-----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, VA/7eCCpuoeRreR7XA/UNHzJ+UyJnegm9FSAAm/n0pIus7v/I+nTBGnosypfeKIC zemz/F6XuFmEyLO7CAwyLA== 0000950146-99-001185.txt : 19990521 0000950146-99-001185.hdr.sgml : 19990521 ACCESSION NUMBER: 0000950146-99-001185 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19990520 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: 424B3 SEC ACT: SEC FILE NUMBER: 333-38189 FILM NUMBER: 99630948 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 424B3 1 BOSTON CAPITAL TAX CREDIT FUND MAY 1, 1999 NY SUPPLEMENT NO. 1 TO PROSPECTUS FOR BOSTON CAPITAL TAX CREDIT FUND IV L.P. DATED MAY 1, 1999 (SUPPLEMENT OFFERING BCTC IV SERIES 35 AND IDENTIFYING CERTAIN ANTICIPATED INVESTMENTS) This Supplement is part of, and should be read in conjunction with, Boston Capital's Prospectus. Capitalized terms used herein but not defined have the meanings ascribed to them in the Prospectus. Series 35's Purpose-- o to invest in other limited partnerships that will each develop, own and operate an apartment complex used as low and moderate income housing. Terms of Offering-- o Series 35 is offering at least 250,000 ($2.5 million) and up to 4,000,000 ($40 million) Beneficial Assignee Certificates that are the equivalent of limited partnership interests in Series 35; o the price of the certificates is $10 a piece with a minimum investment of $5,000; o this offering will end no later than December 31, 1999; and o your money will be held in escrow until at least 250,000 certificates are sold. Series 35's Investors Will Receive-- o federal housing tax credits; o tax losses that can offset passive income from any other investments; and o profits, if any, from the sale of the apartment complexes. Prior Performance of Boston Associates and Its Affiliates Boston Capital Tax Credit Fund IV L.P. ("Boston Capital") has issued other series in other offerings--Series 20 to Series 34. Boston Capital has issued a total of 49,295,559 certificates, raised $492,656,500 and admitted 27,705 investors within Series 20 through 34, and may still sell up to $117,343,500 to the public if all the certificates in Series 35 are sold. See "Prior Performance of Boston Associates and Its Affiliates" in the Prospectus for information about Series 20 through 32. Boston Capital received orders for a total of $3,530,319 Series 34 certificates ($35,283,000), and issued the last of these certificates on February 11, 1999. The fees paid as of February 11, 1999 to Boston Capital and affiliates for Series 34 totaled $4,163,394. No additional Series 34 certificates will be offered. As of April 30, 1999, Boston Capital has issued 1,300,500 Series 35 certificates ($13,005,000). The initial monies placed into escrow have been released because more than 250,000 certificates ($2.5 million) have been sold. Investment Objectives and Acquisition Policies Series 35's principal business is to invest, as a limited partner, in other limited partnerships (the "operating partnerships"), each of which will develop, own and operate an apartment complex which is expected to qualify for federal housing tax credits in order to achieve the investment goals set forth in the Prospectus. The attainment of Series 35's investment objectives will depend on many factors, including the ability of Boston Associates to select suitable investments on a timely basis, the timely completion and successful management of such investments and future economic conditions in the United States. Accordingly, there can be no assurance that Series 35 will meet its investment objectives. Anticipated Investments Series 35 expects to invest in the ten operating partnerships described below. Each operating partnership will use a significant part of the funds invested by Series 35 to pay fees to the operating general partners. See the table entitled "Terms of Investment in Operating Partnerships" in this Supplement. While Boston Associates believes that Series 35 is reasonably likely to acquire interests in the apartment complexes described below, it may not be able to do so. Before any acquisition is made, Boston Associates will complete its due diligence review as to the operating partnership and its 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 Boston Associates, either action will be taken to mitigate the adverse factor(s), or the acquisition will not be made. It is also possible that the acquisition terms may differ significantly from those described below. Accordingly, investors should not rely on the ability of Series 35 to invest in these apartment complexes or under the described investment terms in deciding whether to invest in Series 35. If Series 35 raises the entire $40 million, the anticipated acquisition of the operating partnership interests, described below, will represent approximately 81% of the total money which Series 35 currently expects to spend. 2 Management's Discussion and Analysis of Financial Condition and Results of Operations Because Series 35 is currently in the offering phase, it has no material assets or any operating history. Series 35 expects to acquire interests in the following ten operating partnerships, all of which are to be newly constructed:
Partnership Operating General Partner(s) - ---------------------------------------------- ----------------------------- 1. Ashton Cove L.P. William J. Rea; (the "Ashton Cove Partnership") Michael H. Godwin; R. Ryan Holmes 2. Tennessee Partners XII L.P. J.H. Thames, Jr.; (the "Autumn Park Partnership") Chip Triplett 3. Brazoswood L.P. Sally Gaskin (the "Brazoswood Partnership") 4. Columbia Woods L.P. Noel Khalil (the "Columbia Woods Partnership") 5. Mulvane Housing L.P. Midland Residential Ventures (the "Country Walk Partnership") 6. Cypress Point L.P. Campbell, Hogue & Associates (the "Cypress Point Partnership") 7. New Caney Housing Ltd. Houston Our House, Inc.; (the "Garden Gates Partnership") East Montgomery Housing LLC 8. Hillside Terrace L.P. Home Properties (the "Hillside Terrace Partnership") 9. Riverwalk Homes II LLC Gorman & Company, Inc. (the "Riverwalk Partnership") 10. Washington Courtyards L.P. Texas InterfaithHousing (the "Washington Courtyards Partnership") Corporation; Avenue Community Development Corporation
None of the operating general partners or the management companies are affiliated with Boston Associates. Construction has begun on Ashton Cove, Autumn Park, Country Walk, Garden Gates, Hillside Terrace and Riverwalk Apartments. Permanent mortgage loan financing for the apartment complexes will be provided from a variety of sources. Boston Associates believes that each of the apartment complexes 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. 3
INFORMATION CONCERNING THE APARTMENT COMPLEXES Basic Government Partnership Location Number Monthly Assistance Name of Property of Units Rents (1) Anticipated - ---------------- ------------- ---------- ----------- --------------------- 1. Ashton Cove Kingsland, 72 $270 1BR HOME Investment Partnership Georgia $330- Partnerships $340 2BR Program $390 3BR 2. Autumn Park Dickson, 104 $407- Tennessee Housing Partnership Tennessee $440 1BR Development $482- Agency 1998 Tax $535 2BR Exempt Multi-family $610 3BR Bond Authority Program 3. Brazoswood Clute, 72 $400- Federal Housing Tax Partnership Texas $440 1BR Credits $440- $560 2BR $575- $650 3BR INFORMATION CONCERNING THE APARTMENT COMPLEXES Permanent Mortgage Annual Annual Partnership Mortgage Interest Reserve Management Management Name Loan (2) Rate Amount (3) Agent Fee - ---------------- ------------------------ ---------- ------------ ------------------- ----------------- 1. Ashton Cove Georgia 1% $14,400 Ambling 6% of net rental Partnership Department of Management income Community Affairs Company $1,993,000 (4) 2. Autumn Park Dickson Health and 5% $20,800 Park Management 6% of net rental Partnership Educational income Facilities Board $5,000,000 (5) 3. Brazoswood General Electric 8.5% $15,200 Orion Real Estate 6% of net rental Partnership Capital Corporation income $1,846,000 (6)
- ----------------- 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 Amount deposited annually by the operating partnership to its Capital Reserves Account for future capital improvements or capital replacements. 4 The terms of the Ashton Cove Partnership's anticipated permanent first mortgage loan in the amount of $1,993,000 are expected to include a term of 20 years, an interest rate of 1% and payments of principal and interest on the basis of a 30-year amortization schedule. 5 The terms of the Autumn Park Partnership's anticipated permanent first mortgage loan in the amount of $5,000,000 are expected to include a term of 30 years, an interest rate of 5% and payments of principal and interest on the basis of a 30-year amortization schedule. 6 The terms of the Brazoswood Partnership's anticipated permanent first mortgage loan in the amount of $1,846,000 are expected to include a term of 15 years, an interest rate of 8.5% and payments of principal and interest on the basis of a 30-year amortization schedule. 4
INFORMATION CONCERNING THE APARTMENT COMPLEXES Basic Government Partnership Location Number Monthly Assistance Name of Property of Units Rents Anticipated - ------------------- -------------- ---------- ---------- --------------------- 4. Columbia Woods Newnan, 120 $450- Federal Housing Tax Partnership Georgia $475 1BR Credits $535- $575 2BR $615- $675 3BR 5. Country Walk Mulvane, 68 $380- Federal Housing Tax Partnership Kansas $425 1BR Credits $225- $540 2BR $575- $625 3BR 6. Cypress Point Casa Grande, 104 $282- Federal Housing Tax Partnership Arizona $463 1BR Credits $444- $635 2BR 7. Garden Gates New Caney, 32 $418- Federal Housing Tax Partnership Texas $510 1BR Credits $503- $621 2BR $578- $706 3BR INFORMATION CONCERNING THE APARTMENT COMPLEXES Permanent Mortgage Annual Annual Partnership Mortgage Interest Reserve Management Management Name Loan Rate Amount Agent Fee - ------------------- -------------------- ---------- --------- ---------------- ----------------- 4. Columbia Woods Bank of America 8% $24,000 Affordable 6% of net rental Partnership $3,905,000 Housing income (7) Partnership 5. Country Walk General Motors 8.5% $13,600 Midland 6% of net rental Partnership Acceptance Management income Corporation $1,800,000 (8) 6. Cypress Point Llama Capital 8% $20,800 Campbell-Hogue 6% of net rental Partnership $2,700,000 Management income (9) 7. Garden Gates Llama Capital 8.12% $6,400 LCJ Management 6% of net rental Partnership $731,000 Inc. income (10)
- ----------------- 7 The terms of the Columbia Woods Partnership's anticipated permanent first mortgage loan in the amount of $3,905,000 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 Country Walk Partnership's anticipated permanent first mortgage loan in the amount of $1,800,000 are expected to include a term of 15 years, an interest rate of 8.5% and payments of principal and interest on the basis of a 20-year amortization schedule. 9 The terms of the Cypress Point Partnership's anticipated permanent first mortgage loan in the amount of $2,700,000 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. 10 The terms of the Garden Gates Partnership's anticipated permanent first mortgage loan in the amount of $731,000 are expected to include a term of 30 years, an interest rate of 8.12% and payments of principal and interest on the basis of a 30-year amortization schedule. 5
INFORMATION CONCERNING THE APARTMENT COMPLEXES Basic Government Partnership Location Number Monthly Assistance Name of Property of Units Rents Anticipated - --------------------- --------------- ---------- ---------- --------------------- 8. Hillside Terrace Poughkeepsie, 64 $498- HOME Investment Partnership New York $603 1BR Partnerships $598- Program $724 2BR $690 3BR 9. Riverwalk Sheboygan, 20 $230- Federal Housing Tax Partnership Wisconsin $425 1BR Credits $471- $495 2BR 10. Washington Houston, 74 $432- Affordable Courtyards Texas $600 1BR Housing Program Partnership $524- $720 2BR $608- $825 3BR INFORMATION CONCERNING THE APARTMENT COMPLEXES Permanent Mortgage Annual Annual Partnership Mortgage Interest Reserve Management Management Name Loan Rate Amount Agent Fee - --------------------- ---------------------------- ---------- --------- ------------------ ----------------- 8. Hillside Terrace Home Properties 8.25% $12,800 Conifer Realty 6% of net rental Partnership $1,600,000 (11)(a) income Dutchess County $214,000 1% (11)(b) 9. Riverwalk Llama Capital 8% $3,000 Gorman & 6% of net rental Partnership $460,000 Company, Inc. income (12) 10. Washington Southwest Bank 7.35% $14,800 Texas Interfaith 5% of net rental Courtyards $2,900,000 Management income Partnership (13)(a) Corporation Federal Home 5.7% Loan Bank $88,000 (13)(b)
- ----------------- 11 (a) The terms of the Hillside Terrace Partnership's anticipated permanent first mortgage loan in the amount of $1,600,000 are expected to include a term of 30 years, an interest rate of 8.25% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Hillside Terrace Partnership's anticipated permanent second mortgage loan in the amount of $214,000 are expected to include a term of 30 years, an interest rate of 1% 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. 12 The terms of the Riverwalk Partnership's anticipated permanent first mortgage loan in the amount of $460,000 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. 13 (a) The terms of the Washington Courtyards Partnership's anticipated permanent first mortgage loan in the amount of $2,900,000 are expected to include a term of 30 years, an interest rate of 7.35% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Washington Courtyards Partnership's anticipated permanent second loan in the amount of $88,000 are expected to include a term of 15 years, an interest rate of 5.7% and payments of principal and interest on the basis of a 15-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 15-year term. 6
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS Ownership Interest(%) Profits, Losses, Operating BCTC IV Credit/Net General Partnership Capital Cash Flow/ Partner Operating Deficit Name Contribution Backend Contribution Guarantee - ----------------- -------------- ---------------- -------------- --------------------- 1. Ashton Cove $2,664,000 100/20/50 $100 $300,000 in the Partnership aggregate for 3 years 2. Autumn $1,637,797 100/10/20 $100 $250,000 in the Park aggregate for Partnership 3 years 3. Brazoswood $3,074,829 100/20/20 $100 Unlimited in Partnership amount for 3 years 4. Columbia $4,676,332 100/15/35 $100 Unlimited in Woods amount for Partnership 3 years 5. Country $1,958,266 100/20/20 $100 Unlimited in Walk amount for Partnership 3 years 6. Cypress $2,729,617 100/10/20 $100 Unlimited in time Point and amount Partnership 7. Garden $1,010,439 100/20/99 $100 $350,000 in the Gates aggregate for Partnership 4 years 8. Hillside $4,008,673 90/9/27 $100 Unlimited in time Terrace and amount Partnership 9. Riverwalk $1,354,094 99.99/20/20 $100 Unlimited in time Partnership and amount 10. Washington $ 606,140 30/3/6 $100 Unlimited in Courtyards duration for Partnership $485,000 in the aggregate TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS Fund's Annual Approximate Development Partnership Asset Operating Average Annual Fee/Other Management Management Partnership Partnership's Anticipated Distributions Fee to Fee to Boston Name Credit Base Federal Credit to Operating GP Operating GP Associates - ----------------- --------------- ---------------- ----------------- -------------- -------------- 1. Ashton Cove $4,437,000 $360,000 $573,000 $6,000 $6,000 Partnership 2. Autumn $6,230,000 $217,406 $221,324 $15,000 $5,000 Park Partnership 3. Brazoswood $5,235,000 $415,517 $682,800 $7,600 $7,600 Partnership 4. Columbia $7,829,000 $631,937 $1,090,000 $12,000 $12,000 Woods Partnership 5. Country $3,181,000 $264,631 $339,000 $6,000 $6,000 Walk Partnership 6. Cypress $4,401,000 $368,867 $460,000 $10,400 $10,400 Point Partnership 7. Garden $1,676,000 $136,546 $219,000 $3,000 $3,000 Gates Partnership 8. Hillside $7,394,000 $541,713 $745,000 $5,000 $5,000 Terrace Partnership 9. Riverwalk $2,206,000 $183,000 $221,000 $2,000 $2,000 Partnership 10. Washington $3,431,000 $79,755 $544,000 $3,000 $3,000 Courtyards Partnership
7 THE ASHTON COVE PARTNERSHIP (Ashton Cove Apartments) Ashton Cove Apartments is a 72-unit apartment complex for families which is being constructed on North Gross Road between Middle School Road and East King Avenue in Kingsland, Georgia. Ashton Cove Apartments will consist of 18 one-bedroom units, 38 two-bedroom units and 16 three-bedroom units contained in 10 buildings. The complex will offer a function building, pool, playground and central laundry facilities. Individual units will contain a refrigerator, range with hood, dishwasher, disposal, air conditioning and a patio or porch. Construction of Ashton Cove Apartments began in March, 1999. The operating general partners anticipate that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- ---------------- ----------------- --------------- 18 November, 1999 12 January, 2000 18 December, 1999 12 February, 2000 18 January, 2000 12 March, 2000 18 February, 2000 12 April, 2000 12 May, 2000 12 June, 2000
THE AUTUMN PARK PARTNERSHIP (Autumn Park Apartments) Autumn Park Apartments is a 104-unit apartment complex for families which is being constructed on Cowan Road and Beasley Drive in Dickson, Tennessee. Autumn Park Apartments will consist of 16 one-bedroom units, 56 two-bedroom units and 32 three-bedroom units contained in 13 buildings. The complex will offer a pool, function room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning and a patio or porch. Construction of Autumn Park Apartments began in April, 1999. The operating general partners anticipate that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- ----------------- ----------------- ---------------- 13 May, 2000 10 April, 2000 13 June, 2000 10 May, 2000 13 July, 2000 10 June, 2000 13 August, 2000 10 July, 2000 13 September, 2000 10 August, 2000 13 October, 2000 10 September, 2000 13 November, 2000 10 October, 2000 13 December, 2000 10 November, 2000 10 December, 2000 14 January, 2001
8 THE BRAZOSWOOD PARTNERSHIP (Brazoswood Apartments) Brazoswood Apartments is a 72-unit apartment complex for families which is to be constructed on the east side of the 500 block of Brazoswood Drive in Clute, Texas. Brazoswood Apartments will consist of 12 one-bedroom units, 36 two-bedroom units and 24 three-bedroom units contained in 19 buildings. The complex will offer a function room, pool, playground and central laundry facilities. Individual units will contain a refrigerator, range with hood and fan, dishwasher, disposal, air conditioning and ceiling fans. Construction of Brazoswood Apartments is anticipated to begin in June, 1999. The operating general partner anticipates that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- ------------- ----------------- ---------------- 18 March, 2000 18 April, 2000 18 April, 2000 9 May, 2000 18 May, 2000 9 June, 2000 18 June, 2000 9 July, 2000 9 August, 2000 9 September, 2000 9 October, 2000
THE COLUMBIA WOODS PARTNERSHIP (Columbia Woods Townhomes) Columbia Woods Townhomes is a 120-unit apartment complex for families which is to be constructed on Greison Trail in Newnan, Georgia. Columbia Woods Townhomes will consist of 18 one-bedroom units, 71 two-bedroom units and 31 three-bedroom units contained in 29 buildings. The complex will offer a pool, playground and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning and a patio or porch. Construction of Columbia Woods Townhomes is anticipated to begin in May, 1999. The operating general partner anticipates that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- -------------- ----------------- ---------------- 20 March, 2000 12 April, 2000 20 April, 2000 12 May, 2000 20 May, 2000 12 June, 2000 20 June, 2000 12 July, 2000 20 July, 2000 12 August, 2000 20 August, 2000 12 September, 2000 12 October, 2000 12 November, 2000 12 December, 2000 12 January, 2001
9 THE COUNTRY WALK PARTNERSHIP (Country Walk Apartments) Country Walk Apartments is a 68-unit apartment complex for families which is being constructed on North Rock Road in Mulvane, Kansas. Country Walk Apartments will consist of 24 one-bedroom units, 28 two-bedroom units and 16 three-bedroom units contained in 8 buildings. The complex will offer a playground and central laundry facilities. Individual units will contain a refrigerator, range with exhaust fan, dishwasher, disposal, air conditioning and a patio or porch. Construction of Country Walk Apartments began in February, 1999. The operating general partner anticipates that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- ----------------- ----------------- ---------------- 17 August, 1999 17 September, 1999 17 September, 1999 17 October, 1999 17 October, 1999 17 November, 1999 17 November, 1999 17 December, 1999
THE CYPRESS POINT PARTNERSHIP (Cypress Point Apartments) Cypress Point Apartments is a 104-unit apartment complex for senior citizens which is to be constructed in Casa Grande, Arizona. Cypress Point Apartments will consist of 52 one-bedroom units and 52 two-bedroom units contained in 12 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 Cypress Point Apartments is anticipated to begin in June, 1999. The operating general partner anticipates that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- -------------- ----------------- ---------------- 25 May, 2000 15 June, 2000 25 June, 2000 15 July, 2000 25 July, 2000 15 August, 2000 29 August, 2000 15 September, 2000 15 October, 2000 24 November, 2000
THE GARDEN GATES PARTNERSHIP (Garden Gates Apartments) Garden Gates Apartments is a 32-unit apartment complex for families which is being constructed on Farm to Market Road 1485 in New Caney, Texas. Garden Gates Apartments will consist of 10 one-bedroom units, 12 two-bedroom units and 10 three-bedroom units contained in 4 buildings. The complex will offer a function room, pool, playground and central laundry facilities. Individual units will contain a refrigerator, range with fan, microwave, ceiling fans, dishwasher, disposal, air conditioning and a patio or porch. 10 Construction of Garden Gates Apartments began in March, 1999. The operating general partners anticipate that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- ---------------- ----------------- --------------- 8 January, 2000 8 February, 2000 8 February, 2000 8 March, 2000 8 March, 2000 8 April, 2000 8 April, 2000 8 May, 2000
THE HILLSIDE TERRACE PARTNERSHIP (Hillside Terrace Apartments) Hillside Terrace Apartments is a 64-unit apartment complex for families which is being constructed on Dutchess Turnpike between Pleasant View Road and Rochdale Road in Poughkeepsie, New York. Hillside Terrace Apartments will consist of 24 one-bedroom units, 35 two-bedroom units and 5 three-bedroom units contained in 8 buildings. The complex will offer a function room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal and a patio or porch. Construction of Hillside Terrace Apartments began in March, 1999. The operating general partner anticipates that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- ------------- ----------------- ---------------- 16 April, 2000 4 May, 2000 16 May, 2000 6 June, 2000 16 June, 2000 6 July, 2000 16 July, 2000 6 August, 2000 6 September, 2000 6 October, 2000 6 November, 2000 6 December, 2000 6 January, 2001 6 February, 2001 6 March, 2001
THE RIVERWALK PARTNERSHIP (Riverwalk Apartments) Riverwalk Apartments is a 20-unit apartment complex for families which is being constructed on North Water at North 11 Street in Sheboygan, Wisconsin. Riverwalk Apartments will consist of 7 one-bedroom units and 13 two-bedroom units contained in 1 building. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range with fan, dishwasher, disposal and a patio or porch. Construction of Riverwalk Apartments began in February, 1999. The operating general partner anticipates that construction completion and occupancy will occur as follows: 11
Number of Units Completion Number of Units Rent-Up - ---------------- ----------------- ----------------- --------------- 20 September, 1999 3 October, 1999 4 November, 1999 4 December, 1999 4 January, 2000 5 February, 2000
THE WASHINGTON COURTYARDS PARTNERSHIP (Washington Courtyards Apartments) Washington Courtyards Apartments is a 74-unit apartment complex for families which is to be constructed on Washington Avenue at Brashear in Houston, Texas. Washington Courtyards Apartments will consist of 12 one-bedroom units, 30 two-bedroom units and 32 three-bedroom units contained in 8 buildings. The complex will offer a function room, pool, fitness center, playground and central laundry facilities. Individual units will contain a refrigerator, range with hood, microwave, dishwasher, disposal, air conditioning, ceiling fans and a patio or porch. Construction of Washington Courtyards Apartments is anticipated to begin in July, 1999. The operating general partners anticipate that construction completion and occupancy will occur as follows:
Number of Units Completion Number of Units Rent-Up - ----------------- ----------------- ----------------- --------------- 14 September, 2000 10 October, 2000 20 October, 2000 10 November, 2000 20 November, 2000 10 December, 2000 20 December, 2000 10 January, 2001 10 February, 2001 10 March, 2001 14 April, 2001
* * * * * * * * YEAR 2000 Boston Associates and its management have reviewed the potential computer problems that may arise from the century date change known as the "Year 2000" or "Y2K" problem. Boston Associates is currently taking the necessary precautions to minimize any disruptions in normal operations that may cause a materially adverse impact on Series 35's liquidity and financial condition. The majority of Boston Associates's systems are "Y2K" compliant, including its Accounting/Financial systems and database systems. For all remaining systems, Boston Associates has contacted the vendors to provide the necessary upgrades, replacements, and testing no later than year-end 1999. Boston Associates is committed to ensuring that the "Y2K" issue will have no impact on our investors. None of the costs incurred creating "Y2K" compliant systems will be paid by Series 35, but rather by affiliates of Boston Associates. 12 -----END PRIVACY-ENHANCED MESSAGE-----