-----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, K4AcQP27vZTWbfvfTe/H5ufwKiLmkKarIjcBmwpZGvWssyEJ30pYruiYipX6lDWc 1CMT8C38RMNvoqZ0zdPczA== 0001047469-03-002349.txt : 20030124 0001047469-03-002349.hdr.sgml : 20030124 20030123182944 ACCESSION NUMBER: 0001047469-03-002349 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030124 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: 1933 Act SEC FILE NUMBER: 333-89306 FILM NUMBER: 03522960 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 424B3 1 a2100456z424b3.txt 424B3 Y JANUARY 10, 2003 SUPPLEMENT NO. 3 TO PROSPECTUS FOR BOSTON CAPITAL TAX CREDIT FUND IV L.P. DATED AUGUST 1, 2002 (SUPPLEMENT OFFERING BCTC IV SERIES 44 AND IDENTIFYING CERTAIN ANTICIPATED INVESTMENTS) This Supplement is part of, and should be read in conjunction with, Boston Capital's Prospectus and it supercedes any previous supplement. Capitalized terms used herein but not defined have the meanings ascribed to them in the Prospectus. SERIES 44'S PURPOSE -- - - 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 -- - - Series 44 is offering at least 250,000 ($2.5 million) and up to 2,500,000 ($25 million) Beneficial Assignee Certificates that are the equivalent of limited partnership interests in Series 44; - - the price of the certificates is $10 each with a minimum investment of $5,000; - - this offering will end no later than July 31, 2003; and - - your money will be held in escrow until at least 250,000 certificates are sold. SERIES 44'S INVESTORS WILL RECEIVE -- - - federal housing tax credits; - - tax losses that can offset passive income from any other investments; and - - 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. Series 43 and 44 (the "Fund") already has issued and closed Series 43. The Fund received orders for a total of 3,650,000 Series 43 certificates ($36,500,000), and issued the last of these certificates on January 8, 2003. The fees paid as of January 8, 2003 to Boston Capital and affiliates for Series 43 totaled $3,658,100. No additional Series 43 certificates will be issued. In addition, Boston Capital Tax Credit Fund IV L.P. has issued other Series in other offerings - 20 to Series 42. See "Prior Performance of Boston Associates and Its Affiliates" in the Prospectus for information about Series 20 through 40. 1 INVESTMENT OBJECTIVES AND ACQUISITION POLICIES Series 44'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. To achieve its investment objectives, Series 44 will invest in apartment complexes with a goal of generating tax credits, upon completion and occupancy of all the apartment complexes, averaging approximately $.975 to $1.025 per certificate annually--9.75%-10.25% annual tax credit as a percentage of capital invested--for the ten-year credit period. After consulting with the underwriter regarding tax-free returns currently available to investors in other similar tax credit investments, Series 44 has selected as an investment objective a 9.75%-10.25% annual tax credit as a percentage of capital invested. No additional tax credits will be available for the remaining term of the fifteen-year federal housing tax credit compliance period. This calculation assumes: - - the applicability of current tax law; - - each apartment complex is occupied with qualifying individuals throughout the fifteen-year federal housing tax credit compliance period; and - - investors cannot use any passive tax losses generated by Series 44. POSSIBLE INTERNAL RATE OF RETURN The internal rate of return is the rate at which the present value of your future tax benefits would equal the cost of your investment. In essence, it illustrates your future tax credit benefit as a return of principal and interest in today's dollars. For investors in the 10%-38.6% tax bracket respectively, the tax-free rate of return goal is approximately 1.8%-3.9%, exclusive of any cash available for distribution, if: - - none of the apartment complexes invested in has any value at the end of the fifteen-year federal housing tax credit compliance period; and - - investors do use for tax purposes the assumed loss of the investor's entire capital contributions. The tax-free rate of return will exceed 1.8%-3.9% if: - - the value of the apartment complexes exceeds indebtedness plus sale expenses; and - - investors receive distributions from these sales or refinancings. In accordance with the rules for the allocation of federal housing tax credits, Series 44's investment goal is for the following annual tax-free amounts for each $10,000 investment in Series 44: $350 - $500 in 2003; $750 - $850 in 2004; $975 - $1,025 in 2005 - 2012; $600 - $700 in 2013; and $200 - $300 in 2014. This tax credit investment goal is not a forecast of anticipated tax credits, nor does it represent a yield or return on investment. Rather it is an investment goal of Series 44 for the credit period applicable to its investments. 2 There is no assurance that any particular tax-free internal rate of return will be achieved. The attainment of Series 44'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 44 will meet its investment objectives. ANTICIPATED INVESTMENTS Series 44 expects to invest in the eleven Operating Partnerships described below. Each Operating Partnership will use a significant part of the funds invested by Series 44 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 44 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 44 to invest in these apartment complexes or under the described investment terms in deciding whether to invest in Series 44. If Series 44 raises the entire $25 million, the anticipated acquisition of the Operating Partnership interests, described below, will represent approximately 75% of the total money which Series 44 currently expects to spend. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Because Series 44 is currently in the offering phase, it has no material assets or any operating history. Series 44 expects to acquire interests in the following 11 Operating Partnerships, which will develop, own and operate apartment complexes, 6 of which are to be newly constructed and 5 of which are to be rehabilitated: OPERATING GENERAL PARTNERSHIP PARTNER(S) ------------------------------------- ----------------- 1. Alexander Mills L.P. Universal Development (the "Alexander Mills Partnership") Corporation New Construction 2. Aurora Village Associates L.P. Barry E. Serlis (the "Aurora Village Partnership") Property Rehabilitation 3. Hickory Trace, Ltd. Lynn Greer (the "Hickory Trace Partnership") New Construction 4. Lion Trace L.P. Lion Trace, Inc. (the "Lion Trace Partnership") New Construction 3 OPERATING GENERAL PARTNERSHIP PARTNER(S) ----------------------------------- --------------------------- 5. Lorie Village L.P. Lorie Village Holdings, LLC (the "Lorie Village Partnership") New Construction 6. United Development Co. 2001 L.P. Harold E. Buehler, Sr. (the "Memphis 102 Partnership") Jo Ellen Buehler New Construction 7. New Oxford I L.P. MARG Rural, LLC (the "New Oxford I Partnership") Property Rehabilitation 8. Orchard River Associates L.P. Pine Gardens I, Inc. (the "Orchard Manor Partnership") Property Rehabilitation 9. Orchard River Associates L.P. Pine Gardens I, Inc. (the "Orchard Village Partnership") Property Rehabilitation 10. Pyramid Seven L.P. Phillips Development (the "Pyramid Seven Partnership") Corporation New Construction 11. Orchard River Associates L.P. Pine Gardens I, Inc. (the "River Gardens Partnership") Property Rehabilitation None of the Operating General Partners or the management companies are affiliated with Boston Associates. 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. The priority return base for Series 44 is $1.00 per certificate (10%). The priority return base is the level of return that investors must receive before Boston Associates may receive a 5% share in the proceeds from the sale or refinancing of apartment complexes. In establishing the priority return base, Boston Associates does not represent that Series 44 is expected to provide this level of return to investors. Boston Associates will receive fees and compensation for services prior to investors receiving the priority return. 4
INFORMATION CONCERNING THE APARTMENT COMPLEXES OPERATING BASIC GOVERNMENT PARTNERSHIP LOCATION NUMBER MONTHLY ASSISTANCE NAME OF PROPERTY OF UNITS RENTS(1) ANTICIPATED - --------------------------------------------------------------------------------------------- 1. Alexander Lawrenceville, 224 $730 2BR Federal Housing Mills Georgia $830 3BR Tax Credits Partnership 2. Aurora Aurora, 100 $632 1BR Federal Housing Village Colorado Tax Credits Partnership 3. Hickory Trace Florence, 56 $150- Home Investment Partnership Alabama $210 1BR Partnerships $200- Program(5b) $270 2BR $320 3BR 4. Lion Trace Rushville, 48 $274- Federal Housing Partnership Indiana $364 1BR Tax Credits $324- $529 2BR $489- $619 3BR $539 4BR 5. Lorie Village Bowling Green, 32 $380 2BR HOME Investment Partnership Kentucky Partnerships Program(7c) INFORMATION CONCERNING THE APARTMENT COMPLEXES OPERATING PERMANENT MORTGAGE ANNUAL ANNUAL PARTNERSHIP MORTGAGE INTEREST RESERVE MANAGEMENT MANAGEMENT NAME LOAN RATE AMOUNT AGENT FEE - --------------------------------------------------------------------------------------------------------------------- 1. Alexander Lawrence 6.39% $22,400 Signature 5% of net Mills Housing Authority Management, rental income Partnership $13,800,000(3) Inc. 2. Aurora Colorado Housing 6.40% $30,000 Hudson Real 5% of net Village and Finance Estate Company rental income Partnership Authority $4,621,000(4a) Bank of 0% Cherry Creek $225,000(4b) 3. Hickory Trace Compass Bank 9.50% $4,000 Greer 5% of net Partnership $250,000(5a) Construction LLC rental income Alabama Housing 5% Finance Authority $1,469,798(5b) 4. Lion Trace First Indiana Bank 7.25% $9,600 Deckard Realty 3% of net Partnership $1,175,000(6) and Development rental income Company 5. Lorie Village Franklin Bank & 2.50% $8,000 Homeland, Inc. 5% of net Partnership Trust Company rental income $500,000(7a) Franklin Bank & 7.75% Trust Company $224,000(7b) Kentucky Housing 1% Corporation $259,000(7c) Housing Assistance 0% and Development Services $74,500(7d)
5
OPERATING BASIC GOVERNMENT PARTNERSHIP LOCATION NUMBER MONTHLY ASSISTANCE NAME OF PROPERTY OF UNITS RENTS(1) ANTICIPATED - --------------------------------------------------------------------------------------------- 6. Memphis 102 Memphis, 102 $600- Federal Housing Partnership Tennessee $650 4BR Tax Credits 7. New Oxford I New Oxford, 32 $690 1BR RHS Sec. 515 Partnership Pennsylvania $725 2BR 8. Orchard Manor Ukiah, 64 $487- RHS Sec. 515; Partnership California $605 1BR Community $710 2BR Development Block $101- Grant Program(10b) $960 3BR 9. Orchard Village Ukiah, 48 $590 1BR RHS Sec. 515; Partnership California $704 2BR Community $957 3BR Development Block Grant Program(11b) 10. Pyramid Seven Whitley, 24 $465 1BR RHS Sec. 515; Partnership Kentucky $529 2BR HOME Investment $570 3BR Partnerships Program(12) 11. River Gardens Fort Bragg, 48 $463- RHS Sec. 515; Partnership California $603 1BR Community $709 2BR Development Block $752 3BR Grant Program(13b) OPERATING PERMANENT MORTGAGE ANNUAL ANNUAL PARTNERSHIP MORTGAGE INTEREST RESERVE MANAGEMENT MANAGEMENT NAME LOAN RATE AMOUNT AGENT FEE - -------------------------------------------------------------------------------------------------------------------- 6. Memphis 102 Midland Mortgage 8.50% $30,600 Buehler 7.59% of net Partnership Company Enterprises, Inc. rental income $3,300,000(8) 7. New Oxford I $1,052,347; 1%(2) $13,980 TM Associates, 8.70% of net Partnership Virginia Housing 1% Inc. rental income Development Authority $315,000(9) 8. Orchard Manor $1,934,432; 1%(2) $57,600 FPI Management, 8.7% of net Partnership Savings Bank of 6.25% Inc. rental income Mendocino County $1,125,000(10a) City of Mendocino 0% $37,500(10b) 9. Orchard Village $1,173,373; 1%(2) $43,200 Hank Fisher 6.5% of net Partnership Savings Bank of 6.25% Properties, Inc. rental income Mendocino County $1,250,000(11a) City of Mendocino 0% $37,500(11b) 10. Pyramid Seven $921,670; 1%(2) $13,126 Phillips 8.72% of net Partnership Kentucky Housing 1% Development rental income Corporation Corporation $300,000(12) 11. River Gardens $779,342; 1%(2) $19,200 Hank Fisher 7.95% of net Partnership Savings Bank of 6.25% Properties, Inc. rental income Mendocino County $1,250,000(13a) City of Fort Bragg 0% $40,000(13b)
- ---------------- (1) Exclusive of utilities, unless indicated otherwise. 6 (2) Rural Housing Service ("RHS") (formerly Farmers Home Administration) 515 loan with a term of 50 years and 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) The terms of the Alexander Mills Partnership's anticipated permanent first mortgage loan in the amount of $13,800,000 are expected to include a term of 30 years, an interest rate of 6.39% and payments of principal and interest on the basis of a 30-year amortization schedule. (4) (a) The terms of the Aurora Village Partnership's anticipated permanent first mortgage loan in the amount of $4,621,000 are expected to include a term of 30 years, an interest rate of 6.40% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Aurora Village Partnership's anticipated permanent second mortgage loan in the amount of $225,000 are expected to include a term of 30 years, an interest rate of 0% and payments of principal and interest on the basis of a 30-year amortization schedule. (5) (a) The terms of the Hickory Trace Partnership's anticipated permanent first mortgage loan in the amount of $250,000 are expected to include a term of 30 years, an interest rate of 9.50% and payments of principal and interest on the basis of a 20-year amortization schedule. (b) The terms of the Hickory Trace Partnership's anticipated permanent second mortgage loan in the amount of $1,469,798 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 20-year amortization schedule. (6) The terms of the Lion Trace Partnership's anticipated permanent first mortgage loan in the amount of $1,175,000 are expected to include a term of 30 years, an interest rate of 7.25% and payments of principal and interest on the basis of a 30-year amortization schedule. (7) (a) The terms of the Lorie Village Partnership's anticipated permanent first mortgage loan in the amount of $500,000 are expected to include a term of 30 years, an interest rate of 2.50% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Lorie Village Partnership's anticipated permanent second mortgage loan in the amount of $224,000 are expected to include a term of 30 years, an interest rate of 7.75% and payments of principal and interest on the basis of a 30-year amortization schedule. (c) The terms of the Lorie Village Partnership's anticipated permanent third mortgage loan in the amount of $259,000 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 25-year amortization schedule. (d) The terms of the Lorie Village Partnership's anticipated permanent fourth mortgage loan in the amount of $74,500 are expected to include a term of 30 years, an interest rate of 0% and payments of principal and interest on the basis of a 30-year amortization schedule. (8) The terms of the Memphis 102 Partnership's anticipated permanent first mortgage loan in the amount of $3,300,000 are expected to include a term of 30 years, an interest rate of 8.50% and payments of principal and interest on the basis of a 30-year amortization schedule. (9) The terms of the New Oxford I Partnership's anticipated permanent second mortgage loan in the amount of $315,000 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 50-year amortization schedule. (10) (a) The terms of the Orchard Manor Partnership's anticipated permanent second mortgage loan in the amount of $1,125,000 are expected to include a term of 30 years, an interest rate of 6.25% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Orchard Manor Partnership's anticipated permanent third mortgage loan in the amount of $37,500 are expected to include a term of 30 years, an interest rate of 0% and payments of principal and interest on the basis of a 30-year amortization schedule. (11) (a) The terms of the Orchard Village Partnership's anticipated permanent second mortgage loan in the amount of $1,250,000 are expected to include a term of 30 years, an interest rate of 6.25% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Orchard Village Partnership's anticipated permanent third mortgage loan in the amount of $37,500 are expected to include a term of 30 years, an interest rate of 0% and payments of principal and interest on the basis of a 30-year amortization schedule. (12) The terms of the Pyramid Seven Partnership's anticipated permanent second 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. (13) (a) The terms of the River Gardens Partnership's anticipated permanent second mortgage loan in the amount of $1,250,000 are expected to include a term of 30 years, an interest rate of 6.25% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the River Gardens Partnership's anticipated permanent third mortgage loan in the amount of $40,000 are expected to include a term of 30 years, an interest rate of 0% and payments of principal and interest on the basis of a 30-year amortization schedule. 7
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS OWNERSHIP INTEREST(%) PROFITS, LOSSES, OPERATING BCTC IV CREDIT/NET GENERAL PARTNERSHIP CAPITAL CASH FLOW/ PARTNER NAME CONTRIBUTION BACKEND CONTRIBUTION - --------------------------------------------------------------------------- 1. Alexander Mills $2,104,889 99.90/20/20 $100 Partnership 2. Aurora Village $1,773,191 99.99/10/40 $100 Partnership 3. Hickory Trace $2,252,941 99.99/20/20 $100 Partnership 4. Lion Trace $1,898,556 99.99/80/80 $100 Partnership 5. Lorie Village $1,258,962 99.99/20/50 $100 Partnership 6. Memphis 102 $3,699,630 99.99/30/30 $100 Partnership TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS FUND'S DEVELOPMENT ANNUAL APPROXIMATE FEE/OTHER PARTNERSHIP ASSET OPERATING OPERATING AVERAGE ANNUAL DISTRIBUTIONS MANAGEMENT FEE MANAGEMENT FEE PARTNERSHIP DEFICIT PARTNERSHIP'S ANTICIPATED TO OPERATING TO OPERATING TO BOSTON NAME GUARANTEE CREDIT BASE FEDERAL CREDIT GP GP CAPITAL - ----------------------------------------------------------------------------------------------------------------------------------- 1. Alexander Mills $500,000 in $7,194,256 $276,959 $1,100,000 $100,000 $10,000 Partnership the aggregate for 3 years after Rental Achievement 2. Aurora Village Unlimited for $1,614,500 $228,063 $690,000 $6,600 $6,600 Partnership 3 years after Rental Achievement 3. Hickory Trace $300,000 in $3,610,844 $288,839 $540,744 $3,000 $3,000 Partnership the aggregate for 3 years after Rental Achievement 4. Lion Trace Unlimited for $3,062,000 $243,405 $300,000 $3,600 $3,600 Partnership 5 years after Rental Achievement 5. Lorie Village $150,000 in $2,057,400 $170,130 $203,000 $2,500 $2,500 Partnership the aggregate for 3 years after Rental Achievement 6. Memphis 102 $400,000 in $6,988,098 $499,950 $251,000 $7,500 $7,500 Partnership the aggregate for 3 years after Rental Achievement
8
OWNERSHIP INTEREST(%) PROFITS, LOSSES, OPERATING BCTC IV CREDIT/NET GENERAL PARTNERSHIP CAPITAL CASH FLOW/ PARTNER NAME CONTRIBUTION BACKEND CONTRIBUTION - --------------------------------------------------------------------------- 7. New Oxford I $475,846 99.99/20/20 $315,000 Partnership 8. Orchard Manor $1,036,783 99.99/20/20 $100 Partnership 9. Orchard Village $802,233 99.99/20/20 $100 Partnership 10. Pyramid Seven $305,004 95/20/15 $66,004 Partnership 11. River Gardens $700,168 99.99/20/20 $100 Partnership FUND'S DEVELOPMENT ANNUAL APPROXIMATE FEE/OTHER PARTNERSHIP ASSET OPERATING OPERATING AVERAGE ANNUAL DISTRIBUTIONS MANAGEMENT FEE MANAGEMENT FEE PARTNERSHIP DEFICIT PARTNERSHIP'S ANTICIPATED TO OPERATING TO OPERATING TO BOSTON NAME GUARANTEE CREDIT BASE FEDERAL CREDIT GP GP CAPITAL - ----------------------------------------------------------------------------------------------------------------------------------- 7. New Oxford I $125,000 in $1,793,134 $61,006 $171,238 $1,000 $1,000 Partnership the aggregate for 3 years after Breakeven 8. Orchard Manor $300,363 in $1,478,364 $132,921 $253,548 $10,000 $5,000 Partnership the aggregate for 5 years after Rental Achievement 9. Orchard Village $225,426 in $1,276,441 $102,850 $197,596 $8,000 $4,000 Partnership the aggregate for 5 years after Rental Achievement 10. Pyramid Seven Unlimited for $1,405,312 $40,668 $182,238 $4,072 $1,200 Partnership 3 years after Breakeven 11. River Gardens $225,426 in $892,908 $89,765 $165,613 $10,000 $5,000 Partnership the aggregate for 5 years after Rental Achievement
9 THE ALEXANDER MILLS PARTNERSHIP (ALEXANDER MILLS APARTMENTS) Alexander Mills Apartments is a 224-unit apartment complex for families which is being constructed on Paper Mill Road in Lawrenceville, Georgia. Alexander Mills Apartments will consist of 168 two-bedroom units and 56 three-bedroom units contained in 9 buildings. The complex will offer a community room, pool, recreation room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, cable television hook-up and a patio or porch. Construction of Alexander Mills Apartments began in September, 2001. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 25 February, 2002 25 March, 2002 25 March, 2002 25 April, 2002 25 April, 2002 25 May, 2002 25 May, 2002 25 June, 2002 25 June, 2002 25 July, 2002 25 July, 2002 25 August, 2002 25 August, 2002 25 September, 2002 25 September, 2002 25 October, 2002 24 October, 2002 24 November, 2002
THE AURORA VILLAGE PARTNERSHIP (AURORA VILLAGE SENIOR COMPLEX APARTMENTS) Aurora Village Senior Complex Apartments is an existing 100-unit apartment complex for senior citizens which is being rehabilitated on 15972 East 13th Place in Aurora, Colorado. Aurora Village Senior Complex Apartments will consist of 100 one-bedroom units contained in 2 buildings. The complex will offer a community room and central laundry facilities. Individual units will contain a refrigerator, range, disposal, air conditioning, wall-to-wall carpeting and cable television hook-up. Rehabilitation of Aurora Village Senior Complex Apartments began in October, 2002. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 100 February, 2003 100 February, 2003
10 THE HICKORY TRACE PARTNERSHIP (HICKORY TRACE APARTMENTS) Hickory Trace Apartments is a 56-unit apartment complex for families which is to be constructed on Rasch Road in Florence, Alabama. Hickory Trace Apartments will consist of 16 one-bedroom units, 28 two-bedroom units and 12 three-bedroom units contained in 8 buildings. The complex will offer a community room, recreation room, individual storage units, playground, picnic area and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning and wall-to-wall carpeting. Construction of Hickory Trace Apartments is anticipated to begin in April, 2003. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 10 November, 2003 10 January, 2004 10 December, 2003 10 February, 2004 10 January, 2004 10 March, 2004 10 February, 2004 10 April, 2004 10 March, 2004 10 May, 2004 6 April, 2004 6 June, 2004
THE LION TRACE PARTNERSHIP (LION TRACE APARTMENTS) Lion Trace Apartments is a 48-unit apartment complex for families which is to be constructed in Rushville, Indiana. Lion Trace Apartments will consist of 8 one-bedroom units, 24 two-bedroom units, 8 three-bedroom units and 8 four-bedroom units contained in 6 buildings. The complex will offer a community room. Individual units will contain a refrigerator, range, dishwasher, washer/dryer hook-ups, air conditioning, wall-to-wall carpeting, cable television hook-up and a patio or porch. Construction of Lion Trace Apartments is anticipated to begin in February, 2003. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 8 July, 2003 8 August, 2003 8 August, 2003 8 September, 2003 16 September, 2003 16 October, 2003 16 October, 2003 16 November, 2003
11 THE LORIE VILLAGE PARTNERSHIP (LORIE VILLAGE APARTMENTS) Lorie Village Apartments is a 32-unit apartment complex for senior citizens which is being constructed on Patton Way in Bowling Green, Kentucky. Lorie Village Apartments will consist of 32 two-bedroom units contained in 8 buildings. The complex will offer a community room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting and a patio or porch. Construction of Lorie Village Apartments began in January, 2003. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 6 March, 2003 6 April, 2003 6 April, 2003 6 May, 2003 6 May, 2003 6 June, 2003 6 June, 2003 6 July, 2003 8 July, 2003 8 August, 2003
THE MEMPHIS 102 PARTNERSHIP (MEMPHIS 102) Memphis 102 is a development of 102 single-family homes for families that is being constructed in Memphis, Tennessee. Memphis 102 will consist of 102 four-bedroom homes. Individual homes will contain a refrigerator, range, dishwasher, washer/dryer hook-ups, disposal, air conditioning, wall-to-wall carpeting and a patio or porch. Construction of Memphis 102 began in January, 2003. The Operating General Partners anticipate that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 10 May, 2003 10 June, 2003 20 June, 2003 20 July, 2003 20 July, 2003 20 August, 2003 20 August, 2003 20 September, 2003 20 September, 2003 20 October, 2003 12 October, 2003 12 November, 2003
12 THE NEW OXFORD I PARTNERSHIP (OXFORD MANOR APARTMENTS) Oxford Manor Apartments is an existing 32-unit apartment complex for families which is being rehabilitated in New Oxford, Pennsylvania. Oxford Manor Apartments will consist of 16 one-bedroom units and 16 two-bedroom units contained in 4 buildings. The complex will offer storage units, laundry facilities, playground, basketball court, maintenance shop and rental office. Individual units will contain a refrigerator, range, air conditioning, wall-to-wall carpeting and cable television hook-up. Rehabilitation of Oxford Manor Apartments began in January, 2003. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 10 January, 2003 10 January, 2003 10 February, 2003 10 February, 2003 6 March, 2003 6 March, 2003 6 April, 2003 6 April, 2003
THE ORCHARD MANOR PARTNERSHIP (ORCHARD MANOR APARTMENTS) Orchard Manor Apartments is an existing 64-unit apartment complex for families which is to be rehabilitated on North Orchard Avenue in Ukiah, California. Orchard Manor Apartments will consist of 24 one-bedroom units, 36 two-bedroom units and 4 three-bedroom units contained in 8 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, and a patio. Rehabilitation of Orchard Manor Apartments is anticipated to begin in February, 2003. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 22 July, 2003 60 September, 2003 21 August, 2003 2 October, 2003 21 September, 2003 2 November, 2003
13 THE ORCHARD VILLAGE PARTNERSHIP (ORCHARD VILLAGE APARTMENTS) Orchard Village Apartments is an existing 48-unit apartment complex for families which is to be rehabilitated on North Orchard Avenue in Ukiah, California. Orchard Village Apartments will consist of 16 one-bedroom units, 21 two-bedroom units and 11 three-bedroom units contained in 6 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, and a patio. Rehabilitation of Orchard Village Apartments is anticipated to begin in February, 2003. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 16 July, 2003 44 September, 2003 16 August, 2003 2 October, 2003 16 September, 2003 2 November, 2003
THE PYRAMID SEVEN PARTNERSHIP (GREENE'S LANDING APARTMENTS) Greene's Landing Apartments is a 24-unit apartment complex for families which is to be constructed in Whitley, Kentucky. Greene's Landing Apartments will consist of 2 one-bedroom units, 16 two-bedroom units and 6 three-bedroom units contained in 4 buildings. The complex will offer a community room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting and cable television hook-up. Construction of Greene's Landing Apartments is anticipated to begin in April, 2003. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 2 May, 2003 4 January, 2004 4 June, 2003 4 February, 2004 4 July, 2003 4 March, 2004 4 August, 2003 4 April, 2004 4 September, 2003 4 May, 2004 2 October, 2003 4 June, 2004 2 November, 2003 2 December, 2003
14 THE RIVER GARDENS PARTNERSHIP (RIVER GARDENS APARTMENTS) River Gardens Apartments is an existing 48-unit apartment complex for families which is to be rehabilitated on South Street in Fort Bragg, California. River Gardens Apartments will consist of 16 one-bedroom units, 31 two- bedroom units and 1 three-bedroom unit contained in 6 buildings. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting and a patio. Rehabilitation of River Gardens Apartments is anticipated to begin in September, 2003. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------------- 16 January, 2004 44 March, 2004 16 February, 2004 2 April, 2004 16 March, 2004 2 May, 2004
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