to  assignees	$	2,541,082	$	1,762,279
Net income (loss) allocated to general partner	$	25,667	$	17,801
Net income (loss) per BAC	$	.64	$	.44

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 27

		2013		2012
Income
Interest income	$	884	$	638
Other income		34,750		49,190
		35,634		49,828
Share of income (loss) from  Operating Partnerships (Note D)		2,508,394		582,228
Expenses
Professional fees		19,849		19,030
Fund management fee, net (Note C)		94,683		76,868
Amortization		-		49,043
General and administrative expenses		14,167		14,195
		128,699		159,136
NET INCOME (LOSS)	$	2,415,329	$	472,920
Net income (loss) allocated to  assignees	$	2,391,176	$	468,191
Net income (loss) allocated to general partner	$	24,153	$	4,729
Net income (loss) per BAC	$	.97	$	.19

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 28

		2013		2012
Income
Interest income	$	1,086	$	826
Other income		252,850		282,500
		253,936		283,326
Share of income (loss) from  Operating Partnerships (Note D)		939,495		44,775
Expenses
Professional fees		26,614		25,715
Fund management fee, net (Note C)		93,210		114,730
Amortization		-		-
General and administrative expenses		17,937		17,775
		137,761		158,220
NET INCOME (LOSS)	$	1,055,670	$	169,881
Net income (loss) allocated to  assignees	$	1,045,113	$	168,182
Net income (loss) allocated to general partner	$	10,557	$	1,699
Net income (loss) per BAC	$	.26	$	.04

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 29

		2013		2012
Income
Interest income	$	192	$	411
Other income		11,177		5,856
		11,369		6,267
Share of income (loss) from  Operating Partnerships (Note D)		344,656		-
Expenses
Professional fees		25,426		107,330
Fund management fee, net (Note C)		196,907		201,918
Amortization		-		-
General and administrative expenses		18,222		19,282
		240,555		328,530
NET INCOME (LOSS)	$	115,470	$	(322,263)
Net income (loss) allocated to  assignees	$	114,315	$	(319,040)
Net income (loss) allocated to general partner	$	1,155	$	(3,223)
Net income (loss) per BAC	$	.03	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 30

		2013		2012
Income
Interest income	$	529	$	667
Other income		1,522		3,834
		2,051		4,501
Share of income (loss) from  Operating Partnerships (Note D)		-		72,943
Expenses
Professional fees		20,755		21,099
Fund management fee, net (Note C)		107,473		103,628
Amortization		-		-
General and administrative expenses		13,952		15,026
		142,180		139,753
NET INCOME (LOSS)	$	(140,129)	$	(62,309)
Net income (loss) allocated to  assignees	$	(138,728)	$	(61,686)
Net income (loss) allocated to general partner	$	(1,401)	$	(623)
Net income (loss) per BAC	$	(.05)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 31

		2013		2012
Income
Interest income	$	536	$	451
Other income		16,232		7,598
		16,768		8,049
Share of income (loss) from  Operating Partnerships (Note D)		15,000		48,230
Expenses
Professional fees		26,614		25,980
Fund management fee, net (Note C)		205,690		106,659
Amortization		-		-
General and administrative expenses		18,223		18,316
		250,527		150,955
NET INCOME (LOSS)	$	(218,759)	$	(94,676)
Net income (loss) allocated to  assignees	$	(216,571)	$	(93,729)
Net income (loss) allocated to general partner	$	(2,188)	$	(947)
Net income (loss) per BAC	$	(.05)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 32

		2013		2012
Income
Interest income	$	26,457	$	827
Other income		13,439		19,300
		39,896		20,127
Share of income (loss) from  Operating Partnerships (Note D)		3,428		1,449
Expenses
Professional fees		18,749		19,982
Fund management fee, net (Note C)		167,000		170,091
Amortization		-		-
General and administrative expenses		17,841		19,104
		203,590		209,177
NET INCOME (LOSS)	$	(160,266)	$	(187,601)
Net income (loss) allocated to  assignees	$	(158,663)	$	(185,725)
Net income (loss) allocated to general partner	$	(1,603)	$	(1,876)
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
Nine Months Ended December 31,

(Unaudited)

Series 33

		2013		2012
Income
Interest income	$	445	$	526
Other income		6,686		17,249
		7,131		17,775
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		14,364		16,889
Fund management fee, net (Note C)		79,417		79,417
Amortization		-		-
General and administrative expenses		12,321		13,443
		106,102		109,749
NET INCOME (LOSS)	$	(98,971)	$	(91,974)
Net income (loss) allocated to  assignees	$	(97,981)	$	(91,054)
Net income (loss) allocated to general partner	$	(990)	$	(920)
Net income (loss) per BAC	$	(.04)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 34

		2013		2012
Income
Interest income	$	57	$	8
Other income		50,668		36,678
		50,725		36,686
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		20,759		25,487
Fund management fee, net (Note C)		184,308		196,208
Amortization		-		-
General and administrative expenses		14,561		15,537
		219,628		237,232
NET INCOME (LOSS)	$	(168,903)	$	(200,546)
Net income (loss) allocated to  assignees	$	(167,214)	$	(198,541)
Net income (loss) allocated to general partner	$	(1,689)	$	(2,005)
Net income (loss) per BAC	$	(.05)	$	(.06)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 35

		2013		2012
Income
Interest income	$	223	$	114
Other income		33,179		69
		33,402		183
Share of income (loss) from  Operating Partnerships (Note D)		-		52,500
Expenses
Professional fees		16,329		26,172
Fund management fee, net (Note C)		109,843		153,010
Amortization		-		-
General and administrative expenses		13,998		15,052
		140,170		194,234
NET INCOME (LOSS)	$	(106,768)	$	(141,551)
Net income (loss) allocated to  assignees	$	(105,700)	$	(140,135)
Net income (loss) allocated to general partner	$	(1,068)	$	(1,416)
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
Nine Months Ended December 31,
(Unaudited)

Series 36

		2013		2012
Income
Interest income	$	663	$	194
Other income		13,182		22,777
		13,845		22,971
Share of income (loss) from  Operating Partnerships (Note D)		-		1,242,272
Expenses
Professional fees		16,967		19,366
Fund management fee, net (Note C)		84,837		22,875
Amortization		-		-
General and administrative expenses		11,686		12,662
		113,490		54,903
NET INCOME (LOSS)	$	(99,645)	$	1,210,340
Net income (loss) allocated to  assignees	$	(98,649)	$	1,198,237
Net income (loss) allocated to general partner	$	(996)	$	12,103
Net income (loss) per BAC	$	(.05)	$	.57

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 37

		2013		2012
Income
Interest income	$	540	$	718
Other income		24,920		23,092
		25,460		23,810
Share of income (loss) from  Operating Partnerships (Note D)		-		-
Expenses
Professional fees		13,359		14,711
Fund management fee, net (Note C)		133,259		135,130
Amortization		-		-
General and administrative expenses		11,747		12,734
		158,365		162,575
NET INCOME (LOSS)	$	(132,905)	$	(138,765)
Net income (loss) allocated to  assignees	$	(131,576)	$	(137,377)
Net income (loss) allocated to general partner	$	(1,329)	$	(1,388)
Net income (loss) per BAC	$	(.05)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 38

		2013		2012
Income
Interest income	$	217	$	258
Other income		51,871		27,497
		52,088		27,755
Share of income (loss) from  Operating Partnerships (Note D)		-		(24,773)
Expenses
Professional fees		15,174		19,367
Fund management fee, net (Note C)		111,401		107,036
Amortization		-		-
General and administrative expenses		12,343		13,265
		138,918		139,668
NET INCOME (LOSS)	$	(86,830)	$	(136,686)
Net income (loss) allocated to  assignees	$	(85,962)	$	(135,319)
Net income (loss) allocated to general partner	$	(868)	$	(1,367)
Net income (loss) per BAC	$	(.03)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 39

		2013		2012
Income
Interest income	$	233	$	411
Other income		5,246		7,345
		5,479		7,756
Share of income (loss) from  Operating Partnerships (Note D)		-		(113,503)
Expenses
Professional fees		14,819		16,975
Fund management fee, net (Note C)		93,900		78,677
Amortization		-		-
General and administrative expenses		11,617		12,417
		120,336		108,069
NET INCOME (LOSS)	$	(114,857)	$	(213,816)
Net income (loss) allocated to  assignees	$	(113,708)	$	(211,678)
Net income (loss) allocated to general partner	$	(1,149)	$	(2,138)
Net income (loss) per BAC	$	(.05)	$	(.09)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 40

		2013		2012
Income
Interest income	$	60	$	52
Other income		225		7,580
		285		7,632
Share of income (loss) from  Operating Partnerships (Note D)		-		(190,043)
Expenses
Professional fees		21,404		25,399
Fund management fee, net (Note C)		141,573		134,720
Amortization		-		-
General and administrative expenses		12,893		14,063
		175,870		174,182
NET INCOME (LOSS)	$	(175,585)	$	(356,593)
Net income (loss) allocated to  assignees	$	(173,829)	$	(353,027)
Net income (loss) allocated to general partner	$	(1,756)	$	(3,566)
Net income (loss) per BAC	$	(.07)	$	(.13)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 41

		2013		2012
Income
Interest income	$	343	$	395
Other income		4,812		-
		5,155		395
Share of income (loss) from  Operating Partnerships (Note D)		52,000		(357,227)
Expenses
Professional fees		29,190		26,638
Fund management fee, net (Note C)		160,281		160,684
Amortization		-		84,978
General and administrative expenses		15,866		15,961
		205,337		288,261
NET INCOME (LOSS)	$	(148,182)	$	(645,093)
Net income (loss) allocated to  assignees	$	(146,700)	$	(638,642)
Net income (loss) allocated to general partner	$	(1,482)	$	(6,451)
Net income (loss) per BAC	$	(.05)	$	(.22)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 42

		2013		2012
Income
Interest income	$	324	$	32,597
Other income		38,021		716
		38,345		33,313
Share of income (loss) from  Operating Partnerships (Note D)		(107,413)		5,769
Expenses
Professional fees		28,256		27,558
Fund management fee, net (Note C)		132,843		156,211
Amortization		51,870		51,870
General and administrative expenses		17,551		16,627
		230,520		252,266
NET INCOME (LOSS)	$	(299,588)	$	(213,184)
Net income (loss) allocated to  assignees	$	(296,592)	$	(211,052)
Net income (loss) allocated to general partner	$	(2,996)	$	(2,132)
Net income (loss) per BAC	$	(.11)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 43

		2013		2012
Income
Interest income	$	367	$	51,902
Other income		35,555		-
		35,922		51,902
Share of income (loss) from  Operating Partnerships (Note D)		(246,350)		(153,354)
Expenses
Professional fees		29,987		29,183
Fund management fee, net (Note C)		180,747		195,878
Amortization		50,094		50,094
General and administrative expenses		17,829		17,447
		278,657		292,602
NET INCOME (LOSS)	$	(489,085)	$	(394,054)
Net income (loss) allocated to  assignees	$	(484,194)	$	(390,113)
Net income (loss) allocated to general partner	$	(4,891)	$	(3,941)
Net income (loss) per BAC	$	(.13)	$	(.11)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 44

		2013		2012
Income
Interest income	$	219	$	724
Other income		4,696		51
		4,915		775
Share of income (loss) from  Operating Partnerships (Note D)		(102,513)		(233,065)
Expenses
Professional fees		36,453		18,523
Fund management fee, net (Note C)		167,408		192,715
Amortization		212,100		212,100
General and administrative expenses		13,546		14,489
		429,507		437,827
NET INCOME (LOSS)	$	(527,105)	$	(670,117)
Net income (loss) allocated to  assignees	$	(521,834)	$	(663,416)
Net income (loss) allocated to general partner	$	(5,271)	$	(6,701)
Net income (loss) per BAC	$	(.19)	$	(.25)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 45

		2013		2012
Income
Interest income	$	257	$	712
Other income		-		51
		257		763
Share of income (loss) from  Operating Partnerships (Note D)		(533,952)		(497,909)
Expenses
Professional fees		38,144		37,057
Fund management fee, net (Note C)		257,770		232,860
Amortization		13,362		13,362
General and administrative expenses		19,843		19,660
		329,119		302,939
NET INCOME (LOSS)	$	(862,814)	$	(800,085)
Net income (loss) allocated to  assignees	$	(854,186)	$	(792,084)
Net income (loss) allocated to general partner	$	(8,628)	$	(8,001)
Net income (loss) per BAC	$	(.21)	$	(.20)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 46

		2013		2012
Income
Interest income	$	347	$	514
Other income		-		51
		347		565
Share of income (loss) from  Operating Partnerships (Note D)		(426,261)		(385,691)
Expenses
Professional fees		23,263		32,692
Fund management fee, net (Note C)		172,752		168,111
Amortization		7,576		13,908
General and administrative expenses		15,678		16,342
		219,269		231,053
NET INCOME (LOSS)	$	(645,183)	$	(616,179)
Net income (loss) allocated to  assignees	$	(638,731)	$	(610,017)
Net income (loss) allocated to general partner	$	(6,452)	$	(6,162)
Net income (loss) per BAC	$	(.21)	$	(.20)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Partners' capital (deficit)   April 1, 2013	$	(20,579,829)	$	(7,446,485)	$	(28,026,314)
Net income (loss)		3,594,274		36,304		3,630,578
Partners' capital (deficit),   December 31, 2013	$	(16,985,555)	$	(7,410,181)	$	(24,395,736)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 20
Partners' capital (deficit)   April 1, 2013	$	(1,562,568)	$	(327,149)	$	(1,889,717)
Net income (loss)		622,498		6,288		628,786
Partners' capital (deficit),   December 31, 2013	$	(940,070)	$	(320,861)	$	(1,260,931)

		Assignees		General Partner		Total
Series 21
Partners' capital (deficit)   April 1, 2013	$	(1,096,744)	$	(174,665)	$	(1,271,409)
Net income (loss)		16,673		168		16,841
Partners' capital (deficit),   December 31, 2013	$	(1,080,071)	$	(174,497)	$	(1,254,568)

		Assignees		General Partner		Total
Series 22
Partners' capital (deficit)   April 1, 2013	$	(2,458,216)	$	(246,127)	$	(2,704,343)
Net income (loss)		(82,564)		(834)		(83,398)
Partners' capital (deficit),   December 31, 2013	$	(2,540,780)	$	(246,961)	$	(2,787,741)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 23
Partners' capital (deficit)   April 1, 2013	$	(1,998,039)	$	(307,906)	$	(2,305,945)
Net income (loss)		(100,685)		(1,017)		(101,702)
Partners' capital (deficit),   December 31, 2013	$	(2,098,724)	$	(308,923)	$	(2,407,647)

		Assignees		General Partner		Total
Series 24
Partners' capital (deficit)   April 1, 2013	$	(545,303)	$	(192,677)	$	(737,980)
Net income (loss)		1,528,296		15,437		1,543,733
Partners' capital (deficit),   December 31, 2013	$	982,993	$	(177,240)	$	805,753

		Assignees		General Partner		Total
Series 25
Partners' capital (deficit)   April 1, 2013	$	2,842,324	$	(231,334)	$	2,610,990
Net income (loss)		(50,812)		(513)		(51,325)
Partners' capital (deficit),   December 31, 2013	$	2,791,512	$	(231,847)	$	2,559,665

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 26
Partners' capital (deficit)   April 1, 2013	$	109,894	$	(342,580)	$	(232,686)
Net income (loss)		2,541,082		25,667		2,566,749
Partners' capital (deficit),   December 31, 2013	$	2,650,976	$	(316,913)	$	2,334,063

		Assignees		General Partner		Total
Series 27
Partners' capital (deficit)   April 1, 2013	$	(1,163,460)	$	(220,285)	$	(1,383,745)
Net income (loss)		2,391,176		24,153		2,415,329
Partners' capital (deficit),   December 31, 2013	$	1,227,716	$	(196,132)	$	1,031,584

		Assignees		General Partner		Total
Series 28
Partners' capital (deficit)   April 1, 2013	$	(872,244)	$	(356,031)	$	(1,228,275)
Net income (loss)		1,045,113		10,557		1,055,670
Partners' capital (deficit),   December 31, 2013	$	172,869	$	(345,474)	$	(172,605)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 29
Partners' capital (deficit)   April 1, 2013	$	(3,063,110)	$	(373,008)	$	(3,436,118)
Net income (loss)		114,315		1,155		115,470
Partners' capital (deficit),   December 31, 2013	$	(2,948,795)	$	(371,853)	$	(3,320,648)

		Assignees		General Partner		Total
Series 30
Partners' capital (deficit)   April 1, 2013	$	(1,151,819)	$	(240,984)	$	(1,392,803)
Net income (loss)		(138,728)		(1,401)		(140,129)
Partners' capital (deficit),   December 31, 2013	$	(1,290,547)	$	(242,385)	$	(1,532,932)

		Assignees		General Partner		Total
Series 31
Partners' capital (deficit)   April 1, 2013	$	(2,334,212)	$	(406,667)	$	(2,740,879)
Net income (loss)		(216,571)		(2,188)		(218,759)
Partners' capital (deficit),   December 31, 2013	$	(2,550,783)	$	(408,855)	$	(2,959,638)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 32
Partners' capital (deficit)   April 1, 2013	$	(2,149,545)	$	(432,180)	$	(2,581,725)
Net income (loss)		(158,663)		(1,603)		(160,266)
Partners' capital (deficit),   December 31, 2013	$	(2,308,208)	$	(433,783)	$	(2,741,991)

		Assignees		General Partner		Total
Series 33
Partners' capital (deficit)   April 1, 2013	$	(1,446,266)	$	(242,669)	$	(1,688,935)
Net income (loss)		(97,981)		(990)		(98,971)
Partners' capital (deficit),   December 31, 2013	$	(1,544,247)	$	(243,659)	$	(1,787,906)

		Assignees		General Partner		Total
Series 34
Partners' capital (deficit)   April 1, 2013	$	(3,231,619)	$	(336,067)	$	(3,567,686)
Net income (loss)		(167,214)		(1,689)		(168,903)
Partners' capital (deficit),   December 31, 2013	$	(3,398,833)	$	(337,756)	$	(3,736,589)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 35
Partners' capital (deficit)   April 1, 2013	$	(1,651,752)	$	(301,558)	$	(1,953,310)
Net income (loss)		(105,700)		(1,068)		(106,768)
Partners' capital (deficit),   December 31, 2013	$	(1,757,452)	$	(302,626)	$	(2,060,078)

		Assignees		General Partner		Total
Series 36
Partners' capital (deficit)   April 1, 2013	$	(484,295)	$	(185,360)	$	(669,655)
Net income (loss)		(98,649)		(996)		(99,645)
Partners' capital (deficit),   December 31, 2013	$	(582,944)	$	(186,356)	$	(769,300)

		Assignees		General Partner		Total
Series 37
Partners' capital (deficit)   April 1, 2013	$	(1,559,442)	$	(233,493)	$	(1,792,935)
Net income (loss)		(131,576)		(1,329)		(132,905)
Partners' capital (deficit),   December 31, 2013	$	(1,691,018)	$	(234,822)	$	(1,925,840)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 38
Partners' capital (deficit)   April 1, 2013	$	(1,144,857)	$	(232,054)	$	(1,376,911)
Net income (loss)		(85,962)		(868)		(86,830)
Partners' capital (deficit),   December 31, 2013	$	(1,230,819)	$	(232,922)	$	(1,463,741)

		Assignees		General Partner		Total
Series 39
Partners' capital (deficit)   April 1, 2013	$	(1,059,085)	$	(209,124)	$	(1,268,209)
Net income (loss)		(113,708)		(1,149)		(114,857)
Partners' capital (deficit),   December 31, 2013	$	(1,172,793)	$	(210,273)	$	(1,383,066)

		Assignees		General Partner		Total
Series 40
Partners' capital (deficit)   April 1, 2013	$	(2,273,622)	$	(250,182)	$	(2,523,804)
Net income (loss)		(173,829)		(1,756)		(175,585)
Partners' capital (deficit),   December 31, 2013	$	(2,447,451)	$	(251,938)	$	(2,699,389)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 41
Partners' capital (deficit)   April 1, 2013	$	(2,444,612)	$	(276,379)	$	(2,720,991)
Net income (loss)		(146,700)		(1,482)		(148,182)
Partners' capital (deficit),   December 31, 2013	$	(2,591,312)	$	(277,861)	$	(2,869,173)

		Assignees		General Partner		Total
Series 42
Partners' capital (deficit)   April 1, 2013	$	(972,931)	$	(253,200)	$	(1,226,131)
Net income (loss)		(296,592)		(2,996)		(299,588)
Partners' capital (deficit),   December 31, 2013	$	(1,269,523)	$	(256,196)	$	(1,525,719)

		Assignees		General Partner		Total
Series 43
Partners' capital (deficit)   April 1, 2013	$	26,856	$	(324,498)	$	(297,642)
Net income (loss)		(484,194)		(4,891)		(489,085)
Partners' capital (deficit),   December 31, 2013	$	(457,338)	$	(329,389)	$	(786,727)

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)

Nine Months Ended December 31, 2013
(Unaudited)

		Assignees		General Partner		Total
Series 44
Partners' capital (deficit)   April 1, 2013	$	1,153,340	$	(228,197)	$	925,143
Net income (loss)		(521,834)		(5,271)		(527,105)
Partners' capital (deficit),   December 31, 2013	$	631,506	$	(233,468)	$	398,038

		Assignees		General Partner		Total
Series 45
Partners' capital (deficit)   April 1, 2013	$	4,448,786	$	(312,297)	$	4,136,489
Net income (loss)		(854,186)		(8,628)		(862,814)
Partners' capital (deficit),   December 31, 2013	$	3,594,600	$	(320,925)	$	3,273,675

		Assignees		General Partner		Total
Series 46
Partners' capital (deficit)   April 1, 2013	$	5,502,712	$	(209,814)	$	5,292,898
Net income (loss)		(638,731)		(6,452)		(645,183)
Partners' capital (deficit),   December 31, 2013	$	4,863,981	$	(216,266)	$	4,647,715

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	3,630,578	$	2,444,243
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		335,002		475,355
Distributions from Operating    Partnerships		55,034		161,049
Share of (income) loss from     Operating Partnerships		(7,393,379)		(6,629,917)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		53,383		204,388
Decrease (Increase) in other    assets		(184,807)		(111,237)
(Decrease) Increase in accounts    payable affiliates		(1,450,103)		(493,127)
Net cash (used in) provided by  operating activities		(4,954,292)		(3,949,246)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		(374,399)		(23,196)
Proceeds from the disposition of     Operating Partnerships		9,427,839		8,580,155
Net cash (used in) provided by investing activities		9,053,440		8,556,959
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,099,148		4,607,713
Cash and cash equivalents, beginning		10,156,227		7,526,780
Cash and cash equivalents, ending	$	14,255,375	$	12,134,493

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	69,485	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	902	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 20

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	628,786	$	(101,198)
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		(722,000)		(6,402)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(11,667)		(4,900)
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(120,195)		(207,549)
Net cash (used in) provided by  operating activities		(225,076)		(320,049)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		722,000		6,402
Net cash (used in) provided by investing activities		722,000		6,402
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		496,924		(313,647)
Cash and cash equivalents, beginning		158,143		479,690
Cash and cash equivalents, ending	$	655,067	$	166,043

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 21

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	16,841	$	(72,143)
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		(79,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		5,000		(10,000)
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(30,720)		(24,690)
Net cash (used in) provided by  operating activities		(87,879)		(106,833)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		79,000		-
Net cash (used in) provided by investing activities		79,000		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(8,879)		(106,833)
Cash and cash equivalents, beginning		128,750		244,322
Cash and cash equivalents, ending	$	119,871	$	137,489

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 22

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(83,398)	$	198,027
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		-		(318,670)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		53,000
Decrease (Increase) in other    assets		-		500
(Decrease) Increase in accounts    payable affiliates		(37,770)		2,786
Net cash (used in) provided by  operating activities		(121,168)		(64,357)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		318,670
Net cash (used in) provided by investing activities		-		318,670
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(121,168)		254,313
Cash and cash equivalents, beginning		223,347		156,063
Cash and cash equivalents, ending	$	102,179	$	410,376

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 23

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(101,702)	$	36,504
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		-		(82,930)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		7,500
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		49,139		27,609
Net cash (used in) provided by  operating activities		(52,563)		(11,317)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		82,930
Net cash (used in) provided by investing activities		-		82,930
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(52,563)		71,613
Cash and cash equivalents, beginning		172,186		114,217
Cash and cash equivalents, ending	$	119,623	$	185,830

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 24

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	1,543,733	$	1,653,866
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		(1,544,276)		(1,754,864)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		20,000		7,754
Decrease (Increase) in other    assets		3,422		-
(Decrease) Increase in accounts    payable affiliates		(2,468,363)		(226,411)
Net cash (used in) provided by  operating activities		(2,445,484)		(319,655)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		(9,999)
Proceeds from the disposition of     Operating Partnerships		1,544,276		1,754,864
Net cash (used in) provided by investing activities		1,544,276		1,744,865
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(901,208)		1,425,210
Cash and cash equivalents, beginning		1,726,961		278,922
Cash and cash equivalents, ending	$	825,753	$	1,704,132

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 25

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(51,325)	$	2,381,458
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		-		(2,424,100)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		4,022		(7,942)
Decrease (Increase) in other    assets		7,726		-
(Decrease) Increase in accounts    payable affiliates		-		(540,435)
Net cash (used in) provided by  operating activities		(39,577)		(591,019)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		618,889		2,424,100
Net cash (used in) provided by investing activities		618,889		2,424,100
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		579,312		1,833,081
Cash and cash equivalents, beginning		1,984,103		492,120
Cash and cash equivalents, ending	$	2,563,415	$	2,325,201

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,

(Unaudited)

Series 26

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	2,566,749	$	1,780,080
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		(2,601,619)		(1,948,350)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		27,500		13,914
Decrease (Increase) in other    assets		4,363		3,628
(Decrease) Increase in accounts    payable affiliates		(499,347)		(697,259)
Net cash (used in) provided by  operating activities		(502,354)		(847,987)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		(13,197)
Proceeds from the disposition of     Operating Partnerships		2,601,619		1,948,350
Net cash (used in) provided by investing activities		2,601,619		1,935,153
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,099,265		1,087,166
Cash and cash equivalents, beginning		271,051		563,940
Cash and cash equivalents, ending	$	2,370,316	$	1,651,106

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 27

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	2,415,329	$	472,920
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		49,043
Distributions from Operating    Partnerships		-		-
Share of (income) loss from     Operating Partnerships		(2,508,394)		(582,228)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		2,500		8,257
Decrease (Increase) in other    assets		733		-
(Decrease) Increase in accounts    payable affiliates		(204,260)		(627,915)
Net cash (used in) provided by  operating activities		(294,092)		(679,923)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		2,508,394		582,228
Net cash (used in) provided by investing activities		2,508,394		582,228
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,214,302		(97,695)
Cash and cash equivalents, beginning		230,059		312,310
Cash and cash equivalents, ending	$	2,444,361	$	214,615

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 28

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	1,055,670	$	169,881
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		(939,495)		(44,775)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		7,500		(5,070)
Decrease (Increase) in other    assets		733		-
(Decrease) Increase in accounts    payable affiliates		(49,091)		(156,099)
Net cash (used in) provided by  operating activities		75,317		(36,063)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		939,495		44,775
Net cash (used in) provided by investing activities		939,495		44,775
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,014,812		8,712
Cash and cash equivalents, beginning		386,279		329,156
Cash and cash equivalents, ending	$	1,401,091	$	337,868

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,

(Unaudited)

Series 29

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	115,470	$	(322,263)
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		(344,656)		-
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		17,500		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		115,311		198,553
Net cash (used in) provided by  operating activities		(96,375)		(123,710)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		342,694		-
Net cash (used in) provided by investing activities		342,694		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		246,319		(123,710)
Cash and cash equivalents, beginning		82,084		246,671
Cash and cash equivalents, ending	$	328,403	$	122,961

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 30

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(140,129)	$	(62,309)
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		-		(72,943)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		(5,700)
(Decrease) Increase in accounts    payable affiliates		116,361		26,276
Net cash (used in) provided by  operating activities		(23,768)		(114,676)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		72,943
Net cash (used in) provided by investing activities		-		72,943
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(23,768)		(41,733)
Cash and cash equivalents, beginning		269,758		304,531
Cash and cash equivalents, ending	$	245,990	$	262,798

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 31

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(218,759)	$	(94,676)
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		(15,000)		(48,230)
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		248,846		139,336
Net cash (used in) provided by  operating activities		20,087		(3,570)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		15,000		48,230
Net cash (used in) provided by investing activities		15,000		48,230
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		35,087		44,660
Cash and cash equivalents, beginning		233,992		185,230
Cash and cash equivalents, ending	$	269,079	$	229,890

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 32

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(160,266)	$	(187,601)
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		(3,428)		(1,449)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		(1,449)
(Decrease) Increase in accounts    payable affiliates		204,183		112,571
Net cash (used in) provided by  operating activities		40,489		(77,928)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		(100,590)		-
Proceeds from the disposition of     Operating Partnerships		3,428		1,449
Net cash (used in) provided by investing activities		(97,162)		1,449
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(56,673)		(76,479)
Cash and cash equivalents, beginning		337,905		429,921
Cash and cash equivalents, ending	$	281,232	$	353,442

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	69,485	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 33

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(98,971)	$	(91,974)
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		92,556		17,556
Net cash (used in) provided by  operating activities		(6,415)		(74,418)
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		(6,415)		(74,418)
Cash and cash equivalents, beginning		201,600		277,132
Cash and cash equivalents, ending	$	195,185	$	202,714

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 34

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(168,903)	$	(200,546)
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		203,403		222,764
Net cash (used in) provided by  operating activities		34,500		22,218
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		34,500		22,218
Cash and cash equivalents, beginning		63,811		14,637
Cash and cash equivalents, ending	$	98,311	$	36,855

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 35

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(106,768)	$	(141,551)
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		-		(52,500)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		(41,800)
(Decrease) Increase in accounts    payable affiliates		156,309		162,510
Net cash (used in) provided by  operating activities		49,541		(73,341)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		52,500
Net cash (used in) provided by investing activities		-		52,500
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		49,541		(20,841)
Cash and cash equivalents, beginning		101,782		118,570
Cash and cash equivalents, ending	$	151,323	$	97,729

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 36

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(99,645)	$	1,210,340
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		-		(1,242,272)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		912		136,000
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		(900,640)		70,447
Net cash (used in) provided by  operating activities		(999,373)		174,515
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		1,242,272
Net cash (used in) provided by investing activities		-		1,242,272
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(999,373)		1,416,787
Cash and cash equivalents, beginning		1,437,216		159,780
Cash and cash equivalents, ending	$	437,843	$	1,576,567

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 37

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(132,905)	$	(138,765)
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		153,648		53,648
Net cash (used in) provided by  operating activities		20,743		(85,117)
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		20,743		(85,117)
Cash and cash equivalents, beginning		287,786		378,738
Cash and cash equivalents, ending	$	308,529	$	293,621

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 38

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(86,830)	$	(136,686)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		5,260
Share of (income) loss from     Operating Partnerships		-		24,773
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		123,300		23,300
Net cash (used in) provided by  operating activities		36,470		(83,353)
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		36,470		(83,353)
Cash and cash equivalents, beginning		175,521		224,156
Cash and cash equivalents, ending	$	211,991	$	140,803

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 39

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(114,857)	$	(213,816)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		-		7,601
Share of (income) loss from     Operating Partnerships		-		113,503
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		102,600		52,600
Net cash (used in) provided by  operating activities		(12,257)		(40,112)
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		(12,257)		(40,112)
Cash and cash equivalents, beginning		142,890		182,356
Cash and cash equivalents, ending	$	130,633	$	142,244

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 40

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(175,585)	$	(356,593)
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		-		190,043
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		160,774		155,980
				-
Net cash (used in) provided by  operating activities		(14,811)		(10,570)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(14,811)		(10,570)
Cash and cash equivalents, beginning		92,145		81,751
Cash and cash equivalents, ending	$	77,334	$	71,181

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 41

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(148,182)	$	(645,093)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		-		84,978
Distributions from Operating    Partnerships		-		2,265
Share of (income) loss from     Operating Partnerships		(52,000)		357,227
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		1,667		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		126,341		153,551
Net cash (used in) provided by  operating activities		(72,174)		(47,072)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		52,000		-
Net cash (used in) provided by investing activities		52,000		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(20,174)		(47,072)
Cash and cash equivalents, beginning		147,099		194,350
Cash and cash equivalents, ending	$	126,925	$	147,278

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 42

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(299,588)	$	(213,184)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		51,870		51,870
Distributions from Operating    Partnerships		2,505		46,454
Share of (income) loss from     Operating Partnerships		107,413		(5,769)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		136,525		37,065
Net cash (used in) provided by  operating activities		(1,275)		(83,564)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,275)		(83,564)
Cash and cash equivalents, beginning		259,722		341,295
Cash and cash equivalents, ending	$	258,447	$	257,731

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 43

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(489,085)	$	(394,054)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		50,094		50,094
Distributions from Operating    Partnerships		19,470		42,219
Share of (income) loss from     Operating Partnerships		246,350		153,354
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		(12,240)		(27,435)
(Decrease) Increase in accounts    payable affiliates		230,085		205,085
Net cash (used in) provided by  operating activities		44,674		29,263
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		(21,847)		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		(21,847)		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		22,827		29,263
Cash and cash equivalents, beginning		244,501		226,214
Cash and cash equivalents, ending	$	267,328	$	255,477

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 44

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(527,105)	$	(670,117)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		212,100		212,100
Distributions from Operating    Partnerships		-		12,037
Share of (income) loss from     Operating Partnerships		102,513		233,065
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(21,551)		-
Decrease (Increase) in other    assets		(45,764)		(33,539)
(Decrease) Increase in accounts    payable affiliates		224,343		188,525
Net cash (used in) provided by  operating activities		(55,464)		(57,929)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		(251,962)		-
Proceeds from the disposition of     Operating Partnerships		-		-
Net cash (used in) provided by investing activities		(251,962)		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(307,426)		(57,929)
Cash and cash equivalents, beginning		342,053		423,458
Cash and cash equivalents, ending	$	34,627	$	365,529

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	902	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 45

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(862,814)	$	(800,085)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		13,362		13,362
Distributions from Operating    Partnerships		20,578		31,804
Share of (income) loss from     Operating Partnerships		533,952		497,909
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(5,000)		5,875
Decrease (Increase) in other    assets		(143,780)		(5,442)
(Decrease) Increase in accounts    payable affiliates		229,413		49,923
Net cash (used in) provided by  operating activities		(214,289)		(206,654)
Cash flows from investing activities:
Capital contributions paid to      Operating Partnerships		-		-
Proceeds from the disposition of     Operating Partnerships		1,044		442
Net cash (used in) provided by investing activities		1,044		442
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(213,245)		(206,212)
Cash and cash equivalents, beginning		274,823		462,109
Cash and cash equivalents, ending	$	61,578	$	255,897

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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

Nine Months Ended December 31,
(Unaudited)

Series 46

		2013		2012
Cash flows from operating activities:
Net income (loss)	$	(645,183)	$	(616,179)
Adjustments to reconcile net income (loss) to net cash (used in)   provided by operating activities
Amortization		7,576		13,908
Distributions from Operating    Partnerships		12,481		13,409
Share of (income) loss from     Operating Partnerships		426,261		385,691
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in other    assets		-		-
(Decrease) Increase in accounts    payable affiliates		187,146		87,146
Net cash (used in) provided by  operating activities		(11,719)		(116,025)
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		(11,719)		(116,025)
Cash and cash equivalents, beginning		180,660		305,141
Cash and cash equivalents, ending	$	168,941	$	189,116

Supplemental schedule of noncash investing and financing activities:
	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-
	The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the 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
December 31, 2013
(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
December 31, 2013
(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	2,106,838	$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	2,292,151	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

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

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2013 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2013.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2013
(Unaudited)

Amortization

Acquisition costs were originally amortized on the straight-line method over 27.5 years. During the years ended March 31, 2013 and 2012, an impairment loss of $147,078 and $1,595,113, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be 4 years.

Accumulated amortization of acquisition costs by Series as of December 31, 2013 and 2012, are as follows:

	2013	2012
Series 27	$  -	$  245,219
Series 41	-	84,978
Series 42	121,030	51,870
Series 43	116,886	50,094
Series 44	1,343,299	1,060,499
Series 45	31,178	13,362
Series 46	7,576	13,908
	$1,619,969	$1,519,930

The annual amortization for deferred acquisition costs for the years ending December 31, 2014, 2015, 2016 and 2017 is estimated to be $446,667, $446,667, $446,667, and $111,665, respectively.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2013
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

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

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2013 and 2012, are as follows:

	2013	2012
Series 20	$   20,361	$   26,817
Series 21	15,552	16,770
Series 22	16,995	28,824
Series 23	22,679	27,602
Series 24	19,926	29,661
Series 25	11,877	19,760
Series 26	49,191	73,299
Series 27	48,694	56,731
Series 28	68,418	73,197
Series 29	74,877	82,851
Series 30	38,787	38,787
Series 31	82,592	83,127
Series 32	68,544	70,857
Series 33	30,852	30,852
Series 34	64,149	64,149
Series 35	50,520	50,520
Series 36	33,120	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	59,391	59,517
Series 42	62,175	62,175
Series 43	76,695	76,695
Series 44	71,175	71,175
Series 45	90,939	91,641
Series 46	62,382	62,382
	$1,316,411	$1,414,058

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2013
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the nine months ended December 31, 2013 and 2012 are as follows:

	2013	2012
Series 20	$  189,402	$  288,000
Series 21	79,000	75,000
Series 22	90,375	99,675
Series 23	18,900	62,750
Series 24	2,540,169	321,742
Series 25	35,631	603,807
Series 26	661,918	925,250
Series 27	364,802	801,000
Series 28	258,775	381,775
Series 29	131,631	50,000
Series 30	-	98,000
Series 31	-	123,230
Series 32	1,449	100,000
Series 33	-	75,000
Series 36	1,000,000	50,000
Series 37	-	100,000
Series 38	-	100,000
Series 39	-	50,000
Series 41	52,000	25,000
Series 42	50,000	150,000
Series 43	-	25,000
Series 44	-	25,000
Series 45	50,442	225,000
Series 46	-	100,000
	$5,524,494	$4,855,229

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2013 and 2012, the Fund has limited partnership interests in 369 and 406 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2013 and 2012 are as follows:

	2013	2012
Series 20	8	11
Series 21	4	6
Series 22	9	11
Series 23	11	11
Series 24	8	13
Series 25	7	8
Series 26	24	33
Series 27	10	13
Series 28	19	21
Series 29	17	21
Series 30	16	16
Series 31	24	25
Series 32	14	15
Series 33	8	8
Series 34	13	13
Series 35	10	10
Series 36	9	10

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	19	20
Series 42	21	21
Series 43	23	23
Series 44	9	10
Series 45	29	30
Series 46	15	15
	369	406

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at December 31, 2013 and 2012, are as follows:

	2013	2012
Series 22	$  9,352	$   9,352
Series 26	1,293	1,293
Series 27	10,020	10,020
Series 28	40,968	40,968
Series 29	8,235	10,197
Series 30	127,396	127,396
Series 31	66,294	66,294
Series 32	3,486	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	73,433
Series 43	99,265	121,112
Series 44	-	254,640
Series 45	16,724	16,724
	$664,260	$1,112,784

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2013
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the nine months ended December 31, 2013 the Fund disposed of thirty Operating Partnership. The Fund also had a partial disposition of one Operating Partnership. A summary of the dispositions by Series for December 31, 2013 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition *		Gain on Disposition
Series 20	3	-	$	722,000	$	722,000
Series 21	1	-		79,000		79,000
Series 22	1	-		-		-
Series 24	2	3		1,544,276		1,544,276
Series 25	-	-		618,889		-
Series 26	1	6		2,601,619		2,601,619
Series 27	2	1		2,508,394		2,508,394
Series 28	1	-		939,495		939,495
Series 29	2	2		342,694		344,656
Series 31	1	-		15,000		15,000
Series 32	1	-		3,428		3,428
Series 41	1	-		52,000		52,000
Series 44	-	1		-		-
Series 45	1	-		1,044		1,044
Total	17	13	$	9,427,839	$	8,810,912

* Fund proceeds from disposition include $618,889 recorded as a receivable as of March 31, 2013, for Series 25. Proceeds from disposition does not include $1,962 which was due to a writeoff of capital contribution payable for Series 29.

During the nine months ended December 31, 2012 the Fund disposed of thirty-nine Operating Partnerships. The Fund also received additional proceeds from six operating limited partnerships that were disposed of in the prior year of $1,263,136. A summary of the dispositions by Series for December 31, 2012 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain on Disposition
Series 20	1	-	$	6,402	$	6,402
Series 22	7	2		318,670		318,670
Series 23	4	-		82,930		82,930
Series 24	3	2		1,754,864		1,754,864
Series 25	2	1		2,424,100		2,424,100
Series 26	5	1		1,948,350		1,948,350
Series 27	1	1		582,228		582,228
Series 28	3	-		44,775		44,775
Series 30	1	-		72,943		72,943
Series 31	1	-		48,230		48,230
Series 32	-	-		1,449		1,449
Series 34	1	-		-		-
Series 35	1	-		52,500		52,500
Series 36	-	1		1,242,272		1,242,272
Series 42	1	-		-		-
Series 45	-	-		442		442
Total	31	8	$	8,580,155	$	8,580,155

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2013
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The gain 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.

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2013.

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

		2013	2012
Revenues
	Rental	$  96,775,255	$ 102,699,880
	Interest and other	2,880,833	3,106,840
		99,656,088	105,806,720
Expenses
	Interest	18,485,614	20,966,227
	Depreciation and amortization	28,740,657	30,518,036
	Operating expenses	63,677,809	67,227,357
		110,904,080	118,711,620
NET LOSS		$(11,247,992)	$(12,904,900)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$(11,135,514)	$(12,775,850)
Net loss allocated to other Partners		$   (112,478)	$   (129,050)

* Amounts include $(9,717,981) and $(10,825,612) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 20

		2013	2012
Revenues
	Rental	$ 1,613,365	$ 1,952,970
	Interest and other	47,810	47,041
		1,661,175	2,000,011
Expenses
	Interest	304,573	333,465
	Depreciation and amortization	410,115	496,280
	Operating expenses	1,237,697	1,401,086
		1,952,385	2,230,831
NET LOSS		$ (291,210)	$ (230,820)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (288,298)	$ (228,512)
Net loss allocated to other Partners		$   (2,912)	$   (2,308)

* Amounts include $(288,298) and $(228,512) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 21

		2013	2012
Revenues
	Rental	$1,420,425	$ 1,484,011
	Interest and other	17,811	23,048
		1,438,236	1,507,059
Expenses
	Interest	391,381	455,981
	Depreciation and amortization	255,973	254,424
	Operating expenses	793,317	893,306
		1,440,671	1,603,711
NET LOSS		$   (2,435)	$  (96,652)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$   (2,411)	$  (95,685)
Net loss allocated to other Partners		$      (24)	$     (967)

* Amounts include $(2,411) and $(95,685) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 22

		2013	2012
Revenues
	Rental	$ 1,317,171	$ 2,111,317
	Interest and other	29,434	59,937
		1,346,605	2,171,254
Expenses
	Interest	221,714	363,317
	Depreciation and amortization	307,676	617,414
	Operating expenses	1,005,560	1,461,181
		1,534,950	2,441,912
NET LOSS		$ (188,345)	$ (270,658)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (186,462)	$ (267,951)
Net loss allocated to other Partners		$   (1,883)	$   (2,707)

* Amounts include $(186,462) and $(267,951) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 23

		2013	2012
Revenues
	Rental	$ 2,304,215	$ 2,593,172
	Interest and other	87,030	77,654
		2,391,245	2,670,826
Expenses
	Interest	378,293	421,501
	Depreciation and amortization	516,305	608,589
	Operating expenses	1,807,637	1,832,296
		2,702,235	2,862,386
NET LOSS		$ (310,990)	$ (191,560)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (307,879)	$ (189,643)
Net loss allocated to other Partners		$   (3,111)	$   (1,917)

* Amounts include $(307,879) and $(189,643) for 2013 and 2012, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 24

		2013	2012
Revenues
	Rental	$ 1,240,112	$ 1,871,076
	Interest and other	26,262	55,377
		1,266,374	1,926,453
Expenses
	Interest	164,731	298,135
	Depreciation and amortization	367,577	450,968
	Operating expenses	891,845	1,297,640
		1,424,153	2,046,743
NET LOSS		$ (157,779)	$ (120,290)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (156,201)	$ (119,087)
Net loss allocated to other Partners		$   (1,578)	$   (1,203)

* Amounts include $(156,201) and $(119,087) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 25

		2013	2012
Revenues
	Rental	$   990,490	$ 1,552,463
	Interest and other	19,601	52,012
		1,010,091	1,604,475
Expenses
	Interest	161,238	290,886
	Depreciation and amortization	231,048	349,887
	Operating expenses	700,334	1,028,847
		1,092,620	1,669,620
NET LOSS		$  (82,529)	$  (65,145)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (81,704)	$  (64,494)
Net loss allocated to other Partners		$     (825)	$     (651)

* Amounts include $(81,704) and $(64,494) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 26

		2013	2012
Revenues
	Rental	$ 3,703,623	$ 5,628,627
	Interest and other	147,975	227,896
		3,851,598	5,856,523
Expenses
	Interest	596,996	992,344
	Depreciation and amortization	1,123,521	1,498,437
	Operating expenses	2,668,090	3,998,340
		4,388,607	6,489,121
NET LOSS		$ (537,009)	$ (632,598)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (531,639)	$ (626,272)
Net loss allocated to other Partners		$   (5,370)	$   (6,326)

* Amounts include $(531,639) and $(626,272) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 27

		2013	2012
Revenues
	Rental	$ 3,750,599	$ 4,114,136
	Interest and other	51,588	50,301
		3,802,187	4,164,437
Expenses
	Interest	794,729	972,422
	Depreciation and amortization	877,750	977,529
	Operating expenses	2,165,755	2,328,696
		3,838,234	4,278,647
NET LOSS		$  (36,047)	$ (114,210)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (35,687)	$ (113,068)
Net loss allocated to other Partners		$     (360)	$   (1,142)

* Amounts include $(35,687) and $(113,068) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 28

		2013	2012
Revenues
	Rental	$  5,116,918	$  5,343,142
	Interest and other	104,188	135,208
		5,221,106	5,478,350
Expenses
	Interest	786,405	948,641
	Depreciation and amortization	1,439,859	1,481,245
	Operating expenses	3,364,407	3,467,709
		5,590,671	5,897,595
NET LOSS		$  (369,565)	$  (419,245)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (365,869)	$  (415,053)
Net loss allocated to other Partners		$    (3,696)	$    (4,192)

* Amounts include $(365,869) and $(415,053) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 29

		2013	2012
Revenues
	Rental	$  5,180,534	$  5,644,887
	Interest and other	147,493	140,649
		5,328,027	5,785,536
Expenses
	Interest	904,271	1,009,213
	Depreciation and amortization	1,699,327	1,903,094
	Operating expenses	3,478,206	3,731,399
		6,081,804	6,643,706
NET LOSS		$  (753,777)	$  (858,170)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (746,239)	$  (849,588)
Net loss allocated to other Partners		$    (7,538)	$    (8,582)

* Amounts include $(746,239) and $(849,588) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 30

		2013	2012
Revenues
	Rental	$ 3,414,053	$ 3,430,602
	Interest and other	68,890	53,325
		3,482,943	3,483,927
Expenses
	Interest	450,721	512,340
	Depreciation and amortization	786,745	743,984
	Operating expenses	2,722,588	2,697,513
		3,960,054	3,953,837
NET LOSS		$ (477,111)	$ (469,910)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (472,340)	$ (465,211)
Net loss allocated to other Partners		$   (4,771)	$   (4,699)

* Amounts include $(472,340) and $(465,211) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 31

		2013	2012
Revenues
	Rental	$  7,449,157	$  7,651,490
	Interest and other	277,703	233,215
		7,726,860	7,884,705
Expenses
	Interest	1,086,482	1,237,764
	Depreciation and amortization	2,183,640	2,183,998
	Operating expenses	5,006,692	4,985,039
		8,276,814	8,406,801
NET LOSS		$  (549,954)	$  (522,096)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (544,454)	$  (516,875)
Net loss allocated to other Partners		$    (5,500)	$    (5,221)

* Amounts include $(544,454) and $(516,875) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 32

		2013	2012
Revenues
	Rental	$  4,360,111	$  4,406,448
	Interest and other	160,277	139,384
		4,520,388	4,545,832
Expenses
	Interest	836,418	910,403
	Depreciation and amortization	1,589,992	1,595,582
	Operating expenses	2,940,274	2,980,118
		5,366,684	5,486,103
NET LOSS		$  (846,296)	$  (940,271)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (837,833)	$  (930,868)
Net loss allocated to other Partners		$    (8,463)	$    (9,403)

* Amounts include $(837,833) and $(930,868) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 33

		2013	2012
Revenues
	Rental	$ 2,100,677	$ 2,035,789
	Interest and other	92,338	82,610
		2,193,015	2,118,399
Expenses
	Interest	444,559	497,574
	Depreciation and amortization	667,600	657,361
	Operating expenses	1,308,069	1,278,556
		2,420,228	2,433,491
NET LOSS		$ (227,213)	$ (315,092)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (224,941)	$ (311,942)
Net loss allocated to other Partners		$   (2,272)	$   (3,150)

* Amounts include $(224,941) and $(311,942) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,

(Unaudited)

Series 34

		2013	2012
Revenues
	Rental	$ 4,320,147	$ 4,291,153
	Interest and other	135,796	149,976
		4,455,943	4,441,129
Expenses
	Interest	636,784	727,171
	Depreciation and amortization	1,408,564	1,450,143
	Operating expenses	2,888,848	3,034,474
		4,934,196	5,211,788
NET LOSS		$ (478,253)	$ (770,659)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (473,470)	$ (762,952)
Net loss allocated to other Partners		$   (4,783)	$   (7,707)

* Amounts include $(473,470) and $(762,952) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,

(Unaudited)

Series 35

		2013	2012
Revenues
	Rental	$ 3,321,007	$ 3,415,277
	Interest and other	111,336	111,676
		3,432,343	3,526,953
Expenses
	Interest	601,131	688,745
	Depreciation and amortization	1,065,218	1,138,282
	Operating expenses	2,058,703	2,223,655
		3,725,052	4,050,682
NET LOSS		$ (292,709)	$ (523,729)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (289,782)	$ (518,492)
Net loss allocated to other Partners		$   (2,927)	$   (5,237)

* Amounts include $(289,782) and $(518,492) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 36

		2013	2012
Revenues
	Rental	$ 2,226,451	$ 2,532,370
	Interest and other	54,862	51,275
		2,281,313	2,583,645
Expenses
	Interest	422,755	565,438
	Depreciation and amortization	681,862	743,430
	Operating expenses	1,486,517	1,562,686
		2,591,134	2,871,554
NET LOSS		$ (309,821)	$ (287,909)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (306,723)	$ (285,030)
Net loss allocated to other Partners		$   (3,098)	$   (2,879)

* Amounts include $(306,723) and $(285,030) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 37

		2013	2012
Revenues
	Rental	$ 3,425,506	$ 3,318,593
	Interest and other	89,176	89,776
		3,514,682	3,408,369
Expenses
	Interest	534,400	530,200
	Depreciation and amortization	1,186,940	1,198,841
	Operating expenses	2,482,082	2,478,697
		4,203,422	4,207,738
NET LOSS		$ (688,740)	$ (799,369)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (681,853)	$ (791,375)
Net loss allocated to other Partners		$   (6,887)	$   (7,994)

* Amounts include $(681,853) and $(791,375) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 38

		2013	2012
Revenues
	Rental	$ 2,742,355	$ 2,653,395
	Interest and other	64,713	95,170
		2,807,068	2,748,565
Expenses
	Interest	545,786	582,746
	Depreciation and amortization	791,171	845,098
	Operating expenses	1,776,638	1,774,936
		3,113,595	3,202,780
NET LOSS		$ (306,527)	$ (454,215)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (303,462)	$ (449,673)
Net loss allocated to other Partners		$   (3,065)	$   (4,542)

* Amounts include $(303,462) and $(424,900) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 39

		2013	2012
Revenues
	Rental	$ 2,051,267	$ 1,917,038
	Interest and other	74,127	103,481
		2,125,394	2,020,519
Expenses
	Interest	381,191	379,418
	Depreciation and amortization	658,304	713,451
	Operating expenses	1,419,540	1,385,752
		2,459,035	2,478,621
NET LOSS		$ (333,641)	$ (458,102)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (330,305)	$ (453,521)
Net loss allocated to other Partners		$   (3,336)	$   (4,581)

* Amounts include $(330,305) and $(340,018) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 40

		2013	2012
Revenues
	Rental	$ 3,077,919	$ 3,308,765
	Interest and other	74,743	77,738
		3,152,662	3,386,503
Expenses
	Interest	680,754	669,553
	Depreciation and amortization	989,733	1,016,943
	Operating expenses	2,119,148	2,138,723
		3,789,635	3,825,219
NET LOSS		$ (636,973)	$ (438,716)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (630,603)	$ (434,329)
Net loss allocated to other Partners		$   (6,370)	$   (4,387)

* Amounts include $(630,603) and $(244,286) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 41

		2013	2012
Revenues
	Rental	$ 4,184,645	$ 4,172,724
	Interest and other	109,707	133,413
		4,294,352	4,306,137
Expenses
	Interest	875,912	935,899
	Depreciation and amortization	1,676,222	1,641,881
	Operating expenses	2,391,198	2,364,724
		4,943,332	4,942,504
NET LOSS		$ (648,980)	$ (636,367)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (642,490)	$ (630,003)
Net loss allocated to other Partners		$   (6,490)	$   (6,364)

* Amounts include $(642,490) and $(272,776) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 42

		2013	2012
Revenues
	Rental	$ 4,642,261	$ 4,605,637
	Interest and other	151,839	167,432
		4,794,100	4,773,069
Expenses
	Interest	962,345	1,026,347
	Depreciation and amortization	1,308,459	1,323,780
	Operating expenses	2,799,018	2,708,685
		5,069,822	5,058,812
NET LOSS		$ (275,722)	$ (285,743)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (272,965)	$ (282,886)
Net loss allocated to other Partners		$   (2,757)	$   (2,857)

* Amounts include $(165,552) and $(288,655) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 43

		2013	2012
Revenues
	Rental	$ 5,716,863	$ 5,517,463
	Interest and other	178,429	151,927
		5,895,292	5,669,390
Expenses
	Interest	1,102,099	1,104,215
	Depreciation and amortization	1,712,649	1,743,561
	Operating expenses	3,372,052	3,300,449
		6,186,800	6,148,225
NET LOSS		$ (291,508)	$ (478,835)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (288,593)	$ (474,047)
Net loss allocated to other Partners		$   (2,915)	$   (4,788)

* Amounts include $(42,243) and $(320,693) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 44

		2013	2012
Revenues
	Rental	$  5,846,657	$  5,669,739
	Interest and other	211,036	219,116
		6,057,693	5,888,855
Expenses
	Interest	1,776,274	1,828,807
	Depreciation and amortization	1,725,913	1,716,055
	Operating expenses	3,431,350	3,576,873
		6,933,537	7,121,735
NET LOSS		$  (875,844)	$(1,232,880)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (867,086)	$(1,220,551)
Net loss allocated to other Partners		$    (8,758)	$   (12,329)

* Amounts include $(764,573) and $(987,486) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 45

		2013	2012
Revenues
	Rental	$  7,151,010	$  7,417,902
	Interest and other	191,009	234,461
		7,342,019	7,652,363
Expenses
	Interest	1,511,863	1,685,914
	Depreciation and amortization	2,080,236	2,130,427
	Operating expenses	4,598,368	4,738,094
		8,190,467	8,554,435
NET LOSS		$  (848,448)	$  (902,072)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$  (839,964)	$  (893,051)
Net loss allocated to other Partners		$    (8,484)	$    (9,021)

* Amounts include $(304,968) and $(394,700) for 2013 and 2012, respectively, of net 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
December 31, 2013
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 46

		2013	2012
Revenues
	Rental	$ 4,107,717	$ 4,059,694
	Interest and other	155,660	143,742
		4,263,377	4,203,436
Expenses
	Interest	931,809	997,788
	Depreciation and amortization	998,258	1,037,352
	Operating expenses	2,763,876	2,557,883
		4,693,943	4,593,023
NET LOSS		$ (430,566)	$ (389,587)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (426,261)	$ (385,691)
Net loss allocated to other Partners		$   (4,305)	$   (3,896)

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
December 31, 2013

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2013 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. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2010 remain open.

NOTE G - SUBSEQUENT EVENTS

The Fund has entered into an agreement to dispose of the interest in one Operating Partnership. The estimated disposition price and other terms for the disposition of the Operating Partnership have been determined. The estimated proceeds to be received for the Operating Partnership is $100,000, the estimated gain on the sale of the Operating Partnership is $95,000, and the disposition is expected to be recognized in the fourth quarter of fiscal year 2014.

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, 2013. 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 was the proceeds of its Public Offering.  Other sources of liquidity include (i) interest earned on capital contributions unpaid for the nine months ended December 31, 2013 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves.  These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership.  The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee.  Fund management fees accrued during the quarter ended December 31, 2013 were $1,316,411 and total fund management fees accrued as of December 31, 2013 were $50,350,543. During the nine months ended December 31, 2013, $5,524,494 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 December 31, 2013, an affiliate of the general partner of the Fund advanced a total of $1,375,159 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable affiliates. During the nine months ended December 31, 2013, $50,686 was advanced to the Fund from an affiliate of the general partner. The advances made in the nine months ended, as well as the total advances made as of December 31, 2013, are as follows:

	Current
	Period	Total
Series 29	$ 6,363	$    6,363
Series 33	-	54,660
Series 34	10,956	131,798
Series 35	4,749	4,749
Series 39	-	220,455
Series 40	10,762	357,906
Series 41	-	359,757
Series 42	-	221,615
Series 44	10,818	10,818
Series 45	7,038	7,038
	$50,686	$1,375,159

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, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, 2013.

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 16 of the Operating Partnerships and 8 remain.

Prior to the quarter ended December 31, 2013, 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 10 of the Operating Partnerships and 4 remain.

Prior to the quarter ended December 31, 2013, 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 20 of the Operating Partnerships and 9 remain.

During the quarter ended December 31, 2013, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $9,352 as of December 31, 2013. 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 11 of the Operating Partnerships and 11 remain.

Prior to the quarter ended December 31, 2013, 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 16 of the Operating Partnerships and 8 remain.

Prior to the quarter ended December 31, 2013, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

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 15 of the Operating Partnerships and 7 remain.

Prior to the quarter ended December 31, 2013, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

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 21 of the Operating Partnerships and 24 remain.

During the quarter ended December 31, 2013, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable to 2 Operating Partnerships in the amount of $1,293, as of December 31, 2013. 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 6 of the Operating Partnerships and 10 remain.

During the quarter ended December 31, 2013, 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 December 31, 2013. 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. Series 28 has since sold its interest in 7 of the Operating Partnerships and 19 remain.

During the quarter ended December 31, 2013, Series 28 did not record any releases of capital contributions. Series 28 has outstanding contributions payable to 3 Operating Partnerships in the amount of $40,968 as of December 31, 2013. 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 5 of the Operating Partnerships and 17 remain.

During the quarter ended December 31, 2013, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of December 31, 2013. 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 4 of the Operating Partnerships and 16 remain.

During the quarter ended December 31, 2013, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 4 Operating Partnerships in the amount of $127,396 as of December 31, 2013. 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 3 of the Operating Partnerships and 24 remain.

During the quarter ended December 31, 2013, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of December 31, 2013. 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 3 of the Operating Partnerships and 14 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 December 31, 2013, Series 32 released $100,590 of capital contributions. Series 32 has outstanding contributions payable to 2 Operating Partnerships in the amount of $3,486 as of December 31, 2013. The remaining contributions 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 2 of the Operating Partnerships and 8 remain.

During the quarter ended December 31, 2013, 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 December 31, 2013. 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. Series 34 has since sold its interest in 1 of the Operating Partnerships and 13 remain.

Prior to the quarter ended December 31, 2013, 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. Series 35 has since sold its interest in 1 of the Operating Partnerships and 10 remain.

Prior to the quarter ended December 31, 2013, 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. Series 36 has since sold its interest in 2 of the Operating Partnerships and 9 remain.

Prior to the quarter ended December 31, 2013, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

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

During the quarter ended December 31, 2013, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of December 31, 2013. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

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

Prior to the quarter ended December 31, 2013, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of December 31, 2013. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, 2013, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,033,772 as of December 31, 2013. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended December 31, 2013, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of December 31, 2013. 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 4 of the Operating Partnerships and 19 remain.

During the quarter ended December 31, 2013, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of December 31, 2013. 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 2 of the Operating Partnerships and 21 remain.

During the quarter ended December 31, 2013, 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 December 31, 2013. 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 December 31, 2013, Series 43 released $21,847 of capital contributions. Series 43 has outstanding contributions payable to 2 Operating Partnerships in the amount of $99,265 as of December 31, 2013. 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 $35,589 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. Series 44 has since sold its interest in 1 of the Operating Partnerships and 9 remain.

Prior to the quarter ended December 31, 2013, Series 44 had released all payments of its capital contributions to the Operating Partnerships.

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 2 of the Operating Partnerships and 29 remain.

During the quarter ended December 31, 2013, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of December 31, 2013. 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 December 31, 2013, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of December 31, 2013 and 2012, the Fund held limited partnership interests in 369 and 406 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 and nine months ended December 31, 2013, are as follows:

	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee
Series 20	$   20,361	$     66	$   20,295
Series 21	15,552	-	15,552
Series 22	16,995	-	16,995
Series 23	22,679	-	22,679
Series 24	19,926	834	19,092
Series 25	11,877	750	11,127
Series 26	49,191	2,468	46,723
Series 27	48,694	10,375	38,319
Series 28	68,418	4,806	63,612
Series 29	74,877	6,869	68,008
Series 30	38,787	-	38,787
Series 31	82,592	13,724	68,868
Series 32	68,544	18,822	49,722
Series 33	30,852	-	30,852
Series 34	64,149	2,500	61,649
Series 35	50,520	36,799	13,721
Series 36	33,120	9,238	23,882
Series 37	51,216	-	51,216
Series 38	41,100	-	41,100
Series 39	34,200	-	34,200
Series 40	50,004	3,225	46,779
Series 41	59,391	1,745	57,646
Series 42	62,175	19,904	42,271
Series 43	76,695	22,989	53,706
Series 44	71,175	-	71,175
Series 45	90,939	3,496	87,443
Series 46	62,382	-	62,382
	$1,316,411	$158,610	$1,157,801

	9 Months Gross Fund Management Fee	9 Months Asset Management and Reporting Fee	9 Months Fund Management Fee Net of Asset Management and Reporting Fee
Series 20	$   69,207	$  10,039	$   59,168
Series 21	48,280	3,676	44,604
Series 22	52,605	5,000	47,605
Series 23	68,039	3,500	64,539
Series 24	71,806	105,697	(33,891)
Series 25	35,631	4,612	31,019
Series 26	162,571	181,315	(18,744)
Series 27	160,542	65,859	94,683
Series 28	209,684	116,474	93,210
Series 29	240,579	43,672	196,907
Series 30	116,361	8,888	107,473
Series 31	248,846	43,156	205,690
Series 32	205,632	38,632	167,000
Series 33	92,556	13,139	79,417
Series 34	192,447	8,139	184,308
Series 35	151,560	41,717	109,843
Series 36	99,360	14,523	84,837
Series 37	153,648	20,389	133,259
Series 38	123,300	11,899	111,401
Series 39	102,600	8,700	93,900
Series 40	150,012	8,439	141,573
Series 41	178,341	18,060	160,281
Series 42	186,525	53,682	132,843
Series 43	230,085	49,338	180,747
Series 44	213,525	46,117	167,408
Series 45	272,817	15,047	257,770
Series 46	187,146	14,394	172,752
	$4,023,705	$954,103	$3,069,602

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

Series 20

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 20 reflects a net loss from Operating Partnerships of $(291,210) and $(230,820), respectively, which includes depreciation and amortization of $410,115 and $496,280, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Northfield Apartments, L.P. (Willow Point I Apartments) is a 120-unit family property in Jackson, Mississippi. The property continued to operate below breakeven through the fourth quarter of 2013 due to low occupancy, high operating expenses and insufficient rental rates. Light traffic and slow unit turns have contributed to the average occupancy rate of 78% during 2013. The majority of work orders for unit turns are for new carpeting and cabinet repair. The maintenance staff struggles to complete the turns in a timely manner, if at all, due to being short staffed and lacking available credit from local vendors due to large existing outstanding payable balances. Conversely, management notes that the problems of resident skips and evictions for non-payment of rent have improved. Bad debt expense declined from $35,000 in the third quarter of 2013 to $14,000 in the fourth quarter. Management has made a more concerted effort to create a strong, qualified tenant portfolio. Unfortunately, this has reduced the total applicant pool and has slowed the pace of signing new tenants. Additionally, management struggles to improve occupancy at Willow Point I because the Jackson, MS market is saturated with newer affordable units at comparable rents. Consequently, to remain competitive, rents have been adjusted downward by $193 and $167 below the maximum allowable rates on two and three bedroom units, respectively. Management intends to reverse these rent adjustments once occupancy levels stabilize above 90%. Also, management is offering a special with one month free rent to new tenants. The constant tenant turnover has resulted in continuous maintenance and repair costs. In addition, the property is older and many fixtures require repair and replacement on a consistent basis. Maintenance expenses are expected to negatively impact the property for the foreseeable future. Operating expenses are also adversely impacted by the high water rates charged by the water company in Jackson, MS. The investment general partner continues weekly communication with the operating general partner to discuss operations and occupancy concerns. The mortgage payment and insurance and real estate tax escrows are current through December 31, 2013.

In 2010 the operating general partner pursued a workout plan with the first mortgage lender and stopped paying debt service in the third quarter of 2010 in an attempt to induce the lender to negotiate. In January 2012 the operating general partner advised the investment general partner that the lender had exercised its right to accelerate the mortgage. Since the operating general partner was unwilling to let this property go to foreclosure, the Operating Partnership filed for Chapter 11 bankruptcy protection on January 12, 2012. On April 6, 2012, the operating general partner submitted a reorganization plan to the bankruptcy court that featured restructuring of the secured and non-insider unsecured debt. The reorganization plan was subsequently amended on September 21, 2012 and was conditionally approved by the bankruptcy court pending approval by vote of all creditors and equity security holders. A final confirmation hearing was held on November 13, 2012 and the proposed plan was effectuated on December 21, 2012. The reorganization plan extended the loan maturity date from November 1, 2014 to November 1, 2017. In addition, all accrued interest, default interest, late fees and collection expenses have been deferred until maturity, but will not accrue any additional interest. Beginning on January 1, 2013 and continuing through the new loan maturity date, monthly interest only payments, based on the upheld 8.47% interest rate, are due and payable. At loan maturity a balloon payment equal to the current principal amount outstanding plus the aforementioned deferred amounts, approximately $2,990,623 in total, will be due. According to the operating general partner this will be addressed either through a refinancing or a potential re-syndication.

Note that the 15-year low income housing tax credit compliance period expired on December 31, 2009 with respect to Northfield Apartments, L.P. Now that the bankruptcy plan has been approved, the investment general partner intends to re-start the process of exploring various disposition strategies that would be consistent with the investment objectives of the investment partnership.

In December 2012, the investment general partner transferred its interest in Bradley Elderly, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $748,904 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $998 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,600 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,402 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,402 as of December 31, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

In July 2013, the investment general partner transferred its interest in Edison Lane LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $683,032 and cash proceeds to the investment partnership of $84,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $79,000 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $79,000 as of September 30, 2013.

In July 2013, the investment general partner transferred its interests in Forest Glen Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,259,434 and cash proceeds to the investment partnerships of $107,333 and $53,667 for Series 20 and Series 41, respectively. Of the total proceeds received, $3,333 and $1,667 for Series 20 and Series 41, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $104,000 and $52,000 for Series 20 and Series 41, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $104,000 and $52,000 for Series 20 and Series 41, respectively, as of September 30, 2013.

In October 2013, the investment general partner transferred its interest in Ashbury Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $957,665 and cash proceeds to the investment partnership of $550,000. Of the total proceeds received, $11,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $539,000 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $539,000 as of December 31, 2013.

Series 21

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 21 reflects a net loss from Operating Partnerships of $(2,435) and $(96,652), respectively, which includes depreciation and amortization of $255,973 and $254,424, 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 property in Winslow, Maine. The property operated below breakeven in 2013 due to high vacancy, insufficient rental rates, high operating expenses, and high debt service. The mortgage has been placed in default and the operating general partner filed for bankruptcy protection. Although the property continues to operate below breakeven through 2013, the replacement reserve account is being funded and the accounts payable balance has decreased substantially. As of December 31, 2013, the property is 96% occupied.

On October 11, 2011, the Maine State Housing Authority, the mortgage lender, issued a notice of default due to unpaid taxes, delays in past insurance payments, and underfunded tax, insurance, and replacement reserve escrow accounts. As of the end of the fourth quarter of 2011, the insurance payment issue had been resolved and the operating general partner had submitted a payment plan to MSHA to address the remaining default issues. To date, the operating general partner continues to present a workout plan to MSHA and is working to reduce the interest rate down to 6%. This will produce a savings of more than $50,000 annually, and would likely allow the property to operate above breakeven. If approved, at the end of year five, the operating general partner plans to explore various disposition opportunities consistent with the investment objectives of the investment partnership. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Fort Halifax Associates, LP.

Black River Run, LP (River Run Apartments) is a 48-unit family property located in Black River Falls, Wisconsin. 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 contacted the lender in the hope of gaining an interest only forbearance for a four-year period (the note matures in 2014). 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. However, the operating general partner continued discussions with the lender who eventually agreed to terminate the foreclosure proceeding, but in January of 2012 they issued a new notice of default on the loan. In April of 2012, the lender once again agreed to delay the foreclosure. However, on February 25, 2013, the investment general partner was notified that a foreclosure had occurred and was recorded in Jackson County, WI. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Black River Run, LP. The foreclosure sale that occurred did not result in any recapture or penalties because the property was 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 was recognized by the investment partnership as a result of the foreclosure.

In July 2013, the investment general partner transferred its interest in Holly Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $673,765 and cash proceeds to the investment partnership of $84,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $79,000 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $79,000 as of September 30, 2013.

Series 22

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 22 reflects a net loss from Operating Partnerships of $(188,345) and $(270,658), respectively, which includes depreciation and amortization of $307,676 and $617,414, 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 property in Litchfild Illinios. Occupancy at the property declined throughout the year ending in December 2013 at 81% occupied. The property continued to operate below breakeven in 2013 due to insufficient rental rates and the inability to generate the necessary income to support the parking lot lease and related maintenance expenses. Most of the 27 units are at the maximum allowable rents issued by Illinois Housing Development Authority (IHDA). A new 40-unit IHDA low income housing tax credit property opened in close proximity to Elks Towers in 2011. Competition from this neighboring property, with superior amenities, has adversely impacted occupancy and operations at Elks Tower. The operating general partner subsidizes the deficit by accruing payments towards a parking lot lease and an annual maintenance contract owed to a related entity. The mortgage, real estate taxes, and insurance payments are current through December 31, 2013. The low income housing tax credit compliance period expired on December 31, 2011.

Black River Run, LP (River Run Apartments) is a 48-unit family property located in Black River Falls, Wisconsin. 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 contacted the lender in the hope of gaining an interest only forbearance for a four-year period (the note matures in 2014). 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. However, the operating general partner continued discussions with the lender who eventually agreed to terminate the foreclosure proceeding, but in January of 2012 they issued a new notice of default on the loan. In April of 2012, the lender once again agreed to delay the foreclosure. However, on February 25, 2013, the investment general partner was notified that a foreclosure had occurred and was recorded in Jackson County, WI. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Black River Run, LP. The foreclosure sale that occurred did not result in any recapture or penalties because the property was 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 was recognized by the investment partnership as a result of the foreclosure.

In December 2012, the investment general partner transferred its interest in Richmond Hardin to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $727,661 and cash proceeds to the investment partnership of $34,240. 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. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,740 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,740 as of December 31, 2012.

In August 2012, the investment general partner transferred its interest in Cobblestone Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,337,601 and cash proceeds to the investment partnership of $45,375. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $41,875 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $41,875 as of September 30, 2012.

In August 2012, the investment general partner transferred its interest in Quankey Hills LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $945,439 and cash proceeds to the investment partnership of $33,000. Of the total proceeds received, $600 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $28,900 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,900 as of September 30, 2012.

In August 2012, the investment general partner transferred its interest in Salem Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $837,568 and cash proceeds to the investment partnership of $33,000. Of the total proceeds received, $600 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,900 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,900 as of September 30, 2012.

In November 2012, the investment general partner sold its interest in Philadelphia Housing I to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $521,444 and cash proceeds to the investment partnership of $38,000. Of the total proceeds received by the investment partnership, $15,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $23,000 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $23,000 as of December 31, 2012.

In November 2012, the investment general partner sold its interest in Philadelphia Housing II to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $814,722 and cash proceeds to the investment partnership of $59,375. Of the total proceeds received by the investment partnership, $15,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $44,375 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $44,375 as of December 31, 2012.

In December 2012, the investment general partner transferred its interest in Albemarle Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,327,770 and cash proceeds to the investment partnership of $49,500. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $46,000 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $46,000 as of December 31, 2012.

In December 2012, the investment general partner of Series 22 and Series 23 transferred their respective interests in Crystal City/Festus Partnership LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,191,310 and cash proceeds to the investment partnerships of $21,400 and $21,400 for Series 22 and Series 23, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,900 and $18,900 were returned to cash reserves held by Series 22 and Series 23, 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $18,900 and $18,900 for Series 22 and Series 23, respectively, as of December 31, 2012.

In December 2012, the investment general partner transferred its interest in Troy Villa to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,599,131 and cash proceeds to the investment partnership of $68,480. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $61,980 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $61,980 as of December 31, 2012.

In January 2013, the investment general partner transferred 50% of its interest in Lake City LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $610,340 and no cash proceeds to the investment partnership. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in February 2014 for the assumption of approximately $610,399 of the remaining outstanding mortgage balance and anticipated cash proceeds of $0. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded. 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.

In June 2013, the investment general partner transferred its interest in Roxbury Veterans Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,967,816 and no cash proceeds to the investment partnership. 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 transfer of the Operating Partnership was recorded.

Series 23

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 23 reflects a net loss from Operating Partnerships of $(310,990) and $(191,560), respectively, which includes depreciation and amortization of $516,305 and $608,589, 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. The property operated slightly below breakeven in 2011, and the property operated above breakeven in 2012. Through the fourth quarter of 2013, average occupancy increased slightly to 81% with operations trending below breakeven. Replacement reserves are underfunded and the accounts payable balance remains high. Further, over $360,000 is due from the operating general partner and affiliates for unapproved loans from the Operating Partnership. Additionally, the reporting from the operating general partner has been sporadic. The former management company was replaced on June 1, 2010, without the investment general partner's approval. There is minimal management oversight at the property as there is only one maintenance person on site on a consistent basis. The investment general partner continues to work 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 91% in the fourth quarter of 2013, the property operated below breakeven due to low economic occupancy caused by a soft rental market and insufficient rental rates. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in the area. 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. To date, the operating general partner has advanced $146,810 to cover 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.

In July 2012, the investment general partner transferred its interest in Mathis Apartments, Ltd. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $850,902 and cash proceeds to the investment partnership of $9,000. Of the total proceeds received, $2,625 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In July 2012, the investment general partner transferred its interest in Orange Grove Seniors to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $621,696 and cash proceeds to the investment partnership of $9,000. Of the total proceeds received, $2,625 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In December 2012, the investment general partner of Series 22 and Series 23 transferred their respective interests in Crystal City/Festus Partnership LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,191,310 and cash proceeds to the investment partnerships of $21,400 and $21,400 for Series 22 and Series 23, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,900 and $18,900 were returned to cash reserves held by Series 22 and Series 23, 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $18,900 and $18,900 for Series 22 and Series 23, respectively, as of December 31, 2012.

In December 2012, the investment general partner transferred its interest in St. Peters Villa to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,521,457 and cash proceeds to the investment partnership of $57,780. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $51,280 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $51,280 as of December 31, 2012.

Series 24

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 24 reflects a net loss from Operating Partnerships of $(157,779) and $(120,290), respectively, which includes depreciation and amortization of $367,577 and $450,968, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Commerce Parkway Limited Dividend Housing Associates (Park Meadows Apartments) is an 80-unit family property located in Gaylord, Michigan. The local market has suffered from a weak economy and significant job losses. In addition to the weak economy, there are two new LIHTC projects that recently opened in the market along with two others under construction. The two newly opened projects are located within three miles of Commerce Parkway and are contributing to the declining occupancy. In 2012, occupancy averaged 88% and the property operated slightly above breakeven. As of December 31, 2013 occupancy had declined to 74%. The operating general partner stated that continuing to increase the marketing budget will not counter the flow of tenants to the upgraded amenities at the newer properties. Only an increased renter pool as a result of an improved economy will reverse this trend. In spite of systemic economic challenges, efficient operating expense management allowed the property to operate above breakeven through December, 2013. The mortgage, taxes, and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Commerce Parkway Limited Dividend Housing Associates.

In September 2013, the investment general partner transferred its interest in Elm Street Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,577,900 and no cash proceeds to the investment partnership. 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 June 2012, the investment general partners of Boston Capital Tax Credit Fund III LP - Series 19 and Series 24 and Series 42 transferred their respective interests in Jeremy Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,804,427 and cash proceeds to the investment partnerships of $18,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively. Of the total proceeds received $13,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the respective investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds $5,000 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 19, Series 24 and Series 42, 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 transfer of the Operating Partnership was recorded as of June 30, 2012.

New Hilltop Apartments, Phase II (Hilltop Apartments) is a 72-unit property located in Laurens, SC. Only twenty-one of the property's units have rental assistance, and the property has trouble competing with properties that offer more units with rental assistance. Occupancy was 94% as of December 31, 2013. However, operations were below breakeven because increased concessions were required in order to maintain occupancy. Management continues to market the property through local media and civic organizations. The mortgage, real estate tax, insurance, and payables to non-related entities are current. The operating general partner's guarantee expired at the end of 2010. 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.

In April 2012, the investment general partner transferred its interest in Coolidge Pinal II Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,067,708 and cash proceeds to the investment partnership of $32,680. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $27,680 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $27,680 as of June 30, 2012.

In August 2012, the investment general partner transferred its interest in Edenfield Place Apartments LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,073,303 and receipt of a Promissory Note (the "Note") to the investment partnership in the amount of $156,952 maturing on December 31, 2012. The Note was paid on November 7, 2012. Of the amounts paid under the Note, $5,010 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $146,942 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 receivable for the gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, was recorded in the amount of $146,942 as of September 30, 2012. As of December 31, 2012 the proceeds were received and applied against the receivable. An additional gain of $9,999 was recorded on the transfer as of December 31, 2012.

In August 2012, with the consent of the investment general partner the operating general partner of Zwolle Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on August 17, 2012. The sales price of the property was $820,435, which included the outstanding mortgage balance of approximately $775,635 and cash proceeds to the investment partnership of $44,800. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $39,800 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership 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 $39,800 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In November 2012, the operating general partner of SG Wyandotte LP entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on December 28, 2012. The sales price of the property was $8,793,375, which included the outstanding mortgage balance of approximately $2,768,832 and cash proceeds to the investment partnerships of $1,533,196 and $2,117,270 for Series 24 and Series 25, respectively. Of the total proceeds received by the investment partnerships, $2,753 and $3,802 for Series 24 and Series 25, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $1,530,443 and $2,113,468 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 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 $1,530,443 and $2,113,468 for Series 24 and Series 25, respectively, as of December 31, 2012. In February 2013, the investment partnerships received additional proceeds for its share of the Operating Partnership's cash in the amount of $38,837 and $53,631, which were returned to the cash reserves held by Series 24 and Series 25, respectively.

In March 2013, the operating general partner of Lake Apartments I LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $446,821 and cash proceeds to the investment partnership of $338,016. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $301,516 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $301,516 as of September 30, 2013.

In July 2013, the investment general partner transferred its interest in Brooks Summit Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,060,799 and cash proceeds to the investment partnership of $126,000. Of the total proceeds received, $2,240 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $118,760 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $118,760 as of September 30, 2013.

In July 2013, the operating general partner of Century East IV, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner] and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $483,585 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013.

In July 2013, the operating general partner of Century East V, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner] and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $478,552 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013.

Series 25

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 25 reflects a net loss from Operating Partnerships of $(82,529) and $(65,145), respectively, which includes depreciation and amortization of $231,048 and $349,887, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 transfer of the Operating Partnership of the proceeds from the transfer, 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 $48,325 that was contingent upon several factors including timely completion of a minor rehabilitation on June 25, 2012. The additional proceeds were returned to cash reserves.

In August 2012, the investment general partner transferred its interest in 352 Lenox Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $541,368 and cash proceeds to the investment partnership of $263,807. Of the total proceeds received, $3,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $255,807 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $255,807 as of September 30, 2012.

In November 2012, the investment general partner transferred its interest in Mokapoke LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,163,254 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,500 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,500 as of December 31, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within ten years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

In November 2012, the operating general partner of SG Wyandotte LP entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on December 28, 2012. The sales price of the property was $8,793,375, which included the outstanding mortgage balance of approximately $2,768,832 and cash proceeds to the investment partnerships of $1,533,196 and $2,117,270 for Series 24 and Series 25, respectively. Of the total proceeds received by the investment partnerships, $2,753 and $3,802 for Series 24 and Series 25, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $1,530,443 and $2,113,468 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 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 $1,530,443 and $2,113,468 for Series 24 and Series 25, respectively, as of December 31, 2012. In February 2013, the investment partnerships received additional proceeds for its share of the Operating Partnership's cash in the amount of $38,837 and $53,631, which were returned to the cash reserves held by Series 24 and Series 25, respectively.

In January 2013, the investment general partner transferred 50% of its interest in Rose Square LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $185,416 and no cash proceeds to the investment partnership. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in February 2014 for the assumption of approximately $185,416 of the remaining outstanding mortgage balance and anticipated cash proceeds of $0. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded. 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.

In February 2013, the operating general partner of Century East II Apartments, Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on March 28, 2013. The sales price of the property was $1,380,000, which included the outstanding mortgage balance of approximately $1,043,783 and cash proceeds to the investment partnership of $626,889. Of the total proceeds received by the investment partnership, $3,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $618,889 were be 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 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 $618,889 as of March 31, 2013. As the proceeds from the sale were not received until April 2013 a receivable for the gain on the sale was recorded as of March 31, 2013.

Dublin Housing Associates, Phase II, A North Carolina LP (Rosewood Estates, Phase II), is a 16-unit, elderly property located in Bladenboro, NC. The property operated below breakeven in 2012. The low occupancy and insufficient rental rates largely contributed to the shortfall. During the first quarter of 2012, the operating general partner replaced the management company. During this transition, occupancy declined from 94% to 81%. As of March 31, 2013, occupancy increased to 100%, and remained 100% for April and May. Occupancy slipped during the month of June, to end the second quarter at 94%. Occupancy improved in September to 100%. Occupancy as of December 31, 2013 was 94%. Through June 30, 2013, the property operated at a deficit due to increased maintenance expenses. The property incurred $3,000 in exterminating expenses due to the treatment for termites in two homes. The property continued to operate at a slight deficit during the third quarter of 2013 when factoring in the funding of the required replacement reserves. Rural Development approved during the fourth quarter the withdrawal of $3,000 from the Replacement Reserve Account to reimburse operations. The property will operate slightly below breakeven through the fourth quarter as a result of the higher maintenance expenses and real estate taxes. Management conveyed that the financial statements are over accruing real estate taxes and the adjustment will be made at year end. Management has confirmed that the actual real estate taxes are within budget. Rural Development has approved the 2014 budget. The budget does not anticipate any rental increases. Rural Development approved a $25 rent increase in 2013. The mortgage, taxes and insurance were all current through December 31, 2013. The low income housing tax credit compliance period expired on December 31, 2011.

Series 26

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 24 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 26 reflects a net loss from Operating Partnerships of $(537,009) and $(632,598), respectively, which includes depreciation and amortization of $1,123,521 and $1,498,437, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Butler Estates A L.D.H.A. (Butler Estates Apartments) is a 10-unit property located in Leesville, Louisiana. Property operations are below breakeven due to continued low occupancy. Occupancy averaged 52% through the fourth quarter of 2013. To address the low occupancy, management continues to offer a move in concession and continues marketing the property through fliers to area businesses and through advertising in the local newspaper. The concession offered is an option to pay the security deposit, which is equal to one month's rent, in three monthly payments instead of one payment at move in. The investment general partner conducted a site visit in December 2012, which revealed significant deferred maintenance concerns. A follow up letter was sent to the operating general partner in January 2013 requesting the maintenance concerns be addressed within thirty days. The property was re-inspected on June 11, 2013, and though the specific items noted on the prior report had been addressed, the overall condition of the property remained poor. In follow-up with the operating general partner, the investment general partner suggested many property improvements including; paving the parking area, and replacing flooring, windows, roof shingles, kitchen cabinets and older appliances. The operating general partner replied in a letter dated September 10, 2013, that certain improvements will be made, while the other improvements will be budgeted for in 2014. The investment general partner continues to monitor repairs and improvements as well as occupancy levels at the property. The operating general partner funds operating deficits by deferring affiliated management company fees. All real estate tax and insurance payments are current. There is no debt on the property that requires current payments. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Butler Estates A L.D.H.A.

In March 2013, the operating general partner of Lake Apartments IV LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $490,926 and cash proceeds to the investment partnership of $184,675. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $148,175 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 $148,175 as of September 30, 2013.

In March 2013, the operating general partner of Lake Apartments V LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $482,917 and cash proceeds to the investment partnership of $332,003. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $295,503 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 $295,503 as of September 30, 2013.

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 transfer of the Operating Partnership of the proceeds from the transfer, 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 $153,712 that was contingent upon several factors including timely completion of a minor rehabilitation on June 25, 2012. The additional proceeds were returned to cash reserves.

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 transfer of the Operating Partnership of the proceeds from the transfer, 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 $95,056 that was contingent upon several factors including timely completion of a minor rehabilitation on June 25, 2012. The additional proceeds were returned to cash reserves.

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 transfer of the Operating Partnership of the proceeds from the transfer, 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 $289,475 that was contingent upon several factors including timely completion of a minor rehabilitation on June 25, 2012. The additional proceeds were returned to cash reserves.

T.R. Bobb Apartments Partnership, A L.D.H.A. (T.R. Bobb Apartments) is a 30-unit property in New Iberia, Louisiana. Through the fourth quarter of 2013, the property averaged 79% occupancy and operated slightly below breakeven. Marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. The onsite management team is offering a move-in incentive to encourage qualified applicants to lease. The incentive is an option to pay the security deposit, which is equal to one month's rent, over three months rather than in a lump sum at move in. The operating general partner attributes the lack of qualified applicants to the location of the property, which is in a commercial area directly impacted by the locally weak economy. The investment general partner visited the property on March 14, 2013, and found the property in need of capital repairs including flooring, driveway repairs, and new signage. The operating general partner stated that the items will be assessed and budgeted for repair in 2014. All mortgage, real estate tax and insurance payments are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to T.R. Bobb Apartments Partnership, A L.D.H.A.

In January 2012, the investment general partner transferred 50% of its interest in Little Valley Estates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $548,864 and cash proceeds to the investment partnership of $1. Of the total proceeds received, $1 was returned to cash reserves held by Series 26. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in January 2013 for the assumption of approximately $548,865 of the remaining outstanding mortgage balance and 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1 as of January 31, 2012. 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.

In January 2012, the investment general partner transferred 50% of its interest in Tremont Station LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $552,029 and cash proceeds to the investment partnership of $1. Of the total proceeds received, $1 was returned to cash reserves held by Series 26. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in January 2013 for the assumption of approximately $552,028 of the remaining outstanding mortgage balance and 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 limited partnership's investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1 as of January 31, 2012. 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.

In July 2012, the investment general partner transferred its interest in Edgewood Estates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $551,073 and cash proceeds to the investment partnership of $14,668. Of the total proceeds received, $5,668 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,625 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In July 2012, the investment general partner transferred its interest in The Willows to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,052,508 and cash proceeds to the investment partnership of $12,030. Of the total proceeds received, $3,030 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,625 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In August 2012, the investment general partner transferred its interest in Decro Nordhoff Apartments LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,846,531 and cash proceeds to the investment partnership of $2,501. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $1 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1 as of September 30, 2012.

In September 2012, the investment general partner transferred its interest in Mosby Forest LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $484,330 and cash proceeds to the investment partnership of $33,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $29,500 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of September 30, 2012.

In November 2012, the investment general partners of Series 26, Series 32 and Series 45 transferred 50% of their respective interests in 200 East Avenue Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,118,291 and cash proceeds to the investment partnerships of $1,772, $1,449 and $5,442 for Series 26, Series 32 and Series 45, respectively. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $1,772, $1,449 and $442 were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The remaining 50% investment limited partner interests in the Operating Partnership was transferred in December 2013 for the assumption of approximately $4,118,291 of the remaining outstanding mortgage balance and cash proceeds of $4,191, $3,428 and $1,044 which were returned to cash reserves held by Series 26, Series 32 and Series 45, 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,772, $1,449 and $442 for Series 26, Series 32 and Series 45, respectively, as of December 31, 2012. An additional gain on for the remaining 50% transfer of $4,191, $3,428 and $1,044 for Series 26, Series 32 and Series 45, respectively, was recorded as of December 31, 2013.

In November 2012, the operating general partner of SG Hazeltine LP entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on December 28, 2012. The sales price of the property was $3,419,640, which included the outstanding mortgage balance of approximately $1,204,952 and cash proceeds to the investment partnership of $1,033,039. Of the total proceeds received by the investment partnership, $6,555 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,026,484 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 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 $1,026,484 as of December 31, 2012. In February 2013, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $58,923 which were returned to the cash reserves held by Series 26.

In December 2012, the investment general partner transferred its interest in Escher SRO Project to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,940,198 and cash proceeds to the investment partnership of $350,000. Of the total proceeds received, $10,400 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $339,600 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. The buyer executed a Post Transfer Compliance and Indemnity Agreement indemnifying Series 26 in the event of recapture. 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, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $339,600 as of December 31, 2012.

In July 2013, the operating general partner of Calgory Apartments I, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $454,702 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 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 $562,000 as of September 30, 2013.

In July 2013, the operating general partner of Calgory Apartments II, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $475,078 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 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 $562,000 as of September 30, 2013.

In July 2013, the operating general partner of Calgory Apartments III, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $444,996 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 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 $562,000 as of September 30, 2013.

In August 2013, the operating general partner of Country Edge Apartments LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on October 1, 2013. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $776,729 and cash proceeds to the investment partnership of $475,000. Of the total proceeds received by the investment partnership, $2,250 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $467,750 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 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 $467,750 as of December 31, 2013.

Series 27

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 27 reflects a net loss from Operating Partnerships of $(36,047) and $(114,210), respectively, which includes depreciation and amortization of $877,750 and $977,529, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2012, the operating general partner of Holly Heights Apartments, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on August 28, 2012. The sales price of the property was $510,000, which included the outstanding mortgage balance of approximately $446,116 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received by the investment partnership, $52,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. There were no remaining proceeds from the sale 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 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 of the proceeds from the sale has been recorded. In December 2012, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in amount of $11,619, which were used to pay reporting fees due to an affiliate of the investment partnership.

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property in Harlem, New York. Winn Residential became the managing agent effective October 1, 2010. During 2012 the property operated slightly below breakeven, and the property incurred a ($1,354) cash deficit. Even though the property was fully occupied in 2012, high operating expenses resulted in the below breakeven results. Total 2012 operating expenses increased 26% over 2011 results. The insurance expense increased by $14,000 due to the operating general partner switching insurance carriers during the year and paying the premium on two equivalent policies. In 2012, tenant receivables declined slightly by $1,000 but remained high at $14,716. Account payables decreased by $33,000 but accrued expenses and accrued management fees remained high.

Through the first quarter of 2013 occupancy remained at 100%, and the property operated below breakeven. The property continued to operate at a deficit through the second quarter of 2013. Through the first and second quarter, utilities exceeded budget projections by $5,500 and the 2012 prorated audited results by $16,000. After some research by management and a review of the supply contract, it was determined that the supplier for gas and electricity had been overcharging the utility companies the amounts of the billable rates. As a result, the property had been paying the incorrect billable amounts on the invoices. The property was reimbursed $2,619 for gas and $1,929 for electric. Management has confirmed that the issue has been resolved. Through December 2013, total operating expenses were well below budgeted projections. As a result of higher revenue and lower operating expenses, the property was able to generate operating cash. Management has confirmed that the New York State Housing and Community Development issued new tax credit rents. The 2014 operating budget has not been approved by the operating general partner, but management has proposed a 5% rent increase effective March 1, 2014. The operating general partner, under the direction of their Board of Directors, has decided not to execute the standard one year renewal contract with Winn Management, rather continue on a month to month basis at this time. Management has confirmed that the mortgage and insurance are current through December 31, 2013 (the property is tax exempt) As of December 31, 2013, physical occupancy remained at 100%. The low income housing tax credit compliance period expired on December 31, 2013.

In March 2013, the operating general partner of Lake Apartments II LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $478,993 and cash proceeds to the investment partnership of $345,019. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $308,519 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 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 $308,519 as of September 30, 2013.

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 transfer of the Operating Partnership of the proceeds from the transfer, 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 $575,945 that was contingent upon several factors including timely completion of a minor rehabilitation on June 25, 2012. The additional proceeds were returned to cash reserves.

Kiehl Partners, LP (Park Crest Apartments) is a 216-unit family property located in Sherwood, AR. During the fourth quarter, management had to hire the third site manager in 2013. Occupancy at Park Crest dropped to 64% in December 2013 as troubled tenants, whom previous managers had moved into the property, were evicted. Delinquent rent and evictions have a major impact on occupancy at the property. The eviction process in Arkansas cannot be reversed once initiated, so the tenant has three days to vacate the unit as a workout plan cannot be negotiated. To reduce the number of evictions, an increased emphasis has been placed on the screening process in attempt to attract higher quality tenants to the site. Traffic at the property remains strong but management has struggled to find qualified tenants that are not over income.

In January, 2014, the Qualified Contract at Park Crest Apartments expired. The property can begin the process of converting to a full market rate property over the next three years. This property must maintain compliance with the existing low income tenants for three years or until vacate, but new applicants are no longer subject to rent or income restrictions. This change will increase the applicant pool and management can approve tenants that were previously overqualified. The 77 units that are currently vacant, along with any units vacant after January 4, 2014 will be converted to market rate units. Management believes that these changes will increase occupancy through 2014 and improve operations. Total revenues increased by 4% in 2013, and the property operated above breakeven, largely due to annual optional bond redemption principal payments. All mortgage, tax and insurance payments are current through December 31, 2013. The low income housing tax credit compliance period expired on December 31, 2013.

C.R. Housing Limited Partnership (The Casa Rosa) is a 97-unit family property in San Juan, Puerto Rico. Despite the fact that all residents are receiving Section 8 rental assistance, the property operated below breakeven in 2012 due to insufficient rental rates, high operating expenses and high debt service. After averaging 94% occupancy in 2011, the property averaged 93% occupancy through December 2012. In 2013, the property continued to operate below breakeven due to insufficient rental rates, high operating expenses and high debt service. Management petitioned for a $7 rent increase in 2012 and 2013, but the petition was denied. High electric utility costs and maintenance expenses continued to hinder performance. The sole provider of electricity is estimated to have raised rates 72% in each of the last two years. Without an alternative provider, and because electricity is included in the rent, the property will be challenged by high electricity costs for the foreseeable future. Due to the age and design of the two buildings, whereby common kitchens and bathrooms serve multiple resident units and are heavily used, constant repair and maintenance is required, particularly to the plumbing infrastructure. Also, the elevator serving one building is in a constant state of disrepair due to the costs of service and the lack of replacement parts. The company that originally installed and serviced the elevator is no longer in business and there are no other vendors operating on the island. As a result, service calls and requests for parts are routed either to the U.S. or Canada, which inflates the expense of routine service calls. The operating general partner confirmed in December that the mortgage balance was fully repaid. The real estate taxes and insurance payments are current on the property through December 31, 2013. At the close of the fourth quarter of 2013, the investment general partner had not received quarterly occupancy numbers and financial reports. On December 31, 2013, the 15-year low income housing tax credit compliance period expired with respect to C.R. Housing, Limited Partnership.

In December 2012, the investment general partner transferred its interest in Harrisonville Heights LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $930,083 and cash proceeds to the investment partnership of $7,154. Of the total proceeds received, $114 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $757 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,283 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,283 as of December 31, 2012.

In October 2013, the investment general partner of Series 27 and Series 28, transferred their respective interests in Randolph Village Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,748,497 and cash proceeds to the investment partnerships of $2,200,250 and $893,301 for Series 27 and Series 28, respectively. Of the total proceeds received of $9,375 and $3,806 for Series 27 and Series 28, respectively, represents reporting fees due to an affiliate of the investment partnership. The remaining proceeds of approximately $2,190,875 and $889,495 for Series 27 and Series 28, 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,190,875 and $889,495 for Series 27 and Series 28, respectively, as of December 31, 2013.

In December 2013, the investment general partner transferred its interest in Pear Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $472,820 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of December 31, 2013.

Series 28

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 28 reflects a net loss from Operating Partnerships of $(369,565) and $(419,245), respectively, which includes depreciation and amortization of $1,439,859 and $1,481,245, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Maplewood Apartments Partnership (Maplewood Apartments) is a 40-unit property located in Winnfield, Louisiana. Through the fourth quarter of 2013 property operations were below breakeven due to low occupancy. The property averaged 81% occupancy in 2013. Management markets the property by distributing fliers to local businesses and advertising in area newspapers. The onsite management team continues to offer a move-in incentive to encourage qualified applicants to lease. The incentive is an option to pay the security deposit, which is equal to one month's rent, over the first three months of occupancy rather than in a lump sum at move in. Management is also working with the local Housing and Urban Development field office to obtain additional rental assistance vouchers. The operating general partner has stated that any deficits in 2013 will be funded by deferring related party management fees and, if necessary, they will advance funds to the operating partnership. The investment general partner inspected the property on June 10, 2013 and found it to be in good condition. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period for Maplewood Apartments Partnership expired on December 31, 2013.

1374 Boston Road, LP (1374 Boston Road) is a 15-unit property in Bronx, New York. The operating general partner has had a history of ignoring the terms of the Operating Partnership Agreement, yet believes that he is in compliance with it. In 2003, the operating general partner recorded a loan for $112,000 to cover a tax lien incurred during the construction period. Rather than the loan being subordinate, the operating general partner was making reimbursements back to himself. The investment general partner's repeated requests to restructure the loan were ignored. 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 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. Management has been unresponsive in providing regular reporting but unlike last year, management was present for the August 2013 investment general partner site inspection. Deferred maintenance items were cited, and have been addressed with management without a response back from them. Sporadic occupancy reports report the property is averaging 73% (11 out of 15 occupied) through September 2013. No reports were received for the fourth quarter. Reporting continues to be an ongoing issue and as of the last received reports, the property is operating below breakeven. The first mortgage was fully paid off as of December 31, 2010. The second mortgage matured in December 2012. There is insufficient operating cash to cover payables. However, the operating general partner continues to fund deficits. A demand notice for missing information was sent to the operating general partner requesting monthly reporting and updates on the maintenance and operations of the property. Despite the investment general partner's non-receipt of any quarterly reports, the operating general partner responded stating that he has been sending reports to the investment general partner and did not elaborate on property operations. The low income housing tax credit compliance period expired on December 31, 2011.

In July 2012, the investment general partner transferred its interest in Evangeline Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $929,592 and cash proceeds to the investment partnership of $32,200. Of the total proceeds received, $23,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,625 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 were returned to cash reserves held by Series 28. 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 transfer has been recorded in the amount of $6,375 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In July 2012, the investment general partner transferred its interest in Ashberry Manor, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $689,877 and cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $15,000 were returned to cash reserves held by Series 28. 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 transfer has been recorded in the amount of $15,000 as of September 30, 2012. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 5 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment general partner transferred its interest.

In August 2012, the investment general partner transferred its interest in Tilghman Square LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $643,875 and cash proceeds to the investment partnership of $27,500. Of the total proceeds received, $600 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $23,400 were returned to cash reserves held by Series 28. 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 transfer has been recorded in the amount of $23,400 as of September 30, 2012.

In January 2013, the investment general partner transferred its interest in Cottonwood Partnership, A LA Partnership in Commendam to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $687,538 and cash proceeds to the investment partnership of $30,600. Of the total proceeds received, $19,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,625 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,775 were returned to cash reserves held by Series 28. 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 transfer has been recorded in the amount of $8,775 as of March 31, 2013. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 15 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest. The investment general partner on behalf of the investment partnership also executed a Transfer and Assignment of Mineral Rights preserving the investment partnership's right to any potential proceeds that may be distributed from production of minerals at the property.

In May 2013, the investment general partner transferred 49% of its interest in Sumner House LP to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $122,500. Of the total proceeds received, $65,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $50,000 were returned to cash reserves held by Series 28. The remaining 51% investment limited partner interest in the Operating Partnership is scheduled to be transferred no later than June 2017 pending lender approval for anticipated cash proceeds of $127,500, which will be returned to the cash reserves held by Series 28. 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 transfer has been recorded in the amount of $50,000 as of June 30, 2013.

In October 2013, the investment general partner of Series 27 and Series 28, transferred their respective interests in Randolph Village Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,748,497 and cash proceeds to the investment partnerships of $2,200,250 and $893,301 for Series 27 and Series 28, respectively. Of the total proceeds received of $9,375 and $3,806 for Series 27 and Series 28, respectively, represents reporting fees due to an affiliate of the investment partnership. The remaining proceeds of approximately $2,190,875 and $889,495 for Series 27 and Series 28, 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,190,875 and $889,495 for Series 27 and Series 28, respectively, as of December 31, 2013.

Series 29

As of December 31, 2013 and 2012, the average Qualified Occupancy for the Series was 99.0%. The series had a total of 17 properties at December 31, 2013, of which 16 were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 29 reflects a net loss from Operating Partnerships of $(753,777) and $(858,170), respectively, which includes depreciation and amortization of $1,699,327 and $1,903,094, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2013, the operating general partner of Collins Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 4, 2013. The sales price of the property was $678,600, which included the outstanding mortgage balance of approximately $624,600 and cash proceeds to the investment partnership of $54,000. Of the total proceeds received by the investment partnership, $1,452 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $47,548 were returned to cash reserves held by Series 29. 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 has been recorded in the amount of $47,548 as of December 31, 2013. An additional gain of $1,962 was recorded on the sale as of December 31, 2013.

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 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 exposed 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 decision 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.

As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion "in aid of judgment" 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 as a result of local Missouri counsel not filing the petition to register the judgment until October 6, 2011. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to quash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This sent the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner's motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner was notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery.

Counsel for the investment general partner took a deposition of the operating general partner on August 8, 2012 in an effort to ascertain whether the operating general partner has the financial capacity to pay the judgment and penalties that have been awarded to date. Based on information revealed during the deposition, it appears that the operating general partner has been depleting its assets via transfers of assets to various family members. Counsel for the investment general partner filed a petition in Missouri Circuit Court on October 30, 2012 arguing that the aforementioned asset transfers were fraudulent, notifying the transferees that the assets they received from the guarantors were transferred to them fraudulently, and requesting that the subject transfers be voided. In late December 2012, the guarantors filed a motion with the court denying that the conveyance of assets was fraudulent. Counsel for the investment general partner responded in early January 2013 by requesting documentation on the asset transfers and explanations from the guarantors as to why the transfers were not fraudulent in nature under the Missouri Uniform Fraudulent Transfer Act. The defendant filed an appeal of the judgment in Massachusetts Court on January 22, 2013, the last day permitted for filing such an appeal. On March 7, 2013, counsel for the investment general partner filed its appeal brief with the Massachusetts Court. The Appellate Court Hearing was held on September 17, 2013. Although appellate judges in Massachusetts on average take six months to issue their ruling following a hearing, counsel for the investment general partner thought the hearing in September went very well for the plaintiffs and predicted a favorable ruling by year end 2013. This prediction turned out to be too optimistic since the judge has not issued his ruling as of January 17, 2014. Assuming an eventual favorable ruling from the appellate judge, counsel for the plaintiffs will then re-file a motion in Missouri Court to enforce the Massachusetts judgment. In September 2012, counsel for the investment general partner proposed a settlement equal to the judgment amount (waiving legal fees and interest penalties) to counsel for the operating general partner; this offer was rejected. To date, the parties remain unable to agree on the suitable size of a settlement.

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. Through the fourth quarter of 2013, occupancy averaged 97% and the property was able to operate 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 expired with respect to Bryson Apartments, Limited Partnership.

Northfield Apartments III, L.P. (Willow Point Apartments III) is a 120-unit property in Jackson, Mississippi. The property continued to operate below breakeven through the fourth quarter of 2013 due to low occupancy, high operating expenses, insufficient rental rates and burdensome debt service. Occupancy averaged 82% in 2013. The majority of work orders for unit turns are for new carpeting and cabinet repair. The maintenance staff struggles to complete the turns in a timely manner, if at all, due to being short staffed and lacking available credit from local vendors due to large existing outstanding payable balances. This is making turning units a challenge at the property and a major reason for the declining occupancy. As of December 31, 2013, the accounts payable balance was $250,000. Management has made a more concerted effort to create a stronger, more creditworthy tenant base at Willow Point Apartments III. Unfortunately, this has reduced the total applicant pool and slowed the pace of signing new tenants. Management continues to struggle with improving occupancy because the Jackson, MS market is saturated with newer affordable units at comparable rents. Consequently, to remain competitive, rents have been adjusted downward by $82, $178 and $152 below the maximum allowable rates on one, two and three bedroom units, respectively. Management intends on reversing these rent reductions once occupancy is stabilized at or above 90%. The constant tenant turnover has resulted in elevated maintenance and repair costs. In addition, since the property is older many fixtures require repair and replacement on a consistent basis. Maintenance expenses are expected to negatively impact the property for the foreseeable future. Operating expenses are also adversely impacted by the high water rates charged by the water company in Jackson, MS. The investment general partner continues bi-weekly communication with the operating general partner to review operations and occupancy concerns. The insurance payments are current as of December 31, 2013. The 2012 and 2013 real estate taxes are currently not paid. The unpaid taxes begin to accrue interest penalties and late fees when not paid by February 1 of the subsequent year. The operating general partner is assuming the lender will pay the outstanding taxes as a protective advance; however, conversations are ongoing between the lender and the operating general partner with no resolution as of January 17, 2014. Since the 2012 taxes were not paid prior to the August 31, 2013 payment deadline, the tax receivable was offered for sale to the public by the Hinds County Tax Collector; however, no sale was consummated. The operating general partner has informed the investment general partner that any back taxes would be paid prior to the end of the two year redemption period as permitted under Mississippi tax sale statutes. The property is financed with $4,250,000 of tax exempt bonds issued by the Mississippi Home Corporation and $275,000 of taxable bonds. The taxable bonds were paid in full during 2012. The monthly interest only payments on the tax exempt bonds are current as of December 31, 2013. The 15-year low income housing tax credit compliance period with respect to Northfield Apartments III, LP expired on December 31, 2012.

Kiehl Partners, LP (Park Crest Apartments) is a 216-unit family property located in Sherwood, AR. During the fourth quarter, management had to hire their third site manager of 2013. Occupancy at Park Crest dropped to 64% in December 2013 as troubled tenants, whom previous managers had moved into the property, were evicted. Delinquent rent and evictions have a major impact on occupancy at the property. The eviction process in Arkansas cannot be reversed once initiated, so the tenant has three days to vacate the unit as a workout plan cannot be negotiated. To reduce the number of evictions, an increased emphasis has been placed on the screening process in attempt to attract higher quality tenants to the site. Traffic at the property remains strong but management has struggled to find qualified tenants that are not over income.

In January, 2014, the Qualified Contract at Park Crest Apartments expired. The property can begin the process of converting to a full market rate property over the next three years. This property must maintain compliance with the existing low income tenants for three years or until vacate, but new applicants are no longer subject to rent or income restrictions. This change will increase the applicant pool and management can approve tenants that were previously overqualified. The 77 units that are currently vacant, along with any units vacant after January 4, 2014 will be converted to market rate units. Management believes that these changes will increase occupancy through 2014 and improve operations. Total revenues increased by 4% in 2013, and the property operated above breakeven, largely due to annual optional bond redemption principal payments. All mortgage, tax and insurance payments are current through December 31, 2013. The low income housing tax credit compliance period expired on December 31, 2013.

Westfield Apartments Partnership (Westfield Apartments) is a 40-unit property located in Welsh, Louisiana. Through the fourth quarter of 2013 operations were below breakeven due to low occupancy. Occupancy averaged only 73% for the year. Occupancy at the property has suffered since 2010 as a result of businesses closing and lack of employment in the area. A newly constructed development of single family homes located a half mile from the property has also negatively impacted occupancy. Management's marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. Management continues to offer a move-in incentive to encourage qualified applicants to lease. The incentive is an option to pay the security deposit, which is equal to one month's rent, over the first three months of occupancy rather than in a lump sum at move in. The operating general partner attributes the lack of qualified applicants to the locally weak economy but states new companies and employment opportunities are slowly returning to the area. The investment general partner conducted a site visit on June 12, 2013, and found the property to be in good condition. The operating general partner has stated that the 2013 deficit will be funded by deferring related party management company fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period for Westfield Apartments Partnership expired on December 31, 2013.

In August 2013, the investment general partner transferred its interest in Barrington Cove, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,962,630 and cash proceeds to the investment partnership of $100. The proceeds of $100 were returned to cash reserves held by Series 29. 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 transfer has been recorded in the amount of $100 as of September 30, 2013.

In December 2013, the operating general partner of Lutkin Bayou Apartments, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 4, 2013. The sales price of the property was $852,474, which included the outstanding mortgage balance of approximately $762,474 and cash proceeds to the investment partnership of $90,000. Of the total proceeds received by the investment partnership, $917 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $84,083 were returned to cash reserves held by Series 29. 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 has been recorded in the amount of $84,083 as of December 31, 2013.

In December 2013, the investment general partner transferred its interest in Northway Drive, Ltd. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,189,577 and cash proceeds to the investment partnership of $222,963. 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. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $210,963 were returned to cash reserves held by Series 29. 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 transfer has been recorded in the amount of $210,963 as of December 31, 2013.

Series 30

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 30 reflects a net loss from Operating Partnerships of $(477,111)and $(469,910), respectively, which includes depreciation and amortization of $786,745 and $743,984, 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. The property is operating below breakeven due to low occupancy as a result of its very rural location, which has resulted in limited rental demand. Occupancy averaged 77% in 2012, and after showing some improvement in early 2013, has trended back downwards, averaging 83% for the year 2013. The recent decline in occupancy has been attributed to seasonality, the loss of large employers in the area, replacement of on site manager earlier in 2013, and eviction of tenants. Management continues to run advertisements in local media outlets and distribute fliers in adjacent towns in hopes of attracting qualified tenants. Management has an ongoing dialogue with the local Department of Housing and Urban Development office seeking new residents and aid for current residents who have difficulty paying rent. Management notes that Gentry is not as desirable as nearby Shiloam Springs, and that the local applicant pool consists primarily of food factory employees, most of whom exceed income qualifications. As a rental incentive, management continues to offer two months of free electricity. In an effort to minimize expenses, property management completes as many work orders as possible in-house.

The Operating Partnership's $300,000 Arkansas Development Finance Authority loan has been restructured and the maturity date extended from June 1, 2013 to April 1, 2018. Cash flow is expected to improve slightly as a result of the restructuring as the new loan terms are more favorable and will reduce annual debt service. The ADFA loan was previously in default due to the Operating Partnership's inability to fund principal and interest payments because of insufficient cash flow. Modified terms include a reduction of the interest rate from 1% to 0%. Taxes and insurance are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Bellwood Four LP.

JMC, LLC (Farwell Mills Apts.) is a 27-unit property in Lisbon, ME. The property continued to operate below breakeven through the fourth quarter of 2013 due to high turnover costs, seasonal operating expenses, and required improvements to the property. Occupancy ended December 2013 at 90% as a result of higher than anticipated turnover during the third and fourth quarters. Additionally, in October a flood caused by a toilet overflow resulted in two down units which are currently being rehabbed and anticipated to be back on line by the end of the first quarter of 2014. Since the property is out of compliance, there is no risk of recapture. Management has received approval from Maine State Housing to lift affordability restrictions on 30% and 40% units and allow those apartments to rent at 50% rents through attrition. Management anticipates this will result in additional qualified applicants at turnover. The operating general partner funds cash deficits by deferring fees owed to affiliated management and maintenance companies. All tax, insurance, and mortgage payments are current. The operating general partner's operating deficit guarantee, capped at $400,000, expired in July 2013. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to JMC, LLC.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA. During the fourth quarter of 2013 occupancy decreased to 83% with 5 vacant units. Management feels that decrease in occupancy is timing issue and that occupancy will pick back up during the first quarter of 2014. Traffic at the property was steady until the extremely low temperatures experienced throughout the Council Bluffs, IA in December. As the rental market in the surrounding area continues to be competitive, the property is currently offering one free month of rent with a 12 month lease or the installation of a washer and dryer, which will remain in the unit upon move-out. Management also reduced the rent on the three bedroom units from $730 to $630 with a six month lease. Management continues to work on attracting more qualified prospects, but as the property ages, this remains a challenge. Operating expenses remained stable during the fourth quarter of 2013 and management implemented a $20 per unit rental increase upon lease renewal. The property is operating below breakeven through the December of 2013 due to the 2012 and 2013 HOME Loan payments of $20,000 that was recorded in July and December. In February 2012, the HOME loan was amended to defer principal and interest payments until the fourth quarter of 2012. The amended agreement called for $9,353 payable in the fourth quarter of 2012, $10,304 on August 15, 2013, $11,250 on August 15, 2014 and the remaining principal balance of $165,111 on August 15, 2015. All Iowa Home interest payments are current through 2014 and the Iowa Finance Authority granted approval to the operating general partner to defer the Home Loan principal payments until 2014. Deficits are funded through general partner advances. The taxes, insurance, and mortgage payments are all current through December 30, 2013. The low income housing tax credit compliance period expired on December 31, 2013.

In September 2012, the investment general partner of Series 30 and Series 34 transferred their interests in Millwood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $6,929,737 and nominal consideration to the investment partnerships. There are no cash proceeds to be returned to cash reserves held by Series 30 and Series 34, respectively. 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 was recognized by the investment partnership as a result of the transfer. In addition, the buyer executed a Post Transfer Compliance and Indemnity Agreement and a Guaranty Agreement indemnifying Series 30 and Series 34, respectively, in the event of recapture.

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 transfer of the Operating Partnership of the proceeds from the transfer, 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 $72,943 that was contingent upon several factors including timely completion of a minor rehabilitation on June 25, 2012. The additional proceeds were returned to cash reserves.

Jeffries Associates Limited Partnership (New River Gardens) is a 48-unit property located in Radford, Virginia. Occupancy improved significantly in 2013 and the property was 92% occupied as of December 31, 2013. Despite the improvement, the property operated below breakeven in 2013 due to high water and sewer costs that were caused by a water line leak beginning in July. Management fixed the water leak and paid the high water bill with funds from the operating cash account and the replacement reserve. As water and sewer costs remained high during the fourth quarter of 2013, management made additional repairs and is working to determine if all leaks have been addressed. During the fourth quarter, the City of Radford reimbursed the Operating Partnership for a portion of the excess water and sewer charges; however, the small reimbursement is unlikely to have a significant effect on year-end utility figures. An additional reimbursement may be received in early 2014. The investment general partner will continue to monitor expenses to ensure that all leaks have been addressed and that utility costs improve in 2014. The mortgage, tax and insurance payments are current. The tax credit compliance period for Jeffries Associates Limited Partnership ended on December 31, 2013. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Series 31

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 24 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 31 reflects a net loss from Operating Partnerships of $(549,954) and $(522,096), respectively, which includes depreciation and amortization of $2,183,640 and $2,183,998, 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 57% at the end of the fourth quarter of 2013. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. Maintenance costs remain high due to turnover. In addition, there were several gang-related incidents at or near the property in 2012. 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. 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 and higher expenses, the property operated below breakeven in the fourth quarter of 2013. All mortgage, insurance, and tax payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing One, LP.

Canton Housing Two (Canton Village Apartments) is a 42-unit property located in Canton, Mississippi. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. The struggle with vacancy is a direct reflection of economic conditions in Canton, where ongoing job losses have led to increased evictions and migration from the area. In addition, there were several gang-related incidents at or near the property in 2012. 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. The police officer stays at Canton Housing One, a nearby property. Management has also taken several measures in its effort to increase occupancy. Management continues to focus marketing efforts on internet advertising. They also perform outreach to the local HUD office, the Mississippi Housing Authority, and the Madison County housing agencies. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. As a result of marketing efforts occupancy increased to 88% as of December 31, 2013 and the property operated above breakeven in the fourth quarter. All mortgage, insurance, and tax payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing Two, LP.

Canton Housing Three, LP (Royal Estate Apartments) is a 32-unit property located in Canton, Mississippi. Occupancy was 97% as of December 31, 2013. The property experienced increased turnover primarily due to evictions for non-payment of rent and skips in 2013. The struggle with vacancy prior to 2013 was a direct reflection of economic conditions in Canton, where ongoing job losses have led to increased evictions and migration from the area. In addition, there were several gang-related incidents at or near the property in 2012. 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. The police officer stays at Canton Housing One, a nearby property. Management has also taken several measures which have resulted in increased occupancy. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. As a result of increased occupancy, the property operated slightly above breakeven in the fourth quarter of 2013. All mortgage, insurance, and tax payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing Three, LP.

Canton Housing Four, LP (Canton Manor Apartments) is a 32-unit property located in Canton, Mississippi. Occupancy was 81% as of December 31, 2013. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. The continued struggle with vacancy is a direct reflection of economic conditions in Canton, where ongoing job losses have led to increased evictions and migration from the area. In addition, there were several gang-related incidents at or near the property in 2012. 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. The police officer stays at Canton Housing One, a nearby property. 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. As a result of low occupancy, the property operated below breakeven in the fourth quarter of 2013. All mortgage, insurance, and tax payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing Four, LP.

Riverbend Housing Associates, LP (Riverbend Estates) is a 28-unit development in Biddeford, ME. The property continued to operate below breakeven through the fourth quarter of 2013 as a result of low occupancy and high utility and maintenance expenses. Occupancy dropped to 89% in April and May due to a bed bug outbreak in the first quarter. Occupancy ended December 2013 at 90%. To remediate the bed bug issue, management signed a costly pest control contract which increased maintenance expenses by $900 per month. Since there were no more cases of bed bugs in the third and fourth quarters, management has terminated the contract. The majority of the rental applicants only satisfy the 30% and 40% area median income standard rather than the targeted 60% level. Management has therefore reduced the rents in order to improve occupancy. In an effort to improve overall property performance, management hired an on-site manager in the third quarter; however, this person has already left. Management continues to search for a manager to improve property operations. 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 deficits by deferring fees owed to his management and maintenance companies. On December 31, 2013, the 15-year low income housing tax credit compliance period expired with respect to Riverbend Housing Associates, LP.

Seagraves Apartments, L.P., A Texas Limited Partnership, (Western Hills Apartments) is a 16-unit family property in Ferris, Texas. Occupancy averaged 79% in 2012 and the property operated below breakeven. According to the operating general partner, only 13 of the 16 total units offer rental assistance and management has difficulty finding qualified applicants that can afford the rent for the three non-rental assistance units. The USDA/RD approved a 2013 rent increase of $13 per one bedroom unit and $19 per two bedroom unit. Management continues to market the property through the approved Affirmative Fair Housing Marketing Plan. This plan consists of informational letters sent out biannually to local charity, church, and disability programs. Advertisements in local newspapers maintain exposure for the property and alert potential residents to specials offered for available units throughout the year. Despite these efforts occupancy remains low, averaging 82% year-to-date, with below breakeven operations. Another rent increase took effect on January 1, 2014, which should help the property achieve breakeven operations with only 13 units occupied. The balance sheet is weak with low operating cash and high payables. The operating general partner continues to fund deficits and all real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2014.

In August 2012, the investment general partner transferred its interest in San Angelo Bent Tree Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,294,384 and cash proceeds to the investment partnership of $118,230. Of the total proceeds received, $65,000 represents reporting fees due to an affiliate of the investment partnership and $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $48,230 were returned to cash reserves held by Series 31. 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 transfer has been recorded in the amount of $48,230 as of September 30, 2012.

Pilot Point Apartments, LP (Pilot Point Apartments) is a 40-unit family property in Pilot Point, Texas. The property is located approximately 60 miles north of Dallas. Thirty-six of the units receive USDA/RD rental assistance. Historically, management has had difficulty finding qualified applicants for the four units without rental assistance. The property operated below breakeven in 2012 due to high operating expenses and a decline in occupancy during the fourth quarter.  Although occupancy improved to 90% year-to-date, the property continues to operate below breakeven. Management increased advertising in the local newspapers to increase applicant traffic and managers from affiliated properties in the area are referring qualified applicants to Pilot Point. Still, management continues to have problems finding qualified tenants for the four units without assistance, which effectively causes the property to operate below breakeven with negative cash flow. The operating general partner continues to fund deficits with advances and by accruing affiliated property management fees; real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expired on December 31, 2013.

In November 2013, the investment general partner transferred its interest in Brittney Square Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $651,868 and cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,000 were returned to cash reserves held by Series 31. 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 transfer has been recorded in the amount of $15,000 as of December 31, 2013.

In January 2014, the investment general partner transferred its interest in Double Springs Manor II, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $263,863 and cash proceeds to the investment partnership of $100,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $95,000 were returned to cash reserves held by Series 31. 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.

Series 32

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2013, all of which were at 100% Qualified Occupancy

For the nine month periods ended December 31, 2013 and 2012, Series 32 reflects a net loss from Operating Partnerships of $(846,296) and $(940,271), respectively, which includes depreciation and amortization of $1,589,992 and $1,595,582, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 operating general partner engaged a third party management company to manage its portfolio of LIHTC properties including Clear Creek Apartments. This management company moderately improved operations; however, effective November 1, 2013 the operating general partner engaged a different third party management company in an effort to further improve property operations. The local economy in northern Indiana has improved only slightly in recent years, and in general it remains weak. Average occupancy was 93% in 2013 compared to 96% and 97% for 2012 and 2011, respectively. Rental rates remained flat in 2013 and are at a reduced level in order to compete with other properties in the sub-market. The property operated below breakeven in 2013 primarily due to an increase in vacancy loss as well as high maintenance and bad debt expenses. Net cash flows expended from property operations totaled ($52,402) and ($32,066) in 2012 and 2011, respectively. Negative operations have been financed by operating deficit advances from the operating general partner, even though its operating deficit guaranty expired in June 2004. The operating deficit advances provided by the operating general partner totaled $52,907 and $41,123 in 2012 and 2011, respectively. In 2008, the operating general partner entered into an $85,000 second mortgage note on behalf of the Operating Partnership with a lender other than the first mortgage lender. The second mortgage note was executed without the approval of either the investment general partner or the first mortgage lender. In October 2012 and again in December 2012, the first mortgage lender communicated to the operating general partner that the second mortgage note was in violation of the first mortgage covenants and that the first mortgage lender was reserving its rights which include declaring an event of default. In late December 2012, the second mortgage note, which had a balance at the time of approximately $45,000, was paid in full from funds advanced by the operating general partner. The mortgage, tax and insurance payments are current as of December 31, 2013.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 35-unit co-op property in Harlem, New York. The property operated below breakeven from 2005 - 2008 due to high utility, maintenance and administrative expenses combined with collection loss. In 2012 the property operated above breakeven, generating $62,000 of surplus cash. Tenant receivables as of December 31, 2012 were $19,520, which represented a decrease of $9,000 over the tenant receivables at year-end 2011. Vendor payables decreased by $41,000 in 2012 over 2011, but accrued expenses still remain high. Operations improved during the third quarter of 2013 as the property operated above breakeven. Total revenue exceeded budget projections slightly due to an increase in other revenue. Total operating expenses have decreased below budget even though maintenance expenses have trended up. The increase in year-to-date maintenance expenses was attributed to elevator and boiler repairs necessary to cure violations. Occupancy through December 31, 2013 remained at 100%, and the property operated at breakeven for the year. Management has stated that the New York State Housing and Community Development released new tax credit rents. Management has proposed to the operating general partner a 5% rent increase effective March 1, 2014. The operating general partner, under the direction of their Board of Directors, has decided not to renew the management contract with Winn for another year. The relationship will be on a month to month basis at this time. Mortgage and insurance are current through December 31, 2013 (the property is tax exempt). The low income housing tax credit compliance period expires on December 31, 2015.

In November 2012, the investment general partners of Series 26, Series 32 and Series 45 transferred 50% of their respective interests in 200 East Avenue Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,118,291 and cash proceeds to the investment partnerships of $1,772, $1,449 and $5,442 for Series 26, Series 32 and Series 45, respectively. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $1,772, $1,449 and $442 were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The remaining 50% investment limited partner interests in the Operating Partnership was transferred in December 2013 for the assumption of approximately $4,118,291 of the remaining outstanding mortgage balance and cash proceeds of $4,191, $3,428 and $1,044 which were returned to cash reserves held by Series 26, Series 32 and Series 45, 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,772, $1,449 and $442 for Series 26, Series 32 and Series 45, respectively, as of December 31, 2012. An additional gain on for the remaining 50% transfer of $4,191, $3,428 and $1,044 for Series 26, Series 32 and Series 45, respectively, was recorded as of December 31, 2013.

Pearl Partners, L.P. (Colony Park Apartments) is a 192-unit property located in Pearl, Mississippi. Through 2013, the property operated above breakeven and was 94% occupied as of December 31, 2013. On March 18, 2013, the property suffered roof and vinyl siding damage caused by a severe hail and wind storm. No residents were injured or displaced, and no credit loss is anticipated. Immediate repairs were conducted to make the buildings weather-tight. The operating general partner received the first round of insurance proceeds in September 2013 and initiated major roof and siding repairs. During the fourth quarter of 2013, the insurance company approved a supplemental claim to repair additional siding and the operating general partner anticipates all work to be completed during the first quarter of 2014. The investment general partner will continue to monitor the repair process and ensure that all repairs are completed in a timely manner. The mortgage, tax and insurance payments are current as of December 31, 2013.

Series 33

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 33 reflects a net loss from Operating Partnerships of $(227,213) and $(315,092), respectively, which includes depreciation and amortization of $667,600 and $657,361, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit family property in Dallas, GA. The property continued to operate below breakeven through the fourth quarter of 2013 due to high water and sewer rates, consistent bad debt expense, and elevated maintenance expense readying the property for a refinancing application by the operating general partner. Management recently discovered that a water meter had not been functioning properly for well over a year. The broken meter was under reporting water usage at the property. With the meter now repaired and actual usage being correctly reported, the water/sewer expense for Merchants Court increased in 2013. In June 2013, the property manager resigned due to a family relocation. This caused the property to experience a spike in evictions for nonpayment of rents and resident skips. In mid-August, an experienced property manager was hired and has strengthened the policy of strict rental collections by knocking on doors, charging late fees when applicable and filing dispossessory warrants on time every month. Occupancy at the property in 2013 has been strong, averaging 94%; however, a recent decline to 85% in December is attributed to the aforementioned rise in evictions for the non-payment of rent, resident skips, and fewer move-ins due to seasonal reasons and less qualified traffic. Fifty-five (55%)of the one hundred move-outs through December were from non-payment issues. Management continues with its marketing efforts by offering $200 off the first three month's rent to attract traffic and close on leases. Also, in light of the resident skip and eviction problem, management has focused on building a stronger tenant base. A formal applicant approval process is in place, including landlord, credit, criminal and rental background checks. In addition, since Georgia is a tenant-friendly state, causing the eviction process to be lengthy, management uniformly issues eviction notices to all delinquent tenants on the sixth day of each month. Trade payables have increased sharply during the fourth quarter due to unit turns and the decrease in rental revenue. The operating general partner has postponed its attempted refinancing of the existing 7.85% mortgage debt as a result of delays in finalizing its own corporate level restructure and recapitalization. Once the restructure is consummated, now forecasted to occur in the first quarter of 2014, Merchant Court's refinancing negotiations should resume. The property's financial health will need to improve before a lender will give serious consideration to refinancing the property. All mortgage and insurance payments are current as of December 31, 2013. The 2013 real estate taxes were due November 15, 2013 and were unpaid as of January 17, 2014. The 15-year low income housing tax credit compliance period with respect to Merchants Court expires on December 31, 2014.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. Despite strong occupancy of 100% as of December 31, 2013, the property continued to operate at a deficit through the fourth quarter of 2013 due to high utility and maintenance expenses. The high utility costs are directly related to the increased cost of fuel and an inefficient heating system. Maintenance expenses also continued to be high in the fourth quarter due to costly HVAC repairs. To offset the high expenses, management implemented a $15 rent increase effective May 1, 2013 for the 11 units with residents who do not have rental assistance. The rent increase will boost gross potential rent by $1,980 annually. 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.

Series 34

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 34 reflects a net loss from Operating Partnerships of $(478,253) and $(770,659), respectively, which includes depreciation and amortization of $1,408,564 and $1,450,143, 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.  In 2012 the property operated below breakeven due to high operating expenses.  Operating expenses increased approximately $6,500 from the prior year due to high maintenance costs. No reports have been received throughout 2013. The operating general partner has been unresponsive to various requests and questions from the investment general partner; specifically not addressing improvements to quarterly reporting as well as site visit follow up. According to a site inspection performed in November 2013, the property is in good condition and the tenant files are orderly. At the time of the inspection, the property was 80% occupied, which according to the property manager, is normal for the property. As of 2012 the mortgage, taxes and insurance were all current. The low income housing tax credit compliance period expires on December 31, 2013.

HWY. 18 Partners, LP (Summer Park Apartments) is a 216-unit family property located in Jackson, MS. Summer Park Apartments has historically struggled with low occupancy and high operating expenses. Occupancy increased in the fourth quarter and ended December 77% occupied with 50 vacant units. The major occupancy issues include high turnover rates and the lack of qualified tenants in the Jackson area. Many applicants are either over or under qualified. Management also struggles to get applications approved due to incomplete credit and landlord history. As traffic at the property remains strong, management decided to suspend all move-in specials. Management has implemented a new application process that they hope will improve the quality of tenants attracted to the property. All new tenants must have 12 months of verifiable landlord history and references. If a tenant cannot provide a landlord history, management can allow the tenant to move into the property provided that they remit a deposit equal to one month's full rent.

Management continues to focus on getting vacant units ready for occupancy but lacks the maintenance personnel required to turn all of the vacant units. Of the 50 vacant units at the property, three units are rent ready and the remaining 47 units need work completed. High trade payables and insufficient operating cash have made it difficult for management to keep existing vendors current. Management must wait for replacement reserve withdrawal approval before vendors are paid and work is completed. This has a significant impact on the timing of turning vacant units. Also impacting turnover at the property is the increased crime rate in the Jackson, MS area. There were two security related lawsuits against the property in 2012. The lawsuits were a result of the same incident involving an armed robbery at the property and were settled by the insurance company in April of 2013. A third lawsuit was filed in February 2013, resulting from an alleged car robbery on the property premises. The third lawsuit was settled by the Operating Partnership's insurance carrier in June 2013. Management does not expect a considerable increase in insurance premiums as result of the settlements. Management has added supplemental lighting to existing light poles and to the exterior of 14 buildings. Management has also increased the security force to three courtesy officers patrolling the property. These courtesy officers are police officers that reside at Summer Park Apartments rent free and regularly monitor the property. The additional lighting and courtesy officers have helped improve security as there has not been any substantial criminal activity reported at the property since inception of these initiatives. The property is operating above breakeven through November due to favorable debt service requirements associated with optional annual bond redemption payments. All mortgage, insurance and real estate tax payments are current as of December 31, 2013. The low income housing tax credit compliance period expires on December 31, 2014.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit family property in Dallas, GA. The property continued to operate below breakeven through the fourth quarter of 2013 due to high water and sewer rates, consistent bad debt expense, and elevated maintenance expense readying the property for a refinancing application by the operating general partner. Management recently discovered that a water meter had not been functioning properly for well over a year. The broken meter was under reporting water usage at the property. With the meter now repaired and actual usage being correctly reported, the water/sewer expense for Merchants Court increased in 2013. In June 2013, the property manager resigned due to a family relocation. This caused the property to experience a spike in evictions for nonpayment of rents and resident skips. In mid-August, an experienced property manager was hired and has strengthened the policy of strict rental collections by knocking on doors, charging late fees when applicable and filing dispossessory warrants on time every month. Occupancy at the property in 2013 has been strong, averaging 94%; however, a recent decline to 85% in December is attributed to the aforementioned rise in evictions for the non-payment of rent, resident skips, and fewer move-ins due to seasonal reasons and less qualified traffic. Fifty-five (55%)of the one hundred move-outs through December were from non-payment issues. Management continues with its marketing efforts by offering $200 off the first three month's rent to attract traffic and close on leases. Also, in light of the resident skip and eviction problem, management has focused on building a stronger tenant base. A formal applicant approval process is in place, including landlord, credit, criminal and rental background checks. In addition, since Georgia is a tenant-friendly state, causing the eviction process to be lengthy, management uniformly issues eviction notices to all delinquent tenants on the sixth day of each month. Trade payables have increased sharply during the fourth quarter due to unit turns and the decrease in rental revenue. The operating general partner has postponed its attempted refinancing of the existing 7.85% mortgage debt as a result of delays in finalizing its own corporate level restructure and recapitalization. Once the restructure is consummated, now forecasted to occur in the first quarter of 2014, Merchant Court's refinancing negotiations should resume. The property's financial health will need to improve before a lender will give serious consideration to refinancing the property. All mortgage and insurance payments are current as of December 31, 2013. The 2013 real estate taxes were due November 15, 2013 and were unpaid as of January 17, 2014. The 15-year low income housing tax credit compliance period with respect to Merchants Court expires on December 31, 2014.

RHP 96-I, LP (Hillside Club I Apartments) is a 56-unit property located in Petoskey, 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 a third party management company, who subsequently was able to make some modest improvements to property operations. Effective November 1, 2013 the operating general partner engaged a different third party management company in an effort to further improve property operations. Average occupancy was 92% in 2013, compared to and 92% and 91% in 2012 and 2011, respectively.

The local economy in northern Michigan suffered in 2008 - 2010 before starting to show some improvement beginning in 2011. Property operations have also improved recently. The property operated at about breakeven in 2013 as an increase in rental rates was offset by an increase in maintenance expense. Comparatively, net cash flow expended from property operations totaled ($10,586) and ($71,888) in 2012 and 2011, respectively. In 2012, the property experienced higher maintenance and bad debt expenses offset by higher rental income and lower real estate taxes (further discussed below). Negative operations were financed through increased payables. In 2011, the property suffered from increases in real estate taxes, utilities and maintenance expenses. As a result, negative operations in 2011 were funded through advances from the operating general partner and proceeds from a loan provided by the investment general partner (further discussed below). The operating general partner's unlimited operating deficit guarantee expired as of July 31, 2003.

On December 6, 2010 the Operating Partnership received a formal default notice from the first mortgage lender indicating a mortgage payment deficiency of $40,426. The first mortgage lender continued to accept monthly mortgage payments through June 2011 during the period of the ongoing mortgage default. 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. In addition, the Operating Partnership's 2010 PILOT payment of $31,697 was due to the local 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 bears interest at prime plus 1%, is payable from property cash flow by December 31, 2013, and is secured by the operating general partner's general partner interest in the Operating Partnership as well as cash flows from the general partnership interest in Hillside Club II LDHA LP, an unaffiliated entity that owns the adjacent, Phase II property.

The PILOT for Hillside Club I Apartments expired on December 31, 2010, resulting in an increase in real estate taxes from $31,697 in 2010 to $66,898 in 2011. On February 1, 2012, the lender issued a notice of default to the Operating Partnership because the real estate tax escrow did not have sufficient funds to pay the initial installment due to the taxing authority on February 14, 2012 of approximately $52,000. The lender subsequently used replacement reserves and other funds to make a protective advance to pay the initial real estate tax installment. On March 30, 2012, the operating general partner reached an installment payment agreement with the lender to repay the amount of the protective advance at the default rate and replenish the replacement reserves. The last payment installment to repay the protective advance was made by the operating general partner to the lender on April 30, 2012. In addition, the operating general partner reached an agreement with the taxing authority to reduce the assessed value of the property so that real estate taxes were reduced to approximately $34,000 in 2012 and projected to be at the same level in 2013. As of December 31, 2013, all mortgage, tax, and insurance payments are current. The 15-year low income housing tax credit compliance period with respect to RHP-I 96, LP expires on December 31, 2014.

In September 2012, the investment general partner of Boston Capital Tax Credit Fund IV LP - Series 30 and Series 34, respectively, transferred their interests in Millwood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $6,929,737 and nominal consideration to the investment partnerships. There are no cash proceeds to be returned to cash reserves held by Series 30 and Series 34, 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. 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 was recognized by the investment partnership as a result of the transfer. In addition, the buyer executed a Post Transfer Compliance and Indemnity Agreement and a Guaranty Agreement indemnifying Series 30 and Series 34, respectively, in the event of recapture.

Howard Park Limited Partnership (Howard Park Apartments) is a 16-unit family property in Florida City, FL. In 2007 the property was assessed incorrectly, resulting in high property taxes for years 2007 through 2009; property operations were unable to support the high real estate tax burden. The operating general partner was successful in reducing the property's assessed value for 2010 onward, but needed to provide a personal loan to pay the 2007 and 2008 taxes. The operating general partner should have made the personal loan to Howard Park as a subordinated operating general partner advance; however, improper monthly payments of principal and interest were made on the loan from the Operating Partnership during 2010 and 2011. This additional debt drove operations below breakeven despite high average occupancy.

A demand notice was sent to the operating general partner during the first quarter of 2012 requesting the return of the funds improperly paid out of the Operating Partnership toward the personal loan. The investment general partner also discussed the loan treatment with the auditors and the loan was properly reflected on the 2012 audit.

Real estate taxes of $46,930 are delinquent for the period of 2010 through 2012 and the property is at risk of a tax sale. The investment general partner is considering advancing funds directly to the taxing authority to avoid a tax sale. At the close of the fourth quarter of 2013, a tax sale date had not been scheduled. The operating general partner has not submitted the 2013 fourth quarter financial reports. Through December 2013, occupancy averaged 99% and the property continued to operate above breakeven. The low income housing tax credit compliance period expires on December 31, 2014.

Series 35

As of September 30, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 35 reflects a net loss from Operating Partnerships of $(292,709) and $(523,729), respectively, which includes depreciation and amortization of $1,065,218 and $1,138,282, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Columbia Woods Townhomes has historically struggled with high operating expenses, resulting in below breakeven operations for many years. Through the fourth quarter of 2013, the property continued to operate below breakeven due to concession loss, high operating expenses, and high debt payments. The property is located in a concession driven market, so management continues to offer a $99 security deposit move-in special along with a resident referral program. Despite slight dips, the occupancy remains strong averaging 96% year-to-date. The property continues to be marketed via rental websites and print advertising. The operating general partner is exploring refinancing options that would lower the debt service on the property. However, the current loan includes a substantial yield maintenance premium which would be incurred upon early repayment; thus far, the lender has been unwilling to negotiate this penalty. During the first quarter of 2013, the investment general partner conducted a site visit at the property. The property was found to be in good condition and the management team appeared well qualified to manage the property. The operating general partner's obligation to fund deficits under the operating deficit guaranty has expired; however, the operating general partner continues to fund deficits and has affirmed its commitment to continue doing so. Real estate taxes, mortgage and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2016.

In July 2012, the investment general partner transferred its interest in Brazoswood Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,835,833 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $2,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $52,500 were returned to cash reserves held by Series 35. 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 transfer has been recorded in the amount of $52,500 as of September 30, 2012.

Series 36

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 36 reflects a net loss from Operating Partnerships of $(309,821) and $(287,909), respectively, which includes depreciation and amortization of $681,862 and $743,430, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2012, the operating general partner of Aloha Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 21, 2012. The sales price of the property was $5,500,000, which included the outstanding mortgage balance of approximately $1,749,703, a seller's note equal to $750,000 (which the investment limited partnership has a 50% ownership interest), and cash proceeds to the investment partnership of $1,324,272. Of the total proceeds received by the investment partnership, $77,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,242,272 were returned to cash reserves held by Series 36. 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. The buyer executed a Post Transfer Compliance and Indemnity Agreement indemnifying Series 36 in the event of recapture. Note that the operating general partner wired an additional $131,000 from its share of the net sale proceeds to the investment general partner to be held as security for the Post Transfer Compliance and Indemnity Agreement. The $131,000 will be returned to the operating general partner approximately three years after the expiration of the compliance period assuming there is no event of recapture. 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 has been recorded in the amount of $1,242,272 as of December 31, 2012.

Nowata Village, LP (Nowata Village Apartments) is a 28-unit property in Nowata, OK. The property has historically operated with low occupancy and below breakeven operations. In 2012, the property averaged 88% occupancy and operated below breakeven as high maintenance expenses drove up total operating costs. Occupancy improved slightly in 2013, averaging 92% for the year. However, the property continued to operate below breakeven. In February, management had to replace two roofs due to storm damage. The replacements were covered by insurance proceeds, net of a $10,000 deductible. Expenses are expected to stabilize in 2014 following the completion of deferred maintenance items associated with updating units. Updates include floor and carpet replacements, new lighting and new appliances. A site visit was completed in September 2013 and the property was found to be in good condition. 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.

In January 2013, the investment general partner transferred its interest in Annadale Housing Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,571,733 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining proceeds returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded.

Series 37

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 37 reflects a net loss from Operating Partnerships of $(688,740) and $(799,369), respectively, which includes depreciation and amortization of $1,186,940 and $1,198,841, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Columbia Woods Townhomes has historically struggled high operating expenses, resulting in below breakeven operations for many years. Through the fourth quarter of 2013, the property continued to operate below breakeven due to concession loss, high operating expenses, and high debt payments. The property is located in a concession driven market, so management continues to offer a $99 security deposit move-in special along with a resident referral program. Despite slight dips, the occupancy remains strong averaging 96% year-to-date. The property continues to be marketed via rental websites and print advertising. The operating general partner is exploring refinancing options that would lower the debt service on the property. However, the current loan includes a substantial yield maintenance premium which would be incurred upon early repayment; thus far, the lender has been unwilling to negotiate this penalty. During the first quarter of 2013, the investment general partner conducted a site visit at the property. The property was found to be in good condition and the management team appeared well qualified to manage the property. The operating general partner's obligation to fund deficits under the operating deficit guaranty has expired; however, the operating general partner continues to fund deficits and has affirmed its commitment to continue doing so. Real estate taxes, mortgage and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2016.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. Despite strong occupancy of 100% as of December 31, 2013, the property continued to operate at a deficit through the fourth quarter of 2013 due to high utility and maintenance expenses. The high utility costs are directly related to the increased cost of fuel and an inefficient heating system. Maintenance expenses also continued to be high in the fourth quarter due to costly HVAC repairs. To offset the high expenses, management implemented a $15 rent increase effective May 1, 2013 for the 11 units with residents who do not have rental assistance. The rent increase will boost gross potential rent by $1,980 annually. 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 $900+/per month rents. Since the operating general partner does not have an affiliated property management company, the property has been managed since inception by third party property management agents. The property experienced a significant decline in operations and cash flow starting in the fourth quarter of 2006 and has struggled for a variety of reasons since then. Cash flow has been negative each year in 2007 through 2013. As of December 31, 2013, Baldwin Villas had significant unpaid debt service obligations, accrued real estate taxes, and operating payables. It also has several deferred maintenance items that could not be addressed due to the property's weak operating cash flow and lack of reserves.

Since 2008, Baldwin Villas has had numerous monetary and technical defaults on its first mortgage debt. The Operating Partnership obtained the initial funding for this project from variable rate bonds issued by the state housing authority. These bonds were secured by an irrevocable letter of credit issued by a local bank. The letter of credit fee, which had been accruing at approximately $33,000 per quarter, totaled approximately $213,000 on August 30, 2011 when the letter of credit was drawn on and the bonds were paid in full. This event converted the original bond financing for the Operating Partnership to a traditional commercial mortgage loan.

On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "Settlement Agreement") with the lender resulting in a new mortgage note (the "New Mortgage Note") being executed that is guaranteed by the operating general partner and its principals. Under the terms of the New Mortgage Note, the principal balance outstanding for the loan was confirmed at $4,809,749. In addition, there is a deferred amount owed to the bank for unpaid letter of credit fees and other bank costs (e.g. legal costs) of $459,856. The interest rate on the New Mortgage Note was set at 2% over prime. The New Mortgage Note had a maturity date of June 30, 2013, and monthly installments of $35,000 that commenced on October 22, 2011. According to the Settlement Agreement, Baldwin Villas was also required to make $30,000 installment payments in August and September 2011 to pay down the principal balance of the New Mortgage Note, as well as pay the past due 2009, 2010 and 2011 real estate taxes based on an agreed upon payment schedule. In addition, one of the principals of the operating general partner was required to pay the lender an additional $400,000 toward the mortgage debt with two, $200,000 installment payments, one due on April 30, 2012 and the second one due on November 30, 2012. Furthermore, as part of the Settlement Agreement, Baldwin Villas provided the lender with "consent and confession judgments" through the Circuit Court of Oakland County, MI, which, in the event of a default under the Settlement Agreement, would allow the lender to appoint a receiver who would have the authority to sell the property. The Settlement Agreement was executed without the knowledge or consent of the investment general partner.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In February 2013 and February 2012, the operating general partner provided approximately $98,500 and $109,000, respectively, to pay the 2010 and 2009 outstanding real estate taxes, interest and penalties. Furthermore, during 2013, 2012 and 2011, the operating general partner provided approximately $160,000, $448,500, and $146,500, respectively, of operating deficit advances to Baldwin Villas to satisfy certain required payment obligations of the New Mortgage Note and Settlement Agreement. From inception through December 31, 2013, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $962,500. As of December 31, 2013 certain required payments per the terms of the New Mortgage Note and Settlement Agreement had been made, others had not. The required monthly installment payments of the New Mortgage Note and Settlement Agreement were made through October 2013; however, as of December 31, 2013 the monthly installment payments were two months in arrears. In addition, the 2012 and 2011 real estate taxes and related interest and penalties, totaling approximately $117,000 and $117,600, respectively, had not been paid as of December 31, 2013. The operating general partner indicated that the $200,000 installment payment outlined above and due on April 30, 2012 was paid; however, the $200,000 installment payment that was due on November 30, 2012 has not been paid. The operating general partner continues to negotiate with the lender on an exit strategy for the property (discussed further below). Despite several payment defaults per the terms of the New Mortgage Note and Settlement Agreement, the operating general partner reported that no default notice had been received from the lender by the Operating Partnership as of December 31, 2013.

Average occupancy at the property in 2013 was 68%, compared to 65% and 79% in 2012 and 2011, respectively. The vacancy problem at the property is due to the continuing weakness in the local economy and limited job opportunities in the Pontiac area, as well as the lack of available capital to complete costly unit turns. The reported unemployment rate in Pontiac, MI for November 2013 was 18.8% compared to 8.8% for the State of Michigan. In recent years Section 8 vouchers have again become available and as of December 31, 2013 approximately 60% of the property's rented units are occupied by Section 8 voucher holders.

The property has operated significantly below breakeven for the past several years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family houses. In 2008 - 2010, maintenance expenses were very high due to extremely costly unit turn expenses for these single-family houses. During 2011 and 2012 maintenance expenses declined due to lower occupancy, less cash flow and limited capital from the operating general partner to address the property's maintenance needs. In 2013, management addressed the deferred maintenance in some vacant units making them rent ready with operating deficit advances of approximately $65,000 from the operating general partner. Although there are qualified tenants available, vacancies continue to remain high due to the lack of available funds to complete the costly unit turns. Utility expenses have also been a problem at the property since late 2010 when occupancy started to decline and the Operating Partnership needing to pay for basic heating and lighting costs (rather than tenants) for the increased number of vacant units. This problem continued during 2013.

In recent years the Operating Partnership has experienced significant negative operations. In 2013 and 2012, the Operating Partnership reported net cash flow of approximately ($480,000,unaudited) and ($665,046, audited), respectively, due to low occupancy and the resulting low rental revenue, high debt service payment requirements from the Settlement Agreement, and high real estate taxes. Negative operations were primarily funded by advances from the operating general partner, accrual of real estate taxes, and two months unpaid installment payments owed per the terms of the New Mortgage Note and Settlement Agreement. In 2011, the Operating Partnership expended net cash flows of ($606,688) funded primarily through the increase in mortgage debt from default fees from the Settlement Agreement and operating deficit advances from the operating general partner, as well as accruals of operating payables and real estate taxes.

Effective November 1, 2013 the operating general partner engaged a different third party management company in an effort to stabilize and improve property operations, as well as to better assist with a potential exit and sales strategy (further discussed below).

As noted above, as of December 31, 2013 the operating general partner reports that the lender has not yet issued a default notice to the Operating Partnership with regard to the New Mortgage Note and Settlement Agreement. In addition, the operating general partner indicated that it is negotiating with the lender to extend, re-structure, or pay off at a significant discount the New Mortgage Note that matured on June 30, 2013. As of December 31, 2013, the Operating Partnership remains current on its property insurance obligation. Real estate taxes for 2012 and 2011 totaling approximately $234,600 remain unpaid. The operating general partner indicated that it did file appeals for the 2012 and 2011 real estate taxes; these appeals are currently pending. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and unit turn costs which will improve occupancy at the property. The operating general partner is discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. As noted above, as of December 31, 2013, the lender has not issued a formal default notice despite the existence of numerous payment defaults per the terms of the New Mortgage Note and Settlement Agreement. If the property is foreclosed in 2014, the estimated tax credit recapture cost and interest penalty of $393,477 is equivalent to recapture and interest of $153 per 1,000 BACs. The 15-year low income housing tax credit compliance period with respect to Baldwin Villas expires on December 31, 2014.

HWY. 18 Partners, LP (Summer Park Apartments) is a 216-unit family property located in Jackson, MS. Summer Park Apartments has historically struggled with low occupancy and high operating expenses. Occupancy increased in the fourth quarter and ended December 77% occupied with 50 vacant units. The major occupancy issues include high turnover rates and the lack of qualified tenants in the Jackson area. Many applicants are either over or under qualified. Management also struggles to get applications approved due to incomplete credit and landlord history. As traffic at the property remains strong, management decided to suspend all move-in specials. Management has implemented a new application process that they hope will improve the quality of tenants attracted to the property. All new tenants must have 12 months of verifiable landlord history and references. If a tenant cannot provide a landlord history, management can allow the tenant to move into the property provided that they remit a deposit equal to one month's full rent.

Management continues to focus on getting vacant units ready for occupancy but lacks the maintenance personnel required to turn all of the vacant units. Of the 50 vacant units at the property, three units are rent ready and the remaining 47 units need work completed. High trade payables and insufficient operating cash have made it difficult for management to keep existing vendors current. Management must wait for replacement reserve withdrawal approval before vendors are paid and work is completed. This has a significant impact on the timing of turning vacant units. Also impacting turnover at the property is the increased crime rate in the Jackson, MS area. There were two security related lawsuits against the property in 2012. The lawsuits were a result of the same incident involving an armed robbery at the property and were settled by the insurance company in April of 2013. A third lawsuit was filed in February 2013, resulting from an alleged car robbery on the property premises. The third lawsuit was settled by the Operating Partnership's insurance carrier in June 2013. Management does not expect a considerable increase in insurance premiums as result of the settlements. Management has added supplemental lighting to existing light poles and to the exterior of 14 buildings. Management has also increased the security force to three courtesy officers patrolling the property. These courtesy officers are police officers that reside at Summer Park Apartments rent free and regularly monitor the property. The additional lighting and courtesy officers have helped improve security as there has not been any substantial criminal activity reported at the property since inception of these initiatives. The property is operating above breakeven through November due to favorable debt service requirements associated with optional annual bond redemption payments. All mortgage, insurance and real estate tax payments are current as of December 31, 2013. The low income housing tax credit compliance period expires on December 31, 2014.

Series 38

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2013, all of which were at 100% qualified occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 38 reflects a net loss from Operating Partnerships of $(306,527) and $(454,215), respectively, which includes depreciation and amortization of $791,171 and $845,098, 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 property in Woodstock, GA. The property has historically struggled to maintain occupancy above 90% and through the fourth quarter of 2013 occupancy averaged 88%. Management continues to market the property via a resident referral program, online rental websites, and print media. Operations remained below breakeven due to vacancy and concession loss as well as high operating expenses and high debt payments. The operating general partner is exploring refinancing options that would lower the debt service on the property. However, the current loan includes a substantial yield maintenance premium which would be incurred upon early repayment and the lender has been unwilling to negotiate this penalty. During the first quarter of 2013, the investment general partner conducted a site visit inspection at the property. The property was in good condition and the management team appeared qualified to manage the property. The operating general partner's obligation to fund deficits under the operating deficit guaranty has expired; however, the operating general partner continues to fund deficits. Real estate taxes, mortgage and insurance payments are current. The low income tax credit compliance period expires on December 31, 2016.

Series 39

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 39 reflects net loss from Operating Partnerships of $(333,641) and $(458,102), respectively, which includes depreciation and amortization of $658,304 and $713,451, 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 property in Woodstock, GA. The property has historically struggled to maintain occupancy above 90% and through the fourth quarter of 2013 occupancy averaged 88%. Management continues to market the property via a resident referral program, online rental websites, and print media. Operations remained below breakeven due to vacancy and concession loss as well as high operating expenses and high debt payments. The operating general partner is exploring refinancing options that would lower the debt service on the property. However, the current loan includes a substantial yield maintenance premium which would be incurred upon early repayment and the lender has been unwilling to negotiate this penalty. During the first quarter of 2013, the investment general partner conducted a site visit inspection at the property. The property was in good condition and the management team appeared qualified to manage the property. The operating general partner's obligation to fund deficits under the operating deficit guaranty has expired; however, the operating general partner continues to fund deficits. Real estate taxes, mortgage and insurance payments are current. The low income tax credit compliance period expires on December 31, 2016.

31, 2016.

Series 40

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2013, all of which at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 40 reflects a net loss from Operating Partnerships of $(636,973) and $(438,716), respectively, which includes depreciation and amortization of $989,733 and $1,016,943, 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 $900+/per month rents. Since the operating general partner does not have an affiliated property management company, the property has been managed since inception by third party property management agents. The property experienced a significant decline in operations and cash flow starting in the fourth quarter of 2006 and has struggled for a variety of reasons since then. Cash flow has been negative each year in 2007 through 2013. As of December 31, 2013, Baldwin Villas had significant unpaid debt service obligations, accrued real estate taxes, and operating payables. It also has several deferred maintenance items that could not be addressed due to the property's weak operating cash flow and lack of reserves.

Since 2008, Baldwin Villas has had numerous monetary and technical defaults on its first mortgage debt. The Operating Partnership obtained the initial funding for this project from variable rate bonds issued by the state housing authority. These bonds were secured by an irrevocable letter of credit issued by a local bank. The letter of credit fee, which had been accruing at approximately $33,000 per quarter, totaled approximately $213,000 on August 30, 2011 when the letter of credit was drawn on and the bonds were paid in full. This event converted the original bond financing for the Operating Partnership to a traditional commercial mortgage loan.

On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "Settlement Agreement") with the lender resulting in a new mortgage note (the "New Mortgage Note") being executed that is guaranteed by the operating general partner and its principals. Under the terms of the New Mortgage Note, the principal balance outstanding for the loan was confirmed at $4,809,749. In addition, there is a deferred amount owed to the bank for unpaid letter of credit fees and other bank costs (e.g. legal costs) of $459,856. The interest rate on the New Mortgage Note was set at 2% over prime. The New Mortgage Note had a maturity date of June 30, 2013, and monthly installments of $35,000 that commenced on October 22, 2011. According to the Settlement Agreement, Baldwin Villas was also required to make $30,000 installment payments in August and September 2011 to pay down the principal balance of the New Mortgage Note, as well as pay the past due 2009, 2010 and 2011 real estate taxes based on an agreed upon payment schedule. In addition, one of the principals of the operating general partner was required to pay the lender an additional $400,000 toward the mortgage debt with two, $200,000 installment payments, one due on April 30, 2012 and the second one due on November 30, 2012. Furthermore, as part of the Settlement Agreement, Baldwin Villas provided the lender with "consent and confession judgments" through the Circuit Court of Oakland County, MI, which, in the event of a default under the Settlement Agreement, would allow the lender to appoint a receiver who would have the authority to sell the property. The Settlement Agreement was executed without the knowledge or consent of the investment general partner.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In February 2013 and February 2012, the operating general partner provided approximately $98,500 and $109,000, respectively, to pay the 2010 and 2009 outstanding real estate taxes, interest and penalties. Furthermore, during 2013, 2012 and 2011, the operating general partner provided approximately $160,000, $448,500, and $146,500, respectively, of operating deficit advances to Baldwin Villas to satisfy certain required payment obligations of the New Mortgage Note and Settlement Agreement. From inception through December 31, 2013, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $962,500. As of December 31, 2013 certain required payments per the terms of the New Mortgage Note and Settlement Agreement had been made, others had not. The required monthly installment payments of the New Mortgage Note and Settlement Agreement were made through October 2013; however, as of December 31, 2013 the monthly installment payments were two months in arrears. In addition, the 2012 and 2011 real estate taxes and related interest and penalties, totaling approximately $117,000 and $117,600, respectively, had not been paid as of December 31, 2013. The operating general partner indicated that the $200,000 installment payment outlined above and due on April 30, 2012 was paid; however, the $200,000 installment payment that was due on November 30, 2012 has not been paid. The operating general partner continues to negotiate with the lender on an exit strategy for the property (discussed further below). Despite several payment defaults per the terms of the New Mortgage Note and Settlement Agreement, the operating general partner reported that no default notice had been received from the lender by the Operating Partnership as of December 31, 2013.

Average occupancy at the property in 2013 was 68%, compared to 65% and 79% in 2012 and 2011, respectively. The vacancy problem at the property is due to the continuing weakness in the local economy and limited job opportunities in the Pontiac area, as well as the lack of available capital to complete costly unit turns. The reported unemployment rate in Pontiac, MI for November 2013 was 18.8% compared to 8.8% for the State of Michigan. In recent years Section 8 vouchers have again become available and as of December 31, 2013 approximately 60% of the property's rented units are occupied by Section 8 voucher holders.

The property has operated significantly below breakeven for the past several years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family houses. In 2008 - 2010, maintenance expenses were very high due to extremely costly unit turn expenses for these single-family houses. During 2011 and 2012 maintenance expenses declined due to lower occupancy, less cash flow and limited capital from the operating general partner to address the property's maintenance needs. In 2013, management addressed the deferred maintenance in some vacant units making them rent ready with operating deficit advances of approximately $65,000 from the operating general partner. Although there are qualified tenants available, vacancies continue to remain high due to the lack of available funds to complete the costly unit turns. Utility expenses have also been a problem at the property since late 2010 when occupancy started to decline and the Operating Partnership needing to pay for basic heating and lighting costs (rather than tenants) for the increased number of vacant units. This problem continued during 2013.

In recent years the Operating Partnership has experienced significant negative operations. In 2013 and 2012, the Operating Partnership reported net cash flow of approximately ($480,000,unaudited) and ($665,046, audited), respectively, due to low occupancy and the resulting low rental revenue, high debt service payment requirements from the Settlement Agreement, and high real estate taxes. Negative operations were primarily funded by advances from the operating general partner, accrual of real estate taxes, and two months unpaid installment payments owed per the terms of the New Mortgage Note and Settlement Agreement. In 2011, the Operating Partnership expended net cash flows of ($606,688) funded primarily through the increase in mortgage debt from default fees from the Settlement Agreement and operating deficit advances from the operating general partner, as well as accruals of operating payables and real estate taxes.

Effective November 1, 2013 the operating general partner engaged a different third party management company in an effort to stabilize and improve property operations, as well as to better assist with a potential exit and sales strategy (further discussed below).

As noted above, as of December 31, 2013 the operating general partner reports that the lender has not yet issued a default notice to the Operating Partnership with regard to the New Mortgage Note and Settlement Agreement. In addition, the operating general partner indicated that it is negotiating with the lender to extend, re-structure, or pay off at a significant discount the New Mortgage Note that matured on June 30, 2013. As of December 31, 2013, the Operating Partnership remains current on its property insurance obligation. Real estate taxes for 2012 and 2011 totaling approximately $234,600 remain unpaid. The operating general partner indicated that it did file appeals for the 2012 and 2011 real estate taxes; these appeals are currently pending. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and unit turn costs which will improve occupancy at the property. The operating general partner is discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. As noted above, as of December 31, 2013, the lender has not issued a formal default notice despite the existence of numerous payment defaults per the terms of the New Mortgage Note and Settlement Agreement. If the property is foreclosed in 2014, the estimated tax credit recapture cost and interest penalty of $80,600 is equivalent to recapture and interest of $30 per 1,000 BACs. The 15-year low income housing tax credit compliance period with respect to Baldwin Villas, LP expires on December 31, 2015.

Sedgwick - Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. The property operated below breakeven due to a decline in occupancy, insufficient rental rates, and high debt service. The decline in occupancy was due to a number of deaths and residents moving to assisted living facilities. Physical occupancy is 100% as of December 2013. Management attributes the occupancy improvement to increased marketing and advertising efforts beyond the property's immediate market. Through the fourth quarter of 2013, the property is operating above breakeven. The operating general partner is exploring refinancing options but is finding it difficult to attract lenders due to the size of the first permanent mortgage. The operating general partner's current plan is to package a portfolio of refinancing to obtain the best terms. The real estate taxes, mortgage, and insurance are all current as of September 2013. The low income housing tax credit compliance period expires on December 31, 2016. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Sedgwick - Sundance Apartments, Limited Partnership subsequent to December 31, 2013.

MA NO 2, LLC (Parkview Apartments) is a 25-unit family property in Springfield, MA. During the third quarter of 2012 occupancy declined to 80% due to a fire occurring in one of the units at the property. The cause was attributed to a tenant turning on the stove and then leaving the apartment. Most of the damage sustained in the unit was due to water damage from the sprinkler system. Three additional units were also affected by water damage but have since been rented. Occupancy subsequently improved to 100% during the fourth quarter of 2012. In 2012 the property operated well, generating $23,000 of cash. As of March 31, 2013, occupancy was 92%, yet the property operated below breakeven. High maintenance and utility expenses negatively impacted net operating income. Management reported that repairs from a leaking boiler and carpet replacement from fire damage contributed to the higher expenses. Utility expenses also increased as the property provided space heaters to tenants during the new boiler installation. During the second quarter of 2013, the property continued to operate below breakeven. High maintenance expenses continue to strain operations. The property expensed over $7,000 during the quarter in plumbing repairs. Plumbing repairs consisted of a repair to a leaking waste pipe and sewer leak in the basement. The property continued to operate below breakeven through the third quarter 2013 due to higher than anticipated maintenance expenses. The project incurred heavy unit turnover costs as well as the cost to power wash the decks. During the third quarter, the investment general partner visited the property. During the visit, an area of a building was roped off with yellow caution tape. A window lentil on the third level of one of the buildings was deteriorating and was deemed structurally unsafe. Management stated that lentil work will commence in March 2014. The operating general partner continues to fund the operating deficits, even as their guarantee expired in 2006. The operating general partner still retains a $70,000 operating reserve that they want maintained until the project nears the 2016 expiration of the low income housing tax credit compliance period. Management anticipates withdrawing funds from replacement reserve account to reimburse operations. It is expected that once the funds are withdrawn, the project should operate above breakeven. Occupancy through December 31, 2013 was 92%. Management has confirmed that the mortgage, property taxes, and insurance are current through December 31, 2013.

Oakland Partnership (Oakland Apartments) is a 46-unit family property in Oakdale, LA. The property operated below breakeven through the fourth quarter of 2013 due to low occupancy and increased operating expenses. Year-to-date average occupancy at the property is 71%. Marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. The onsite management team continues to offer a move-in incentive to encourage qualified applicants to lease. The incentive is an option to pay the security deposit, which is equal to one month's rent, over the first three months of occupancy rather than in a lump sum at move-in. The increase in operating expenses is primarily due to an increase in the property insurance. The property was damaged by a hurricane in 2012, and as a result insurance costs increased in 2013. The investment general partner inspected the property on June 12, 2013 and found it to be in good condition. The operating general partner has stated that the projected 2013 deficit will be funded by deferring management fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit family property in Dequincey, LA. The property operated below breakeven through the fourth quarter of 2013 due to low occupancy. Year-to-date average occupancy at the property is 61%. The operating general partner has struggled with finding a manager for the property and as a result the occupancy has declined from an average of 80% in 2012. An interim manager has been hired but a suitable permanent replacement has not been found. Marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. The interim manager continues to offer a move-in incentive to encourage qualified applicants to lease. The incentive is an option to pay the security deposit, which is equal to one month's rent, over the first three months of occupancy rather than in a lump sum at move-in. The operating general partner has stated that the projected 2013 deficit will be funded by deferring management fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Arbors at Ironwood II LP (Arbors at Ironwood Apartments II) is a 40-unit family property in Mishawaka, IN. The property began operating below breakeven in 2012 due to increased operating expenses. Maintenance expenses increased in 2012, mostly from repairs associated with the age of the property and increased unit turnover. The property averaged 94% occupancy in 2012 but turnover was high. Management increased occupancy from a low of 85% in March 2012 to 98% in May by offering rental concessions. High occupancy has continued in 2013 as the property has averaged 97% occupancy for the year, and year-end occupancy was 97%. Management has stated that market conditions are improving, although many applicants do not qualify for LIHTC housing because their incomes are too high. Maintenance expenses have been reduced through decreased turnover; however, concessions have continued in 2013, and Section 8 voucher rates have dropped. The property has therefore continued to operate at a deficit through the fourth quarter of 2013. The operating general partner is focused on reducing expenses by refinancing the permanent mortgage, which currently has an 8.2% interest rate. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Capitol Five Limited Partnership (Mason's Points Apartments) is a 41-unit family property in Hopkinsville, Kentucky. The property operated slightly above breakeven in 2012 and continued to operate above breakeven in 2013. Occupancy averaged 92% in 2012 and 96% in 2013. The property sustained fire damage on December 28, 2013. The resident living in the unit where the fire started was not home at the time. However, the resident's 27 year old son was visiting and sleeping in the unit when the fire occurred. The son was transported to the hospital where he was pronounced deceased. There were no injuries to any other residents. The cause of the fire is still under investigation by the fire department. There were a total of four units impacted that are now offline due to varying degrees of fire, smoke, and water damage. All displaced residents were temporarily relocated to live with family or moved into vacant units at the property. Insurance agents for both the property and tenant have been at the property and are currently finalizing their reports. Property performance is not expected to be significantly impacted by the fire. As the property is beyond the credit period, there will be no credit loss. The property would be subject to credit recapture if the basis is not restored by the end of the second year following the casualty event. The investment general partner will continue to monitor the status of the insurance claims and repair work.

Series 41

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 41 reflects a net loss from Operating Partnerships of $(648,980) and $(636,367), respectively, which includes depreciation and amortization of $1,676,222 and $1,641,881, 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 75% in 2013 and it was 75% occupied as of December 31, 2013. The low occupancy is the result of weak economic conditions in the area. 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. As a result, the operating general partner has focused on reducing operating expenses. However, the property operated below breakeven through the fourth quarter of 2013. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. The property is located in a depressed rural area and receives rental assistance from Rural Development. The low occupancy is the result of weak economic conditions in the area. Occupancy was 83% as of December 31, 2013. Management has intensified its leasing efforts by using concessions and other incentives, such as one month rent free prorated over a 12-month lease. In addition, management has focused on reducing operating expenses. However, the property operated below breakeven through the fourth quarter of 2013. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

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. Management has intensified its leasing efforts by using concessions and other incentives, such as one month rent free prorated over a 12-month lease. However, occupancy has continued to be an issue and the property was 87% occupied as of December 31, 2013. As a result of low occupancy the property operated below breakeven through the fourth quarter of 2013. The mortgage, property taxes and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Rural Housing Partners of Franklin Grove, LP (Franklin Green) is a 12-unit family property in Franklin Grove, IL. The property is located in a depressed rural area. Occupancy was 67% as of December 31, 2013. The low occupancy is the result of weak economic conditions in the area. The operating general partner has increased marketing by adding new signage and increasing the property's newspaper and on-line presence. The operating general partner is also using a tenant referral incentive to help increase occupancy. In addition, management has focused on reducing operating expenses. However, the property operated below breakeven through the fourth quarter of 2013. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Hawthorne Associates, LP (Sandalwood Apartments) is a 20-unit property located in Toppenish, Washington. As of December 31, 2012, occupancy was 100% and the property operated above breakeven. In 2013, average occupancy is 92% with operations slightly above breakeven. Improved operations are due to higher occupancy and better rent collection. If occupancy levels are maintained, management is optimistic that the property will continue to operate above breakeven throughout 2013. In addition, the balance sheet is strong with sufficient operating cash to cover all accrued expenses and accounts payable. All required reserves are fully funded. The taxes, mortgage and insurance are all current. The low income tax credit compliance period expires on December 31, 2015.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) is a 28-unit property located in Beckley, West Virginia. Through the fourth quarter of 2013, the property continued to operate above breakeven due to improved occupancy, collections, and expense control by the new management agent that took over property operations on June 1, 2013. The property was 96% occupied as of December 31, 2013.

During the third quarter of 2013, the investment general partner learned that the Operating Partnership was cited by the U.S. Department of Justice (DOJ) for failing to design and construct the property in accordance with American Disabilities Act requirements, the Fair Housing Act, and the Uniform Federal Accessibility Standards. The operating general partner entered into a consent agreement with the DOJ on December 18, 2013 to make the required repairs. The repairs have been broken into three categories, accessible pedestrian route retrofits, public and common use retrofits, and interior retrofits. Pedestrian routes must be corrected by December 18, 2015, public and common areas must be corrected by June 18, 2015, and unit interior work must be corrected by December 18, 2015. The operating general partner must also complete various administrative tasks such as notifying previous tenants of the consent order. During the course of 2013, the operating general partner was in the process of transferring the operating general partner interest; however, the purchasing party decided to terminate the purchase agreement in December. The investment general partner intends to work closely with new management and the current operating general partner to further improve operations and ensure that all required repairs are made. All mortgage, real estate tax, and insurance payments are current.

In July 2013, the investment general partner transferred its interests in Forest Glen Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,259,434 and cash proceeds to the investment partnerships of $107,333 and $53,667 for Series 20 and Series 41, respectively. Of the total proceeds received, $3,333 and $1,667 for Series 20 and Series 41, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $104,000 and $52,000 for Series 20 and Series 41, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $104,000 and $52,000 for Series 20 and Series 41, respectively, as of September 30, 2013.

Red Hill Apartments I Partnership (Red Hill Apartments I) is a 32-unit family property in Farmerville, LA. Through the fourth quarter of 2013 property operations were below breakeven due to increased operating expenses and low occupancy. Occupancy has decreased from 90% in 2012 to 81% at the end of the fourth quarter of 2013. Management stated that the local economy is still recovering and job opportunities in the area are limited, which has made it difficult to find residents. Marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. The high operating expenses have been driven by contract labor costs associated with deferred maintenance repairs. The operating general partner has stated that the projected 2013 deficit will be funded by deferring management fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Series 42

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 21 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 42 reflects a net loss from Operating Partnerships of $(275,722) and $(285,743), respectively, which includes depreciation and amortization of $1,308,459 and $1,323,780, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Commerce Parkway Limited Dividend Housing Associates (Park Meadows Apartments) is an 80-unit family property located in Gaylord, Michigan. The local market has suffered from a weak economy and significant job losses. In addition to the weak economy, there are two new LIHTC projects that recently opened in the market along with two others under construction. The two newly opened projects are located within three miles of Commerce Parkway and are contributing to the declining occupancy. In 2012, occupancy averaged 88% and the property operated slightly above breakeven. As of December 31, 2013 occupancy had declined to 74%. The operating general partner stated that continuing to increase the marketing budget will not counter the flow of tenants to the upgraded amenities at the newer properties. Only an increased renter pool as a result of an improved economy will reverse this trend. In spite of systemic economic challenges, efficient operating expense management allowed the property to operate above breakeven through December, 2013. The mortgage, taxes, and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Commerce Parkway Limited Dividend Housing Associates.

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, Louisiana. Through the fourth quarter of 2013, the property was 84% occupied and operating slightly above breakeven. Management states that the local economy is stable; however, the obstacles contributing to the consistently low occupancy are twofold. The first is that casinos employ a large portion of the local population, and those employed typically have incomes that are too high to qualify for LIHTC housing. The second obstacle is leasing the property's second floor units. The manager stated that many applicants choose to rent at Wingfield I, located next to the property, because all of the units are at ground level, allowing easier access. Management continues to offer move-in incentives to encourage qualified applicants to lease. The concession is an option to pay the security deposit, which is equal to one month's rent, over the first three months of occupancy rather than in a lump sum at move-in. The investment general partner conducted a site visit on June 12, 2013, and found the property in good condition. The low income housing tax credit compliance period expires on December 31, 2016. All mortgage and tax, and insurance payments are current.

In June 2012, the investment general partners of Boston Capital Tax Credit Fund III LP - Series 19 and Series 24 and Series 42 transferred their respective interests in Jeremy Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,804,427 and cash proceeds to the investment partnerships of $18,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively. Of the total proceeds received $13,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the respective investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds $5,000 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 19, Series 24 and Series 42, 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 transfer of the Operating Partnership was recorded as of June 30, 2012.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) is a 56-unit property located in Charleston, West Virginia. The property continued to operate below breakeven through the fourth quarter of 2013 as a result of low occupancy and high unit turnover costs. The property ended the year at 84% occupancy. During the fourth quarter of 2013, the investment general partner learned that the Operating Partnership was cited by the U.S. Department of Justice (DOJ) for failing to design and construct the property in accordance with American Disabilities Act requirements, the Fair Housing Act, and the Uniform Federal Accessibility Standards. The operating general partner entered into a consent agreement with the DOJ on December 18, 2013 to make the required repairs. The repairs have been broken into three categories, accessible pedestrian route retrofits, public and common use retrofits, and interior retrofits. Pedestrian routes must be corrected by December 18, 2015, public and common areas must be corrected by June 18, 2015, and unit interior work must be corrected by December 18, 2015. The operating general partner must also complete various administrative tasks such as notifying previous tenants of the consent order. The investment limited partner will work closely with the operating general partner to ensure that the consent order is addressed within the required timeframes. The investment limited partner will also continue to push the management agent to implement more processes and procedures to improve partnership operations. The operating general partner continues to fund deficits despite the expiration of his operating deficit guarantee. All mortgage, real estate tax, and insurance payments are current.

Series 43

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 43 reflects a net loss from Operating Partnerships of $(291,508) and $(478,835), respectively, which includes depreciation and amortization of $1,712,649 and $1,743,561, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property averaged 98% occupancy in 2012 but operated below breakeven. Through the fourth quarter of 2013, average occupancy increased to 93%; however, the property operated below breakeven due to increased real estate taxes. The property struggles to generate cash flow as its effective rents are low and cannot support its expenses. The management company continues to market the available units by working closely with the housing authority and by employing various marketing efforts to attract qualified residents. Marketing consists of advertisements in the local newspaper and distributing fliers to local business, churches, and schools. The mortgage, real estate taxes, insurance, and account payables are all current. The low income housing tax credit compliance period expires on December 31, 2017.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 35-unit co-op property in Harlem, New York. The property operated below breakeven from 2005 - 2008 due to high utility, maintenance and administrative expenses combined with collection loss. In 2012 the property operated above breakeven, generating $62,000 of surplus cash. Tenant receivables as of December 31, 2012 were $19,520, which represented a decrease of $9,000 over the tenant receivables at year-end 2011. Vendor payables decreased by $41,000 in 2012 over 2011, but accrued expenses still remain high. Operations improved during the third quarter of 2013 as the property operated above breakeven. Total revenue exceeded budget projections slightly due to an increase in other revenue. Total operating expenses have decreased below budget even though maintenance expenses have trended up. The increase in year-to-date maintenance expenses was attributed to elevator and boiler repairs necessary to cure violations. Occupancy through December 31, 2013 remained at 100%, and the property operated at breakeven for the year. Management has stated that the New York State Housing and Community Development released new tax credit rents. Management has proposed to the operating general partner a 5% rent increase effective March 1, 2014. The operating general partner, under the direction of their Board of Directors, has decided not to renew the management contract with Winn for another year. The relationship will be on a month to month basis at this time. Mortgage and insurance are current through December 31, 2013 (the property is 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 approximately 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 cut either staffing levels or worker's hours and this situation had not started to improve as of December 31, 2010. Since most residents of Alexander Mills are hourly employees, those who retained their jobs had their income significantly reduced. Also, the significant decline in the construction industry in the Atlanta Metro area led to additional vacancies at the site. Management was 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 was still significantly above what would be considered normal for a multi-family apartment community. The investment general partner performed a site visit in January 2013. The property was found to be in good physical condition. The investment general partner intends to continue to monitor operations until they are stabilized with above breakeven operations.

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 restarted. 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. By December 31, 2011, the balance in the operating deficit reserve was fully depleted.

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 during the remainder of 2011 as physical occupancy improved to average 95% for the last three quarters of 2011. During the third and fourth quarters of 2011, the property operated at a breakeven level. Although the rental market started to improve in the first half of 2011, and continued to improve in the second half of 2011 and through the first half of 2012, operations at Alexander Mills were not strong enough at the start of 2012 to pay debt service including amortization which re-started with the February 1, 2012 mortgage payment. The operating general partner forecasted a cash flow deficit of $150,000 to $180,000 in 2012. As calendar year 2012 began, the operating general partner and the investment general partner agreed to start the year funding deficits on a month by month basis by reducing the property management fee to 3% (from 5%) and making advances from fund reserves while monitoring the local apartment market. Under this informal program, $152,422 and $59,662 was advanced from fund reserves in 2012 and 2013, respectively, to keep the mortgage current. For 2014, the operating general partner is forecasting a deficit of approximately $55,000 - $80,000 with the agreement that the operating general partner would continue to charge the reduced 3% management fee. The investment general partner has also decided to start 2014 again utilizing fund reserves to finance deficits if they arise to keep the mortgage current. If market conditions and / or property operations start to deteriorate at any point during 2014, or the investment general partner determines that fund reserves are no longer available to finance monthly deficits at Alexander Mills, the Operating Partnership faces a high probability of a mortgage payment default, a resulting foreclosure and potential recapture costs in 2014. If recapture occurs in 2014, the Operating Partnership would have no remaining future tax credits to lose; however, it would incur recapture and interest penalty costs of $835,507, equivalent to approximately $229 per 1,000 BACs.

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 and the operating general partner negotiated with the special servicer throughout the fourth quarter of 2011; however, these negotiations were unsuccessful and the loan terms remained unchanged. The mortgage payment, real estate taxes and insurance payments were current as of December 31, 2013.

Henderson Fountainhead L.P., A Texas Limited Partnership (Seven Points Apartments) is a 36-unit family property in Seven Points, Texas. The property continues to operate below breakeven in 2013 due to increased maintenance expenses associated with making vacant units rent ready. To remain competitive in the marketplace, management has increased its community outreach efforts to social service providers. In addition, print advertisements are regularly circulated in the local newspapers. From its December 2012 low of 64%, occupancy continues to improve in 2013, averaging 94% year to date. Also, year-to-date operations appear to be above breakeven with positive cash flow. The investment general partner intends to work with the operating general partner to improve resident selection, reduce maintenance expenses, and increase occupancy. The operating general partner intends to continue to fund deficits. All real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2017.

Bohannon Place, Limited (Bohannon Place Apartments) is a 12-unit family property in Bowling Green, KY.  The property operated at a ($4,400) deficit in 2012 due to a bed bug issue that caused low occupancy and increased maintenance costs related to efforts to remedy the problem. Bad debt has also been an issue as the property was only able to achieve 70% economic occupancy in 2012.  The 2012 deficits were funded by deferring required replacement reserve deposits and utilizing $7,000 of reserve funds. The investment general partner stated that the reserve funds were used for carpet replacement, painting and unit turnover expense. Tenant accounts receivable consistently increased through 2013. A phone conversation with management revealed and confirmed that bad debt consisting of late fees, damages, and rent of approximately $10,000 was written off in December of 2013. The property projects to operate below breakeven in 2013, in the range consistent with prior years' results. As of December 31, 2013, there have been no reports or evidence of bed bugs.

In 2012, occupancy averaged 87% but continued to decrease through the first quarter of 2013 to an average of 81% through March 31, 2013. However, 2013 occupancy improved to 100% at the end of September 2013, and declined to 92% as of December 31, 2013. Average occupancy was 91% at for 2013. Turnovers were reduced with the resolution of the bed bug issue that caused the vacancy in two units. The investment general partner visited the property on September 10, 2013 to meet the property and regional managers, conduct the annual site inspection, and review files. The visit revealed that the site manager was professional and knowledgeable, that the physical appearance of the grounds improved over the prior year and that tenant files were in compliance with Section 42 guidelines. The last state inspection was conducted in July 2013 with minor findings that were addressed by the management company. All mortgage, taxes and insurance are current through December 31, 2013. The operating deficit guarantee expires July 31, 2014. The low income housing tax credit compliance period expires on December 31, 2017.

Series 44

As of December 31, 2013 and 2012, the average Qualified Occupancy was 100%. The series had a total of 9 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 44 reflects a net loss from Operating Partnerships of $(875,844) and $(1,232,880), respectively, which includes depreciation and amortization of $1,725,913 and $1,716,055, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property 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 continued to fund all deficits through the end of 2011 even though its operating deficit guarantee had expired. The operating deficits in 2009, 2010 and 2011 were ($76,000), ($132,000) and ($123,000), respectively. In early January 2012, the operating general partner informed the investment general partner that its willingness to continue to fund operating deficits for the remainder of the compliance period was limited. Both parties discussed alternatives for additional funding sources for 2012 and beyond. Although no agreement was reached between the operating general partner and the investment general partner, the operating general partner continued to fund $242,489 for deficits through the December 1, 2012 mortgage bond payment; however, the deficit funding stopped before the January 1, 2013 mortgage payment. As a result, only partial mortgage bond payments were made each month during the first half of 2013 and the Operating Partnership fell $163,000 into arrears. Note that the servicing agent for the mortgage bonds sent the Operating Partnership a default notice on January 14, 2013. The default remained uncured until June 28, 2013.

After the operating general partner stopped funding deficits it notified the investment general partner that it was willing to either: a) transfer its general partner interest to the investment general partner, or b) transfer the property to the lender in a deed in lieu of a foreclosure transaction if the investment general partner elected not to become the operating general partner. During the first and second quarters of 2013, the investment general partner and the State Tax Credit Syndicator negotiated with the servicing agent in an attempt to re-structure the payment terms for the mortgage bonds and avoid foreclosure and possible recapture. On June 28, 2013 the aforementioned parties executed a letter agreement (The Letter Agreement) in which the servicing agent agreed to allow the investment general partner and the state tax credit syndicator until February 28, 2014 to refinance the existing mortgage bonds. The servicing agent consented to early bond redemption and agreed that no penalties would be charged to the Operating Partnership. Concurrently with the Letter Agreement being signed, the investment general partner and the state tax credit syndicator cured the payment defaults on June 28, 2013, agreed to keep the bond payments current during the loan application process, and agreed to share the costs of the refinancing 50%/50%. The mortgage bank that was hired to coordinate the HUD loan application forecasted a funding shortfall of $400,000 - $500,000 based on interest rate levels in early July 2013. Including the payment in June 2013 to bring the bonds current and anticipated deficit funding through closing on the refinancing, the total new capital needed through the refinancing period was estimated to be $675,000 - $825,000. With the increase in interest rates by the time the loan application was completed in early December 2013 and the confirmation of increased upfront escrow requirements for repairs and deferred maintenance resulting from the physical needs assessment, the estimated funding shortfall increased to between $1,650,000 and $1,800,000. This represents new capital that would need to be provided to the Operating Partnership and raised by the State and Federal tax credit syndicators from new investors. The investment general partner investigated selling some or all of the remaining federal tax credits to source the federal tax credit investors' share of the new capital needed in order to: a) cure the mortgage bond default, b) facilitate the early redemption and re-financing of the existing mortgage bonds, and c) avoid foreclosure and the accompanying recapture costs. In late December 2013, the investment general partner and the State Tax Credit syndicator concluded they could not raise the capital required to close the refinancing. As a result, the January 1, 2014 bond payment was missed and a default notice was issued on January 3, 2014 by the servicing agent for the mortgage bonds. It is now expected that a foreclosure sale will occur in March or April 2014. If this event does occur in 2014 then the investment limited partner will lose future tax credits of $27,713, and incur recapture and interest penalty costs of $59,658, equivalent to approximately $10 and $22 per 1,000 BACs respectively. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership expires on December 31, 2019.

Although occupancy has remained strong the last several years, the property continued to operate below breakeven in 2011, 2012 and 2013. The decline in cash flow is attributable to high tenant receivables, bad debt expense, higher than budgeted vacancy losses, rental concessions, and high utility costs. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Brookside Park. The effective date of the management change was August 15, 2012. This was after the Operating Partnership reported negative cash flow in each year from 2008 - 2012. As noted above, after funding these deficits since 2008, the operating general partner notified the investment general partner in December 2012 that it had been unsuccessful in its attempt to negotiate a loan modification with the servicing agent for the mortgage bonds that finance Brookside Park Apartments and that it would no longer fund deficits. As a result, there was a payment default in January 2013 and the servicer sent the Operating Partnership a default notice on January 14, 2013. The cure period for the subject default ended on February 1, 2013 without the default being cured. As noted above, the investment general partner and the State Tax Credit Syndicator eventually cured this default on June 28, 2013. The property's real estate tax, insurance payments and bond payments remained current until the January 1, 2014 bond payment was not made.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 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 cut either staffing levels or worker's hours and this situation had not started to improve as of December 31, 2010. Since most residents of Alexander Mills are hourly employees, those who retained their jobs had their income significantly reduced. Also, the significant decline in the construction industry in the Atlanta Metro area led to additional vacancies at the site. Management was 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 was still significantly above what would be considered normal for a multi-family apartment community. The investment general partner performed a site visit in January 2013. The property was found to be in good physical condition. The investment general partner intends to continue to monitor operations until they are stabilized with above breakeven operations.

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 restarted. 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. By December 31, 2011, the balance in the operating deficit reserve was fully depleted.

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 during the remainder of 2011 as physical occupancy improved to average 95% for the last three quarters of 2011. During the third and fourth quarters of 2011, the property operated at a breakeven level. Although the rental market started to improve in the first half of 2011, and continued to improve in the second half of 2011 and through the first half of 2012, operations at Alexander Mills were not strong enough at the start of 2012 to pay debt service including amortization which re-started with the February 1, 2012 mortgage payment. The operating general partner forecasted a cash flow deficit of $150,000 to $180,000 in 2012. As calendar year 2012 began, the operating general partner and the investment general partner agreed to start the year funding deficits on a month by month basis by reducing the property management fee to 3% (from 5%) and making advances from fund reserves while monitoring the local apartment market. Under this informal program, $152,422 and $59,662 was advanced from fund reserves in 2012 and 2013, respectively, to keep the mortgage current. For 2014, the operating general partner is forecasting a deficit of approximately $55,000 - $80,000 with the agreement that the operating general partner would continue to charge the reduced 3% management fee. The investment general partner has also decided to start 2014 again utilizing fund reserves to finance deficits if they arise to keep the mortgage current. If market conditions and / or property operations start to deteriorate at any point during 2014, or the investment general partner determines that fund reserves are no longer available to finance monthly deficits at Alexander Mills, the Operating Partnership faces a high probability of a mortgage payment default, a resulting foreclosure and potential recapture costs in 2014. If recapture occurs in 2014, the Operating Partnership would have no remaining future tax credits to lose; however, it would incur recapture and interest penalty costs of $1,021,201, equivalent to approximately $378 per 1,000 BACs.

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 and the operating general partner negotiated with the special servicer throughout the fourth quarter of 2011; however, these negotiations were unsuccessful and the loan terms remained unchanged. The mortgage payment, real estate taxes and insurance payments were current as of December 31, 2013.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. On November 26, 2013 the property was sold via a receivership sale to a buyer who indicated that it would continue to operate the property in accordance with the affordability requirements of Section 42 of the Code; therefore, resulting in no tax credit recapture or interest penalties stemming from the sale. There were no proceeds from the sale for distribution to the investment limited partners since the sale price was less than the mortgage debt plus real estate tax liability. The investment limited partners will lose a portion of the 2013 tax credits and all of the 2014 tax credits as a result of the sale. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded.

Due to a downturn in the local economy and rising unemployment, average occupancy has suffered at Memphis 102 since 2007. Average occupancy fell significantly in recent years, averaging 62% in 2013 (through the date of the sale), and 68% and 76% in 2012 and 2011, respectively, due to the constant downward trends in the rental market and the lack of job opportunities in Memphis. Through the date of sale in 2013, as well as in 2012 and 2011, the property operated significantly below breakeven due to: low net rental revenue resulting from low occupancy, high maintenance expenses and bad debt, as well as high real estate taxes and accompanying interest charges and penalties. Net cash flow expended by property operations totaled ($503,432) and ($204,196) in 2012 and 2011, respectively. Negative operations in 2013, 2012 and 2011 were primarily financed by the deferral of certain maintenance items, accrual of real estate taxes and accompanying interest and other penalties levied by the City of Memphis and Shelby County. The accrued real estate tax liability for Memphis 102 at the time of the receivership sale was approximately $856,000.

On September 2, 2011, the mortgage lender filed a complaint with the Chancery Court of Shelby County, TN requesting the appointment of a receiver for Memphis 102 and four other unrelated LIHTC partnerships controlled by the operating general partner primarily due to significant unpaid real estate taxes and incomplete reporting. The hearing date was postponed several times while the operating general partner and Memphis 102 attempted to address certain conditions required by the mortgage lender. By late November 2012, Memphis 102 and the operating general partner had not completed these conditions to the satisfaction of the lender. As a result, the lender filed an amended complaint on November 29, 2012 requesting the appointment of a receiver for Memphis 102 and the four other unrelated LIHTC partnerships controlled by the operating general partner. On January 23, 2013 a receiver (Receiver) was appointed by the Court for Memphis 102. The investment general partner did not object to this action by the lender.

In early February 2013, the Receiver hired a third party management company to manage the property. The new management company inspected each unit and issued a report indicating that occupancy was 72% and $212,000 was needed to address deferred maintenance and to make the 28 vacant units rent ready. Also, in early February 2013, the Receiver became aware of numerous 8823s that had been issued to the Operating Partnership by a state agency dating back to a March 27, 2012 inspection that identified several issues of noncompliance which had not been responded to by the operating general partner. After a review by the Receiver and the investment general partner, the Operating Partnership recognized recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs.

The Receiver was given broad authority by the Court to sell the property through a receivership sale, which would legally leave the land use and regulatory agreement in place with all requirements under Section 42. In May 2013, the Receiver was notified by the Shelby County Treasurer that it had tentatively set January 6, 2014 as the tax lien sale date due to the significant amount of delinquent real estate taxes. On September 30, 2013, the Receiver signed a Purchase and Sale Agreement (the PSA) to sell the property for $1,173,000. As noted above, the sale closed on November 26, 2013. The PSA required that the buyer (the Buyer) agree to comply with the land use and regulatory agreement as well as Section 42 of the Tax Code or to indemnify the seller for any loss resulting from non-compliance. The lender approved the terms of the PSA and agreed to accept a significantly reduced payment for full satisfaction of the outstanding mortgage debt to allow the sale of the property to be completed. As a result of the sale, the investment limited partners will not receive 1/12th of the remaining tax credits scheduled to be delivered in 2013 and none of the 2014 tax credits totaling $30,660 and $131,253, respectively, which are equivalent to a tax credit loss of $11 and $49, respectively, per 1,000 BACs. Since the property will continue to be operated according to Section 42 of the Code, the Operating Partnership will not incur tax credit recapture and interest penalties as a result of the sale. 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 house development located in West Memphis, AR. Average occupancy in recent years has not been strong due to continued weakness in the local economy and the ineffectiveness of prior management. The property operated at below breakeven in 2013 and 2012 after generating a small positive cash flow in 2011. In 2013, negative operations were primarily due to lower net rental income from increased vacancies, as well as increased bad debt and maintenance expenses. Negative operations in 2013 were financed by an advance from fund reserves of $25,431 and an increase in accounts payable. In 2012, negative operations were principally due to increased administrative and maintenance expenses. Negative operations in 2012 were generally financed by an increase in the accounts payable balance. On March 26, 2013, the investment general partner removed the property management company affiliated with the operating general partner and replaced it with a third party property management company due to ineffective and underachieving operations as well as incomplete and untimely reporting by prior management. Average occupancy in 2013 was 79%, after averaging 82% and 85% in 2012 and 2011, respectively. Occupancy decreased in 2013 partly due to an increase in evictions resulting from the new third party management company not accepting partial rent payments as the previous manager had done. Due to the subject evictions the operating partnership incurred increased bad debt expense in 2013. Occupancy also decreased in 2013 due to the limited traffic flow of qualified applicants. Management replaced the site manager in January 2014 and will expand its outreach marketing efforts to increase traffic flow and improve occupancy. In June 2013 the new third party management company commenced a plan in coordination with the lender to address deferred maintenance in approximately ten vacant units which had not been maintained as rent ready by the previous management company. As part of this plan, the lender agreed to fast-track reimbursement requests from the Operating Partnership's replacement reserve escrow to pay invoices for the costs to make the down units rent ready. By the end of the third quarter of 2013, all ten (10) of these previously not rent ready units had been repaired and made fully rent ready for prospective tenants. The mortgage payments, real estate taxes and insurance are current as of December 31, 2013. The low income housing tax credit compliance period expires on December 31, 2018.

Series 45

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 45 reflects a net loss from Operating Partnerships of $(848,448) and $(902,072), respectively, which includes depreciation and amortization of $2,080,236 and $2,130,427 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 $900+/per month rents. Since the operating general partner does not have an affiliated property management company, the property has been managed since inception by third party property management agents. The property experienced a significant decline in operations and cash flow starting in the fourth quarter of 2006 and has struggled for a variety of reasons since then. Cash flow has been negative each year in 2007 through 2013. As of December 31, 2013, Baldwin Villas had significant unpaid debt service obligations, accrued real estate taxes, and operating payables. It also has several deferred maintenance items that could not be addressed due to the property's weak operating cash flow and lack of reserves.

Since 2008, Baldwin Villas has had numerous monetary and technical defaults on its first mortgage debt. The Operating Partnership obtained the initial funding for this project from variable rate bonds issued by the state housing authority. These bonds were secured by an irrevocable letter of credit issued by a local bank. The letter of credit fee, which had been accruing at approximately $33,000 per quarter, totaled approximately $213,000 on August 30, 2011 when the letter of credit was drawn on and the bonds were paid in full. This event converted the original bond financing for the Operating Partnership to a traditional commercial mortgage loan.

On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "Settlement Agreement") with the lender resulting in a new mortgage note (the "New Mortgage Note") being executed that is guaranteed by the operating general partner and its principals. Under the terms of the New Mortgage Note, the principal balance outstanding for the loan was confirmed at $4,809,749. In addition, there is a deferred amount owed to the bank for unpaid letter of credit fees and other bank costs (e.g. legal costs) of $459,856. The interest rate on the New Mortgage Note was set at 2% over prime. The New Mortgage Note had a maturity date of June 30, 2013, and monthly installments of $35,000 that commenced on October 22, 2011. According to the Settlement Agreement, Baldwin Villas was also required to make $30,000 installment payments in August and September 2011 to pay down the principal balance of the New Mortgage Note, as well as pay the past due 2009, 2010 and 2011 real estate taxes based on an agreed upon payment schedule. In addition, one of the principals of the operating general partner was required to pay the lender an additional $400,000 toward the mortgage debt with two, $200,000 installment payments, one due on April 30, 2012 and the second one due on November 30, 2012. Furthermore, as part of the Settlement Agreement, Baldwin Villas provided the lender with "consent and confession judgments" through the Circuit Court of Oakland County, MI, which, in the event of a default under the Settlement Agreement, would allow the lender to appoint a receiver who would have the authority to sell the property. The Settlement Agreement was executed without the knowledge or consent of the investment general partner.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In February 2013 and February 2012, the operating general partner provided approximately $98,500 and $109,000, respectively, to pay the 2010 and 2009 outstanding real estate taxes, interest and penalties. Furthermore, during 2013, 2012 and 2011, the operating general partner provided approximately $160,000, $448,500, and $146,500, respectively, of operating deficit advances to Baldwin Villas to satisfy certain required payment obligations of the New Mortgage Note and Settlement Agreement. From inception through December 31, 2013, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $962,500. As of December 31, 2013 certain required payments per the terms of the New Mortgage Note and Settlement Agreement had been made, others had not. The required monthly installment payments of the New Mortgage Note and Settlement Agreement were made through October 2013; however, as of December 31, 2013 the monthly installment payments were two months in arrears. In addition, the 2012 and 2011 real estate taxes and related interest and penalties, totaling approximately $117,000 and $117,600, respectively, had not been paid as of December 31, 2013. The operating general partner indicated that the $200,000 installment payment outlined above and due on April 30, 2012 was paid; however, the $200,000 installment payment that was due on November 30, 2012 has not been paid. The operating general partner continues to negotiate with the lender on an exit strategy for the property (discussed further below). Despite several payment defaults per the terms of the New Mortgage Note and Settlement Agreement, the operating general partner reported that no default notice had been received from the lender by the Operating Partnership as of December 31, 2013.

Average occupancy at the property in 2013 was 68%, compared to 65% and 79% in 2012 and 2011, respectively. The vacancy problem at the property is due to the continuing weakness in the local economy and limited job opportunities in the Pontiac area, as well as the lack of available capital to complete costly unit turns. The reported unemployment rate in Pontiac, MI for November 2013 was 18.8% compared to 8.8% for the State of Michigan. In recent years Section 8 vouchers have again become available and as of December 31, 2013 approximately 60% of the property's rented units are occupied by Section 8 voucher holders.

The property has operated significantly below breakeven for the past several years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family houses. In 2008 - 2010, maintenance expenses were very high due to extremely costly unit turn expenses for these single-family houses. During 2011 and 2012 maintenance expenses declined due to lower occupancy, less cash flow and limited capital from the operating general partner to address the property's maintenance needs. In 2013, management addressed the deferred maintenance in some vacant units making them rent ready with operating deficit advances of approximately $65,000 from the operating general partner. Although there are qualified tenants available, vacancies continue to remain high due to the lack of available funds to complete the costly unit turns. Utility expenses have also been a problem at the property since late 2010 when occupancy started to decline and the Operating Partnership needing to pay for basic heating and lighting costs (rather than tenants) for the increased number of vacant units. This problem continued during 2013.

In recent years the Operating Partnership has experienced significant negative operations. In 2013 and 2012, the Operating Partnership reported net cash flow of approximately ($480,000,unaudited) and ($665,046, audited), respectively, due to low occupancy and the resulting low rental revenue, high debt service payment requirements from the Settlement Agreement, and high real estate taxes. Negative operations were primarily funded by advances from the operating general partner, accrual of real estate taxes, and two months unpaid installment payments owed per the terms of the New Mortgage Note and Settlement Agreement. In 2011, the Operating Partnership expended net cash flows of ($606,688) funded primarily through the increase in mortgage debt from default fees from the Settlement Agreement and operating deficit advances from the operating general partner, as well as accruals of operating payables and real estate taxes.

Effective November 1, 2013 the operating general partner engaged a different third party management company in an effort to stabilize and improve property operations, as well as to better assist with a potential exit and sales strategy (further discussed below).

As noted above, as of December 31, 2013 the operating general partner reports that the lender has not yet issued a default notice to the Operating Partnership with regard to the New Mortgage Note and Settlement Agreement. In addition, the operating general partner indicated that it is negotiating with the lender to extend, re-structure, or pay off at a significant discount the New Mortgage Note that matured on June 30, 2013. As of December 31, 2013, the Operating Partnership remains current on its property insurance obligation. Real estate taxes for 2012 and 2011 totaling approximately $234,600 remain unpaid. The operating general partner indicated that it did file appeals for the 2012 and 2011 real estate taxes; these appeals are currently pending. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and unit turn costs which will improve occupancy at the property. The operating general partner is discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. As noted above, as of December 31, 2013, the lender has not issued a formal default notice despite the existence of numerous payment defaults per the terms of the New Mortgage Note and Settlement Agreement. If the property is foreclosed in 2014, the estimated tax credit recapture cost and interest penalty of $23,344 is equivalent to recapture and interest of $6 per 1,000 BACs. The 15-year low income housing tax credit compliance period with respect to Baldwin Villas, LP expires on December 31, 2015.

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 continued to fund all deficits through the end of 2011 even though its operating deficit guarantee had expired. The operating deficits in 2009, 2010 and 2011 were ($76,000), ($132,000) and ($123,000), respectively. In early January 2012, the operating general partner informed the investment general partner that its willingness to continue to fund operating deficits for the remainder of the compliance period was limited. Both parties discussed alternatives for additional funding sources for 2012 and beyond. Although no agreement was reached between the operating general partner and the investment general partner, the operating general partner continued to fund $242,489 for deficits through the December 1, 2012 mortgage bond payment; however, the deficit funding stopped before the January 1, 2013 mortgage payment. As a result, only partial mortgage bond payments were made each month during the first half of 2013 and the Operating Partnership fell $163,000 into arrears. Note that the servicing agent for the mortgage bonds sent the Operating Partnership a default notice on January 14, 2013. The default remained uncured until June 28, 2013.

After the operating general partner stopped funding deficits it notified the investment general partner that it was willing to either: a) transfer its general partner interest to the investment general partner, or b) transfer the property to the lender in a deed in lieu of a foreclosure transaction if the investment general partner elected not to become the operating general partner. During the first and second quarters of 2013, the investment general partner and the State Tax Credit Syndicator negotiated with the servicing agent in an attempt to re-structure the payment terms for the mortgage bonds and avoid foreclosure and possible recapture. On June 28, 2013 the aforementioned parties executed a letter agreement (the Letter Agreement) in which the servicing agent agreed to allow the investment general partner and the state tax credit syndicator until February 28, 2014 to refinance the existing mortgage bonds. The servicing agent consented to early bond redemption and agreed that no penalties would be charged to the Operating Partnership. Concurrently with the Letter Agreement being signed, the investment general partner and the state tax credit syndicator cured the payment defaults on June 28, 2013, agreed to keep the bond payments current during the loan application process, and agreed to share the costs of the refinancing 50%/50%. The mortgage bank that was hired to coordinate the HUD loan application forecasted a funding shortfall of $400,000 - $500,000 based on interest rate levels in early July 2013. Including the payment in June 2013 to bring the bonds current and anticipated deficit funding through closing on the refinancing, the total new capital needed through the refinancing period was estimated to be $675,000 - $825,000. With the increase in interest rates by the time the loan application was completed in early December 2013 and the confirmation of increased upfront escrow requirements for repairs and deferred maintenance resulting from the physical needs assessment, the estimated funding shortfall increased to between $1,650,000 and $1,800,000. This represents new capital that would need to be provided to the Operating Partnership and raised by the State and Federal tax credit syndicators from new investors. The investment general partner investigated selling some or all of the remaining federal tax credits to source the federal tax credit investors' share of the new capital needed in order to: a) cure the mortgage bond default, b) facilitate the early redemption and re-financing of the existing mortgage bonds, and c) avoid foreclosure and the accompanying recapture costs. In late December 2013, the investment general partner and the State Tax Credit syndicator concluded they could not raise the capital required to close the refinancing. As a result, the January 1, 2014 bond payment was missed and a default notice was issued on January 3, 2014 by the servicing agent for the mortgage bonds. It is now expected that a foreclosure sale will occur in March or April 2014. If this event does occur in 2014 then the investment limited partner will lose future tax credits of $742,111, and incur recapture and interest penalty costs of $1,597,559, equivalent to approximately $185 and $398 per 1,000 BACs respectively. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership expires on December 31, 2019.

Although occupancy has remained strong the last several years, the property continued to operate below breakeven in 2011, 2012 and 2013. The decline in cash flow is attributable to high tenant receivables, bad debt expense, higher than budgeted vacancy losses, rental concessions, and high utility costs. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Brookside Park. The effective date of the management change was August 15, 2012. This was after the Operating Partnership reported negative cash flow in each year from 2008 - 2012. As noted above, after funding these deficits since 2008, the operating general partner notified the investment general partner in December 2012 that it had been unsuccessful in its attempt to negotiate a loan modification with the servicing agent for the mortgage bonds that finance Brookside Park Apartments and that it would no longer fund deficits. As a result, there was a payment default in January 2013 and the servicer sent the Operating Partnership a default notice on January 14, 2013. The cure period for the subject default ended on February 1, 2013 without the default being cured. As noted above, the investment general partner and the State Tax Credit Syndicator eventually cured this default on June 28, 2013. The property's real estate tax, insurance payments and bond payments remained current until the January 1, 2014 bond payment was not made.

In November 2012, the investment general partners of Series 26, Series 32 and Series 45 transferred 50% of their respective interests in 200 East Avenue Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,118,291 and cash proceeds to the investment partnerships of $1,772, $1,449 and $5,442 for Series 26, Series 32 and Series 45, respectively. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $1,772, $1,449 and $442 were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The remaining 50% investment limited partner interests in the Operating Partnership was transferred in December 2013 for the assumption of approximately $4,118,291 of the remaining outstanding mortgage balance and cash proceeds of $4,191, $3,428 and $1,044 which were returned to cash reserves held by Series 26, Series 32 and Series 45, 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 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 transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,772, $1,449 and $442 for Series 26, Series 32 and Series 45, respectively, as of December 31, 2012. An additional gain on for the remaining 50% transfer of $4,191, $3,428 and $1,044 for Series 26, Series 32 and Series 45, respectively, was recorded as of December 31, 2013.

Series 46

As of December 31, 2013 and 2012, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at December 31, 2013, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2013 and 2012, Series 46 reflects a net loss from Operating Partnerships of $(430,566) and $(389,587), respectively, which includes depreciation and amortization of $998,258 and $1,037,352, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Agent Kensington LP (Kensington Heights Apartments) is a 126-unit senior property in Kansas City, MO.  The property has operated below breakeven since 2010 due to high operating expenses, specifically maintenance costs relating to bed bugs.  In 2011, maintenance costs continued to increase as a new contractor was engaged to assist in eradicating the bed bug infestation.  In 2012, the pest issue was more manageable and treatment costs decreased significantly. Overall operating expenses decreased in 2012 and the property operated slightly above breakeven for 2012. Occupancy in 2012 averaged 98%. Occupancy has continued to remain strong in 2013, averaging 97%. Operations at the property have fluctuated in 2013 and remain below breakeven for the year due to sporadically high maintenance and administrative expenses. Through the end of 2013, bed bug exterminating costs continued to challenge the property and will likely remain an issue for the property in 2014. Although the operating deficit guarantee has expired, the operating general partner continues to fund deficits.  All mortgage, taxes and insurance are current.  The low income housing tax credit compliance period expires on December 31, 2018.

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) is a 48-unit senior apartment complex in Topeka, Kansas.  Despite ending 2013 with a 96% occupancy rate, property operations remained below breakeven through the fourth quarter of 2013. Contributing factors included high operating expenses, high interest rate mortgage debt, and insufficient rental rates.  Despite management increasing all unit rents by $20/month in the third quarter of 2013, expense growth continued to outpace revenue growth. Per state housing agency regulations, only one rent increase can occur in a 365 day period. Major repairs to the parking lot, concrete curbing, unit specific floor repairs, and landscaping also led to higher maintenance expenses during 2013. Late in the second quarter of 2013, the operating managing member contacted the first mortgage lender to request a reduction in the fixed 7.50% interest rate on the first mortgage loan and to notify the lender that it was working on a refinancing if the lender wasn't willing to reduce its interest rate to a level closer to market rates (i.e. one in the 4.5% - 5.0% range) for mid-2013. The first mortgage lender continues to review this request; however, the process has been stalled due to the bank's concerns over the ongoing personal bankruptcy of the principal of the operating managing member. The operating managing member reports that the monthly mortgage, tax, and insurance escrow payments are current as of December 31, 2013.

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, 2012 and 2011. 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.

Item 3	Quantitative and Qualitative Disclosures About Market Risk
	Not Applicable

Item 4	Controls and 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 December 31, 2013 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, 2013.
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults Upon Senior Securities
	None
Item 4.	Mine Safety Disclosures
	Not Applicable
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 December 31, 2013 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: February 14, 2014		By:	/s/ John P. Manning John P. Manning

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

DATE:	SIGNATURE:	TITLE:
February 14, 2014	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning
February 14, 2014	/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.