-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RxmhzQtHOPUJQ6E1+s+6IUTFlatdchVoFtWhLgdlyqHj05aPFtE7Q2NmCxDET91z KPrM7+YPX/m5zzvKx1EilA== 0000950146-98-001037.txt : 19980619 0000950146-98-001037.hdr.sgml : 19980619 ACCESSION NUMBER: 0000950146-98-001037 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980618 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND IV LP CENTRAL INDEX KEY: 0000913778 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 043208648 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: SEC FILE NUMBER: 333-38189 FILM NUMBER: 98650175 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02210-1232 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 497 1 SUPPLEMENT NO. 3 TO PROSPECTUS NY JUNE 18, 1998 SUPPLEMENT NO. 3 TO PROSPECTUS FOR BOSTON CAPITAL TAX CREDIT FUND IV L.P. DATED MAY 1, 1998 (SUPPLEMENT OFFERING BCTC IV SERIES 33 AND IDENTIFYING CERTAIN ANTICIPATED INVESTMENTS) - -------------------------------------------------------------------------------- This Supplement is part of, and should be read in conjunction with, the Prospectus of the Fund. Capitalized terms used herein but not defined have the meanings ascribed to them in the Prospectus. This Supplement No. 3 supersedes all previous supplements to the Prospectus. Results of BCTC IV Series 32 The Fund received orders for a total of 4,502,700 BACs ($45,027,000) with respect to Series 32, and issued the last of such Series 32 BACs on June 17, 1998. The aggregate fees paid as of June 17, 1998 to the General Partner and Affiliates with respect to Series 32 were $5,290,672. No additional BACs will be offered with respect to Series 32. The Fund has issued a total of 42,877,209 BACs, raised $428,607,500 and admitted 24,763 Investors with respect to Series 20 through 32 and may still sell up to $196,392,500 to the public if all the BACs in Series 33 are sold. (See "Prior Performance of the General Partner and its Affiliates" in the Prospectus for information about Series 20 through 31.) Offering of BCTC IV Series 33 The Fund is offering, effective June 18, 1998, the fourteenth series of BACs ("Series 33") consisting of 2,500,000 BACs, with a minimum required investment of five hundred BACs at $10 per BAC ($5,000) per Investor, on the terms and conditions as are set forth in the Prospectus. No BACs in Series 33 will be issued unless at least 250,000 BACs in such series are sold. In the event that only the minimum number of 250,000 BACs are sold in Series 33, a significant portion of the Apartment Complexes identified herein will not be invested in. In addition, of each dollar raised by Series 33, approximately 72% to 73% will be used for investments in Apartment Complexes, and about one-half of the balance will be used to pay fees and expenses to the General Partner or its Affiliates. (See "Estimated Use of Proceeds," and "Compensation and Fees" in the Prospectus.) The offering of BACs in Series 33 will not exceed 12 months. THE PURCHASE OF BACS IN SERIES 33 WILL NOT ENTITLE THE INVESTOR TO ANY INTEREST IN ANY OTHER SERIES OF THE FUND NOR ANY INTEREST IN BOSTON CAPITAL TAX CREDIT FUND LIMITED PARTNERSHIP, OR BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP, OR BOSTON CAPITAL TAX CREDIT FUND III L.P. The Fund anticipates acquiring, on behalf of Series 33, limited partnership interests in the twelve (12) Operating Partnerships more fully described hereinafter (the "Operating Partnerships") pursuant to the provisions of "Investment Objectives and Acquisition Policies," as set forth in the Prospectus. The Operating General Partners (or affiliates thereof) with respect to certain of the Operating Partnerships described below are general partners of other operating partnerships which have been invested in by the Fund on behalf of other series and/or other partnerships affiliated with the General Partner. (See "Conflicts of Interest" in the Prospectus). A significant portion of the funds invested by the Fund in each Operating Partnership will be used to pay fees and expenses to the Operating General Partners. (See the table entitled "Terms of Investment in Operating Partnerships" in this Supplement.) The Fund's investment in Operating Partnerships on behalf of Series 33 will be consistent with the provisions of the Prospectus relating to the investment in Operating Partnerships. (See, particularly, "Investment Objectives and Acquisition Policies," "Investment in Operating Partnerships," and "Sharing Arrangements: Profits, Credits, Losses, Net Cash Flow and Residuals.") THE POTENTIAL OPERATING PARTNERSHIP INTERESTS IDENTIFIED BELOW RELATE ONLY TO BCTC IV--SERIES 33. While the General Partner believes that the Fund, on behalf of Series 33, is reasonably likely to acquire interests in the Operating Partnerships which are developing or will develop, as applicable, the Apartment Complexes described hereinafter, the Fund may not be able to do so as a result of additional information or changes in circumstances. Before any such acquisition is made, the General Partner will continue and complete its due diligence review as to the applicable Operating Partnership and the related Apartment Complex. This process will include the review and analysis of information concerning, among other matters, market competition and environmental factors; if any significant adverse information is obtained by the General Partner, either action will be taken to mitigate the adverse factor(s), or the acquisition will not be made. If such interests are acquired, the terms may differ materially from those described below. Accordingly, Investors should not rely on the ability of the Fund to invest in these Apartment Complexes or under the described investment terms in deciding whether to invest in the Fund. If the entire $25 million is raised for Series 33, the anticipated acquisition of the Operating Partnership Interests, described hereinafter, will represent approximately 95% of the total money which the Fund currently expects to spend on behalf of Series 33. Management's Discussion and Analysis of Financial Condition and Results of Operations Since Series 33 is currently in the offering phase, it has no material assets or any operating history. The twelve (12) Operating Partnerships in which Interests are currently expected to be acquired, and the respective Operating General Partners, are as follows:
Partnership General Partner(s) ----------- ------------------ 1. Bradford Square L.P. Sam Nicholson (the "Bradford Square Partnership") Nancy Nicholson 2. Carriage Pointe L.P. Matzel & Mumford (the "Carriage Pointe Partnership") 3. Forest Park L. P. Jim Howell (the "Forest Park Partnership") 4. Fox Ridge L.P. National Housing Corporation (the "Fox Ridge Partnership") 5. Giverny Gardens L.P. John E. Delaney (the "Giverny Gardens Partnership") Robert D. Hatfield 6. Kiest Townhouses L.P. Luxar Development Corporation (the "Kiest Partnership") 7. Lake Allie L.P. Ambling Development Company (the "Lake Allie Partnership") 8. Owatonna Townhomes L.P. MetroPlains Development (the "Owatonna Partnership") 9. Prairie Ridge L.P. Southern Missouri Management (the "Prairie Ridge Partnership") 10. River Chase Partnership Providence Group (the "River Chase Partnership") 11. Sayreville Senior Housing L.P. Sayreville Seniors Housing (the "Sayreville Partnership") Corporation 12. Woodhaven L.P. Woodhaven Partners (the "Woodhaven Partnership")
S-2 Permanent Mortgage Loan financing for the Apartment Complexes described herein is being or will be provided from a variety of sources, as described below. Certain of the Apartment Complexes, as described below, have not yet begun construction. Delays in construction could occur with respect to Apartment Complexes currently under construction or as to which construction has not yet commenced, which could result in delay or reduction in achieving Tax Credits. (See "Risk Factors--Tax Risks Associated with the Fund's Investments" in the Prospectus.) The General Partner believes that each of the Apartment Complexes has or will have adequate property insurance. The tables included in this Supplement describe in greater detail information concerning the Apartment Complexes and the anticipated terms of investment in each Operating Partnership. The Priority Return Base for Series 33 is $1.10 per BAC (11%). (See "Glossary" at page 162 of the Prospectus for the definition of the term "Priority Return Base.") Investors should note that the "Priority Return Base" is the level of return that must be provided to Investors before the General Partner may receive a 5% share in the proceeds from the sale or refinancing of Apartment Complexes or Operating Partnership Interests. (See "Liquidation Phase" at page 49 of the Prospectus.) In establishing the Priority Return Base, the General Partner is not representing that the Fund is expected to provide this level of return to Investors. The General Partner will receive fees and compensation for services prior to BAC Holders receiving the Priority Return. S-3
INFORMATION CONCERNING THE APARTMENT COMPLEXES Basic Location of Number Monthly(1) Partnership Name Property of Units Rents ------------------ ----------------- ---------- ------------ 1. Bradford Jefferson City, 50 $349- Square Tennessee $431 2BR Partnership 2. Carriage Old Bridge, 18 $602 1BR Pointe New Jersey $566- Partnership $779 2BR 3. Forest Park Stonewall, 40 $217 1BR Partnership Louisiana $259- $296 2BR $407 4BR 4. Fox Ridge Durham, 92 $477- Partnership North Carolina $583 2BR $648 3BR 5. Giverny Paris, 36 $425- Gardens Kentucky $495 2BR Partnership $485- $525 3BR 6. Kiest Dallas, 130 $483- Partnership Texas $505 2BR $559- $605 3BR $618- $705 4BR INFORMATION CONCERNING THE APARTMENT COMPLEXES Government Permanent Mortgage Annual Annual Assistance Mortgage Interest Reserve Management Management Anticipated Loan(3) Rate Amount Agent Fee -------------------- ------------------- ---------- --------- --------------- -------------- 1. Federal Housing First Virginia 8% $10,000 Nicholson 6% of net Tax Credits Mortgage Management rental income Company $1,168,000 (3) 2. Federal Housing Amboy National 9.125% $3,600 Matzel & 6% of net Tax Credits Bank Mumford Real rental income $627,000(a) 8% Estate Matzel & Mumford $490,000(b) (4) 3. HOME Investment Hibernia 8% $8,000 TF Management 6% of net Partnerships National Bank Inc. rental income Program(b) $176,000(a) 4% (5) Louisiana Housing Finance Authority $400,000(b) (5) 4. Federal Housing Tate Terrace 9% $18,400 Proctor Group 5% of net Tax Credits Realty Inc. rental income $2,148,360 (6) 5. U.S. Housing and First Colony 8% $7,200 Canaan 6% of net Urban Capital Community rental income Development $1,091,000 Development Department 221d4 (7) Corp. Interest Rate Subsidy Program (7) 6. Federal Housing Arbor National 9% $26,000 Affordable 6% of net Tax Credits Mortgage Housing rental income Company LLC Partnership $3,240,000 (8)
S-4
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued) Basic Location of Number Monthly(1) Partnership Name Property of Units Rents ------------------ ------------- ---------- ------------ 7. Lake Allie Blakely, 32 $235 1BR Partnership Georgia $254 2BR 8. Owatonna Owatonna, 24 $461- Partnership Minnesota $650 3BR 9. Prairie Ridge Licking, 12 $350 3BR Partnership Missouri 10. River Chase Vicksburg, 24 $220 1BR Partnership Mississippi $265 2BR 11. Sayreville Sayreville, 100 $525 1BR Partnership New Jersey 12. Woodhaven South 80 $455- Partnership Brunswick, $568 1BR New Jersey $638- $751 2BR INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued) Government Permanent Mortgage Annual Annual Assistance Mortgage Interest Reserve Management Management Anticipated Loan(3) Rate Amount Agent Fee -------------------- -------------------- ---------- --------- ----------------- -------------- 7. HOME Investment Georgia 4% $6,400 Ambling 6% of net Partnerships Housing and Management rental income Program Finance (9) Authority $1,024,000 (9) 8. HOME Investment Zapp Bank 9% $4,800 MetroPlains 6% of net Partnerships $412,000(a) Management rental income Program(b) Minnesota 0% Tax Increment Housing Financing Finance Program Agency (10) $450,000(b) City of 0% Owatonna, MN $82,000 (10) 9. Federal Housing Great Southern 9% $3,000 Kodiak 6% of net Tax Credits Bank Resources, Inc. rental income $350,000 (11) 10. Federal Housing Deposit 9% $4,800 Park 6% of net Tax Credits Guaranty Management rental income National Bank $540,000 (12) 11. Federal Housing Amboy National 7% $20,000 Sayreville 6% of net Tax Credits Bank Housing rental income $3,491,000(a) 8% Authority Gillette Enterprises $640,000(b) (13) 12. Federal Housing Amboy National 8.5% $20,000 Eastern 6% of net Tax Credits Bank Properties rental income $3,366,000 (14)
(1) Exclusive of utilities, unless indicated otherwise. (2) Except as and to the extent noted in the following footnote, the terms of all permanent mortgage loans, described in the following footnotes, which have a term to maturity which is shorter than the term employed for the amortization schedule provide or are expected to provide that the entire outstanding balance of principal of and interest on such permanent mortgage loan shall be due and payable in full at the maturity of such mortgage loan. (3) The terms of the Bradford Square Partnership's anticipated permanent first mortgage loan in the amount of $1,168,000 are expected to include a term of 30 years, an interest rate of 8% and payments of principal and interest on the basis of a 30-year amortization schedule. S-5 INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued) (4) (a) The terms of the Carriage Pointe Partnership's anticipated permanent first mortgage loan in the amount of $627,000 are expected to include a term of 15 years, an interest rate of 9.125% and payments of principal and interest on the basis of a 15-year amortization schedule. (b) The terms of the Carriage Pointe Partnership's anticipated permanent second mortgage loan in the amount of $490,000 are expected to include a term of 15 years, an interest rate of 8% and payments of principal and interest on the basis of a 15-year amortization schedule. (5) (a) The terms of the Forest Park Partnership's anticipated permanent first mortgage loan in the amount of $176,000 are expected to include a term of 30 years, an interest rate of 8% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Forest Park Partnership's anticipated permanent second mortgage loan in the amount of $400,000 are expected to include a term of 30 years, an interest rate of 4% and payments of principal and interest on the basis of a 30-year amortization schedule, provided, however, that the terms of the permanent second mortgage loan will provide for the deferral and accrual of payments of principal and interest based on available cash flow, and for the payment of the entire outstanding balance of principal and interest at the end of the 30-year term. (6) The terms of the Fox Ridge Partnership's anticipated permanent first mortgage loan in the amount of $2,148,360 are expected to include a term of 25 years, an interest rate of 9% and payments of principal and interest on the basis of a 25-year amortization schedule. (7) The terms of the Giverny Gardens Partnership's anticipated permanent first mortgage loan in the amount of $1,091,000 are expected to include a term of 30 years, an interest rate of 8% and payments of principal and interest on the basis of a 30-year amortization schedule. (8) The terms of the Kiest Partnership's anticipated permanent first mortgage loan in the amount of $3,240,000 are expected to include a term of 30 years, an interest rate of 9% and payments of principal and interest on the basis of a 30-year amortization schedule. (9) The terms of the Lake Allie Partnership's anticipated permanent first mortgage loan in the amount of $1,024,000 are expected to include a term of 30 years, an interest rate of 4% and payments of principal and interest on the basis of a 30-year amortization schedule. (10) (a) The terms of the Owatonna Partnership's anticipated permanent first mortgage loan in the amount of $412,000 are expected to include a term of 30 years, an interest rate of 9% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Owatonna Partnership's anticipated permanent second mortgage loan in the amount of $450,000 are expected to include a term of 30 years, an interest rate of 0% and payment of principal on the basis of a 30-year amortization schedule, provided, however, that the terms of the permanent second mortgage loan will provide for the deferral and accrual of payment of principal based on available cash flow, and for the payment of the entire outstanding balance of principal at the end of the 30-year term. (11) The terms of the Prairie Ridge Partnership's anticipated permanent first mortgage loan in the amount of $350,000 are expected to include a term of 30 years, an interest rate of 9% and payments of principal and interest on the basis of a 30-year amortization schedule. (12) The terms of the River Chase Partnership's anticipated permanent first mortgage loan in the amount of $540,000 are expected to include a term of 30 years, an interest rate of 9% and payments of principal and interest on the basis of a 30-year amortization schedule. (13) (a) The terms of the Sayreville Partnership's anticipated permanent first mortgage loan in the amount of $3,491,000 are expected to include a term of 28 years, an interest rate of 7% and payments of principal and interest on the basis of a 28-year amortization schedule. (b) The terms of the Sayreville Partnership's anticipated permanent second mortgage loan in the amount of $640,000 are expected to include a term of 8 years, an interest rate of 8% and payments of principal and interest on the basis of a 8-year amortization schedule. (14) The terms of the Woodhaven Partnership's anticipated permanent first mortgage loan in the amount of $3,366,000 are expected to include a term of 5 years, an interest rate of 8.5% and payments of principal and interest on the basis of a 30-year amortization schedule. S-6
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS Ownership Interest (%) Profits, Losses, Operating BCTC IV Credit/Net General Partnership Capital Cash Partner Name Contribution Flow/Backend Contribution ------------------- -------------- -------------- -------------- 1. Bradford $1,473,080 99/30/50 $100 Square Partnership 2. Carriage $503,797 50/25/25 $100 Pointe Partnership 3. Forest Park $1,476,800 99/50/50 $100 Partnership 4. Fox Ridge $3,741,000 100/10/20 $100 Partnership 5. Giverny $834,881 100/20/20 $100 Gardens Partnership 6. Kiest $3,947,107 50/15/15 $100 Partnership 7. Lake Allie $315,151 99/20/50 $100 Partnership 8. Owatonna $1,249,100 99/20/20 $100 Partnership 9. Prairie Ridge $590,512 99/10/20 $100 Partnership 10. River Chase $1,046,026 99/50/50 $100 Partnership 11. Sayreville $1,486,484 50/25/25 $100 Partnership 12. Woodhaven $1,195,261 50/25/25 $100 Partnership TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS Fund's Approximate Average Development Annual Annual Fee/Other Partnership Asset Operating Operating Anticipated Distributions Management Management Deficit Partnership's Federal to Operating Fee to Fee to Boston Guarantee Credit Base Credit GP Operating GP Capital --------------- --------------- ------------- --------------- -------------- -------------- 1. Unlimited $2,490,000 $210,440 $117,000 $3,000 $3,000 in time and amount 2. None $1,653,000 $68,938 $274,777 0 0 3. Unlimited $1,914,000 $208,000 $150,000 $1,000 $1,000 in time and amount 4. $235,000 $6,166,300 $519,583 $516,000 $32,000 $8,000 in the aggregate 5. $ 90,000 $1,369,000 $116,767 $180,000 $3,000 $3,000 in the aggregate for 3 years 6. Unlimited $13,260,000 $548,209 $1,272,000 $13,000 $13,000 in time and amount 7. $300,000 $1,222,650 $43,771 $144,000 $2,000 $2,000 in the aggregate for 3 years 8. Unlimited $1,987,000 $173,486 $281,700 $2,400 $2,400 in amount for 5 years 9. $ 35,000 $990,000 $82,016 $111,000 $3,000 $1,200 in the aggregate for 3 years 10. Unlimited $1,738,500 $145,337 $100,000 $5,000 $5,000 in amount for 5 years 11. None $5,532,000 $232,463 $524,772 0 0 12. None $5,263,000 $233,350 $388,000 0 0
S-7 THE BRADFORD SQUARE PARTNERSHIP (Bradford Square Apartments) Bradford Square Apartments is a 50-unit apartment complex for senior citizens which is to be constructed on North Highway 92 at Oak Hills Way in Jefferson City, Tennessee. Bradford Square Apartments will consist of 50 two-bedroom units contained in 11 buildings. The complex will offer a function room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning and a patio or porch. Construction of Bradford Square Apartments is anticipated to begin in August, 1998. The Operating General Partners anticipate that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ----------------- ---------- ---------------- 10 June, 1999 6 July, 1999 10 July, 1999 6 August, 1999 10 August, 1999 6 September, 1999 10 September, 1999 8 October, 1999 10 October, 1999 8 November, 1999 8 December, 1999 8 January, 2000
THE CARRIAGE POINTE PARTNERSHIP (Carriage Pointe Apartments) Carriage Pointe Apartments is an 18-unit apartment complex for families and senior citizens which has been constructed on County Route 516 between High Pointe Way and Bennett Road in Old Bridge, New Jersey. Carriage Pointe Apartments consists of 6 one-bedroom units and 12 two-bedroom units contained in 2 buildings. The complex offers central laundry facilities. Individual units contain a refrigerator, range, dishwasher, disposal, air conditioning, cable television hook-up, an and a patio or porch. Construction of Carriage Pointe Apartments is complete and 100% occupied. THE FOREST PARK PARTNERSHIP (Forest Park Apartments) Forest Park Apartments is a 40-unit apartment complex for families which is to be constructed on Preston Road and Highway 171 in Stonewall, Louisiana. Forest Park Apartments will consist of 12 one-bedroom units, 22 two-bedroom units and 6 four-bedroom units contained in 12 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, kitchen exhaust fan, air conditioning and a patio or porch. Construction of Forest Park Apartments is anticipated to begin in September, 1998. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- ---------- ------------- 10 March, 1999 8 April, 1999 10 April, 1999 8 May, 1999 10 May, 1999 8 June, 1999 10 June, 1999 8 July, 1999 8 August, 1999
THE FOX RIDGE PARTNERSHIP (Fox Ridge Apartments) Fox Ridge Apartments is a 92-unit apartment complex for families which is to be constructed near the corner of Page Road and the Page Road Extension in Durham, North Carolina. Fox Ridge Apartments will consist of 56 two-bedroom units and 36 three-bedroom units contained in 8 buildings. The complex will offer a clubroom, pool, playground and central laundry facilities. Individual units will contain a refrigerator, range, kitchen exhaust fan, dishwasher, air conditioning, cable television hook-up and a patio or porch. Construction of Fox Ridge Apartments is anticipated to begin in July, 1998. The Operating General Partner anticipates that construction completion and occupancy will occur as follows: S-8
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- ---------- ---------------- 15 May, 1999 11 June, 1999 15 June, 1999 11 July, 1999 15 July, 1999 11 August, 1999 15 August, 1999 11 September, 1999 16 September, 199 12 October, 1999 16 October, 1999 12 November, 1999 12 December, 1999 12 January, 2000
THE GIVERNY GARDENS PARTNERSHIP (Giverny Gardens Apartments) Giverny Gardens Apartments is a 36-unit apartment complex for families which is to be constructed on Bethlehem Road (Kentucky Route 1939) in Paris, Kentucky. Giverny Gardens Apartments will consist of 28 two-bedroom units and 8 three-bedroom units contained in 5 buildings. The complex will offer a function room, playground and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, ceiling fans and a patio or porch. Construction of Giverny Gardens Apartments is anticipated to begin in August, 1998. The Operating General Partners anticipate that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ----------------- ---------- ---------------- 9 June, 1999 9 July, 1999 9 July, 1999 9 August, 1999 9 August, 1999 9 September, 1999 9 September, 1999 9 October, 1999
THE KIEST PARTNERSHIP (Kiest Townhomes) Kiest Townhomes is a 130-unit apartment complex for families which is to be constructed on Kiest Boulevard at Cockrell Hill Road in Dallas, Texas. Kiest Townhomes will consist of 59 two-bedroom units, 59 three-bedroom units and 12 four-bedroom units contained in 16 buildings. The complex will offer a function room, pool, playground, basketball court and central laundry facilities. Individual units will contain a refrigerator, range with hood, dishwasher, disposal, air conditioning, ceiling fan, bathroom exhaust fan and a patio or porch. Construction of Kiest Townhomes is anticipated to begin in July, 1998. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- ---------- --------------- 32 November, 1998 16 January, 1999 32 December, 1998 16 February, 1999 33 January, 1999 16 March, 1999 33 February, 1999 16 April, 1999 16 May, 1999 16 June, 1999 17 July, 1999 17 August, 1999
THE LAKE ALLIE PARTNERSHIP (Lake Allie Apartments) Lake Allie Apartments is a 32-unit apartment complex for families which is to be constructed in Blakely, Georgia. Lake Allie Apartments will consist of 20 one-bedroom units and 12 two-bedroom units contained in 6 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, dishwasher and a patio or porch. Construction of Lake Allie Apartments is anticipated to begin in January, 1999. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- -------------- ---------- ---------------- 16 July, 1999 8 August, 1999 16 August, 1999 8 September, 1999 8 October, 1999 8 November, 1999
S-9 THE OWATONNA PARTNERSHIP (Willow Run Townhomes) Willow Run Townhomes is a 24-unit townhome development for families which is to be constructed in Owatonna, Minnesota. Willow Run Townhomes will consist of 24 three-bedroom units contained in 24 buildings. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning and a patio or porch. Construction of Willow Run Townhomes is anticipated to begin in September, 1998. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------ ---------- ---------------- 8 May, 1999 6 June, 1999 8 June, 1999 6 July, 1999 8 July, 1999 6 August, 1999 6 September, 1999
THE PRAIRIE RIDGE PARTNERSHIP (Prairie Ridge Apartments) Prairie Ridge Apartments is a 12-unit single family home development for families which is to be constructed on Old Ridge Road at Dorsey Street in Licking, Missouri. Prairie Ridge Apartments will consist of 12 three-bedroom units contained in 12 buildings. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, kitchen exhaust fan, ceiling fan and a patio or porch. Construction of Prairie Ridge Apartments is anticipated to begin in July, 1998. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------ ---------- ----------- 12 May, 1999 6 June, 1999 6 July, 1999
THE RIVER CHASE PARTNERSHIP (River Chase Apartments) River Chase Apartments is a 24-unit apartment complex for families which is to be constructed in Vicksburg, Mississippi. River Chase Apartments will consist of 12 one-bedroom units and 12 two-bedroom units contained in 8 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, dishwasher and a patio or porch. Construction of River Chase Apartments is anticipated to begin in July, 1998. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------ ---------- ---------------- 12 June, 1999 6 July, 1999 12 July, 1999 6 August, 1999 6 September, 1999 6 October, 1999
THE SAYREVILLE PARTNERSHIP (Gillette Manor Apartments) Gillette Manor Apartments is a 100-unit apartment complex for senior citizens which has been constructed on Washington Road at Hilltop Avenue in Sayreville, New Jersey. Gillette Manor Apartments consists of 100 one-bedroom units contained in 1 building. The complex offers a meeting room and central laundry facilities. Individual units contain a refrigerator, range, air conditioning, cable television hook-up and an emergency call system. Construction of Gillette Manor Apartments is complete and 100% occupied. THE WOODHAVEN PARTNERSHIP (Woodhaven Apartments) Woodhaven Apartments is an 80-unit apartment complex for families and senior citizens which has been constructed on Route 27 in South Brunswick, New Jersey. Woodhaven Apartments consists of 40 one-bedroom units and 40 two-bedroom units contained in 13 buildings. The complex offers a clubhouse with meeting room and central laundry facilities. Individual units contain a refrigerator, range, dishwasher, disposal, air conditioning and a patio or porch. Construction of Woodhaven Apartments is complete and 100% occupied. S-10 The Fund is now offering BACs in Series 33. The previous series are each distinct and investors in Series 33 will have no rights or interests in any previous series. Prospective investors should note that disclosure respecting Series 33 is included in the Prospectus, to which this sticker supplement is appended, and the Supplement which follows this Prospectus. The Supplement which follows the Prospectus includes the following items: o information about the Apartment Complexes which Series 33 anticipates investing in o other important information which modifies or supplements the information included in the Prospectus -----END PRIVACY-ENHANCED MESSAGE-----