-----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, NycG0vdiZ1PYdY5SYva/9rpEKWweB73mQ/lUMQ9Efq3p4RrgUXFBGpxpS9+o/z5O qm9TkToQ3KgDgAbGMXOwbg== 0001029869-97-000642.txt : 19970528 0001029869-97-000642.hdr.sgml : 19970528 ACCESSION NUMBER: 0001029869-97-000642 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19970527 SROS: NONE 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] STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 033-99602 FILM NUMBER: 97614191 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 FORM 424B3 Y JUNE 23, 1997 SUPPLEMENT NO. 2 TO PROSPECTUS FOR BOSTON CAPITAL TAX CREDIT FUND IV L.P. DATED MAY 1, 1997 (SUPPLEMENT OFFERING BCTC IV SERIES 30 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. 2 supersedes all previous supplements to the Prospectus. Status of BCTC IV Series 29 The Fund received orders for a total of 3,997,500 BACs ($39,975,000) with respect to Series 29, and issued the last of such Series 29 BACs on June 20, 1997. The aggregate fees paid as of June 20, 1997 to the General Partner and Affiliates with respect to Series 29 were $4,717,050. No additional BACs will be offered with respect to Series 29. The Fund has issued a total of 31,313,800 BACs, raised $313,138,000 and admitted 18,590 Investors with respect to Series 20 through 29. (See "Prior Performance of the General Partner and its Affiliates" in the Prospectus.) Offering of BCTC IV Series 30 The Fund is offering, effective June 23, 1997, the eleventh series of BACs ("Series 30") 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 30 will be issued unless at least 250,000 BACs in such series are sold. The offering of BACs in Series 30 will not exceed 12 months. THE PURCHASE OF BACS IN SERIES 30 WILL NOT ENTITLE THE INVESTOR TO ANY INTEREST IN ANY OTHER SERIES OF THE FUND NOR ANY INTEREST IN BOSTON CAPITAL TAX CREDIT FUND L.P., OR BOSTON CAPITAL TAX CREDIT FUND II L.P., OR BOSTON CAPITAL TAX CREDIT FUND III L.P. The Fund anticipates acquiring, on behalf of Series 30, limited partnership interests in the twenty-four (24) 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 will endeavor to invest in Operating Partnerships with a goal of generating tax credits for allocation to Investors, upon completion and occupancy of all Apartment Complexes, averaging approximately $1.10 to $1.30 per BAC annually in Series 30, which would be the equivalent of an approximate 11%-13% annual Tax Credit as a percentage of capital invested, for the ten year credit period applicable to each Apartment Complex in which Series 30 invests. (See "Investment Objectives and Acquisition Policies" in the Prospectus.) This assumes: (a) the applicability of current tax laws and regulations and current interpretations of such laws and regulations by the courts; (b) each of such Apartment Complexes is occupied with qualifying individuals throughout the 15-year Federal Housing Tax Credit compliance period; and (c) BAC Holders are unable to use any passive tax losses generated by the Fund. These investment objectives do not represent yield or return on investment. Assuming: none of the Apartment Complexes invested in by a Series has any value at the end of the 15-year Federal Housing Tax Credit compliance period applicable to the investments of a Series and at such time if an Inves- tor uses the suspended passive losses equal to the unreturned Capital Contribution, the equivalent tax-free internal rate of return would be approximately 5.2%-7.1% for Investors with taxable income which is taxed at that time in the 15%-39.6% tax brackets, respectively. (See "Federal Income Tax Matters--Passive Loss and Tax Credit Limitations" for a discussion of offsetting an Investor's loss of Capital Contribution against active income.) If the Apartment Complexes appreciate in value, such increased value can be recognized through sales of Operating Partnership Interests or the sale or refinancing of Apartment Complexes (even though the restrictions and compliance requirements of the Federal Housing Tax Credit program will continue to apply to such Apartment Complexes at that time), and Investors receive distributions from such sales, the equivalent tax-free internal rate of return will be greater. The selection of a 11%-13% annual Tax Credit as a percentage of capital invested, as an investment objective, has been made by the Fund after consulting with the Dealer-Manager regarding tax-free returns currently available to investors in other similar tax credit investments. Pursuant to the rules for the allocation of Federal Housing Tax Credits, the Fund's investment goal is for the following annual tax-free amounts (for each $10,000 investment in Series 30): $100-$200 in 1997; $300-$500 in 1998; $1,100-$1,300 in 1999-2006; $1,000-$1,100 in 2007; and $700-$900 in 2008. This statement of Tax Credit investment goal does not represent a forecast of anticipated Tax Credits to be obtained nor does it represent a yield or return on investment. Rather it represents an investment goal of the Fund under the rules for allocation of Tax Credits for the credit period applicable to the Fund's anticipated Series 30 investments. As there is no assurance that the value of the Fund's assets will equal such amount or that such distributions will be made, there is no assurance that any particular tax-free internal rate of return will be achieved. (See "Tax Credit Programs--The Federal Housing Tax Credit", commencing at page 64 of the Prospectus, for a discussion of the allocation of Federal Housing Tax Credits during the applicable credit period.) The Fund's investment in Operating Partnerships on behalf of Series 30 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 30. While the General Partner believes that the Fund, on behalf of Series 30, 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. The anticipated acquisition of the Operating Partnership Interests described hereinafter represents approximately 80% of the total equity which the Fund currently expects to invest in Operating Partnerships on behalf of Series 30. S-2 Management's Discussion and Analysis of Financial Condition and Results of Operations Since Series 30 is currently in the offering phase it has no material assets nor any operating history. The twenty-four (24) 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. Accomack L.P. Vest & Right, Inc. (the "Accomack Partnership") 2. Apple Lane L.P. ERC Properties, Inc. (the "Apple Lane Partnership") 3. Phillips Development Corp. XVI, L.P. Phillips Development Corporation (the "Arkadelphia Partnership") 4. Bellwood Four L.P. Phillips Development Corporation (the "Bellwood Four Partnership") 5. Bowie Apartments L.P. Swan Management Company (the "Bowie Partnership") 6. Broadway Place L.P. Trianon Development Corporation (the "Broadway Partnership") 7. Clarksville L.P. GEM Management, Inc. (the "Clarksville Partnership") 8. Compton Heights L.P. Jeffrey E. Smith (the "Compton Heights Partnership") Fairway Properties, Inc. 9. Emerald Trace II L.P. Joyce Middleton (the "Emerald Trace II Partnership") 10. Farmville L.P. GEM Management, Inc. (the "Farmville Partnership") 11. Farwell Mill L.P. Joseph Cloutier (the "Farwell Mill Partnership") Realty Resources Chartered 12. Graham Apartments L.P. Swan Management Company (the "Graham Partnership") 13. Jeffries L.P. Vest & Right, Inc. (the "Jeffries Partnership") 14. King George L.P. GEM Management, Inc. (the "King George Partnership") 15. Linden Partners II L.L.C. Arbor Development Group, Inc. (the "Linden Partnership") 16. Mesa Grande L.P. Trianon Development Corporation (the "Mesa Grande Partnership")
S-3
Partnership General Partner(s) ----------- ------------------ 17. Nocona Apartments L.P. Swan Management Company (the "Nocona Partnership") 18. Pyramid I L.P. Phillips Development Corporation (the "Northgate Partnership") 19. Pocola and Arkoma L.P. ERC Properties, Inc. (the "Pocola and Arkoma Partnership") 20. Quail Creek L.P. ERC Properties, Inc. (the "Quail Creek Partnership") 21. Ashuelot L.P. Joseph Cloutier (the "Riverbend Partnership") Keene Housing Authority Realty Resources Chartered 22. Rugby L.P. Vest & Right, Inc. (the "Rugby Partnership") 23. Southside Associates L.P. Murray O. Duggins (the "Southside Partnership") Derwood H. Godwin 24. Sunrise Homes L.P. Trianon Development Corporation (the "Sunrise Partnership")
Permanent Mortgage Loan financing for the Apartment Complexes described herein is being or will be provided from a variety of sources, as described below. The Apartment Complexes described in this Supplement are anticipated to complete construction or rehabilitation, as applicable, during 1997 and 1998. 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 30 is $1.20 per BAC (12%). (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-4 INFORMATION CONCERNING THE APARTMENT COMPLEXES
Basic Government Location of Number Monthly(1) Assistance Partnership Name Property of Units Rents Anticipated ----------------- ------------- --------- ----------- ----------------- 1. Accomack Onancock, 24 $226 1BR FmHA Sec. 515 Partnership Virginia $274 2BR with 50% rental assistance 2. Apple Lane Muldrow, 71 $210 2BR FmHA Sec. 515 Partnership Oklahoma $240 3BR with 100% rental assistance 3. Arkadelphia Arkadelphia, 24 $434 2BR HOME Investment Partnership Arkansas Partnerships Program 4. Bellwood Four Gentry, 32 $266 1BR HOME Investment Partnership Arkansas $321- Partnership(s) $335 2BR Program(a) $469 3BR (5) 5. Bowie Bowie, 48 $326 1BR FmHA Sec. 515 Partnership Texas $416 2BR with 100% rental assistance 6. Broadway Hobbs, 12 $269- HOME Investment Partnership New Mexico $331 1BR Partnerships $453 3BR Program(b) (6) 7. Clarksville Clarksville, 52 $293 1BR FmHA Sec. 515 Partnership Virginia $324 2BR with 50% rental assistance 8. Compton Potosi, 12 $235 2BR HOME Investment Heights Missouri $300 2BR Partnerships Partnership Program (7) Permanent Mortgage Annual Annual Mortgage Interest Reserve Management Loan Rate Amount Management Agent Fee ----------------- --------- -------- ------------------ ---------------- 1. $974,000 1% (2) $ 6,000 Humphrey $24 per Management, occupied unit Inc. per month 2. $616,000 1% (2) $ 6,000 ERC Properties, $20 per occupied Inc. unit per month 3. Arkansas 4% $ 4,800 Phillips Management 6% of net Development Company rental income Finance Authority $615,000 (4) 4. First Commercial 9.5% $10,000 Siloam Springs $35 per Bank Housing occupied unit $463,000(a) Authority per month Arkansas Development 0% Finance Authority $400,000(b) (5) 5. $1,151,610 1% (2) $11,600 Swan $22.50 per Management occupied unit per month 6. BCMC, Inc. 9.5% $ 2,400 Regional 6% of net $172,000(a) Housing rental income New Mexico 1% Management Housing Authority $77,000(b) (6) 7. $1,010,000 1% (2) $13,000 GEM $20 per Management, occupied unit Inc. per month 8. Missouri 1% $ 2,400 Fairway 6% of net Housing Properties, rental income Development Inc. Commission $300,000 (7)
S-5 INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
Basic Location of Number Monthly(1) Partnership Name Property of Units Rents ----------------- ------------ --------- ------------ 9. Emerald Ruston, 48 $244- Trace II Louisiana $304 1BR Partnership $285- $358 2BR $396 3BR 10. Farmville Farmville, 24 $250 1BR Partnership Virginia $300 2BR 11. Farwell Mill Lisbon, 27 $211- Partnership Maine $422 1BR $253- $506 2BR $389- $585 3BR 12. Graham Graham, 64 $231 1BR Partnership Texas $306 2BR $348 3BR 13. Jeffries Radford, 44 $238 1BR Partnership Virginia $268 2BR 14. King George King 40 $283 1BR Partnership George, $312 2BR Virginia 15. Linden Council 30 $455- Partnership Bluffs, $485 2BR Iowa $532- $585 3BR Government Permanent Mortgage Annual Annual Assistance Mortgage Interest Reserve Management Anticipated Loan Rate Amount Management Agent Fee ------------------ ---------------- ---------- -------- ---------------- ------------- 9. HOME Investment Premier Bank, 9.5% $ 9,600 Middleton 6% of net Partnerships N.A. Management, rental income Program(b) $744,800(a) Inc. (8) Louisiana 4% Housing Finance Agency $420,000(b) (8) 10. FmHA Sec. 515 $916,200 1% (2) $ 6,000 GEM $23 per with 50% rental Management, occupied unit assistance Inc. per month 11. Rental Housing Maine State 8.5% $ 4,725 Realty 6% of net Production Housing Resources rental income Program(a&b) Authority Management Town-Owned $100,000(a) Property Sales Maine State 0% Program(c) Housing (9) Authority $450,000(b) Town of Lisbon 5% $200,000(c) (9) 12. FmHA Sec. 515 $1,527,000 1% (2) $15,420 Swan $17.50 per with 100% Management occupied unit rental per month assistance 13. FmHA Sec. 515 $2,148,000 1% (2) $12,000 Humphrey $19 per with 50% rental Management, occupied unit assistance Inc. per month 14. FmHA Sec. 515 $1,913,200 1% (2) $10,000 GEM $22 per with 50% rental Management, occupied unit assistance Inc. per month 15. Federal Housing First Federal 9% $ 6,000 Dodge 6% of net Tax Credits Bank Management rental income $750,000 Company (10)
S-6 INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
Basic Location of Number Monthly(1) Partnership Name Property of Units Rents ----------------- ------------ --------- ------------ 16. Mesa Grande Carlsbad, 72 $292- Partnership New Mexico $359 1BR $426 2BR $398- $491 3BR 17. Nocona Nocona, 36 $303 1BR Partnership Texas $386 2BR 18. Northgate Bryant, 24 $434 2BR Partnership Arkansas 19. Pocola and Pocola and 44 $238- Arkoma Arkoma, $244 1BR Partnership Oklahoma $262- $284 2BR 20. Quail Creek Gravette, 25 $247 1BR Partnership Arkansas 21. Riverbend Swanzey, 24 $428- Partnership New $496 2BR Hampshire $494- $596 3BR 22. Rugby Luray, 48 $234 1BR Partnership Virginia $268 2BR 23. Southside Latta, 24 $268 1BR Partnership South $281 2BR Carolina Government Permanent Mortgage Annual Annual Assistance Mortgage Interest Reserve Management Anticipated Loan Rate Amount Management Agent Fee ----------------- --------------- ---------- --------- ---------------- ------------- 16. HOME Investment BCMC, Inc. 9.5% $14,400 Regional 6% of net Partnerships $1,715,000(a) Housing rental income Program(b) New Mexico 1% Management (11) Housing Authority $21,000(b) (11) 17. FmHA Sec. 515 $850,840 1% (2) $ 8,590 Swan $22.50 per with 100% Management occupied unit rental per month assistance 18. HOME Investment Arkansas 4% $ 4,800 Phillips 6% of net Partnerships Development Management rental income Program Finance Company Authority $615,000 (12) 19. FmHA Sec. 515 $1,172,000 1% (2) $11,000 ERC Properties, $19 per with 100% Inc. occupied rental unit per month assistance 20. FmHA Sec. 515 $922,300 1% (2) $ 6,250 ERC Properties, $21 per occupied with 100% Inc. unit per month rental assistance 21. HOME Investment CFX Bank 9% $ 7,200 Keene Housing $31.25 per Partnerships $515,000(a) Authority occupied Program(b) New Hampshire 0% unit per month (13) Housing Finance Authority $64,000(b) (13) 22. FmHA Sec. 515 $2,010,500 1% (2) $12,000 Humphrey $19 per occupied with 50% rental Management, unit per month assistance Inc. 23. FmHA Sec. 515 $825,000 1% (2) $ 6,000 United $25 per occupied with 100% Development unit per month rental assistance
S-7 INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
Basic Location of Number Monthly(1) Partnership Name Property of Units Rents ----------------- ------------ --------- ------------ 24. Sunrise Hobbs, 32 $269- Partnership New Mexico $331 1BR $320- $395 2BR $367- $453 3BR Government Permanent Mortgage Annual Annual Assistance Mortgage Interest Reserve Management Anticipated Loan Rate Amount Management Agent Fee ---------------- ------------ --------- --------- ---------------- ------------- 24. HOME Investment BCMC, Inc. 9.5% $6,400 Regional 6% of net Partnerships $562,000(a) Housing rental income Program(b) New Mexico 1% Management (14) Housing Authority $150,000(b) (14)
(1) Exclusive of utilities, unless indicated otherwise. (2) FmHA 515 loan with a term of 50 years, a stated interest rate of between 7.5% and 9.5%; written down to an effective rate of 1% through an interest credit subsidy, and payments of principal and interest on the basis of a 50 year amortization schedule. (3) 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. (4) The terms of the Arkadelphia Partnership's anticipated permanent first mortgage loan in the amount of $615,000 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. (5) (a) The terms of the Bellwood Four Partnership's anticipated permanent first mortgage loan in the amount of $463,000 are expected to include a term of 30 years, an interest rate of 9.5% and payments of principal and interest on the basis of a 30 year amortization schedule. (b) The terms of the Bellwood Four 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 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. (6) (a) The terms of the Broadway Partnership's anticipated permanent first mortgage loan in the amount of $172,000 are expected to include a term of 30 years, an interest rate of 9.5% and payments of principal and interest on the basis of a 30 year amortization schedule. (b) The terms of the Broadway Partnership's anticipated permanent second mortgage loan in the amount of $77,000 are expected to include a term of 20 years, an interest rate of 1% and payment of interest only, provided, however, that the terms of the permanent second mortgage loan will provide for the deferral and accrual of payment of interest based on available cash flow, and for the payment of the entire outstanding balance of principal and interest at the end of the 20-year term. (7) The terms of the Compton Heights Partnership's anticipated permanent first mortgage loan in the amount of $300,000 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. (8) (a) The terms of the Emerald Trace II Partnership's anticipated permanent first mortgage loan in the amount of $744,800 are expected to include a term of 40 years, an interest rate of 9.5% and payments of principal and interest on the basis of a 40 year amortization schedule. (b) The terms of the Emerald Trace II Partnership's anticipated permanent second mortgage loan in the amount of $420,000 are expected to include a term of 20 years, an interest rate of 4% and payments of principal and interest on the basis of a 20 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 20-year term. (9) (a) The terms of the Farwell Mill Partnership's anticipated permanent first mortgage loan in the amount of $100,000 are expected to include a term of 30 years, an interest rate of 8.5% and payments of principal and interest on the basis of a 30 year amortization schedule. (b) The terms of the Farwell Mill 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. (c) The terms of the Farwell Mill Partnership's anticipated permanent third mortgage loan in the amount of $200,000 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, provided, however, that the terms of the permanent third 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. (10) The terms of the Linden Partnership's anticipated permanent first mortgage loan in the amount of $750,000 are expected to include a term of 18 years, an interest rate of 9% and payments of principal and interest on the basis of a 25 year amortization schedule. S-8 INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued) (11) (a) The terms of the Mesa Grande Partnership's anticipated permanent first mortgage loan in the amount of $1,715,000 are expected to include a term of 30 years, an interest rate of 9.5% and payments of principal and interest on the basis of a 30 year amortization schedule. (b) The terms of the Mesa Grande Partnership's anticipated permanent second mortgage loan in the amount of $210,000 are expected to include a term of 20 years, an interest rate of 1% and payment of interest only, provided, however, that the terms of the permanent second mortgage loan will provide for the deferral and accrual of payment of interest based on available cash flow, and for the payment of the entire outstanding balance of principal and interest at the end of the 20-year term. (12) The terms of the Northgate Partnership's anticipated permanent first mortgage loan in the amount of $615,000 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. (13) (a) The terms of the Riverbend Partnership's anticipated permanent first mortgage loan in the amount of $515,000 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 Riverbend Partnership's anticipated permanent second mortgage loan in the amount of $64,000 are expected to include a term of 20 years, an interest rate of 0% and payment of principal on the basis of a 20 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 20-year term. (14) (a) The terms of the Sunrise Partnership's anticipated permanent first mortgage loan in the amount of $562,000 are expected to include a term of 30 years, an interest rate of 9.5% and payments of principal and interest on the basis of a 30 year amortization schedule. (b) The terms of the Sunrise Partnership's anticipated permanent second mortgage loan in the amount of $150,000 are expected to include a term of 20 years, an interest rate of 1% and payment of interest only, provided, however, that the terms of the permanent second mortgage loan will provide for the deferral and accrual of payment of interest based on available cash flow, and for the payment of the entire outstanding balance of principal and interest at the end of the 20-year term. S-9 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. Accomack $ 235,660 99/50/50 $ 6,125 Partnership 2. Apple Lane $ 311,757 99/10/25 $ 9,200 Partnership 3. Arkadelphia $ 742,953 99/25/25 $ 100 Partnership 4. Bellwood Four $ 799,300 99/50/50 $ 100 Partnership 5. Bowie $ 253,785 99/50/50 $ 50,090 Partnership 6. Broadway $ 418,580 100/10/25 $ 100 Partnership 7. Clarksville $ 426,273 99/50/50 $ 28,800 Partnership 8. Compton $ 266,821 99/30/30 $ 100 Heights Partnership 9. Emerald $1,080,348 99/35/35 $ 100 Trace II Partnership 10. Farmville $ 245,672 99/50/50 $ 18,900 Partnership 11. Farwell Mill $ 706,860 99/25/25 $204,040 Partnership 12. Graham $ 336,000 99/50/50 $ 63,750 Partnership 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 $1,044,000 $ 38,319 $ 58,000 $ 500 $ 500 in time and amount 2. Unlimited $1,327,302 $ 48,712 $145,000 $ 500 $ 500 in amount for 4 years 3. Unlimited $1,355,607 $116,086 $230,000 $1,500 $1,500 in amount for 5 years 4. Unlimited $1,446,910 $128,920 $219,466 $2,000 $2,000 in time and amount 5. Unlimited $1,281,610 $ 42,297 $130,000 $1,500 $1,500 in amount for 15 years 6. Unlimited $ 783,000 $ 66,866 $ 85,000 $1,200 $1,200 in amount for 4 years 7. Unlimited $1,248,000 $ 66,905 $ 75,000 $1,000 $1,000 in time and amount 8. Unlimited $ 512,400 $ 41,049 $ 70,000 $1,000 $1,000 in amount for 10 years 9. Unlimited $2,066,498 $171,484 $290,000 $4,800 $3,000 in time and amount 10. Unlimited $1,120,500 $ 38,386 $ 55,000 $ 500 $ 500 in time and amount 11. Unlimited $1,284,750 $108,748 $235,000 $2,700 $2,700 in duration for $400,000 in the aggregate 12. Unlimited $1,673,000 $ 56,085 $150,000 $1,750 $1,750 in amount for 15 years
S-10 TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS--(Continued)
Ownership Interest (%) Profits, Losses, Operating BCTC IV Credit/Net General Operating Partnership Capital Cash Partner Deficit Name Contribution Flow/Backend Contribution Guarantee ------------ ------------- ------------- ------------- ------------- 13. Jeffries $ 586,998 99/50/50 $11,684 Unlimited Partnership in time and amount 14. King George $ 519,077 99/50/50 $28,100 Unlimited Partnership in time and amount 15. Linden $ 870,613 99/15/50 $20,108 Unlimited Partnership in time and amount 16. Mesa Grande $2,037,444 100/10/25 $ 100 Unlimited Partnership in amount for 4 years 17. Nocona $ 187,503 99/50/50 $37,710 Unlimited Partnership in amount for 15 years 18. Northgate $ 745,557 99/25/25 $ 100 Unlimited Partnership in amount for 5 years 19. Pocola and $ 393,680 99/50/50 $ 3,900 Unlimited Arkoma in time Partnership and amount 20. Quail Creek $ 188,179 99/50/50 $ 1,900 Unlimited Partnership in time and amount 21. Riverbend $1,282,185 100/40/40 $ 100 Unlimited Partnership in time and amount 22. Rugby $ 551,361 99/50/50 $12,490 Unlimited Partnership in time and amount 23. Southside $ 248,000 100/50/50 $14,965 Unlimited Partnership in time and amount 24. Sunrise $1,283,615 100/10/25 $ 100 Unlimited Partnership in amount for 4 years Fund's Approximate Average Development Annual Annual Fee/Other Partnership Asset Operating Anticipated Distributions Management Management Partnership's Federal to Operating Fee to Fee to Boston Credit Base Credit GP Operating GP Capital -------------- ------------- ------------- ------------ ------------- 13. $2,397,000 $ 92,295 $ 97,000 $1,000 $1,000 14. $2,546,000 $ 81,106 $ 75,000 $1,000 $1,000 15. $1,629,000 $138,193 $ 14,000 $4,500 $4,500 16. $3,810,000 $325,470 $533,000 $7,500 $7,500 17. $ 990,840 $ 31,251 $120,000 $1,500 $1,500 18. $1,368,250 $116,493 $230,000 $1,500 $1,500 19. $1,350,000 $ 60,566 $220,000 $1,000 $1,000 20. $ 80,500 $ 28,951 $105,000 $ 500 $ 500 21. $2,340,000 $202,365 $198,000 $3,500 $3,500 22. $2,445,000 $ 89,681 $ 94,000 $1,000 $1,000 23. $1,038,800 $ 38,540 $ 38,000 $ 500 $ 500 24. $2,400,000 $205,050 $258,000 $3,500 $3,500
S-11 THE ACCOMACK PARK PARTNERSHIP (Accomack Apartments) Accomack Apartments is an existing 24-unit apartment complex for families which is to be rehabilitated in Onancock, Virginia. Accomack Apartments will consist of 8 one-bedroom units and 16 two-bedroom units contained in 4 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors, cable television hook-up and a patio or balcony. Rehabilitation of Accomack Apartments is anticipated to begin in July, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- ---------- --------------- 12 November, 1997 12 January, 1998 12 December, 1997 12 February, 1998
THE APPLE LANE PARTNERSHIP (Apple Lane Apartments) Apple Lane Apartments is an existing 71-unit apartment complex for families which is to be rehabilitated on Route 5 in Muldrow, Oklahoma. Apple Lane Apartments will consist of 53 two-bedroom units and 18 three-bedroom units contained in 6 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, disposal, air conditioning, wall-to-wall carpeting, smoke detectors, cable television hook-up and a patio or porch. Rehabilitation of Apple Lane Apartments is anticipated to begin in November, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- --------- ------------ 35 March, 1998 17 March, 1998 36 April, 1998 18 April, 1998 18 May, 1998 18 June, 1998
THE ARKADELPHIA PARTNERSHIP (Arkadelphia Apartments) Arkadelphia Apartments is a 24-unit apartment complex for families which is to be constructed in Arkadelphia, Arkansas. Arkadelphia Apartments will consist of 24 two-bedroom units contained in 1 building. The complex will offer a meeting room and central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or porch. Construction of Arkadelphia Apartments is anticipated to begin in November, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------ --------- ------------- 24 May, 1998 8 June, 1998 8 July, 1998 8 August, 1998
THE BELLWOOD FOUR PARTNERSHIP (Whistle Stop Apartments) Whistle Stop Apartments is a 32-unit apartment complex for families, which is to be constructed on Southwest 4 Street in Gentry, Arkansas. Whistle Stop Apartments will consist of 6 one-bedroom units, 22 two-bedroom units and 4 three-bedroom units contained in 3 buildings. The complex will offer a meeting room, playground and central laundry facilities. Individual units will contain a refrigerator, range, disposal, air conditioning, kitchen exhaust fan and smoke detectors. Construction of Whistle Stop Apartments is anticipated to begin in July, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- --------------- ---------- --------------- 32 January, 1998 10 February, 1998 10 March, 1998 12 April, 1998
S-12 THE BOWIE PARTNERSHIP (Royal Crest Apartments) Royal Crest Apartments is an existing 48-unit apartment complex for families which is to be rehabilitated on El Dorado Street in Bowie, Texas. Royal Crest Apartments will consist of 24 one-bedroom units and 24 two-bedroom units contained in 4 buildings. The complex will offer a community room and central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or porch. Rehabilitation of Royal Crest Apartments is anticipated to begin in November, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- --------- ------------ 12 March, 1998 12 April, 1998 12 April, 1998 12 May, 1998 12 May, 1998 12 June, 1998 12 June, 1998 12 July, 1998
THE BROADWAY PARTNERSHIP (Broadway Place Apartments) Broadway Place Apartments is a 12-unit apartment complex for families which is to be constructed on Broadway at Marland Boulevard in Hobbs, New Mexico. Broadway Place Apartments will consist of 8 one-bedroom units and 4 three-bedroom units contained in 3 buildings. The complex will offer a meeting room, pool and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, ceiling fans, smoke detectors, cable television hook-up and a patio or porch. Construction of Broadway Place Apartments is anticipated to begin in June, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- --------- ------------ 6 March, 1998 6 April, 1998 6 April, 1998 6 May, 1998
THE CLARKSVILLE PARTNERSHIP (Lakewood Apartments) Lakewood Apartments is an existing 52-unit apartment complex for families which is to be rehabilitated on Meadow Court in Clarksville, Virginia. Lakewood Apartments will consist of 20 one-bedroom units and 32 two-bedroom units contained in 4 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or balcony porch. Rehabilitation of Lakewood Apartments is anticipated to begin in October, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- --------------- 13 November, 1997 26 January, 1998 13 December, 1997 26 February, 1998 13 January, 1998 13 February, 1998
THE COMPTON HEIGHTS PARTNERSHIP (Compton Heights Apartments) Compton Heights Apartments is a 12-unit apartment complex for families which is to be constructed on Hall Street in Potosi, Missouri. Compton Heights Apartments will consist of 12 two-bedroom units contained in 2 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or porch. Construction of Compton Heights Apartments is anticipated to begin in August, 1997. The Operating General Partners anticipate that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- --------------- --------- -------------- 12 October, 1997 12 January, 1998
THE EMERALD TRACE II PARTNERSHIP (Emerald Trace II Apartments) Emerald Trace II Apartments is a 48-unit apartment complex for families which is to be constructed S-13 in Ruston, Louisiana. Emerald Trace II Apartments will consist of 8 one-bedroom units, 32 two-bedroom units and 8 three-bedroom units contained in 8 buildings. The complex will offer a meeting/reception area and central laundry facilities. Individual units will contain a refrigerator, range, bathroom exhaust fan, air conditioning and smoke detectors. Construction of Emerald Trace II Apartments is anticipated to begin in June, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ----------------- ---------- --------------- 24 September, 1998 12 October, 1998 24 October, 1998 12 November, 1998 12 December, 1998 12 January, 1999
THE FARMVILLE PARTNERSHIP (Country Estates Apartments) Country Estates Apartments is an existing 24-unit apartment complex for families which is to be rehabilitated in Farmville, Virginia. Country Estates Apartments will consist of 12 one-bedroom units and 12 two-bedroom units contained in 3 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or balcony. Rehabilitation of Country Estates Apartments is anticipated to begin in October, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- -------------- 24 December, 1997 24 January, 1998
THE FARWELL MILL PARTNERSHIP (Farwell Mill Apartments) Farwell Mill Apartments is an existing 27-unit apartment complex for families which is being rehabilitated on Lisbon Street and Webster Road in Lisbon, Maine. Farwell Mill Apartments will consist of 12 one-bedroom units, 11 two-bedroom units and 4 three-bedroom units contained in 1 building. The complex will offer a meeting/function room, deck and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher and smoke detectors. Rehabilitation of Farwell Mill Apartments began in April, 1997. The Operating General Partners anticipate that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- -------------- 27 November, 1997 27 January, 1998
THE GRAHAM PARTNERSHIP (Lone Oak Apartments) Lone Oak Apartments is an existing 64-unit apartment complex for families which is to be rehabilitated on Carolina Street in Graham, Texas. Lone Oak Apartments will consist of 24 one-bedroom units, 36 two-bedroom units and 4 three-bedroom units contained in 16 buildings. The complex will offer a meeting room and central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors, and a patio or porch. Rehabilitation of Lone Oak Apartments is anticipated to begin in November, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- --------- ------------ 16 March, 1998 16 April, 1998 16 April, 1998 16 May, 1998 16 May, 1998 16 June, 1998 16 June, 1998 16 July, 1998
THE JEFFRIES PARTNERSHIP (New River Gardens Apartments) New River Gardens Apartments is an existing 44-unit apartment complex for families which is to be rehabilitated on Jeffries Drive in Radford, Virginia. New River Gardens Apartments will consist of 20 one-bedroom units and 24 two-bedroom units contained in 4 buildings. The complex will offer central laundry facilities. S-14 Individual units will contain a refrigerator, range, air conditioning, smoke detectors, cable television hook-up and a patio or porch. Rehabilitation of New River Gardens Apartments is anticipated to begin in July, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- --------------- 20 November, 1997 11 January, 1998 24 December, 1997 11 February, 1998 11 March, 1998 11 April, 1998
THE KING GEORGE PARTNERSHIP (Pine Forest Estates Apartments) Pine Forest Estates Apartments is an existing 40-unit apartment complex for families which is to be rehabilitated on Pine Forest Lane and Dahlgren Road in King George, Virginia. Pine Forest Estates Apartments will consist of 20 one-bedroom units and 20 two-bedroom units contained in 5 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or deck. Rehabilitation of Pine Forest Estates Apartments is anticipated to begin in November, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- ---------- --------------- 20 December, 1997 20 January, 1998 20 January, 1998 20 February, 1998
THE LINDEN PARTNERSHIP (Western Trails II Apartments) Western Trails II Apartments is a 30-unit apartment complex for families which is to be constructed on Renner Drive in Council Bluffs, Iowa. Western Trails II Apartments will consist of 18 two-bedroom units and 12 three-bedroom units contained in 1 building. The complex will offer a meeting room and central laundry facilities. Individual units will contain a refrigerator, range with hood, dishwasher, disposal, air conditioning, smoke detectors and a patio or porch. Construction of Western Trails II Apartments is anticipated to begin in July, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- --------------- ---------- --------------- 30 January, 1998 10 February, 1998 10 March, 1998 10 April, 1998
THE MESA GRANDE PARTNERSHIP (Mesa Grande Apartments) Mesa Grande Apartments is a 72-unit apartment complex for families which is to be constructed on Chapman Road at National Parks Highway in Carlsbad, New Mexico. Mesa Grande Apartments will consist of 20 one-bedroom units, 20 two-bedroom units and 32 three-bedroom units contained in 9 buildings. The complex will offer a pool, meeting/recreation room, playground, basketball court and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, ceiling fans, smoke detectors, cable television hook-up and a patio or porch. Construction of Mesa Grande Apartments is anticipated to begin in June, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- ---------- ---------------- 18 March, 1998 12 April, 1998 18 April, 1998 12 May, 1998 18 May, 1998 12 June, 1998 18 June, 1998 12 July, 1998 12 August, 1998 12 September, 1998
THE NOCONA PARTNERSHIP (Nocona Terrace Apartments) Nocona Terrace Apartments is an existing 36-unit apartment complex for families which is to be rehabilitated on Montague Avenue in Nocona, Texas. Nocona S-15 Terrace Apartments will consist of 12 one-bedroom units and 24 two-bedroom units contained in 3 buildings. The complex will offer a meeting room and central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or porch. Rehabilitation of Nocona Terrace Apartments is anticipated to begin in November, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- --------- ------------ 9 March, 1998 9 April, 1998 9 April, 1998 9 May, 1998 9 May, 1998 9 June, 1998 9 June, 1998 9 July, 1998
THE NORTHGATE PARTNERSHIP (Northgate Apartments) Northgate Apartments is a 24-unit apartment complex for families which is to be constructed in Bryant, Arkansas. Northgate Apartments will consist of 24 two-bedroom units contained in 1 building. The complex will offer a meeting room and central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and a patio or porch. Construction of Northgate Apartments is anticipated to begin in November, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------ --------- ------------- 24 May, 1998 8 June, 1998 8 July, 1998 8 August, 1998
THE POCOLA AND ARKOMA PARTNERSHIP (Pocola and Arkoma Apartments) Pocola and Arkoma Apartments is an existing 44-unit apartment complex for families which is to be rehabilitated in Pocola and Arkoma, Oklahoma. Pocola and Arkoma Apartments will consist of 16 one-bedroom units and 28 two-bedroom units contained in 6 buildings. The complex will offer a meeting room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, air conditioning, smoke detectors, cable television hook-up and a patio or porch. Rehabilitation of Pocola and Arkoma Apartments is anticipated to begin in October, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- --------------- 11 January, 1998 11 February, 1998 11 February, 1998 11 March, 1998 11 March, 1998 11 April, 1998 11 April, 1998 11 May, 1998
THE QUAIL CREEK PARTNERSHIP (Quail Creek Apartments) Quail Creek Apartments is an existing 25-unit apartment complex for senior citizens which is to be rehabilitated in Gravette, Arkansas. Quail Creek Apartments will consist of 25 one-bedroom units contained in 3 buildings. The complex will offer a meeting room and central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors and cable television hook-up. Rehabilitation of Quail Creek Apartments is anticipated to begin in October, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- --------------- 12 January, 1998 12 February, 1998 13 February, 1998 13 March, 1998
THE RIVERBEND PARTNERSHIP (Riverbend Apartments) Riverbend Apartments is a 24-unit apartment complex for families which is to be constructed on Route 10 in Swanzey, New Hampshire. Riverbend Apartments will consist of 18 two-bedroom units and 6 three-bedroom units contained in 4 buildings. The complex will offer a conference room and central laundry facilities. S-16 Individual units will contain a refrigerator, range, wall-to-wall carpeting, smoke detectors and a patio or porch. Construction of Riverbend Apartments is anticipated to begin in June, 1997. The Operating General Partners anticipate that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- --------------- 24 November, 1997 8 January, 1998 8 February, 1998 8 March, 1998
THE RUGBY PARTNERSHIP (Rugby Apartments) Rugby Apartments is an existing 48-unit apartment complex for families which is to be rehabilitated in Luray, Virginia. Rugby Apartments will consist of 12 one-bedroom units and 36 two-bedroom units contained in 8 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning, smoke detectors, cable television hook-up and a patio or porch. Rehabilitation of Rugby Apartments is anticipated to begin in July, 1997. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- --------------- 24 November, 1997 12 January, 1998 24 December, 1997 12 February, 1998 12 March, 1998 12 April, 1998
THE SOUTHSIDE PARTNERSHIP (Southside Apartments) Southside Apartments is an existing 24-unit apartment complex for families which is to be rehabilitated on Highway 501 South in Latta, South Carolina. Southside Apartments will consist of 18 one-bedroom units and 6 two-bedroom units contained in 6 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning and smoke detectors. Rehabilitation of Southside Apartments is anticipated to begin in September, 1997. The Operating General Partners anticipate that completion of rehabilitation and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ---------------- --------- ------------ 12 February, 1998 8 March, 1998 12 March, 1998 8 April, 1998 8 May, 1998
THE SUNRISE PARTNERSHIP (Sunrise Homes Apartments) Sunrise Homes Apartments is a 32-unit apartment complex for families which is to be constructed on Scharbauer at Marland Boulevard in Hobbs, New Mexico. Sunrise Homes Apartments will consist of 8 one-bedroom units, 8 two-bedroom units and 16 three-bedroom units contained in 8 buildings. The complex will offer a pool, meeting/recreation room, basketball court, playground and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, ceiling fans, smoke detectors, cable television hook-up and a patio or porch. Construction of Sunrise Homes Apartments is anticipated to begin in June, 1997. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
Number Number of Units Completion of Units Rent-Up - ---------- ------------- --------- ------------ 16 March, 1998 8 April, 1998 16 April, 1998 8 May, 1998 8 June, 1998 8 July, 1998
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