SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ý        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2003 or

o        TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from                         to                      

Commission file number        0-26200

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
One Boston Place, Suite 2100, Boston, Massachusetts  02108
(Address of principal executive offices)  (Zip Code)

Registrants telephone number, including area code (617)624-8900

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
None	None

Securities registered pursuant to Section 12(g) of the Act:

Beneficial Assignee Certificates

(Title of Class)

Indicate by check mark whether the Fund (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the Fund was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES ý NO o

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 or Regulation S-K ( 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

XX

DOCUMENTS INCORPORATED BY REFERENCE

The following documents of the Fund are incorporated by reference:

Form 10-K Parts	Document
Parts I, III	January 3, 1994 Prospectus,
as supplemented
Parts II, IV	Form 8-K dated February 1, 1995
	Form 8-K dated March 9, 1995
	Form 8-K dated October 13, 1995
	Form 8-K dated February 29, 1996
	Form 8-K dated December 16, 1996
	Form 8-K dated December 16, 1996
	Form 8-K dated February 11, 1997
	Form 8-K dated February 14, 1997
	Form 8-K dated March 25, 1997
	Form 8-K dated March 25, 1997
	Form 8-K dated March 25, 1997
	Form 8-K dated March 25, 1997
	Form 8-K dated March 25, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 26, 1997
	Form 8-K dated March 27, 1997
	Form 8-K dated March 27, 1997
	Form 8-K dated March 27, 1997
	Form 8-K dated April 7, 1997
	Form 8-K dated May 21, 1998
	Form 8-K dated July 16, 1997
	Form 8-K dated July 22, 1997
	Form 8-K dated July 22, 1997
	Form 8-K dated July 22, 1997
	Form 8-K dated July 22, 1997
	Form 8-K dated July 22, 1997
	Form 8-K dated August 5, 1997
	Form 8-K dated August 5, 1997
	Form 8-K dated August 5, 1997
	Form 8-K dated August 8, 1997

Form 10-K Parts	Document
Parts II, IV	Form 8-K dated April 23, 1998
	Form 8-K dated April 23, 1998
	Form 8-K dated April 24, 1998
	Form 8-K dated April 27, 1998
	Form 8-K dated April 29, 1998
	Form 8-K dated April 30, 1998
	Form 8-K dated April 30, 1998
	Form 8-K dated April 30, 1998
	Form 8-K dated May 1, 1998
	Form 8-K dated June 30, 1999
	Form 8-K dated June 30, 1999
	Form 8-K dated July 27, 1999
	Form 8-K dated July 27, 1999
	Form 8-K dated November 30, 1999
	Form 8-K dated December 28, 1999
	Form 8-K dated December 29, 1999
	Form 8-K dated January 26, 2000
	Form 8-K dated February 3, 2000
	Form 8-K dated February 9, 2000
	Form 8-K dated February 10, 2000
	Form 8-K dated February 16, 2000
	Form 8-K dated September 29, 2000
	Form 8-K dated September 29, 2000
	Form 8-K dated September 29, 2000
	Form 8-K dated September 29, 2000
	Form 8-K dated September, 2002
	Form 8-K dated September, 2002
	Form 8-K dated September, 2002

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2003

TABLE OF CONTENTS

PART I
Item 1.	Business
Item 2.	Properties
Item 3.	Legal Proceedings
Item 4.	Submission of Matters to a Vote of Security Holders
PART II
Item 5.	Market for the Fund’s Limited Partnership Interests and Related Partnership Matters
Item 6.	Selected Financial Data
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 8.	Financial Statements and Supplementary Data
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
PART III
Item 10.	Directors and Executive Officers of the Fund
Item 11.	Executive Compensation
Item 12.	Security Ownership of Certain Beneficial Owners and Management
Item 13.	Certain Relationships and Related Transactions
Item 14.	Controls and Procedures
PART IV
Item 15.	Exhibits, Financial Statement Schedules, and Reports on Form 8-K
	Signatures

PART I

Item 1.Business

Organization

Boston Capital Tax Credit Fund IV L.P. (the “Fund”) is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 5, 1993.  Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund’s general partner was reorganized as follows.  The General Partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership.  The general partner of the General Partner is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation.  John P. Manning is the principal of Boston Capital Partners, Inc.  The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates.  The Assignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates (“BACs”) to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective December 16, 1993 in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC.  On April 18, 1996 an amendment to Form S-11, which registered an additional 10,000,000 BACs for sale to the public in one or more series, became effective. On April 2, 1998 an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999 an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public became effective.  On July 26, 2000 an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public became effective. On July 23, 2001 an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public became effective.  On July 24, 2002 an amendment to Form S- 11, which registered an additional 7,000,000 BAC’s for sale to the public became effective.  As of March 31, 2003, subscriptions had been received and accepted by the General Partner in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43 and Series 44 for 75,662,578 BAC’s representing capital contributions of $756,292,680.

The Offering, including information regarding the issuance of BACs in series, is described on pages 144 to 149 of the Prospectus, as supplemented, under the caption “The Offering”, which is incorporated herein by reference.

1

Description of Business

The Fund’s principal business is to invest as a limited partner in other limited partnerships (the “Operating Partnerships”) each of which will own or lease and will operate an Apartment Complex exclusively or partially for low- and moderate-income tenants.  Each Operating Partnership in which the Fund will invest will own Apartment Complexes which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive Government Assistance.  Each Apartment Complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the “Federal Housing Tax Credit”), thereby providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources.  Certain Apartment Complexes may also qualify for the historic rehabilitation tax credit under Section 48 of the Code (the “Rehabilitation Tax Credit”).  The Federal Housing Tax Credit and the Government Assistance programs are described on pages 64 to 88 of the Prospectus, as supplemented, under the captions “Tax Credit Programs” and “Government Assistance Programs,” which is incorporated herein by reference.  Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits.  The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income.  Some of the Apartment Complexes in which the Partnership has invested are receiving such rent supplements from HUD.  HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals.  At this time, the Partnership is unable to predict whether Congress will continue rent supplement programs payable directly to owners of the Apartment Complex.

As of March 31, 2003 the Fund had invested in 24 Operating Partnerships on behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 29 Operating Partnerships on behalf of Series 22, 22 Operating Partnerships on behalf of Series 23, 24 Operating Partnerships on behalf of Series 24, 22 Operating Partnerships on behalf of Series 25, 45 Operating Partnerships on behalf of Series 26, 16 Operating Partnerships on behalf of Series 27, 26 Operating Partnerships on behalf of Series 28, 22 Operating Partnerships on behalf of Series 29, 20 Operating Partnerships on behalf of Series 30, 27 Operating Partnerships on behalf of Series 31, 17 Operating Partnerships on behalf of Series 32, 10 Operating Partnerships on behalf of Series 33, 14 Operating Partnerships on behalf of Series 34, 11 Operating Partnerships on behalf of Series 35, 11 Operating Partnerships on behalf of Series 36, 7 Operating Partnerships on behalf of Series 37, 10 Operating Partnerships on behalf of Series 38, 9 Operating Partnerships on behalf of Series 39, 16 Operating Partnerships on behalf of Series 40, 20 Operating Partnerships on behalf of Series 41, 17 Operating Partnerships on behalf of Series 42, 16 Operating Partnerships on behalf of Series 43 and 4 Operating Partnerships on behalf of Series 44.  A description of these Operating Partnerships is set forth in Item 2 herein.

2

The business objectives of the Fund are to:
(1)	provide current tax benefits to Investors in the form of Federal Housing Tax Credits and in limited instances, a small amount of Rehabilitation Tax Credits, which an Investor may apply, subject to certain strict limitations, against the investor’s federal income tax liability from active, portfolio and passive income;
(2)	preserve and protect the Fund’s capital and provide capital appreciation and cash distributions through increases in value of the Fund’s investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the Apartment Complexes.
(3)	provide tax benefits in the form of passive losses which an Investor may apply to offset his passive income (if any); and
(4)	provide cash distributions (except with respect to the Fund’s investment in certain Non-Profit Operating Partnerships) from Capital Transaction proceeds.  The Operating Partnerships intend to hold the Apartment Complexes for appreciation in value.  The Operating Partnerships may sell the Apartment Complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

The business objectives and investment policies of the Fund are described more fully on pages 49 to 61 of the Prospectus, as supplemented, under the caption “Investment Objectives and Acquisition Policies,” which is incorporated herein by reference.

Employees

The Fund does not have any employees.  Services are performed by the General Partner and its affiliates and agents retained by them.

Item 2.Properties

The Fund has acquired a Limited Partnership interest in 453 Operating Partnerships in 25 series, identified in the table set forth below.  The Apartment Complex owned by the Operating Partnership is eligible for the Federal Housing Tax Credit.  Initial occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as “Qualified Occupancy.”  The Operating Partnership and the respective Apartment Complex is described more fully in the Prospectus.  The General Partner believes that there is adequate casualty insurance on the properties.

Please refer to Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

3

Boston Capital Tax Credit Fund IV L.P. - Series 20

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq Date	Const Comp	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Ashbury Apartments	Sioux Falls, SD	48	$	1,138,137	4/94	6/94	100	%	$	806,117
Bennetts Pointe Apts.	Bennetsville, SC	32	1,328,873		3/94	8/94	100	%	281,100
Bradley Manor	Bradley, AR	25	790,392		8/94	3/95	100	%	182,044
Breeze Cove Apts.	Port Washington, WI	64	2,644,416		5/94	10/94	100	%	2,601,494
Cascades Commons Apts.	Sterling, VA	320	14,241,563		6/94	10/95	100	%	7,132,820
Clarksville Estates	Clarksville, MO	32	686,066		6/94	9/94	100	%	142,639
Club Goldenrod II, Apartments	Orlando, FL	220	7,156,224		4/94	6/95	100	%	3,681,417
College Greene Senior Apts	N. Chili, NY	110	3,712,242		3/95	8/95	100	%	1,918,496
Concordia Manor I	St. Croix, VI	22	1,451,278		8/94	7/95	100	%	490,034
Coushatta Seniors II Apartments	Coushatta, LA	24	705,304		5/94	3/94	100	%	175,182
East Douglas Apartment	Bloomington, IL	51	2,083,380		7/94	12/95	100	%	1,281,690
Edison Lane Apartments	Edison, GA	24	712,943		9/94	10/95	100	%	204,561
Evergreen Hills Apts.	Macedon, NY	72	2,734,009		8/94	1/95	100	%	693,966

4

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq Date	Const Comp	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Fairoaks Lane Apts.	Rincon, GA	44	$	1,401,662	7/94	5/95	100	%	$	339,284
Floral Acres II	Waggaman, LA	32	1,022,690		5/94	8/94	100	%	228,457
Forest Glen Village	Vidalia, GA	46	1,317,667		7/94	2/95	100	%	378,777
Gardenview Apartments	Pasedena, TX	309	4,977,496		6/94	9/95	100	%	2,261,021
Harrisonburg, Seniors  Apts.	Harrison- burg, LA	24	679,874		5/94	1/94	100	%	176,621
Hillside Apartments	Cynthiana, KY	48	767,449		10/94	4/95	100	%	643,850
Kristine Apartments	Bakersfield, CA	60	1,265,475		10/94	10/94	100	%	311,675
Northfield Apts.	Jackson, MS	120	2,829,171		6/94	8/95	100	%	3,273,126
Parkside Apartments	Avondale, AZ	54	649,649		12/94	1/94	100	%	282,547
Riverview Apartments	Franklinton, LA	47	1,678,258		4/94	10/94	100	%	370,000
Shady Lane Senior Apts.	Winnfield, LA	32	932,056		5/94	10/93	100	%	197,200

5

Boston Capital Tax Credit Fund IV L.P. - Series 21

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq Date	Const Comp	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Atlantic City Apts.	Atlantic City, NJ	153	$	5,175,000	9/94	10/95	100	%	$	2,500,000
Black River Run	Black River Falls, WI	48	1,188,136		10/94	12/94	100	%	350,531
Cattaraugus Manor	Cattaraugus, NY	24	1,084,560		8/94	4/95	100	%	263,711
Creekside at Tasker’s Chance	Frederick, MD	120	4,749,380		10/94	9/95	100	%	2,686,170
Forest Glen at Sully Station	Centreville, VA	118	5,731,944		11/94	9/95	100	%	2,649,450
Fort Halifax	Winslow, ME	24	1,111,165		9/94	1/95	100	%	389,085
Havelock Manor Apts.	Havelock, NC	60	1,826,589		12/94	10/95	100	%	347,557
Holly Village	Buchanan, GA	24	704,960		8/94	6/95	100	%	205,400
Liveoak Village	Union Springs, AL	24	755,654		10/94	7/95	100	%	176,953
Lookout Ridge Apts.	Covington, KY	30	618,548		12/94	12/94	100	%	763,038
Pinedale Apartments II	Menomonie, WI	60	1,331,587		10/94	12/94	100	%	869,798
Pumphouse Crossing II Apartments	Chippewa, WI	48	1,217,042		10/94	12/94	100	%	692,840

6

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq Date	Const Comp	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
The Woods Apartments	Campton, NH	20	$	1,013,413	8/94	10/94	100	%	$	269,500
Tower View Apartments	Tower City, PA	25	1,115,293		11/94	5/95	100	%	268,863

7

Boston Capital Tax Credit Fund IV L.P. - Series 22

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Albemarle Village	Hertford, NC	36	$	1,431,305	1/95	9/94	100	%	$	321,628
Apple Village	Edmond, OK	160	3,768,496		11/94	3/96	100	%	1,572,166
Bayou Crossing	Riverview, FL	290	8,615,411		11/94	1/96	100	%	2,854,036
Bellwood Gardens	Ford City, PA	28	1,235,761		6/95	9/9 5	100	%	308,152
Black River Run Apts.	Black River Falls, WI	48	1,188,136		3/95	12/94	100	%	395,279
Clarendon Court	Summerton, SC	40	1,435,854		10/94	4/95	100	%	340,737
Club II Goldenrod	Orlando, FL	220	7,156,224		3/95	6/95	100	%	2,106,975
Cobblestone Apartments	Fuquay, NC	33	1,401,719		1/95	5/94	100	%	326,054
Concordia Manor II	St. Croix, VI	20	1,480,613		1/95	11/95	100	%	259,444
Concordia Manor III	St. Croix, VI	20	1,469,851		2/95	12/95	100	%	264,007
Drakes Branch Elderly	Drakes Branch, VA	32	1,254,181		1/95	6/95	100	%	232,722
Elks Towers Apartments	Litchfield, IL	27	795,675		10/95	12/96	100	%	750,656
Fonda Terrace	Fonda, NY	24	1,013,411		12/94	10/94	100	%	259,387
Highland House	Boston, MA	14	715,700		12/96	5/97	100	%	571,829

8

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Kimbark 1200 Apts.	Longmont, CO	48	$	1,960,989	9/95	12/95	100	%	$	321,843
Kingsway Apartments	Swedsboro, NJ	36	1,800,015		7/95	6/95	100	%	46,290
Lake City Apartments	Lake City, PA	44	1,275,486		8/98	6/98	100	%	240,900
Lake Street Apartments	Girard, PA	32	1,347,650		4/95	9/95	100	%	342,369
Lost Tree Apartments	Branson, MO	88	1,549,505		4/95	6/95	100	%	474,948
Maplewood Apartments	Sacramento, KY	12	430,597		8/95	9/95	100	%	110,881
Marksville Square	Marksville, LA	32	950,950		1/95	1/96	100	%	268,848
Neshoba County	Philadelphia, MS	25	842,112		7/95	8/95	100	%	251,411
Philadelphia Square	Philadelphia, MS	16	538,952		7/95	8/95	100	%	149,950
Quankey Hills	Halifax, NC	24	1,000,533		1/95	3/95	100	%	200,496
Richmond Square	Richmond, MO	32	840,696		12/94	2/95	100	%	818,770
Salem Wood Apartments	Salemburg, NC	24	940,085		1/95	12/94	100	%	181,355
The Birches	Old Orchard Beach, ME	88	2,800,000		1/95	3/96	100	%	1,514,512
Troy Villa Apartments	Troy, MO	64	1,842,166		12/94	6/95	100	%	1,810,416

9

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Twin City Villa	Festus, MO	40	$	1,369,910	1/95	11/95	100	%	$	679,176

10

Boston Capital Tax Credit Fund IV L.P. - Series 23

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Apple Village	Edmond, OK	160	$	3,768,496	11/94	3/96	100	%	$	1,572,166
Bayou Crossing	Riverview, FL	290	8,615,411		4/95	1/96	100	%	4,281,054
Concordia Manor II	St. Croix, VI	20	1,480,613		1/95	11/95	100	%	259,445
Concordia Manor III	St. Croix, VI	20	1,469,851		2/95	12/95	100	%	264,007
Columbia Commons	Hempstead, NY	37	1,219,072		5/95	5/95	100	%	1,501,605
Country Hill Apts. Ph II	Cedar Rapids, IA	92	2,003,329		8/95	6/96	100	%	1,981,495
Great Pines Apts.	Hurleyville, NY	26	1,154,952		7/95	12/95	100	%	340,835
Heatheridge Estates **	Barling, AR	17	765,304		7/95	11/95	100	%	748,240
Ithaca Apts. I	Ithaca, MI	28	639,712		11/95	7/95	100	%	164,008
Kimbark 1200 Apts.	Longmont, CO	48	1,960,989		9/95	12/95	100	%	965,530
La Pensione K Apts.	Sacramento, CA	129	2,451,101		9/95	12/96	100	%	2,650,580
Mathis Apartments	Mathis, TX	32	900,794		1/95	1/95	100	%	219,045
Mid City Apartments	Jersey City, NJ	58	2,841,065		9/95	6/94	100	%	113,679
Orange Grove Seniors	Orange Grove, TX	24	659,878		5/95	2/95	100	%	104,728

11

Property Name	Location	Units	Mortgage Balance as of 12/31/02			Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Philmont Terrace	Philmont, LA	32	$	1,481,857		5/95	5/95	100	%	$	370,750
Riverview Apartments	St. Louis, MO	42	1,135,578			8/95	12/95	100	%	1,160,308
South Hills Apartments	Bellevue, NE	72	1,827,280			6/95	2/96	100	%	1,686,354
St. Peters Villa	St. Peters, MO	54	1,748,012			7/95	3/96	100	%	1,495,685
The Birches	Old Orchard Beach, ME	88	2,800,000			1/95	3/96	100	%	1,399,532
Twin City Villa	Festus, MO	40	1,369,910			2/95	11/95	100	%	679,176
Village Woods Est.	Kansas City, KS	45	1,537,726			5/95	12/95	100	%	1,704,928
Vinsett Estates **	Van Buren, AR	10			**	7/95	11/95	100	%			**
Woodland Hills	Roland, OK	10	293,200			7/95	6/95	100	%	274,540

**  Two properties which make up one Operating Partnership named Barlee Properties L.P. with 27 units.  Entire mortgage balance and contributions are listed with Heatheridge Estates.

12

Boston Capital Tax Credit Fund IV L.P. - Series 24

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Autumn Ridge Apartments	Shenandoah, VA	34	$	1,525,327	7/96	1/97	100	%	$	319,466
Brooks Summit	Blue Ridge, GA	36	1,106,420		12/95	11/96	100	%	223,280
Brownsville Apartments	Brownsville, TN	36	1,190,954		9/95	9/95	100	%	267,091
Century East Apts. IV	Bismark, ND	24	611,365		8/95	8/95	100	%	399,962
Century East Apts. V	Bismark, ND	24	611,365		11/95	9/95	100	%	399,962
Centenary Towers Apts.	St. Louis, MO	100	2,435,000		5/97	12/97	100	%	679,577
Cooper’s Crossing	Irving, TX	93	3,485,836		6/96	12/95	100	%	848,708
Edenfield Apartments	Millen, GA	48	1,251,535		1/96	12/96	100	%	314,827
Elm Street Apartments	Yonkers, NY	35	1,771,308		1/96	1/96	100	%	407,601
Heritage Glen Apts.	Coolidge, AZ	28	1,121,443		4/96	4/96	100	%	373,388
Hillridge Apts	Los Lunas, NM	38	215,000		8/96	6/96	100	%	1,019,255
Lake Apts I	Fargo, ND	24	592,831		8/95	7/95	100	%	399,962
Lakeway Apts	Zwolle, LA	32	857,875		11/95	4/96	100	%	110,902
Laurelwood Park Apts.	High Point, NC	100	2,279,621		2/96	10/96	100	%	2,120,403
Madison Park IV	Boston, MA	143	7,480,131		5/96	3/97	97	%	1,218,903

13

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
New Hilltop Apartments	Laurens, SC	72	$	1,669,914	11/95	11/95	100	%	$	450,039
North Hampton Pl.	Columbia, MO	36	752,514		11/95	3/96	100	%	1,002,996
Northfield Housing, L.P.	Jackson, MS	5	183,259		12/96	9/96	100	%	217,266
Pahrump Valley Apts.	Pahrump, NV	32	1,383,399		7/96	7/96	100	%	335,225
Park Meadow Apartments	Gaylord, MI	80	1,781,058		9/95	4/97	100	%	1,753,158
Shadowcreek Apartments	Overton, NV	24	1,216,411		6/96	9/96	100	%	361,320
Stanton Village Apts.	Stanton, TN	40	1,201,329		9/95	9/95	100	%	279,730
Woodlands Apartments	Elko, NV	24	1,125,907		11/95	9/95	100	%	269,867
Wyandotte Apartments	Los Angeles, CA	73	3,245,714		4/96	2/97	100	%	1,663,747

14

Boston Capital Tax Credit Fund IV L.P. - Series 25

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Dogwood Park Apts .	Athens, GA	127	$	2,532,344	12/95	10/96	100	%	$	3,538,760
Dunlap Acres	West Point, MS	50	1,078,206		9/96	4/96	100	%	522,160
Century East II Apts.	Bismark, ND	24	522,284		8/96	6/96	100	%	371,183
Clarke Manor Apts.	Pokamoke City, MD	30	1,211,927		2/96	4/96	100	%	440,107
Hannah Heights Apts.	Ethel, MS	28	806,612		6/96	12/96	100	%	321,584
Heartland Green Cave	Horse Cave, KY	24	839,140		5/96	11/96	100	%	270,132
Hurricane Hills	Hurricane, UT	49	1,232,903		9/96	4/97	100	%	2,242,394
Laurelwood Park Apts.	High Point, NC	100	2,307,935		2/96	10/96	100	%	946,539
Lenox Ave. Apts.	Manhattan, NY	18	513,285		10/96	9/97	100	%	903,792
Madison Park IV	Boston, MA	143	7,480,131		5/96	3/97	97	%	2,116,938
Main Everett Apts.	New Rochelle, NY	11	603,112		6/96	1/97	100	%	782,852
Maple Hill	New Haven, CT	32	998,687		2/97	2/98	100	%	199,951
Mary Ryder Home	St. Louis, MO	48	72,887		1/97	6/96	100	%	1,591,573
Osborne Apts.	White Plains, NY	7	416,061		6/96	12/96	100	%	522,325

15

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Rose Square	Connellsville, PA	11	$	386,504	10/96	2/97	100	%	$	288,209
Rosewood Estates, II	Bladenboro, NC	16	673,896		9/96	12/96	100	%	124,304
Sandstone Village	Great Falls, MT	48	1,175,986		11/95	8/96	100	%	1,295,623
Shannon Rentals	Shannon, MS	48	1,252,959		4/96	1/97	100	%	324,990
Smith House	Roxbury, MA	132	1,837,630		4/96	3/97	100	%	1,031,269
Sutton Place	Indianopolis, IN	360	5,980,786		11/96	10/97	100	%	647,751
Washington Arms	Dayton, OH	93	1,837,828		2/96	2/95	100	%	203,859
Wyandotte Apts.	Los Angeles, CA	73	3,245,714		4/96	2/97	100	%	2,280,623

16

Boston Capital Tax Credit Fund IV L.P. - Series 26

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Academy Apts.	West Point, VA	32	$	1,155,756	4/97	3/98	100	%	$	263,722
Bradley Estates Phase I	Meriden, CT	74	1,778,168		2/97	12/97	100	%	671,336
Bradley Estates Phase II	Meriden, CT	42	1,060,133		2/97	12/97	100	%	486,861
Brookhaven Apts.	Shrevport, LA	35	1,027,761		2/97	1/97	100	%	573,912
Butler Estates	Leesville, LA	10	165,930		8/96	10/96	100	%	77,627
Calgory Apts. I	Bismark, ND	24	611,356		2/96	12/95	100	%	414,507
Calgory Apts. II	Bismark, ND	24	613,933		2/96	12/95	100	%	414,507
Calgory Apts. III	Bismark, ND	24	608,731		2/96	12/95	100	%	414,507
Cameron Apts.	Cameron, LA	40	748,420		8/96	10/96	100	%	475,965
Country Edge Apts.	Fargo, ND	48	1,039,512		7/97	12/97	100	%	1,128,587
Devonshire II Apts.	London, OH	28	761,022		1/97	12/96	100	%	182,070
Devonshire West Apts.	W. Jefferson, OH	19	528,913		1/97	1/97	100	%	126,983
East Park II Apts.	Dilworth, MN	24	552,350		8/96	8/96	100	%	525,631
Edgewood Park Apts.	Milledge-ville, GA	61	1,500,000		5/96	1/97	100	%	1,477,023

17

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Edgewood Estates Apts.	Edgewood, TX	22	$	606,296	6/97	11/96	100	%	$	173,436
Esche Street SRO	Trenton, NJ	104	2,297,001		4/97	5/98	100	%	3,734,928
Grandview Apartments	Fargo, ND	36	1,131,756		8/96	8/96	100	%	1,069,522
Grayson Manor	Independence, VA	32	1,046,397		3/98	11/98	100	%	656,156
Hallman Court Apts.	Rochester, NY	77	9,044,710		1/99	7/00	100	%	283,873
Hanover Apts.	Ashland, VA	40	1,270,518		11/97	4/98	100	%	295,538
Hanover Towers Apts.	Meriden, CT	100	4,586,221		2/97	11/97	100	%	1,065,649
Hazeltine Apts.	Los Angeles, CA	35	1,379,996		6/96	1/97	100	%	1,606,155
Holly Heights Apts.	Bowling Green, KY	30	1,251,476		5/97	8/97	100	%	362,738
Lake Apts. IV	Fargo, ND	24	623,821		2/96	12/95	100	%	414,507
Lake Apts. V	Fargo, ND	24	597,881		2/96	12/95	100	%	414,507
Lauderdale County Properties	Meriden, MS	48	1,111,687		12/98	5/99	100	%	444,136
Liberty Village Apts.	Liberty, NY	32	1,731,599		1/97	5/97	100	%	437,448

18

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Little Valley Est.	Little Valley, NY	24	$	1,141,423	1/97	4/97	100	%	$	284,257
Maxton Green Apts.	Maxton, NC	32	958,818		9/96	12/96	100	%	263,281
Madison Apartments	Miami Beach, FL	17	1,080,227		3/96	6/97	100	%	896,695
Mason Manor Apts.	Mason, TN	24	922,794		2/96	1/96	100	%	229,775
Mosby Forest Apts.	Littleton, NC	24	677,824		10/96	10/96	100	%	496,753
New Hope Bailey Apts.	De Ridder, LA	40	817,064		8/96	9/96	100	%	455,212
Nordhoff Apts.	North Hills, CA	38	1,962,631		9/96	7/97	100	%	1,787,961
Park Ridge Apartments	Jackson, TN	136	5,000,000		11/98	12/99	100	%	835,861
Powell Valley Village	Jonesville, VA	34	735,464		3/98	12/98	100	%	1,423,248
Southwind Apts. A LDHA	Jennings, LA	36	834,653		8/96	12/96	100	%	428,742
T.R. Bobb Apts.	New Iberia, LA	30	676,662		8/96	12/96	100	%	428,742
Timmons- Ville Green Apts.	Timmonsville, SC	32	1,062,564		10/96	2/97	100	%	292,587
Tremont Station Apartments	Tremont, PA	24	1,149,464		5/96	11/96	100	%	349,889

19

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Village Estates Apts.	Victoria, VA	32	$	1,148,517	4/97	10/98	100	%	$	270,204
Village Green Apts.	Gloucester, VA	32	1,142,469		4/97	11/97	100	%	251,779
Warrensburg Heights	Warrensburg, MO	28	1,105,339		12/96	11/96	100	%	308,825
Westside Apts.	Salem, AR	29	1,032,590		8/96	10/96	100	%	265,020
The Willows Apts.	Smithville, TX	32	798,420		5/96	5/96	100	%	209,768

20

Boston Capital Tax Credit Fund IV L.P. - Series 27

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
AHAB Rental Units Phase II	Springfield, MO	17	$	480,285	6/97	11/97	100	%	$	578,458
Angelou Court Apts.	New York, NY	23	986,635		10/97	8/99	100	%	1,791,275
Canisteo Manor	Canisteo, NY	24	889,480		4/98	4/98	100	%	621,857
The Casa Rosa	San Juan, PR	97	851,418		9/97	4/98	100	%	1,232,936
Forest Glen At Sulluy Station Phase II Atps.	Centreville, VA	119	6,462,143		8/96	6/97	100	%	1,362,808
Harrison Heights Apts.	Harrisonville, MO	48	1,252,626		1/98	12/96	100	%	245,516
Harbor Towers Apts.	Meriden, CT	202	11,400,636		2/97	11/97	100	%	2,895,280
Holly Heights Apts.	Storm Lake, IA	32	491,156		4/97	8/98	100	%	614,058
Lake Apts. II	Fargo, ND	24	593,060		1/97	12/95	100	%	396,024
Magnolia Place Apts.	Gautier, MS	40	866,894		11/97	1/98	100	%	800,027
Northrock Apts.	Topeka, KS	76	2,539,290		5/00	5/00	100	%	610,365
Park Crest Apts.	Sherwood, AR	216	9,200,000		11/99	6/99	100	%	115,311

21

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Pear Village Apts.	Leitchfile, KY	16	$	495,710	8/96	2/97	100	%	$	488,822
Randolph Village	Silver Spring, MD	130	5,695,044		9/96	8/97	100	%	2,240,075
Summer Hill Sr. Apts.	Wayne, NJ	164	9,074,569		11/96	4/98	100	%	2,337,000
Sunday Sun Apts.	Bowling Green, KY	30	866,579		10/96	12/96	100	%	714,938

22

Boston Capital Tax Credit Fund IV L.P. - Series 28

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
1374 Boston Road L.P.	New York, NY	15	$	492,293	2/97	6/97	100	%	$	522,065
Ashberry Manor Apts.	Bardstown, KY	24	636,455		2/97	3/97	100	%	561,330
Bienville III Apts.	Ringold, LA	32	955,724		2/97	2/97	100	%	349,186
Blanchard Apts.	Blanchard, LA	32	906,098		7/97	7/97	100	%	307,218
Chandler Village Apts	Chandler, OK	32	901,986		4/97	7/97	100	%	255,639
Cottonwood Apts.	Cottonwood, LA	24	731,207		7/97	7/97	100	%	248,058
Cottonwood Apts.	Holly Grove, AR	24	926,458		2/97	4/97	100	%	254,856
Evangeline Apts.	Lake Arthur, LA	32	966,118		11/97	1/98	100	%	366,284
Fairway Apts. II	Marlette, MI	48	1,031,364		12/96	3/97	100	%	255,353
Falcon Pointe Apts.	Rosenburg, TX	102	3,067,836		4/98	10/99	100	%	3,191,142
Jackson Place Apts.	Jackson, LA	40	998,492		7/97	10/97	100	%	983,615
Mapelwood Apts.	Winnfield, LA	40	903,952		3/98	8/98	100	%	922,119
Milton Village Apts.	Milton, NY	32	1,172,913		2/97	6/97	100	%	1,192,184
Neighborhood Restorations VII	West Philadelphia, PA	72	2,114,533		2/98	2/98	100	%	3,809,335

23

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Park Plaza I & II	West Memphis, AR	128	$	2,946,619	12/97	11/96	100	%	$	553,954
Park Village Apts.	Athens, TN	80	1,189,692		10/98	6/99	100	%	1,992,486
Pin Oak Village	Bowie, MD	110	8,926,368		11/97	1/96	100	%	3,804,585
Southern Villa Apts.	Russellville, KY	32	1,333,380		11/97	4/98	100	%	323,500
Randolph Village	Silver Spring, MD	130	5,695,044		12/97	8/97	100	%	909,471
Sand Lane Manor Apts.	Henderson, KY	24	665,700		8/97	4/98	100	%	556,478
Senior Suites of Chicago	Chicago, IL	84	4,073,056		12/97	12/98	100	%	3,176,031
Sumner House	Hartford, CT	79	1,110,066		1/98	7/98	100	%	2,010,966
Terraceview Townhomes Apts.	Litchfield MN	22	682,335		7/97	10/97	100	%	726,402
Tilghman Square	Dunn, NC	20	769,657		11/97	10/97	100	%	307,605
Wellston Village Apts.	Wellston, OK	14	372,809		4/97	8/97	100	%	107,258
Yale Village Apts.	Yale, OK	8	196,955		2/98	7/98	100	%	69,341

24

Boston Capital Tax Credit Fund IV L.P. - Series 29

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
The Arbor Park Apts.	Jackson, MS	160	$	5,640,000	12/96	6/98	100	%	$	2,809,826
The Arbors	Richmond, VA	85	2,871,026		7/97	11/98	100	%	2,480,576
Barrington Cove Apts.	Barrington, RI	60	2,041,191		4/97	5/97	100	%	4,264,830
Bent Tree Apts.	Jacksboro, TX	24	594,156		12/97	1/98	100	%	161,552
Colonial Apts.	Poplarville, MS	16	392,005		10/97	7/97	100	%	86,039
Dogwood Apts.	Appomattox, VA	48	1,362,344		10/98	5/99	100	%	637,151
Emerald Trace Apts.	Ruston, LA	48	1,325,314		8/98	4/99	100	%	981,089
Edgewood Apts.	Baker, LA	72	1,965,451		3/97	9/98	100	%	1,856,539
Glenbrook Apts.	Saint Jo, TX	24	501,979		12/97	3/97	100	%	145,871
Harbor Pointe Apts.	Benton Harbor, MI	84	1,537,416		1/99	10/99	100	%	3,209,292
The Lincoln Hotel	San Diego, CA	41	797,847		2/97	7/97	100	%	676,576
Lombard Heights Apts.	Springfield, MO	24	965,294		10/98	7/98	100	%	302,808

25

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Lutkin Bayou Apts.	Drew, MS	36	$	818,994	11/97	6/97	100	%	$	192,283
Nacogdoches Plaza Apts.	Nacodgoches, TX	70	1,551,817		4/97	3/98	100	%	2,793,695
Newcastle Apts.	Collins, MS	36	676,232		9/97	6/98	100	%	194,259
Park Crest Apts.	Sherwood, AZ	216	9,200,000		2/98	6/99	100	%	3,199,520
Palmetto Place Apts.	Benton, LA	40	1,094,545		10/98	4/99	100	%	1,153,878
Pecan Hill Apts.	Bryson, TX	16	378,621		8/97	1/98	100	%	110,600
Regency Apts.	Poplarville, MS	16	454,684		10/97	7/97	100	%	102,419
Rhome Apts.	Rhome, TX	24	506,027		12/97	2/97	100	%	160,551
Westfield Apts.	Welsh, LA	40	790,627		11/97	8/98	100	%	918,605
Willow Point Apts. III	Jackson, MS	120	4,525,000		12/96	2/98	100	%	2,035,596

26

Boston Capital Tax Credit Fund IV L.P. - Series 30

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Byam Village	Waterbury, CT	46	$	1,036,125	2/97	2/98	100	%	$	426,008
Country Estates Apts.	Farmville, VA	24	888,206		3/98	7/99	100	%	223,562
Emerald Trace II Apts	Ruston, LA	24	390,581		7/98	12/98	100	%	717,594
Farewell Mills Apts.	Lisbon, ME	27	775,606		8/97	3/98	100	%	662,864
Hillside Terrace Apts.	Poughkeepsie, NY	64	1,781,009		4/99	7/00	100	%	542,326
Lakewood Apts.	Clarksville, VA	52	1,542,500		3/98	10/99	100	%	394,349
Lone Oak Apts.	Graham, TX	64	1,504,641		8/97	9/98	100	%	408,634
Mesa Grande Apts.	Carlsbad, NM	72	1,958,321		2/98	12/98	100	%	2,160,782
Millwood Park Apts.	Douglasville, GA	172	8,191,837		12/98	11/99	100	%	971,164
New River Gardens	Radford, VA	48	1,461,053		10/98	5/99	100	%	637,321
Nocona Terrace Apts.	Nocona, TX	36	817,388		8/97	12/98	100	%	249,394
Northgate Apts.	Bryant, AR	20	653,773		4/99	11/99	100	%	834,557

27

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Park Trace Apts.	Jackson, TN	84	$	1,615,999	11/97	3/99	100	%	$	3,353,303
Pine Forest Apts.	Dahlgren, VA	40	1,864,956		3/98	2/99	100	%	503,181
Riverbend Apts.	Swanzey, NH	24	611,750		7/97	2/98	100	%	1,321,798
Royal Crest Apts.	Bowie, TX	48	1,101,383		8/97	10/98	100	%	337,545
Broadway Place Apts.	Hobbs, NM	32	769,445		2/98	12/98	100	%	1,837,527
Trinity Life Gardens	Pueblo, CO	44	1,276,805		4/99	12/99	100	%	1,952,175
Western Trails Apts.	Council Bluffs, IA	30	919,789		7/98	6/99	100	%	912,827
Whistle Stop Apts.	Gentry, AR	27	699,934		9/97	5/98	100	%	726,507

28

Boston Capital Tax Credit Fund IV L.P. - Series 31

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Bent Tree Apts.	San Angelou, TX	112	$	2,645,902	12/97	7/99	100	%	$	3,521,950
Brittney Square Apts.	Bowling Green, KY	20	615,951		7/98	7/98	100	%	629,917
Canton Manor Apts.	Canton, MS	32	809,397		11/97	7/98	100	%	271,306
Canton Village Apts.	Canton, MS	42	1,128,638		11/97	7/98	100	%	363,557
Double Springs Manor II Apts.	Bowling Green, KY	25	384,455		9/98	3/99	100	%	985,432
Eagles Ridge Terrace	Decatur, TX	89	1,807,880		12/97	5/98	100	%	467,063
Elmwood Apts.	Ellisville, MS	32	655,941		12/97	6/98	100	%	243,483
Giles Apts.	Amelia, VA	16	716,501		3/98	2/99	100	%	183,711
Henderson Terrace Apts.	Bridgeport, TX	24	518,106		11/97	9/98	100	%	120,846
Hurricane Hills	Hurricane, UT	28	770,408		9/97	8/98	100	%	2,020,271
Madison Height Apts.	Canton, MS	80	2,231,124		11/97	7/98	100	%	786,614

29

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Lakeview Court	City of Little Elm, TX	24	$	442,121	11/97	1/99	100	%	$	83,390
Mesquite Trails	Jacksboro, TX	35	678,710		11/97	11/98	100	%	193,766
Munjoy South Townhouse  Apts.	Portland, ME	140	3,662,717		9/97	10/98	100	%	706,503
Nottoway Manor	Blackstone, VA	28	858,810		3/98	4/99	100	%	214,977
Parktowne Apts.	Cleveland, TN	84	1,566,428		11/97	6/98	100	%	3,363,097
Park Ridge Apts.	McKee, KY	22	885,130		10/97	5/98	100	%	338,464
Pilot Point Apts.	Pilot Point, VA	40	762,219		11/97	2/99	100	%	142,680
Plantation Ridge	Sugar Hill, GA	218	12,790,000		5/98	5/99	100	%	1,974,354
Riverbend Apts.	Bedford, ME	28	778,501		10/97	7/98	100	%	1,578,561
Roth Village	Mechanicsburg, PA	61	2,121,747		10/97	9/98	100	%	2,664,992
Royal Estates Apts.	Canton, MS	32	836,757		11/97	7/98	100	%	282,525
Silver Creek Apts.	Flat Rock, MI	112	3,326,722		3/98	8/99	100	%	4,525,381
Springs Manor Apts.	Rawls Spring, MS	32	824,549		12/97	6/98	100	%	328,693

30

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Summerdale Commons Phase II	Atlanta, GA	108	$	3,733,111	12/98	4/99	100	%	$	2,496,904
Windsor Hills Apts.	Ferris, TX	16	$	450,241	5/00	9/00	100	%	77,706
Windsor Park Apts.	Jackson, MS	279	7,500,000		11/97	3/99	100	%	2,346,847

31

Boston Capital Tax Credit Fund IV L.P. - Series 32

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02			Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Carriage Pointe Apts.	Old Bridge, NJ	18	$	7,439,635		1/98	1/97	100	%	$	3,051,011
Chardonnay Apts.	Oklahoma City, OK	14	73,891			1/98	1/97	100	%	393,700
Cogic Village Apts.	Benton Harbor, MI	136	2,380,023			4/98	7/99	100	%	6,669,762
Courtside Apts.	Cottonwood, AZ	44	894,138			6/98	7/98	100	%	1,667,188
Clear Creek Apts.	N. Manchester, IN	64	1,643,345			7/98	9/99	100	%	1,884,358
Columbia Luxar	Dallas, TX	125	3,589,850			8/98	12/99	100	%	3,947,106
Colony Park Apts.	Pearl, MS	192	8,000,000			6/98	12/99	100	%	2,911,900
Gilette Manor	Sayreville, NJ	100			**	1/98	1992	100	%			**
Hallman Court Apts.	Rochester, NY	77	9,044,710			1/99	7/00	100	%	232,259
Martinsville Apts.	Shelbyville, KY	125	236,938			8/99	2/00	100	%	345,791
Parkside Plaza Apts	New York, NY	39	1,283,045			7/99	5/01	100	%	2,611,014
Park Ridge Apts.	Jackson, TN	136	5,000,000			11/98	12/99	100	%	1,637,102
Park Village Apts.	Athens, TN	80	1,189,692			10/98	6/99	100	%	1,503,103
Pearlwood Apts.	Pearl, MS	40	947,268			2/98	5/98	100	%	745,648
Rose Villa Apts.	Ganado, TX	8	216,466			5/01	11/01	100	%	43,692

32

Property Name	Location	Units	Mortgage Balance as of 12/31/02			Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Pecan Manor Apts.	Natchitoches, LA	40	$	777,437		7/98	10/98	100	%	$	1,501,914
Pineridge Apts.	Franklinton, LA	40	796,591			7/98	1/99	100	%	1,497,889
Sterling Creek Apts.	Independence, MO	48	912,529			5/98	5/00	100	%	1,973,594
Woodhaven Apts.	S. Brunswick, NJ	80			**	1/98	1995	100	%			**

**3 properties which make up one Operating Partnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP.

33

Boston Capital Tax Credit Fund IV L.P. - Series 33

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02			Acq Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Bradford Park Apts.	Southhaven, MS	208	$	9,790,000		10/98	12/99	100	%	$	302,884
Bradford Square North Apts.	Jefferson City, TN	50	1,049,494			10/98	9/99	100	%	1,456,415
Carriage Pointe Apts.	Old Bridge, NJ	18	7,439,635			3/98	1/97	100	%	3,051,011
Columbia Luxar	Dallas, TX	125	3,589,850			8/98	12/99	100	%	3,947,106
Foxridge Apts.	Durham, NC	92	3,060,514			3/98	7/99	100	%	3,652,119
Gilette Manor	Sayreville, NJ	100			**	1/98	1992	100	%			**
Harbor Pointe	Benton Harbor, MI	84	1,537,416			1/99	10/99	100	%	1,157,091
Merchant Court	Dallas, GA	192	5,980,841			10/98	12/99	100	%	2,422,226
Northrock Apts.	Topeka, KS	76	2,539,290			5/99	5/00	100	%	1,133,534
Stearns-Assisted	Millinocket, ME	20	435,500			12/99	3/01	100	%	675,984
Stonewall Retirement Village	Stonewall, LA	40	879,266			7/98	1/99	100	%	1,495,966
Woodhaven Apts.	S. Brunswick, NJ	80			**	1/98	1995	100	%			**

**3 properties which make up one Operating Partnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP.

34

Boston Capital Tax Credit Fund IV L.P. - Series 34

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq Date	Const Comp	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Abby Ridge Apts.	Elizabethtown, KY	24	$	472,651	2/00	1/00	100	%	$	1,577,723
Allsion Apts.	Mt. Washington, KY	24	871,667		11/98	1/99	100	%	850,013
Belmont Affordable Housing Two Apts.	Philadelphia, PA	20	505,044		1/99	12/99	100	%	1,820,797
Boerne Creekside Apts.	Boerne, TX	71	2,020,713		11/98	6/00	100	%	2,303,497
Bradford Park Apts.	Southaven, MS	208	9,790,000		3/99	12/99	100	%	2,868,684
Hillside Club Apts.	Bear Creek Township, MI	56	1,670,656		10/98	12/99	100	%	2,087,333
Howard Park Apts	Florida City, FL	16	379,144		4/99	12/99	100	%	630,834
Kerrville Meadows Apts.	Kerrville, TX	72	1,577,114		11/98	4/00	100	%	2,329,758
Merchant Court Apts.	Dallas, GA	192	5,980,841		10/98	12/99	100	%	4,718,773
Millwood Park Apts.	Douglasville, GA	172	8,191,837		12/98	11/99	100	%	1,870,576
Northwood Homes	Leitchfield, KY	24	783,030		4/99	6/99	100	%	1,185,712
Romeo Village Apts.	Montour Falls, NY	24	1,020,464		10/98	4/99	100	%	753,362

35

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Summer Park Apts.	Jackson, MS	216	$	10,550,000	10/99	6/00	100	%	$	1,106,814
Washington Courtyards	Houston, TX	74	2,839,869		8/99	8/00	100	%	1,448,573

36

Boston Capital Tax Credit Fund IV L.P. - Series 35

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Ashton Cove Apts.	Kingsland, GA	72	$	1,953,875	1/00	4/00	100	%	$	2,557,680
Autumn Park	Dickson, TN	104	5,000,000		4/99	12/99	100	%	1,463,162
Brazoswood Apts.	Clute, TX	72	1,985,833		7/99	7/00	100	%	3,074,829
Columbia Woods Townhomes	Newman, GA	120	5,516,794		10/00	6/02	100	%	1,310,103
Country Walk Apts.	Mulvane, KS	68	1,979,350		12/98	11/99	100	%	1,923,697
Cypress Pointe Retirement Apts.	Casa Grande, AZ	104	1,595,206		4/99	3/00	100	%	2,680,499
Garden Gates Apts. II	New Caney, TX	32	850,681		3/99	3/00	100	%	1,067,950
Hillside Terrace Apts.	Poughkeepsie, NY	64	1,781,009		4/99	7/00	100	%	3,977,051
Riverwalk Apt. Homes Phase II	Sheboygan, WI	20	413,880		12/98	7/99	100	%	1,354,092
Washington Courtyards	Houston, TX	74	2,839,869		8/99	8/00	100	%	606,140
Wedgewood Park Apts.	Evans, GA	180	5,421,280		12/99	8/00	100	%	3,229,037

37

Boston Capital Tax Credit Fund IV L.P. - Series 36

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Annadale Apts.	Fresno, CA	222	$	11,144,863	1/00	6/90	100	%	$	548,563
Ashton Ridge	Jackson, MI	144	2,646,471		2/00	12/00	100	%	1,430,296
Farmington Meadows	Aloha, OR	69	3,396,420		8/99	11/99	100	%	530,154
Nowata Village	Nowata, OK	28	1,256,757		8/99	2/00	100	%	330,497
Paris Place	Paris, KY	32	1,256,104		6/00	9/00	100	%	930,412
Riverview Bend Apts.	Cystal City, MO	94	3,312,500		11/99	3/00	100	%	1,210,500
Senior Suites Of Chicago Washington Heights	Chicago, IL	85	3,413,006		12/99	11/00	100	%	2,220,659
Valleyview Estates Apts.	Branson West, MO	32	463,819		11/99	5/00	100	%	1,306,789
Wedgewood Park Apts.	Evans, GA	180	5,421,280		12/99	8/00	100	%	3,229,037
Willowbrook Apts.	Lafayette, LA	40	1,053,826		6/99	9/99	100	%	1,200,789
Wingfield Apts.	Kinder, LA	40	684,516		6/99	7/99	100	%	1,645,817

38

Boston Capital Tax Credit Fund IV L.P. - Series 37

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Ashton Ridge Apts.	Jackson, MS	144	$	2,646,471	02/00	12/00	100	%	$	6,003,938
Baldwin Villas	Pontiac, MI	65	7,648,775		10/99	7/01	100	%	-0-
Columbia Woods Townhomes	Newnan, GA	120	5,516,794		10/00	6/02	100	%	3,285,137
Senior Suites of Washington Heights	Chicago, IL	85	3,413,006		12/99	11/00	100	%	2,220,659
Silver Pond Apts.	Wallingford, CT	160	4,503,931		6/00	12/01	100	%	1,484,663
Stearns Assisted Apts.	Millinocket, ME	20	435,500		12/99	3/01	100	%	1,407,173
Summer Park	Jackson, MS	216	10,550,000		10/99	6/00	100	%	2,379,767

39

Boston Capital Tax Credit Fund IV L.P. - Series 38

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Andover Crossing Apts.	Andover, KS	80	$	2,635,662	5/00	12/00	100	%	$	1,772,874
Arbors at Eagle Crest Apts.	Mount Pleasant, MI	120	1,778,353		12/00	10/01	100	%	3,512,499
Bristow Place Apts.	Bristow, OK	28	1,238,788		6/01	12/00	100	%	487,648
Columbia Creek Apts.	Woodstock, GA	172	5,600,000		8/01	11/01	100	%	2,795,601
Cushing Place Apts.	Cushing, OK	24	1,104,910		3/00	10/00	100	%	428,559
Hammond Place Apts.	Hammond, LA	40	494,484		3/00	4/00	100	%	1,706,341
Shoreham Apts.	Houston, TX	120	2,124,578		4/00	7/01	100	%	6,020,750
Vanderbilt Apts.	Edna, TX	12	327,979		5/01	10/01	100	%	96,530
Whitley Park Apts.	Whitley City, KY	21	910,854		6/00	6/00	100	%	302,339
Willowbrook II Apts.	Lafayette, LA	40	972,135		3/00	5/00	100	%	1,247,680

40

Boston Capital Tax Credit Fund IV L.P. - Series 39

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Capital Contributions Paid Through 3/31/03
Arbors at Eagle Crest Apts.	Mount Pleasant, MI	120	$	1,778,353	12/00	10/01	100	%	$	3,512,499
Arbors at Ironwood Apts.	Mishawaka, IN	88	1,815,392		7/00	9/01	100	%	3,772,295
Austin Acres Atps.	Hopkinsville, KY	32	874,755		11/00	9/01	100	%	1,268,756
Columbia Creek Apts.	Woodstock, GA	172	5,600,000		8/01	11/01	100	%	2,909,708
Daystar Village Apts.	Bowling Green, KY	32	807,075		2/01	1/01	100	%	1,113,443
Hillview Apts.	Leitchfield, KY	34	919,540		5/01	12/01	100	%	325,587
Pine Grove Community	Gouverneur, NY	48	1,125,000		12/00	10/01	100	%	2,923,942
Tally-Ho Apts.	Campti, CA	26	580,993		6/01	12/01	100	%	485,057
Timber Trails Apts.	Pineville, LA	32	821,164		6/01	7/01	100	%	499,829

41

Boston Capital Tax Credit Fund IV L.P. - Series 40

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02	Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Arbors @ Ironwood Apts. II	Mishawaka, IN	40	903,000	2/01	11/01	100	%	1,771,758
Baldwin Villas Apts.	Pontiac, MI	65	7,648,775	8,01	7/01	100	%	-0-
Carlyle Apts.	Aberdeen, SD	44	906,643	2/01	6/01	100	%	1,359,155
Center Place Apts.	Center, TX	32	786,740	08/01	10/01	100	%	428,835
Eagle Lake Gardens Apts.	Azle, TX	60	1,245,222	10/01	5/02	100	%	666,179
Londontown Homes Apts.	London, KY	24	598,355	2/01	6/01	100	%	1,836,027
Mason’s Point Apts.	Hopkinsville, KY	41	1,208,315	06/01	7/02	100	%	1,824,270
Meadowside Apts.	Milo, NY	40	1,576,004	05/01	12/01	100	%	855,372
Northrock Apts. II	Topeka, KS	60	2,385,435	07/01	5/02	100	%	1,838,666
Oakland Apts.	Oakdale, LA	46	1,249,560	2/01	7/01	100	%	767,451
Parkview Apts.	Springfield, MA	25	1,526,654	2/01	2/02	100	%	1,099,359
Sedgewick Sundance Apts.	Sedgewick, KS	24	915,000	09/01	10/01	100	%	1,365,004
Southbrook Humes Apts.	Kily, KY	24	545,460	04/01	11/01	100	%	1,866,896
Shalom Plaza Apts.	Kansas City, MO	126	3,857,866	08/01	11/01	100	%	1,273,119
Springfield Crossing	Springfield, VA	347	26,052,055	6/02	10/01	100	%	574,922
Western Gardens Apts.	Dequincey, LA	48	1,297,391	2/01	7/01	100	%	782,188

42

Boston Capital Tax Credit Fund IV L.P. - Series 41

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02		Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Bienville Apts.	Ringhold, LA	32	$	815,086	12/01	11/01	100	%	$	488,488
Breezewood Villas I	Frederiksted, VI	12	1,000,454		10/01	6/02	100	%	493,536
Brookstone Place II Apts.	Port Huron, MI	72	2,481,872		8/01	8/02	100	%	2,838,577
Cedar Grove Apartments Phase I	Shepherdsville, KY	36	1,066,439		5/02	7/01	100	%	424,955
Cranberry Cove Apartments	Beckley, WV	28	1,001,136		5/02	1/02	100	%	514,844
Dawson Square	Thornton, CO	36	1,716,000		7/02	U/C	N/A		-0		-
Franklin Green	Franklin Grove, IL	12	393,878		5/02	9/01	100	%	268,476
Harbor Point II Apts.	Benton Township, MI	72	1,672,163		8/01	10/02	100	%	2,043,005
Hollywood Palms Apts.	San Diego, CA	94	10,004,500		3/02	11/02	100	%	1,895,913
Marina Woods Apts.	Halfmoon, NY	32	1,348,733		7/01	4/02	100	%	1,396,645
Marwood Senior Apts.	Upper Marlboro, MD	155	12,377,110		7/01	8/02	57	%*	969,716
Meadowside Apts.	Milo, NY	40	1,576,004		5/01	12/01	100	%	855,372
Mill Creek Village	Mt. Carroll, IL	12	417,278		5/02	9/01	100	%	237,980
Northline Terrace	Mentoda, IL	24	739,001		5/02	6/01	100	%	478,869
Palisades Park	Fulton, IL	16	558,001		5/02	9/01	100	%	346,361

43

Property Name	Location	Units	Mortgage Balance as of 12/31/02	Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Red Hill Apts. I	Farmerville, LA	32	839,469	11/01	6/01	100	%	502,692
Sandalwood Apartments	Toppenish, WA	20	998,413	5/02	7/01	100	%	293,983
Southpark Apts. II	Newton, KS	60	1,586,355	9/01	5/02	100	%	2,117,956
Springfield Crossing	Springfield, VA	347	26,052,055	6/02	10/01	100	%	702,682
Sunshine Village Apts.	Elizabethtown, KY	32	892,495	3/02	8/02	100	%	1,158,254

U/C=Property was under construction as of March 31, 2003.

*Property was in lease-up phase as of March 31,2003.

44

Boston Capital Tax Credit Fund IV L.P. - Series 42

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02	Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Bellamy Mills Apartments	Dover, NH	30	1,678,496	4/02	12/02	73	%*	$	1,910,000
Breezed Villas II	Frederiksted, VI	12	756,490	4/02	3/03	0	%*	373,791
Canon Club	Canon City, CO	46	1,190,000	7/02	U/C	N/A		-0-
Clifton Family Housing	Clifton, CO	51	3,019,000	7/02	U/C	N/A		-0-
Dorchester Apartments	Port Huron, MI	131	1,521,613	4/02	U/C	N/A		724,167
Harbor Pointe Apartments II	Benton Township, MI	72	1,672,163	4/02	10/02	100	%	1,541,290
Helios Station	Lafayette, CO	30	1,735,000	7/02	U/C	N/A		-0-
Hollywood Palm Apartments	San Diego, CA	94	10,004,500	8/02	11/02	100	%	1,283,388
Lynelle Landing Apts.	Charleston, WV	56	1,613,096	3/02	9/02	100	%	1,609,227
Natchez Place Apartments	Natchez, MS	32	843,071	8/02	11/01	100	%	554,881
Park Plaza IV	West Memphis, AR	24	1,053,936	6/02	10/02	100	%	1,162,702
Park West Seniors	Denver, CO	41	1,546,000	7/02	U/C	N/A		-0-
Parkhurst Place	Amherst, NH	42	3,563,000	1/02	9/02	50	%*	406,409
Strawberry Lane Apts.	Clayton, NY	71	1,987,305	3/02	8/02	100	%	605,330

45

Property Name	Location	Units	Mortgage Balance as of 12/31/02	Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Sunrise Manor Seniors.	Buena Vista, CO	40	2,014,000	7/02	U/C	N/A		-0-
Tiffany Square	Lakewood, CO	52	1,671,000	7/02	U/C	N/A		-0-
Wingfield Apartments II	Kinder, LA	42	612,434	8/02	11/01	100	%	1,066,780

U/C=Property was under construction as of March 31, 2003.

* Property was in lease-up phase as of March 31, 2003.

46

Boston Capital Tax Credit Fund IV L.P. - Series 43

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02	Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Alexander Mill Apartments	Lawrenceville, GA	224	13,800,000	12/02	1/03	34	%*	$	1,317,468
Aspen Meadows	Aurora, CO	100	5,169,000	9/02	U/C	N/A		-0-
Ashbury Park	Aurora, CO	44	2,492,000	9/02	U/C	N/A		-0-
Carpenter School	Natchez, MS	38	-0-	1/03	U/C	N/A		-0-
Charlevoix Apartments	Charlevoix, MI	40	1,277,701	9/02	11/02	100	%	220,530
Cloverlane Apartments	Lakeview, MI	24	500,916	9/02	10/02	100	%	352,666
Dorchester Apartments	Port Huron, MI	131	1,521,613	9/02	U/C	64	%*	524,415
Hollywood Palm Apartments	San Diego, CA	94	10,004,500	12/02	11/02	100	%	2,654,279
Kearney Plaza	Commerce City, CO	51	1,533,000	9/02	U/C	N/A		-0-
Lakewood Apartments	Saranac, MI	24	846,675	9/02	10/02	100	%	380,485
Parkside Apartments	Coleman, MI	40	1,002,017	9/02	12/02	90	%*	711,492
Riverview Apartments	Blissfield, MI	32	756,287	9/02	02/02	94	%*	359,064
Seven Points Apartments	Seven Points, TX	36	743,643	9/02	U/C	64	%*	524,415

47

Property Name	Location	Units	Mortgage Balance as of 12/31/02	Acq. Date	Const Comp.	Qualified Occupancy 3/31/03	Cap Con paid thru 3/31/03
Sheridan Gardens	Englewood, CO	48	2,167,000	9/02	U/C	N/A	-0-
Stottville  Court Apartments	Stockport, NY	28	625,823	9/02	U/C	N/A	703,290
Village Gardens	Aurora, CO	55	2,026,000	9/02	U/C	N/A	-0-

48

Boston Capital Tax Credit Fund IV L.P. - Series 44

PROPERTY PROFILE AS OF MARCH 31, 2003

Property Name	Location	Units	Mortgage Balance as of 12/31/02	Acq. Date	Const Comp.	Qualified Occupancy 3/31/03		Cap Con paid thru 3/31/03
Alexander Mills Apts	Lawrenceville, GA	224	N/A	2/03	1/03	34	%	$	1,610,241
Aurora Village Sr.	Aurora, CO	100	N/A	2/03	U/C	N/A		-0-
Green’s Landing	Whitley, KY	24	N/A	2/03	U/C	N/A		-0-
Oxford Manor	New Oxford, PA	32	N/A	3/03	U/C	N/A		-0-

49

Item 3.	Legal Proceedings
	None.
Item 4.	Submission of Matters to a Vote of Security Holders
	None.

50

PART II

Item	5.	Market for the Fund’s Interests and Related Fund Matters
	(a)	Market Information
		The Fund is classified as a limited partnership and thus has no common stock.  There is no established public trading market for the BACs and it is not anticipated that any public market will develop.
	(b)	Approximate number of security holders
		As of March 31, 2003, the Fund has 40,176 BAC holders for an aggregate of 75,662,578 BACs, at a subscription price of $10 per BAC, received and accepted.
		The BACs were issued in series.  Series 20 consists of 2,355 investors holding 3,866,700 BACs, Series 21 consists of 1,180 investors holding 1,892,700 BACs, Series 22 consists of 1,662 investors holding 2,564,400 BACs, Series 23 consists of 2,104 investors holding 3,336,727 BACs, Series 24 consists of 1,304 investors holding 2,169,878 BACs, Series 25 consists of 1,808 investors holding 3,026,109 BACs, Series 26 consists of 2,334 investors holding 3,995,900 BACs, Series 27 consists of 1,363 investors holding 2,460,700 BACs, Series 28 consists of 2,092 investors holding 4,000,738 BACs, Series 29 consists of 2,341 investors holding 3,991,800 BACs, Series 30 consists of 1,413 investors holding 2,651,000 BACs, Series 31 consists of 2,176 investors holding 4,417,857 BACs, Series 32 consists of 2,418 investors holding 4,754,198 BACs, Series 33 consists of 1,301 investors holding 2,636,533 BACs, Series 34 consists of 1,785 investors holding 3,529,319 BACs, Series 35 consists of 1,718 investors holding 3,300,463 BACs, Series 36 consists of 1,038 investors holding 2,106,837 BACs, Series 37 consists of 1,166 investors holding 2,512,500 BACs, Series 38 consists of 1,248 investors holding 2,543,100 BACs, Series 39 consists of 1,020 investors holding 2,292,152 BACs, Series 40 consists of 1,124 investors holding 2,630,256 BACs, Series 41 consists of 1,418 investors holding 2,891,626 BACs, Series 42 consists of 1,266 investors holding 2,744,262 BACs, Series 43 consists of 1,686 investors holding 3,637,987 BACs and Series 44 consists of 833 investors holding 1,708,836 BACs at March 31, 2003
	(c)	Dividend history and restriction
		The Fund has made no distributions of Net Cash Flow to its BAC Holders from its inception, October 5, 1993 through March 31, 2003.
		The Fund Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month.  Allocation of Profits, Losses and Credits among BAC Holders will be made in proportion to the number of BACs held by each BAC Holder.
		Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate.  Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

51

Fund allocations and distributions are described on pages 99 to 101 of the Prospectus, as supplemented, under the caption “Sharing Arrangements:  Profits, Credits, Losses, Net Cash Flow and Residuals”, which is incorporated herein by reference.

During the year ended March 31, 1999, the Fund made a return of equity distribution to the Series 27 Limited Partners in the amount of $275,000.  During the year ended March 31, 2000 the Fund made a return of equity distribution to the Series 29 Limited Partners in the amount of $238,040.  The distributions were the result of certain Operating Partnerships not achieving their projected tax credits.

52

Item 6.Selected Financial Data

The information set forth below presents selected financial data of the Fund. This financial information represents a weighted average over the entire Fund and does not represent the actual results for any particular series. Additional detailed financial information is set forth in the audited financial statements listed in Item 15 hereof.  Selected financial data for year and Periods ended March 31,

Operations	2003			2002			2001			2000			1999
Interest & Other Income	$	1,111,234		$	926,439		$	2,478,585		$	3,089,965		$	4,604,150
Share of Loss of Operating Partnerships	(26,840,274		)	(30,093,432		)	(27,258,366		)	(22,255,032		)	(16,178,884		)
Operating Expenses	(8,633,964		)	(7,077,762		)	(6,872,178		)	(7,491,481		)	(5,902,620		)
Net Income  (Loss)	$	(34,363,004	)	$	(36,244,755	)	$	(31,651,959	)	$	(26,656,548	)	$	(17,477,354	)
Net Income (Loss) per BAC	$	(.49	)	$	(.54	)	$	(.52	)	$	(.47	)	$	(.36	)

Balance Sheet	2003		2002		2001		2000		1999
Total Assets	$	515,493,920	$	493,374,022	$	477,547,823	$	478,148,369	$	456,501,585
Total Liabilities	$	51,517,741	$	57,058,109	$	53,445,738	$	62,060,171	$	79,434,074
Partners’ Capital	$	463,976,179	$	436,315,913	$	424,102,085	$	416,088,198	$	377,067,511
Other Data
Tax Credits per BAC for the Investors Tax Year, the Twelve Months Ended December 31, 2002, 2001, 2000, 1999, and 1998	$	.95	$	.97	$	.96	$	.78	$	.71

53

Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements such as our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. Such statements are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, without limitation, the factors identified in Part I, Item 1 of this Report. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund’s primary source of funds is the proceeds of its Public Offering.  Other sources of liquidity will include (i) interest earned on capital contributions held pending investment or on working capital reserves (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit.  All sources of liquidity are available to meet the obligations of the Fund.  The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.

The Fund has entered into a line of credit financing agreement with Fleet National Bank whereby the Fund can borrow up to $40 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships.  Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line.  The repayment of any draws is anticipated to be made once the Fund has received sufficient investor proceeds.  Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank.  The obligations under the line of credit are non-recourse to the Fund, its partners and assets, other than the interest in the particular Operating Partnerships pledged.

The Fund invests in short-term tax-exempt municipal bonds to decrease the amount of taxable interest income that flows through to it’s investors.  The Fund anticipates that the investments it purchases will be held to maturity, but periodically the Fund must sell investments to meet certain obligations.  Many of the investments sold during the years ended March 31, 2002 and 2003 were yielding coupon rates higher than market rates.  A premature sale of these investments may have resulted in realized losses, but when combined with the higher coupon yields the resulting actual yields were consistent with market rates.  In selecting investments to purchase and sell, the general partner and it’s advisors stringently monitor the ratings of the investments, thereby maximizing safety of principal.

54

Capital Resources

The Fund is offering BACs in a Public Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993.  The Fund received and accepted subscriptions for $756,292,860 representing 75,662,578 BACs from investors admitted as BAC Holders in Series 20 through 44 of the Fund.  As of March 31, 2003 the Fund was continuing to offer BACs in Series 44.

(Series 20).  The Fund commenced offering BACs in Series 20 on January 21, 1994.  The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC Holders in Series 20.  Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994.

During the fiscal year ended March 31, 2003, none of Series 20 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $28,614,472 and the Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 20 has outstanding contributions payable to one operating partnership in the amount of $388,026 as of March 31, 2003. Of the amount outstanding, $252,771 has been advanced to the Operating Partnership.  The advance will be converted to capital and the remaining contributions of $135,255 will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

(Series 21).  The Fund commenced offering BACs in Series 21 on July 5, 1994.  The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC Holders in Series 21.  Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994.

During the fiscal year ended March 31, 2003, none of Series 21 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728 and the Fund had completed payment of all installments of its capital contributions to 12 of the Operating Partnerships. Series 21 has outstanding contributions payable to 2 operating partnerships in the amount of $457,642 as of March 31, 2003, all of which has been loaned to the Operating Partnerships.  The loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 22).  The Fund commenced offering BACs in Series 22 on October 12, 1994.  The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC Holders in Series 22.  Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994.

During the fiscal year ended March 31, 2003, $1,500 of Series 22 net offering proceeds were used to pay installments of its capital contributions to 1 of the Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 22 had been used to invest in 29 Operating Partnerships

55

in an aggregate amount of $18,758,748 and the Fund had completed payment of all installments of its capital contributions to 26 of the Operating Partnerships. Series 22 has outstanding contributions payable to 3 operating partnerships in the amount of $480,996 as of March 31, 2003, all of which has been loaned to the Operating Partnerships.  The loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 23).  The Fund commenced offering BACs in Series 23 on January 10, 1995.  The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC Holders in Series 23.  Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995.

During the fiscal year ended March 31, 2003, none of Series 23 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278 and the Fund had completed payment of all installments of its capital contributions to 19 of the Operating Partnerships. Series 23 has outstanding contributions payable of $117,796 as of March 31, 2003 to 3 operating partnerships, all of which has been advanced or loaned to the Operating Partnerships.  The advances and loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 24).  The Fund commenced offering BACs in Series 24 on June 9, 1995.  The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC Holders in Series 24.  Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995.

During the fiscal year ended March 31, 2003, the Fund used $88,621 of Series 24 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 24 had been used to invest in 24 Operating Partnerships in an aggregate amount of $15,749,684 and the Fund had completed payment of all installments of its capital contributions to 20 of the Operating Partnerships. Series 24 has outstanding contributions payable to 4 operating partnerships in the amount of  $368,239 as of March 31, 2003.  Of the amount outstanding, $358,239 has been advanced or loaned to the Operating Partnerships.  The advances and loans will be converted to capital and the remaining contributions of $10,000 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 25).  The Fund commenced offering BACs in Series 25 on September 30, 1995.  The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC Holders in Series 25.  Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995.

During the fiscal year ended March 31, 2003, the Fund used $134,613 of Series 25 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,461,222 and the Fund had completed payment of all

56

installments of its capital contributions to 17 of the Operating Partnerships. Series 25 has outstanding contributions payable to 5 Operating Partnerships in the amount of $943,704 as of March 31, 2003. Of the amount outstanding, $706,465 has been advanced to some of the Operating Partnerships. The advances will be converted to capital and the remaining contributions of $237,239 will be released when Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 26).  The Fund commenced offering BACs in Series 26 on January 18, 1996.  The Fund received and accepted $39,959,000 representing 3,995,900 BACs from investors admitted as BAC Holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.

During the fiscal year ended March 31, 2003, the Fund used $50,978 of Series 26 net offering proceeds to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 26 had been used to invest in 45 Operating Partnerships in an aggregate amount of $29,390,860 and the Fund had completed payment of all installments of its capital contributions to 34 of the Operating Partnerships. Series 26 has outstanding contributions payable to 11 Operating Partnerships in the amount of $1,475,380, as of March 31, 2003.  Of the amount outstanding, $1,400,060 has been advanced or loaned to some of the Operating Partnerships. In addition, $15,000 has been funded into escrow accounts on behalf of other Operating Partnerships.  The advances and loans will be converted to capital and the remaining contributions of $60,320, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 27).  The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC Holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996.

During the fiscal year ended March 31, 2003, the Fund used $107,464 of Series 27 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 27 had been used to invest in 16 Operating Partnerships in an aggregate amount of $17,881,544 and the Fund had completed payment of all installments of its capital contributions to 13 of the Operating Partnerships. Series 27 has outstanding contributions payable to 3 operating partnerships in the amount of $39,749 as of March 31, 2003.  Of the amount outstanding, $6,500 has been advanced to one of the Operating Partnerships.  The advance will be converted to capital and the remaining contributions of $33,249 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 28).  The Fund commenced offering BACs in Series 28 on September 30, 1996.  The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC Holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997.

During the fiscal year ended March 31, 2003, none of Series 28 net offering proceeds were used to pay installments of its capital contributions to the

57

Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 28 had been used to invest in 26 Operating Partnerships in an aggregate amount of $29,211,996 and the Fund had completed payment of all installments of its capital contributions to 22 of the Operating Partnerships. Series 28 has outstanding contributions payable to 4 operating partnerships in the amount of $148,783 as of March 31, 2003.  The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 29).  The Fund commenced offering BACs in Series 29 on February 10, 1997.  The Fund received and accepted $39,918,000 representing 3,991,800 BACs from investors admitted as BAC Holders in Series 29.  Offer and sales of BACs in Series 29 were completed on June 20, 1997.

During the fiscal year ended March 31, 2003, none of Series 29 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 29 had been used to invest in 22 Operating Partnerships in an aggregate amount of $29,137,877 and the Fund had completed payment of all installments of its capital contributions to 17 of the Operating Partnerships. Series 29 has outstanding contributions payable to 5 operating partnerships in the amount of $304,770 as of March 31, 2003. Of the amount outstanding, $20,935 has been loaned to one of the Operating Partnerships.  The loan will be converted to capital and the remaining contributions of $283,835 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 30).  The Fund commenced offering BACs in Series 30 on June 23, 1997. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC Holders in Series 30.  Offer and sales of BACs in Series 30 were completed on September 10, 1997.

During the fiscal year ended March 31, 2003, the Fund used $54,232 of Series 30 net offering proceeds to pay installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 30 had been used to invest in 20 Operating Partnerships in an aggregate amount of $19,497,872, and the Fund had completed payment of all installments of its capital contributions to 14 of the Operating Partnerships. Series 30 has outstanding contributions payable to 6 operating partnerships in the amount of $134,311 as of March 31, 2003.  The remaining contributions of will be released when Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 31).  The Fund commenced offering BACs in Series 31 on September 11, 1997.  The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC Holders in Series 31.  Offer and sales of BACs in Series 31 were completed on January 18, 1998.

During the fiscal year ended March 31, 2003, the Fund used $324,248 of Series 31 net offering proceeds to pay installments of its capital contributions to 4 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 31 had been used to invest in 27 Operating Partnerships in an aggregate amount of $32,188,856 and the Fund had completed payment of all installments of its capital contributions to 20 of the Operating Partnerships. Series 31 has outstanding contributions payable to 7 Operating Partnerships in the amount of $705,771 as of March 31, 2003.  Of the amount outstanding, $615,674 has been advanced or loaned to some of the Operating Partnerships.

58

In addition, $25,000 has been funded into an escrow account on behalf another Operating Partnerships.  The advances and loans will be converted to capital and the remaining contributions of $65,097, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 32).  The Fund commenced offering BACs in Series 32 on January 19, 1998.  The Fund had received and accepted $47,431,000 representing 4,754,198 BACs from investors admitted as BAC Holders in Series 32.  Offer and sales of BACs in Series 32 were completed on June 23, 1998.

During the fiscal year ended March 31, 2003, the Fund used $99,104 of Series 32 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 32 had been used to invest in 17 Operating Partnerships in an aggregate amount of $33,947,052 and the Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 32 has outstanding contributions payable to 9 Operating Partnerships in the amount of $936,164 as of March 31, 2003.  Of the amount outstanding, $488,244 has been advanced or loaned to some of the Operating Partnerships.  In addition, $125,000 has been funded into escrow accounts on behalf of another other Operating Partnership.  The loans will be converted to capital and the remaining contributions of $322,920, as well as the escrowed funds, will be released when Operating Partnerships have achieved the conditions set forth in their partnership agreements.

During the fiscal year ended March 31, 1999, the Fund had purchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC.  Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Agreements.  The Fund utilized $1,092,847 of Series 32 net offering proceeds to invest in Operating Partnerships for this investment.  These investments are reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 33).  The Fund commenced offering BACs in Series 33 on June 22, 1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACs from investors admitted as BAC Holders in Series 33.  Offer and sales of BACs in Series 33 were completed on September 21, 1998.

During the fiscal year ended March 31, 2003, the Fund used $549,801 of Series 33 net offering proceeds to pay installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 33 had been used to invest in 10 Operating Partnerships in an aggregate amount of $19,594,099 and the Fund had completed payment of all installments of its capital contributions to 7 of the Operating Partnerships. Series 33 has outstanding contributions payable to 3 Operating Partnerships in the amount of $202,285 as of March 31, 2003.  Of the amount outstanding, $74,635 has been loaned to one of the Operating Partnerships.  In addition, $125,000 has been funded into an escrow account on behalf of another Operating Partnership.  The loans will be converted to capital and the remaining contributions of $2,650, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

59

(Series 34).  The Fund commenced offering BACs in Series 34 on September 22, 1998.  The Fund had received and accepted $35,273,000 representing 3,529,319 BACs from investors admitted as BAC Holders in Series 34.  Offer and sales of BACs in Series 34 were completed on February 11, 1999.

During the fiscal year ended March 31, 2003, the Fund used $56,333 of Series 34 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 34 had been used to invest in 14 Operating Partnerships in an aggregate amount of $25,738,977 and the Fund had completed payment of all installments of its capital contributions to 9 of the Operating Partnerships. Series 34 has outstanding contributions payable 5 Operating Partnerships in the amount of $95,968 as of March 31, 2003.  The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 35).  The Fund commenced offering BACs in Series 35 on February 22, 1999.  The Fund received and accepted $33,002,000 representing 3,300,463 BACs from investors admitted as BAC Holders in Series 35. Offer and sales of BACs in Series 35 were completed on June 28, 1999.

During the fiscal year ended March 31, 2003, the Fund used $746,922 of Series 35 net offering proceeds to pay installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 35 had been used to invest in 11 Operating Partnerships in an aggregate amount of $24,002,390 and the Fund had completed payment of all installments of its capital contributions 8 of the Operating Partnerships.  Series 35 has outstanding contributions payable to 3 Operating Partnerships in the amount of $603,740 as of March 31, 2003.  Of the amount outstanding, $422,173 has been loaned or advanced to some of the Operating Partnerships.  In addition, $10,855 has been funded into an escrow account on behalf of another Operating Partnership.  The loans and advances will be converted to capital and the remaining contributions of $170,172, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 36).  The Fund commenced offering BACs in Series 36 on June 22, 1999. The Fund received and accepted $21,068,375 representing 2,106,837 BACs from investors admitted as BAC Holders in Series 36. Offer and sales of BACs in Series 36 were completed on September 28, 1999.

During the fiscal year ended March 31, 2003, none of Series 36 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 36 had been used to invest in 11 Operating Partnerships in an aggregate amount of $15,277,044, and the Fund had completed payment of all installments of its capital contributions to 8 of the Operating Partnerships. Series 36 has outstanding contributions payable to 3 Operating Partnerships in the amount of $680,429 as of March 31, 2003.  Of the amount outstanding, $657,998 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $22,431, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 37).  The Fund commenced offering BACs in Series 37 on October 29, 1999.  The Fund received and accepted $25,125,000 representing 2,512,500 BACs

60

from investors admitted as BAC Holders in Series 37. Offer and sales of BACs in Series 37 were completed on January 28, 2000.

During the fiscal year ended March 31, 2003, the Fund used $162,434 of Series 37 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 37 had been used to invest in 7 Operating Partnerships in an aggregate amount of $18,725,648 and the Fund had completed payment of all installments of its capital contributions to 4 of the Operating Partnerships. Series 37 has outstanding contributions payable to 3 Operating Partnerships in the amount of $1,944,309 as of March 31, 2003. Of the amount outstanding, $1,733,152 has been loaned or advanced to some of the Operating Partnerships. The loan and advances will be converted to capital and the remaining contributions of $211,157 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 38).  The Fund commenced offering BACs in Series 38 on February 1, 2000.  The Fund received and accepted $25,431,000 representing 2,543,100 BACs from investors admitted as BAC Holders in Series 38.  Offer and sales of BACs in Series 38 were completed on July 31, 2000.

During the fiscal year ended March 31, 2003, the Fund used $1,099,731 of Series 38 net offering proceeds to pay installments of its capital contributions to 5 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 38 had been used to invest in 10 Operating Partnerships in an aggregate amount of $18,612,287 and the Fund had completed payment of all installments of its capital contributions to 8 of the Operating Partnerships.  Series 38 has outstanding contributions payable to 2 Operating Partnerships in the amount of $135,173 as of March 31, 2003.  The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

During the fiscal year ended March 31, 2002, the Fund used $420,296 of Series 38 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or opearting apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 39).  The Fund commenced offering BACs in Series 39 on August 1, 2000. The Fund received and accepted $22,921,000 representing 2,292,152 BACs from investors admitted as BAC Holders in Series 39. Offer and sales of BACs in Series 39 were completed on January 31, 2001.

During the fiscal year ended March 31, 2003, the Fund used $1,036,128 of Series 39 net offering proceeds to pay installments of its capital contributions to 5 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 39 had been used to invest in 9 Operating Partnerships in an aggregate amount of $17,115,495 and the Fund had completed payment of all installments of its capital contributions to 6 of the Operating Partnerships.  Series 39 has outstanding contributions payable to 3 Operating Partnerships in the amount of $161,805 as of March 31, 2003.  The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

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During the fiscal year ended March 31, 2002, the Fund used $192,987 of Series 39 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 40).  The Fund commenced offering BACs in Series 40 on February 1, 2001.  The Fund received and accepted $26,269,250 representing 2,630,256 BACs from investors admitted as BAC Holders in Series 40.  Offer and sales of BACs in Series 40 were completed on July 31, 2001.

During the fiscal year ended March 31, 2003, the Fund used $3,577,924 of Series 40 net offering proceeds to pay installments of its capital contributions to 13 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 40 had been used to invest in 16 Operating Partnerships in an aggregate amount of $19,043,470, and the Fund had completed payment of all installments of its capital contributions to 12 of the Operating Partnerships.  Series 40 has outstanding contributions payable to 4 Operating Partnerships in the amount of $651,411 as of March 31, 2003.  Of the amount outstanding, $143,730 has been advanced to one of the Operating Partnerships.  The advances will be converted to capital and the remaining contributions of $507,681 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

During the fiscal year ended March 31, 2002, the Fund used $578,755 of Series 40 net offering proceeds to acquire 5 limited partnership equity interests in limited liability companies, which are the general partners of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 41).  The Fund commenced offering BACs in Series 41 on August 1, 2001. The Fund received and accepted $28,916,260 representing 2,891,626 BACs from investors admitted as BAC Holders in Series 41. Offer and sales of BACs in Series 41 were completed on January 31, 2002.

During the fiscal year ended March 31, 2003, the Fund used $8,775,315 of Series 41 net offering proceeds pay installments of its capital contributions to 19 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 41 had been used to invest in 20 Operating Partnerships in an aggregate amount of $20,356,184 and the Fund had completed payment of all installments of its capital contributions to 9 Operating Partnerships.  Series 41 has outstanding contributions payable to 11 Operating Partnerships in the amount of $2,284,064 as of March 31, 2003.  Of the amount outstanding, $548,553 has been advanced or loaned to the Operating Partnerships. The loan and advances will be converted to capital and the remaining contributions of $1,735,511 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

During the fiscal year ended March 31, 2002, the Fund used $195,248 of Series 41 net offering proceeds to acquire a limited partnership equity interest in a

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limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 42).  The Fund commenced offering BACs in Series 42 on February 1, 2002.  The Fund received and accepted $27,442,620 representing 2,744,262 BACs from investors admitted as BAC Holders in Series 42. Offer and sales of BACs in Series 42 were completed on July 31, 2002.

During the fiscal year ended March 31, 2003, the Fund used $8,391,189 of Series 42 net offering proceeds to pay installments of its capital contributions to 10 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 42 had been used to invest in 17 Operating Partnerships in an aggregate amount of $20,033,501, and the Fund had completed payment of all installments of its capital contributions to 1 Operating Partnership.  Series 42 has outstanding contributions payable to 16 Operating Partnerships in the amount of $8,777,237 as of March 31, 2003. Of the amount outstanding, $3,017,584 has been advanced or loaned to the Operating Partnerships. The loan and advances will be converted to capital and the remaining contributions of $5,579,653 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

(Series 43).  The Fund commenced offering BACs in Series 43 on August 1, 2002. The Fund received and accepted $36,379,870 representing 3,637,987 BACs from investors admitted as BAC Holders in Series 43. Offer and sales of BACs in Series 43 were completed on December 31, 2002.

During the fiscal year ended March 31, 2003, the Fund used $8,823,760 of Series 43 net offering proceeds to pay initial installments of its capital contributions to 10 Operating Partnerships.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 43 had been used to invest in 16 Operating Partnerships in an aggregate amount of $17,828,570, and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships.  Series 43 has outstanding contributions payable to the Operating Partnerships in the amount of $9,830,712 as of March 31, 2003. Of the amount outstanding, $3,460,572 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $6,370,140 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

During the fiscal year ended March 31, 2003, the Fund used $805,160 of Series 43 net offering proceeds to acquire 7 limited partnership equity interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 44).  The Fund commenced offering BACs in Series 44 on January 14, 2003. The Fund received and accepted $17,088,360 representing 1,708,836 BACs

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from investors admitted as BAC Holders in Series 44 as of March 31, 2003. Offer and sales of BACs in Series 44 were completed on April 30, 2003 and, in total, the Fund received and accepted $27,019,730 representing 2,701,973 BACs in Series 44.

During the fiscal year ended March 31, 2003, the Fund used $1,620,951 of Series 44 net offering proceeds to pay initial installments of its capital contributions to 4 Operating Partnership.  As of March 31, 2003 proceeds from the offer and sale of BACs in Series 44 had been used to invest in 4 Operating Partnerships in an aggregate amount of $4,640,966, and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships.  Series 44 has outstanding contributions payable to the Operating Partnerships in the amount of $3,030,725 as of March 31, 2003. Of the amount outstanding, $1,363,915 has been loaned to some of the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $1,666,810 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Results of Operations

The Fund incurs a fund management fee to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal years ended March 31, 2003 and 2002 was $5,283,658 and $4,762,222, respectively. The amount is anticipated to increase in subsequent fiscal years as additional Operating Partnerships are acquired.

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

As funds are utilized by the individual series for payment of fund management fees, operating expenses and capital contributions to the Operating Partnerships, it is anticipated that the combination of the “cash and cash equivalents” and “investments available for sale” amounts for each series will decrease.  As a result of the reduction, it is expected that interest income reported by each series will begin to decrease after the first full year of operations.  Occasionally the Fund will make interest-bearing loans to certain Operating Partnerships against contributions due for release at a later date.

(Series 20).  As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 24 Operating Partnerships at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $2,194,841 and $1,918,054, respectively in passive income tax losses that were passed through to the investors and also provided $1.33 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 20 was $12,675,770 and $14,695,373, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method.

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By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $2,384,789 and $2,387,830, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss for Series 20 will remain relatively consistent in future years since the series has finished acquiring Operating Partnerships and they are all fully operational.

Series 20 has invested in 4 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Coushatta Seniors II Apartments, Floral Acres Apartments II, Harrisonburg Seniors Apartments and Shady Lane Apartments.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 112 apartment units in total.  The low income housing tax credit available annually to Series 20 from the Calhoun Partnerships is approximately $143,240, which is approximately 3% of the total annual tax credit available to investors in Series 20.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 20 is not an investor. The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective Partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also

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pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates, are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have has also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Breeze Cove Limited Partnership (Breeze Cove Apartments) operated significantly below breakeven due to high debt, high operating expenses, low occupancy, and poor tenant rental collections.  The Investment General Partner and the Operating General Partner, an affiliate of the Investment General Partner, successfully negotiated a debt restructure with US Bank which closed in the fourth quarter of 2002. The agreement called for a pay down of the mortgage balance from $2,650,000 to $1,850,000; the establishment of a $100,000 operating reserve; a recasting of the debt over a thirty year payment schedule with a maturity of January 2, 2010; and a reduction of the interest rate from a fixed 9% to a floating rate of prime plus 2.5% through December 8, 2003, then prime plus 3%.  In order to fund the debt paydown and operating escrow, Series 20 sold 33.33% of its interest in 6 Operating Partnerships to Series 41 on April 1, 2003.  Since the debt restructure needed to be funded prior to the April 1, 2003 transfer date, Series 41 loaned the sales proceeds to the Operating Partnership at the time of the debt restructure.  The only alternative to the debt restructure would have been bankruptcy and a costly Chapter 11 filing.  The outcome to such a filing was likely to be negative and would have included a recapture of credits previously taken by the Series 20 investors.  The Investment General Partner believed it was in the best interest of the Series 20 investors to avoid recapture by selling a portion of their future credits and using the proceeds to complete the debt restructure. Future tax credit benefits estimated to be $.2925 per BAC will not be realized by the investors in Series 20, however, the consequences of recapture and penalties to the investors, estimated to be approximately $.6825 per BAC, were avoided.

Effective January 25, 2003, East Douglas Apartments Limited Partnership (East Douglas Apartments) retained SanMar Properties for property management.  Occupancy through March 2003 has averaged 95%.  In the fourth quarter of 2001

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the Operating Partnership petitioned HUD and Illinois Housing Development Authority (IDHA) to increase rents.   IHDA denied the request to increase rents at that time citing the HOME Loan rent restrictions.  The Partnership is working on another request for a rent increase.   The Partnership is also working with the city to secure historical preservation funding to assist with the cost of restoring original windows and needed tuck-pointing of the brick exterior walls.   The mortgage company has been reluctant to utilize replacement reserve funds for this purpose.   East Douglas Apartments passed the 2002 compliance inspection by IHDA at which time there was some indication that IHDA may be more receptive to increasing rents in 2003.   The transition in management and potential repairs being made to the windows and exterior brick may assist in obtaining a rent increase.   The mortgage, property taxes, insurance and accounts payable are current as of April 30, 2003.

On November 29, 2002, there was a fire at Cynthiana Properties Limited (Hillside Apartments) in Cynthiana Kentucky.  The fire damaged three units and a central stairway.  As of March 31, 2003, all of the fire damage repair was complete and the 3 damaged units were back on line and leased.  The insurance covered all of the repairs (replacement value) and the loss of rent from the 3 units that were vacated after the fire.

(Series 21).  As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 14 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,000,796 and $1,626,653, respectively, in passive income tax losses that were passed through to the investors and also provided $1.21 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 21 was $2,393,876 and $2,929,817, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $658,405 and $2,967,656, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. The difference in net loss is primarily due to an impairment loss reported by Atlantic City Housing Urban Renewal Associates L.P in the prior year.  Additional detail on the operations of this Operating Partnership is provided below. It is anticipated that future net losses will be more consistent with the amount reported in the fiscal year 2003.

Atlantic City Housing Urban Renewal Associates L.P. (Atlantic City Apartments) continued to operate below breakeven for the first quarter of 2003. The Operating Partnership filed for protection under Chapter 11 of the Bankruptcy Code in June of 2001. During the quarter, two bondholder entities, PCM and Green Leaf Construction, filed objections to the Operating Partnership’s proposed reorganization plan and announced that competing plans would be proposed. The Investment General Partner is negotiating with Green Leaf to join with it and a not-for-profit community development corporation, Vision 2000,

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to submit a revised plan and the withdrawal of Green Leaf’s objection to the current plan. Throughout the quarter, court hearings, legal filings and numerous drafts were developed. It is anticipated that a revised Plan will be submitted during the third quarter that will reflect $1,500,000 in payment to the bondholders. The bankruptcy court has continued to authorize cash collateral for payment of the property operating expenses.  Occupancy for the first quarter of 2003 decreased to 75%. The City of Atlantic City Housing Authority will not approve any further rental of the vacant units until all code violations are addressed. Funds for these repairs are provided for in the Plan. The Operating General Partner is diligently working toward resolving these issues, but has limited capital with which to complete the required repairs. One component of the Reorganization Plan is the funding of $500,000 from the Investment General Partner. Partial sale of remaining credits and advances from the series will be the source of this contribution. The timeline for bondholder voting and Plan confirmation by the Bankruptcy Court is expected to be during the third quarter 2003.

Centrum Fairfax LP (Forest Glen at Sully Station)is a 119-unit senior complex located in Fairfax, VA. This property continues to experience low occupancy.  The occupancy declined to 70% in the first quarter 2003 from a 2002 average occupancy of 79%.  In 2003 the management company will continue working to attract prospective tenants and improve occupancy by increasing the advertisements and promotions, organizing monthly events at the property and creating resident referral programs.  The property is in excellent physical condition. The Operating General Partners continue to fund operating deficits in accordance with the Partnership Agreement; however, the guarantee is due to expire in the third quarter 2003. The mortgage, taxes, insurance and payables are current.

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a 48-unit, family property located in Chippewa, Wisconsin.  The property operated with an average occupancy of 79% for the year 2002.  The first quarter 2003 occupancy

increased to an average of 87% from 81% in the fourth quarter 2002. The operating expenses are below the state average. As a result of the high vacancy rate and the low rental rates in the area, the property did not achieve breakeven operations in the first quarter of 2003. The management company continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The Operating General Partner continues to financially support the partnership. The mortgage, taxes, insurance and payables are current.

Black River Run, LP (River Run Apartments) is a 48-unit, family property located in Black River Falls, Wisconsin. The property operated with an average occupancy of 86% for the year 2002. The first quarter 2003 occupancy increased to an average of 91%, which is consistent with the fourth quarter of 2002. The operating expenses are below the state average. Although the occupancy increased slightly, the low rental rates in the area prevented the property from achieving breakeven operations in the first quarter of 2003. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The Operating General Partner continues to financially support the partnership. The mortgage, taxes, insurance and payables are current.

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Lookout Ridge LP (Lookout Ridge Apts.) is a 30 unit development located in Covington, KY. Average occupancy of the property is high at 99%, but it is unable to support its operations due to high operating expenses and low rental rates. It is currently operating with a debt coverage ratio of .27 and has outstanding payables slightly in excess of  $60,000. Although rents are currently at the maximum allowable tax credit rate for the area, the average rent on the property is only $426.  Operating expenses of $4,347 per unit are very high for the area and must be reduced significantly in order for  the property to break even. The Operating General Partner indicated that a portion of the high expenses have been attributable to improper tenant screening by the management company, which resulted in high turnover and repair cost. The screening problem has since been corrected. The property’s operating reserve account has a balance of $33,940, and the Operating General Partner has an obligation to fund any operating deficits through 2007.

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family property located in Menomonie, Wisconsin. The property operated with an average occupancy of 95% for the year 2002 which slightly declined to 91% for the first quarter 2003.  The property’s operating expenses are below the state average.  Despite the occupancy being in the 90’s, the low rental rates in the area prevented the property from achieving breakeven operations in the first quarter of 2003. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The Operating General Partner continues to financially support the partnership. The mortgage, taxes, insurance and payables are current.

(Series 22).  As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had total of 29 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,864,572 and $1,869,136, respectively, in passive income tax losses that were passed through to the investors and also provided $1.25 and $1.26, respectively, in tax credit per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 22 was $9,514,695 and $11,087,299, respectively.  The decrease is primarily a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $1,825,108 and $1,693,382, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will remain relatively consistent in future years as the series has finished acquiring Operating Partnerships and all are reporting stable operations.

Black River Run, LP (River Run Apartments) is a 48-unit, family property located in Black River Falls, Wisconsin. The property operated with an average occupancy of 86% for the year 2002. The first quarter 2003 occupancy increased to an average of 91%, which is consistent with the fourth quarter of 2002. The operating expenses are below the state average. Although the occupancy

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increased slightly, the low rental rates in the area prevented the property from achieving breakeven operations in the first quarter of 2003. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The Operating General Partner continues to financially support the partnership. The mortgage, taxes, insurance and payables are current.

Roxbury Veterans Housing, Limited Partnership (Highland House) is a 14 unit property located in Roxbury, Massachusetts.  The Operating General partner has been very inconsistent in reporting occupancy and operational numbers to the Investment General Partner.  In addition, the Investment General Partner identified potential discrepancies in the tax returns submitted and is currently working with the Operating General Partner to resolve these issues.

(Series 23). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 22 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,651,061 and $2,076,947, respectively, in passive income tax losses that were passed through to investors and also provided $1.31 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 23 was $16,373,993 and $17,726,828, respectively.   The decrease is a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $1,611,679 and $1,634,244, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and they are fully operational.

Series 23 has invested in 2 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Mathis Apartments. Ltd. and Orange Grove Seniors.  The affordable housing properties owned by the Calhoun Partnerships are located in Texas and consist of approximately 56 apartment units in total.  The low income housing tax credit available annually to Series 23 from the Calhoun Partnerships is approximately $73,077, which is approximately 2% of the total annual tax credit available to investors in Series 23.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax

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credit calculation with respect to approximately 40 Operating Partnerships in which Series 23 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliates insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

South Hills Apartments L.P. (South Hills Apartments) is a 72-unit, family property located in Bellevue, Nebraska. The property operated with an average occupancy of 83% in 2002. The occupancy increased to 89% in the first quarter

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of 2003. The management company hired a new manager in April 2002, and there were several evictions during the second and third quarters of 2002. The management company continues to offer rental concessions to increase applicant traffic. The Operating General Partner continues to fund the operating deficits, as needed. The property’s mortgage, taxes and insurance are all current.

(Series 24). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 99.9% and 100%, respectively.  The series had a total of 24 properties at March 31, 2003. Out of the total, 22 were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $970,718 and $1,357,571, respectively, in passive income tax losses that were passed through to investors and also provided $1.28 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 24 was $9,168,660 and $9,240,905, respectively.  The decrease is primarily the result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued

For the years ended March 31, 2003 and 2002, the net loss of the Series was $206,100 and $2,001,698, respectively. The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  The difference in net loss is primarily due to events that effected operations in the current fiscal year for two of the Operating Partnerships. In the prior year a large loss was reported by a foreclosed on property, Los Lunas Apts. In the current year there was a recission of foreclosure and income was reported to reverse the prior year entries.  Income was also reported for the discount of debt and forgiven debt interest.  Further detail on events effecting this Operating Partnership is provided below. The reduction in net loss is also due to settlement proceeds income reported by one of the Operating Partnerships, which had filed a suit against its former Operating General Partner.  In addition, the Operating Partnership used some the settlement proceeds to repay interest bearing loans and interest to the Investment Partnership resulting in increased interest income in the current fiscal year. It is anticipated that the net loss in future years will be more consistent with the prior year as these events are not expected to effect future years.

Series 24 has invested in Zwolle Partnership, A LA Partnership in Commendam (the “Calhoun Partnership”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The affordable housing property owned by the Calhoun Partnership is located in Louisiana and consist of approximately 32 apartment units in total.  The low income housing tax credit available annually to Series 24 from the Calhoun Partnership is approximately $39,393, which is approximately 1% of the total annual tax credit available to investors in Series 24.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was

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under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 24 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

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Elm Street Associates Limited Partnership (Elm Street Apartments) is located in Yonkers, New York.  The neighborhood has been a difficult one in which to operate due in part to high crime.  Almost all tenants have some public subsidy, making this a very management-intensive property.  Poor tenancy has historically resulted in operating deficits.  Management issues, including poor rent collections and deferred maintenance, had negatively impacted  the property.  Consequently, the existing management company was replaced by Westhab, Inc. on January 1, 2003.  Westhab is a non-profit housing developer and manager dedicated to providing housing for low income residents of Westchester County.  An affiliate of Westhab also was admitted as a replacement Operating General Partner on January 1, 2003.

Subsequent to the Westhab takeover, property operations have improved markedly. Physical occupancy at the property for the first quarter ranged from 94% to 97%. Westhab however may need to evict some of the current residents in order to complete the process of restablizing the property.  Economic occupancy averaged 95% for the quarter, even with some extraordinary expenses arising from the need to address deferred maintenance.

In early February 2002, the Operating Partnership concluded a restructure of the first mortgage loan with the loan servicer, Community Preservation Corporation(CPC). The loan had been in default for more than a year.  The newly restructured loan has a lower loan balance, a longer amortization schedule and a lower interest rate, which will make the loan more affordable to the Partnership.  Series 24 has contributed approximately $35,000 to the restructure of the Partnership and the first mortgage loan.  It is anticipated that Westhab will continue the stabilization process and that going forward the property will operate at or near breakeven.

Los Lunas Apartments Limited (Hillridge Apartments) was foreclosed upon on January 14, 2002 by New Mexico Housing Finance Authority.  In the third quarter of 2002, the Investment General Partner was successful in rescinding the foreclosure sale by restructuring the debt.  In order to fund the debt restructure, Series 24 sold 33.33% of its interest in 5 Operating Partnerships to Series 42 on April 1, 2003.  Since the debt restructure needed to be funded prior to the April 1, 2003 transfer date, Series 42 loaned the sales proceeds to the Operating Partnership at the time of the debt restructure.  The purpose of the recession was to avoid the consequences of a recapture of the credits previously taken by Series 24, thereby protecting the yield to its investors. Future tax credit benefits that were sold to Series 42, estimated to be $.487 per BAC, will not be realized by the investors in Series 24, however, the consequences of recapture and penalties to the investors, estimated to be approximately $.568 per BAC, were avoided.

North Hampton Place Limited Partnership (North Hampton Place), located in Columbia, Missouri, operated below breakeven during 2002 and the first quarter of 2003. The main reason for its continuing cash deficit is low occupancy, which averaged 87% for the first quarter of 2003 and 71% overall in 2002, and high operating expenses.  The mortgage was refinanced in the fourth quarter of 2002 with a more favorable interest rate and amortization period, and this

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should help to alleviate the property’s cash deficit.  To address the low occupancy at the property, the management company replaced the site manager.  New management is marketing the property to possible tenants through newspapers, churches and civic groups and occupancy had improved to 97% at April 30, 2003. The property’s mortgage, taxes and insurance were all current as of March 31, 2003.

(Series 25). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 99.9%.  The series had a total of 22 properties at March 31, 2003.  Out of the total, 21 were at 100% qualified occupancy.

For the tax year ended December 31, 2002 and 2001, the series, in total, generated $1,381,624 and $1,707,535, respectively in passive income tax losses that were passed through to investors and also provided $1.24 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 25 was $15,315,756 and $16,265,562, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $1,063,014 and $1,557,890, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. The reduction in net loss is primarily due to settlement proceeds income received by one of the Operating Partnerships, which had filed a suit against its former Operating General Partner.  The Operating Partnership used some the settlement proceeds to repay interest bearing loans and interest to the Investment Partnership resulting in increased interest income in the current fiscal year.  It is anticipated that the net loss in future years will be more consistent with the prior year as these events are not expected to effect future years.

Ohio Investors Limited Partnership (Washington Arms) is a 93 unit property located in Dayton, Ohio.  The property operated significantly below breakeven due to low occupancy, low rental rates, and high debt service.  Average occupancy for the first quarter of 2003 was 89%.  The management company attributes the low occupancy to high turnover.  The project requested a rent increase; however, the project is currently charging the maximum allowable rent possible, per section 8 requirements.  Average physical occupancy for 2002 was 92%, and the property expended cash of just over $50,500.  The Operating General Partner contributed $57,500 to the property during 2002 to cover the excess expenses, despite the fact that his guarantee expired in September of 2001.  The Operating General Partner is in the process of restructuring the debt with the current lender, Key Bank.  The lender has proposed to extend the loan term 15- years beyond the original maturity date (October 2011).  As a result, the monthly debt service payment would drop from $21,739 to $15,749, representing an approximate savings of $5,990 per month, which should allow the property to breakeven.

Sutton Place Apartments, L.P. (Sutton Place Apartments) owns and operates a 360 unit complex in Indianapolis, Indiana. The property has operated with an average occupancy rate of 95% in 2002 compared to an average of 93% for the

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year that ended December 31, 2001.  Management believes that stability in the office staff and maintenance staff is resulting in continued high occupancy and continuing economic gains as well.  Economic occupancy has also improved and, through December 31, 2002 has been close to 95%. Despite this improvement in overall operations, first quarter 2003 occupancy was weak at 91%. During April 2003, however, occupancy climbed back up to 95%.

The property still suffers somewhat from high maintenance expenses as a result of tenant abuse and unit turnover, but the property was able to control operating expenses throughout 2002 and has continued to do so through the first quarter of 2003. When coupled with the increase in income resulting from improved occupancy, net operating income increased by 11% in 2002. Based upon its first quarter 2003 performance, it is anticipated that the property will continue to improve throughout 2003. Criminal activity, which has historically been high, has declined substantially over the last year.  This results from the fact that the property hired uniformed, off duty police officers as security and with the fact that criminal activity overall has declined in Indianapolis.  The Operating General Partner is obligated under his guarantee to fund operating deficits and in 2002 he funded $96,250. The mortgage, taxes and insurance were all current as of March 31, 2003.

352 Lenox Associates, LP, (Lenox Avenue Apartments) is an 18 unit property located in Manhattan, NY. During 2002, the property operated below breakeven, primarily as a result of high operating expenses.  The property has an inefficient gas fired boiler, which contributed significantly toward the negative cash flow.  As a result of the negative cash flow, the property has high payables and insufficient working capital.   The physical occupancy at the property has been consistently strong since inception, averaging above 95%.  Occupancy as of March 31, 2003 is at 100%.  The Investment General Partner is working with the Operating General Partner to decrease operating expenses and stabilize the property.  The Operating General Partner is funding all operating deficits. The mortgage, taxes, and property insurance are all current.

M.R.H., L.P. (The Mary Ryder Home), a 48 unit property located in St. Louis, MO, received a 60-day letter issued by the IRS proposing to reduce the amount of low income housing tax credits allowable because it asserts that certain fees and other expenditures were not includible in the eligible basis of the property. The 60-day letter was the result of an IRS audit of the Operating Partnership’s books and records. As a result of their audit, the IRS has proposed an adjustment that would disallow approximately 18% of past and future tax credits. The adjustment would also include interest. The Investment General Partner and its counsel along with the Operating General Partner and its counsel will likely file an appeal and continue negotiations with the IRS Appeals Office.

(Series 26). As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 45 properties at March 31, 2002, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $2,046,344 and $2,711,648, respectively, in passive income tax losses that were passed through to investors and also provided $1.18 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships

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for Series 26 was $23,716,013 and $24,785,250, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $1,428,884 and $2,264,403, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships, the fund management fee and interest income.  The reduction in net loss is primarily due to settlement proceeds income received by one of the Operating Partnerships, which had filed a suit against its former Operating General Partner.  The Operating Partnership used some the settlement proceeds to repay interest bearing loans and interest to the Investment Partnership resulting in increased interest income in the current fiscal year.  It is anticipated that the net loss in future years will be more consistent with the prior year as these events are not expected to effect future years.

Series 26 has invested in 6 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The operating partnerships are Bearuegard Apartments Partnership, Brookhaven Apartments Partnership, Butler Estates, Cameron Apartments Partnership, Southwind Apartments and TR Bobb  Apartments A LDHA.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 191 apartment units in total.  The low income housing tax credit available annually to Series 26 from the Calhoun Partnerships is approximately $617,547, which is approximately 13% of the total annual tax credit available to investors in Series 26.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Oartnerships in which Series 26 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

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The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Warrensburg Heights, Limited Partnership, (Warrensburg Heights) located in Warrensburg, Missouri, operated below breakeven during 2002 and the first quarter of 2003. The main reason for its continuing cash deficit is low occupancy, which averaged 74% for the first five months of 2003 and 89% overall in 2002, and high operating expenses.  High turnover at the property has caused occupancy levels to stagnate, and operating expenses were high during the first quarter due to the high turnover.  During the fourth quarter of 2002, the site manager at the property was replaced, and the property is being marketed through newspapers, churches and civic groups.  The property’s mortgage, taxes and insurance were all current as of March 31, 2003.

Country Edge LP (Country Edge Apts.) is a 48 unit property located in Fargo, North Dakota.   During 2002, the property operated below breakeven, primarily due to strong competition stemming from a significant increase in newer tax credit properties with more amenities in Fargo.  The significant increase in competition has negatively impacted the occupancy at the property.  As a result of the negative cash flow, the property had insufficient working capital during the year.   During 2002, the Operating General Partner decreased rents and implemented concessions to stabilize occupancy, which averaged 90% for the year.  As of March 31, 2003, occupancy was 92% and averaged 87% for the first quarter, which was 11% higher than the first

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quarter of 2002.  However, the property continued to operate below breakeven during the first quarter of 2003 due to the continued lowered rents and concessions.  The Investment General Partner will continue to work with the Operating General Partner to stabilize the occupancy.   In addition, the economy in the Fargo area is expected to expand during 2003, which should have a positive impact on demand for affordable housing.  The Operating General Partner continues to fund all operating deficits, despite the expiration of their guarantee.  The mortgage, trade payables, property taxes, and insurance are current.

Grandview Apartments (Grandview Apts.) is a 48 unit property located in Fargo, North Dakota.  During 2002, the property operated below breakeven primarily due to strong competition stemming from a significant increase in newer tax credit properties with more amenities in Fargo.  The significant increase in competition has negatively impacted the occupancy at the property.  During 2002, the Operating General Partner decreased rents and implemented concessions to stabilize occupancy, which averaged 87% for the year.  As of March 31, 2003, occupancy was 75% and averaged 82% for the first quarter, which was 2% higher than the first quarter of 2002. However, the property continued to operate below breakeven during the first quarter of 2003 due to the continued lowered rents and concessions.  The Investment Limited Partner will continue to work with the Operating General Partner to stabilize the physical occupancy.  In addition, the economy in the Fargo area is expected to expand during 2003, which should have a positive impact on demand for affordable housing.  The Operating General Partner continues to fund all operating deficits, despite the expiration of their guarantee.  The mortgage, trade payables, property taxes, and insurance are current.

(Series 27). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100%.  The series had a total of 16 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,225,573 and $1,221,646, respectively, in passive income tax losses that were passed through to investors and also provided $1.14, respectively, in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 27 was $14,645,587 and $15,447,161, respectively.  The balance was affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the year ended March 31, 2003 and 2002, the net loss of the series was $1,080,803 and $598,368, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  The difference in net loss is mainly the result of cancellation of debt income reported by one of the Operating Partnerships in the prior year.  It is anticipated that the net loss will begin to stabilize in future years as the Operating Partnerships stabilize operations.

Series 27 has invested in Magnolia Place Apartments Partnership (the “Calhoun Partnership”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The affordable housing property owned by the Calhoun

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Partnership is located in Mississippi and consist of approximately 40 apartment units in total.  The low income housing tax credit available annually to Series 27 from the Calhoun Partnership is approximately $129,037, which is approximately 5% of the total annual tax credit available to investors in Series 27.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 27 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of

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Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Holly Heights Limited Partnership (Holly Heights Apartments) continues to incur operating deficits due to high tenant turnover. Occupancy has increased to 88% for the first quarter of 2003 from the fourth quarter 2002 average of 86%. There are limited job opportunities in this area and, as a result, some residents have moved from the area to find work.  Management will continue to offer rental concessions until occupancy has stabilized.  As a result of the low occupancy in 2002, there was negative cash flow and high payables. An audit by the state regulatory agency identified issues of non-compliance.  The Operating General Partner is diligently working to resolve all issues and the Investment General Partner will continue to closely monitor the property. The mortgage, taxes, and insurance are all current.

Angelou Court (Angelou Court Apts.)  is a 23 unit property located in Harlem, New York.  During 2002, the property operated below breakeven, primarily due to high operating expenses.  Physical occupancy has been consistent at 100% since inception of the property.  As a result of the negative cash flow, the property has insufficient working capital to cover trade accounts payable.  The Investment General Partner will work with the Operating General Partner to develop alternatives to reduce operating expenses and stabilize the property. The Operating General Partner is responsible for funding all operating deficits and has an unlimited guarantee to the property.  The mortgage and property insurance are current.  The property pays no property taxes as the result of a tax abatement.

(Series 28). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,089,909 and $2,512,925, respectively, in passive income tax losses that were passed through to investors and also provided $1.05 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 28 was $25,184,476 and $26,355,147, respectively.  The decrease is a result the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the year ended March 31, 2003 and 2002 the net loss of the series was $1,443,856 and $1,802,088, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are all reporting stable operations.

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Series 28 has invested in 6 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Bienville III Apartments, Blanchard Partnership, Cottonwood Partnership, in Commendam, Evangeline Partnership, Jackson Place Apartments LP and Maplewood Apartments Partnership.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 200 apartment units in total.  The low income housing tax credit available annually to Series 28 from the Calhoun Partnerships is approximately $516,536, which is approximately 12% of the total annual tax credit available to investors in Series 28.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 28 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level

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management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

1374 Boston Road L.P. (1374 Boston Road) is a 15 unit property located in New York City.  During 2002 the property operated below breakeven, primarily due to high debt service and operating expenses.  The debt service coverage ratio for 2002 was .50.  As a result of the negative cash flow, the property had insufficient working capital.  The Investment General Partner will work with the Operating General Partner to develop potential refinance options and explore alternatives to reduce operating expenses and stabilize the property.  The Operating General Partner is responsible for funding all operating deficits. The mortgage, property taxes and insurance are current.

(Series 29). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 22 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001 the series, in total, generated $2,066,987 and $2,674,479, respectively in passive income tax losses that were passed through to investors and also provided $1.08 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 29 was $22,450,900 and $24,490,660, respectively.  The decrease is a result the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the year ended March 31, 2003 and 2002, the net loss of the series was $2,395,108 and $2,421,150, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are reporting stable operations.

Series 29 has invested in 3 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Edgewood Apartments Partnership, Plametto Place Apartments and Westfield Apartments Partnership.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 152 apartment units in

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total.  The low income housing tax credit available annually to Series 29 from the Calhoun Partnerships is approximately $603,385, which is approximately 14% of the total annual tax credit available to investors in Series 29.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 29 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will

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continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Lombard Partners LP (Lombard Heights Apts.) located in Springfield, Missouri, operated below breakeven during the first quarter of 2003. The main reason for its continuing cash expenditure is its low occupancy, which averaged 88% for the quarter.  To address the low occupancy at the property, management is marketing the property through newspapers, churches and civic groups.  The property’s mortgage, taxes and insurance were all current as of March 31, 2003.

(Series 30). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100%.  The series had a total of 20 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,710,868 and $1,747,744, respectively, in passive income tax losses that were passed through to investors and also provided $1.06 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 30 was $16,661,934 and $17,826,875, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $1,425,215 and $1,298,251, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the Fund management fee. It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are for the most part reporting stable operations.

Mesa Grande, LP (Mesa Grande Apartments) is a 72-unit, family property located in Carlsbad, New Mexico.  The mortgage lender submitted default letters to the Investment Limited Partner and the Operating General Partner on April 2, 2003 for the following deficiencies: two months unpaid mortgage payments, unpaid tax payment and under funded replacement reserve account.  The Investment General Partner and the Operating General Partner executed an agreement on April 25, 2003 that remedied the mortgage note deficiencies.  The Operating General Partner made the most current mortgage payment and the Investment General Partner provided approval to release funds from the property’s operating reserve to remedy the remaining financial deficiencies.  On May 2, 2003, Form 8823 was issued by the New Mexico Mortgage Finance Authority for failure to pay the annual tax credit monitoring fee.  The Investment General Partner will work with the Operating General Partner to ensure that the non-compliance issue is corrected.  As a result of the defaults by the Operating General Partner and Management Company, a related entity, the Investment General Partner will be looking to replace the Management Company by August 1, 2003.

Sunrise Homes, LP (Broadway Place Apartments) is a 32-unit, family property

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located in Hobbs, New Mexico.  The mortgage lender submitted default letters to the Investment Limited Partner and the Operating General Partner on April 2, 2003 for the following deficiencies: one month unpaid mortgage payment, unpaid tax payment and under funded replacement reserve account.  The Investment Genral Partner and the Operating General Partner executed an agreement on April 25, 2003 that remedied the mortgage note deficiencies.  The Operating General Partner made the most current mortgage payment and the Investment General Partner provided approval to release funds from the operating reserve to remedy the remaining financial deficiencies.  On May 2, 2003, Form 8823 was issued by the New Mexico Mortgage Finance Authority for failure to pay the annual tax credit monitoring fee.  The Investment General Partner will work with the Operating General Partner to ensure that the non-compliance issue is corrected.  As a result of the defaults by the Operating General Partner and Management Company, a related entity, the Investment General Partner will be looking to replace the Management Company by August 1, 2003.

JMC Limited Liability Company (Farwell Mills Apts.) is a 27-unit development located in Lisbon, ME. For the first quarter of 2003, occupancy was 93%, which is consistent with past performance. The property has been unable to break even due to high operating expenses. In 2002, operating expenses were $4,827 per unit, which is $553 per unit higher than the Investment General Partner’s state average of $4,274. Despite favorable financing arrangements, the property is operating with a debt coverage ratio of .12. The Investment General Partner has been working closely with the management company to improve operations on this property. The management company was recently able to secure a 4% increase, from the Maine State Housing Authority, in voucher amounts for the units. They have also transferred who they consider to be their best site manager to the property to improve operations.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA, which suffered from high payables and high tenant account receivables. Although the occupancy was stabilized there was a cash flow deficit as a result of high operating expenses. The tax expense for 2002 was paid in full along with the 2001 tax deficit.  The property was reassessed in 2002 and the reassessed value will decrease the tax liability going forward.

(Series 31). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 27 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $3,159,272 and $3,159,272, respectively, in passive income tax losses to pass through to the investors and also provided $1.03 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 31 was $25,656,110 and $27,720,981, respectively.  The decrease is a result the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The amount was also affected by the acquisition of one additional operating partnership.

For the years ended March 31, 2003 and 2002, the net loss of the series was $2,409,358 and $2,489,687, respectively.  The major components of these

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amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee.  The improved operations were mainly the result of a decrease in interest expense and depreciation reported by one of the Operating Partnerships in the current fiscal year.  It is anticipated that operations will stabilize in future years as the series has finished acquiring operating partnerships, and construction and lease-up is complete for all of the partnerships.

Seagraves Apartments, Limited Partnership (Western Hills Apartments) is a 16-unit family property located in Ferris, TX.  Occupancy averaged 91% in 2002, but extremely high utility expenses caused the property to operate below breakeven.  Occupancy dropped to 83% for the first quarter 2003 due to a rental increase that was implemented in January 2003.  The Operating General Partner, who also acts as the management agent is confident that occupancy will return to the low 90s in the next few months.  Despite the drop in occupancy, the property operated above breakeven in the first quarter of 2003, due to the increase in rental rates.  The Operating General Partner’s focus is to increase occupancy to the mid 90s and reduce utility expenses.  The Investment General Partner will continue to monitor this property on a monthly basis.

(Series 32). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 17 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $2,507,281 and $3,065,920, respectively in passive income tax losses that were passed through to investors, and also provided $1.04 and $1.02, respectively, in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 32 was $31,094,955 and $32,959,161, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The balance was also affected by the acquisition of one additional operating partnership.

For the years ended March 31, 2003 and 2002, the net loss of the series was $2,292,954 and $2,429,115, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee.  It is anticipated that the net loss will stabilize in future years as the series has finished acquiring Operating Partnerships and construction and lease-up are complete for all of the partnerships.

Series 32 has invested in 3 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Pearlwood Apartments LP, Pecan Manor Apartments and Pineridge Apartments Partnership.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana or Mississippi and consist of approximately 120 apartment units in total.  The low income housing tax credit available annually to Series 32 from the Calhoun Partnerships is approximately $537,868, which is approximately 11% of the total annual tax credit available to investors in Series 32.

In the summer of 2002, the US Attorney for the Western District of Louisiana

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notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 32 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

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Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Series 32 invested in FFLM Associates an Operating Partnership that owns 3 limited partner interests, one of which is Carriage Pointe Investors, LP.  Carriage Pointe Investors LP (Carriage Pointe Apartments) historically has suffered from negative cash flow, high accounts payables, and under-funded replacement reserves, in part due to the fact that the property only has 18 units.  Several options were considered in recent months to improve the performance of the property, including replacement of the Operating General Partner and refinancing the first mortgage.  Neither of these options proved to be viable. The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place.

Martinsville I, Ltd. (Martinsville Apartments) is a 13-unit property located in Shelbyville, Kentucky. The property was 100% occupied and had positive cash flow for the first quarter of 2003.  The Operating General Partner refuses to consider settling with plaintiffs in lawsuits regarding sub-contractor payment disputes. There has been no legal activity regarding these suits so far in 2003.  The Operating General Partner has rebuffed attempts of the Investment General Partner to assist in settling the sub-contractor issues. So long as these matters are outstanding, the Operating General Partners’ personal guarantees remain in place.

Indiana Development Limited Partnership (Clear Creek Apartments), located in North Manchester, Indiana is a 64-unit development.  The occupancy level at this property declined to a first quarter 2003 average of 83%, resulting in below break even operations for the quarter.  The Operating General indicated that the decline in occupancy is the direct result of hiring a new management company that has been focusing on evicting bad tenants.  The Operating General Partner anticipates that occupancy will rebound over the next several months.

(Series 33). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,335,367 and $1,600,955, respectively in passive income tax losses that were passed through to investors, and also provided $1.05 and $1.03, respectively, in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 33 was $17,734,775 and $18,625,977, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the Series was $1,118,654 and $1,259,944, respectively.  The major components of these

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amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee.  It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are all reporting stable operations.

Series 33 has invested in Forest Park Apartments (the “Calhoun Partnership”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The affordable housing property owned by the Calhoun Partnership is located in Louisiana and consist of approximately 40 apartment units in total.  The low income housing tax credit available annually to Series 33 from the Calhoun Partnership is approximately $208,599, which is approximately 8% of the total annual tax credit available to investors in Series 33.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 33 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level

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management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Series 33 invested in FFLM Associates an Operating Partnership that owns 3 limited partner interests, one of which is Carriage Pointe Investors, LP.  Carriage Pointe Investors LP (Carriage Pointe Apartments) historically has suffered from negative cash flow, high accounts payables, and under-funded replacement reserves, in part due to the fact that the property only has 18 units.  Several options were considered in recent months to improve the performance of the property, including replacement of the Operating General Partner and refinancing the first mortgage.  Neither of these options proved to be viable. The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing), is a 20-unit property in Millinocket, ME providing congregate housing to seniors. Stearns Assisted Housing is the rehabilitation of the George Stearns High School. The building contains another property, which is affiliated with the Investment General Partner called Stearns Congregate Housing.

The Fire Marshall of Millinocket delayed the issuance of the Certificates of Occupancy until June 2001. Stearns Congregate Housing Associates was projected to be 100% leased-up by August 2001. It achieved 100% qualified occupancy in December 2001. The property is in a remote location, which added to the difficulties of the lease-up efforts. Occupancy is no longer an issue for this property as it averaged 98% for 2002 and the first quarter of 2003.

The Investment Limited Partner visited the property in June 2002 and was pleased with the property’s physical attributes and very positive response from the tenants. The Investment Limited Partner also met with the Town Manager and discussed the economic challenges within the Town of Millinocket.

Coastal Affordable, a non-profit organization, became a co-general partner in June 2002.  The admission of the non-profit general partner allows the partnership to utilize a PILOT Program that will reduce real estate taxes from $40,000 to $20,000 annually. Although this will help reduce expenses, the property’s high operating expenses remain the biggest concern.  Due to the

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inefficiency of the old building the property occupies, utility expenses are abnormally high. Through December 31, 2002 utility expense was $2,579 per unit. The Investment General Partner is currently working with management to investigate methods to reduce the property’s utility expense. Until the property can substantially reduce its operating expenses, it will continue to operate at a loss. The property was recently granted a rent increase of $93 per month on 9 of its 20 units, which will help offset a portion of the unusually high utility expenses. The Operating General Partner is obligated, as part of his development guarantee, to fund all deficits.

Bradford Group Partners of Jefferson County, L.P. (Bradford Square North Apartments) is a 50 unit senior complex located in Jefferson City, TN. The occupancy at this property averaged 85% for 2002 decreasing from the 2001 average of 99%. Due to a downturn in the local economy, occupancy averaged 84% for the first quarter of 2003. Some vacating tenants moved into a nearby, subsidized housing project, which has rental assistance. Additionally, the partnership suffers from high payables. The site manager was replaced in July of 2002. The new manager aggressively marketed the property, which resulted in an increase in occupancy to 94% at the end of May 2003. The taxes and insurance are being properly escrowed and the mortgage is current.

(Series 34). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 14 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $2,254,136 and $2,343,979, respectively in passive income tax losses that were passed through to investors, and also provided $.98 for both years in tax credits per BAC to the investors.

As of March 31, 2003 and 2002 Investments in Operating Partnerships for Series 34 was $22,240,109 and $23,851,276, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the Series was $1,986,319 and $2,113,249, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee. It is anticipated that operations will stabilize in future years as the series has finished acquiring Operating Partnerships and construction and lease-up are complete for the partnerships.

RHP 96-I Limited Partnership(Hillside Club Apartments), a 56-unit property located in Petosky, Michigan, operated below breakeven during the first quarter of 2003 as a result of a low occupancy, which averaged 64% for the first quarter of 2003. The Operating General Partner indicates that the local economy relies heavily on seasonal employment.  These types of businesses have been negatively impacted by the overall downturn in the economy, which has resulted in higher than normal move outs at Hillside Club Apartments.  It is anticipated that occupancy will rebound over the second and third quarters of 2003.

(Series 35). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 93.1%, respectively.  The series had a total of 11 properties at March 31, 2003 all of which were at 100% qualified occupancy.

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For the tax year ended December 31, 2002 and 2001 the series, in total, generated $2,075,209 and $1,614,496, respectively in passive income tax losses that were passed through to investors and also provided $.95 and $.88, respectively in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 35 was $19,767,681 and $20,932,858, respectively.  Investments in Operating Partnerships was effected by the acquisition of one additional Operating Partnership and by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002 the net loss of the series was $1,530,349 and $1,211,672, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and amortization of acquisition costs. It is anticipated that the net loss will fluctuate in future years until the Operating Partnerships they become fully leased and stabilize operations.

(Series 36). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001 the series, in total, generated $1,600,625 and $503,717, respectively in passive income tax losses that were passed through to investors and also provided $.98 and $.99, respectively in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 36 was $12,486,013 and $13,473,738, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the year ended March 31, 2003 and 2002, the net loss of the series was $1,250,570 and $1,529,736, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and amortization of acquisition costs. The difference in net loss is primarily the result of a interest expense reported by one of the Operating Partnerships in the last fiscal year to correct for understated interest in prior years.  It is anticipated that operations will stabilize in future years as the series has finished acquiring Operating Partnerships and construction and lease-up are complete for all of the partnerships.

Series 36 has invested in 2 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Willowbrook Apartments Partnership and Wingfield Apartments LP.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 80 apartment units in total.  The low income housing tax credit available annually to Series 36 from the Calhoun Partnerships is approximately $382,522, which is approximately 18% of the total annual tax credit available to investors in Series 36.

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In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 36 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

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Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

Annadale Housing Partners (Annadale Apartments) has historically reported net losses due to operational issues associated with the property.  As a result of efforts by the management company operations have improved significantly.  Rental increases combined with improved collections, increased rental revenues by $96,611 in 2002. Expenses (particularly maintenance) saw increases in 2002. This is in part due to repairs mandated by the Housing Agency as a result of a site inspection done during 2002.  Another factor affecting maintenance costs are the provisions of the loan documents, which stipulate that the Partnership must spend a minimum of $55,000 per year on capital improvements funded from operations.  As a result of the increased rental revenues, the property operated at breakeven despite the increase in expenses.     A welfare tax exemption was approved in 2001, and the Partnership received a refund of $29,982 in January 2002.  Occupancy averaged 88.29% in 2002, however, occupancy dropped to 86% in December and has averaged only 83.78% in the first quarter of 2003.  The majority of the vacancies are in the elderly designated units.  Management is trying to broaden the scope of advertising to attract more potential residents to the site.  Although operations have demonstrated significant improvement, we will continue to monitor this Partnership until occupancy increases and stabilizes.

(Series 37). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 88.7%, respectively.  The series had a total of 7 properties at March 31, 2003 all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $2,000,990 and $932,687, respectively in passive income tax losses that were passed through to investors and also provided $.91 and $.71, respectively, in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 37 was $16,153,757 and $17,469,596, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the years ended March 31, 2003 and 2002, the net loss of the series was $1,634,835 and $1,051,460, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and amortization of acquisition costs. It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.

Stearns Assisted Housing Associates, L.P. (Stearms Assisted Housing), is a 20-unit property in Millinocket, ME providing congregate housing to seniors. Stearns Assisted Housing is the rehabilitation of the George Stearns High School. The building contains another property, which is affiliated with the Investment General Partner called Stearns Congregate Housing.

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The Fire Marshall of Millinocket delayed the issuance of the Certificates of Occupancy until June 2001. Stearns Congregate Housing Associates was projected to be 100% leased-up by August 2001. It achieved 100% qualified occupancy in December 2001. The property is in a remote location, which added to the difficulties of the lease-up efforts. Occupancy is no longer an issue for this property as it averaged 98% for 2002 and the first quarter of 2003.

The Investment Limited Partner visited the property in June 2002 and was pleased with the property’s physical attributes and very positive response from the tenants. The Investment Limited Partner also met with the Town Manager and discussed the economic challenges within the Town of Millinocket.

Coastal Affordable, a non-profit organization, became a co-general partner in June 2002.  The admission of the non-profit general partner allows the partnership to utilize a PILOT Program that will reduce real estate taxes from $40,000 to $20,000 annually. Although this will help reduce expenses, the property’s high operating expenses remain the biggest concern. Due to the inefficiency of the old building the property occupies, utility expenses are abnormally high. Through December 31, 2002 utility expense was $2,579.00 per unit. The Investment General Partner is currently working with management to investigate methods to reduce the property’s utility expense. Until the property can substantially reduce its operating expenses, it will continue to operate at a loss. The property was recently granted a rent increase of $93 per month on 9 of its 20 units, which will help offset a portion of the unusually high utility expenses. The Operating General Partner is obligated, as part of his development guarantee, to fund all deficits.

(Series 38). As of March 31, 2003 and 2002, the average Qualified Occupancy for the series was 100% and 92.7%, respectively.  The series had a total of 10 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax years ended December 31, 2002 and 2001, the series, in total, generated $1,712,857 and $145,959 in passive income tax losses that were passed through to investors.  The series also provided tax credits to the investors of $.42 for 2001 and between $.08 and $.13 for 2000, depending on the investors’ date of admission.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 38 was $16,658,700 and $17,632,089, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The balance was also affected by the acquisition of one additional Operating Partnership in the current fiscal year.

For the years ended March 31, 2003 and 2002, the net loss of the series was $1,170,974 and $1,405,509, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and amortization of acquisition costs. It is anticipated that the net loss will fluctuate in future years until the Operating Partnerships become fully leased-up and stabilize operations.

Series 38 has invested in 2 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the

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“Riemer Calhoun Group”).  The Operating Partnerships are Hammond Place Apartments Partnership and Willowbrook II Apartments Partnership.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 80 apartment units in total.  The low income housing tax credit available annually to Series 38 from the Calhoun Partnerships is approximately $386,388, which is approximately 16% of the total annual tax credit available to investors in Series 38.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner affiliate that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation with respect to approximately 40 Operating Partnerships in which Series 38 is not an investor.  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun. The Investment General

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Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

(Series 39). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 86.1%, respectively.  The series had a total of 9 properties at March 31, 2003, all of which were at 100% qualified occupancy.

For the tax year ended December 31, 2002 and 2001 the series, in total, generated $1,623,752 and $1,257,903, respectively, in passive income that were passed through to investors. The series also provided $.84 and $.22, respectively, in tax credits per BAC to the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 39 was $14,730,373 and $16,095,151, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The balance was also affected by the acquisition of two additional Operating Partnerships in the current fiscal year.

For the years ended March 31, 2003 and 2002 the net loss of the series was $1,340,819 and $1,126,847, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee, amortization of acquisition costs and interest income.  It is anticipated that the net loss will fluctuate in future years until the Operating Partnerships become fully leased-up and stabilize operations.

Series 39 has invested in 2 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Tally-Ho II Partnership and Timber Trails I Partnership.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 58 apartment units in total.  The low income housing tax credit available annually to Series 39 from the Calhoun Partnerships is approximately $126,268, which is approximately 6% of the total annual tax credit available to investors in Series 39.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation for each of the Calhoun

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Partnerships (as well as with respect to approximately 38 other operating partnerships in which Series 39 is not an investor).  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

(Series 40). As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 100% and 92.5%, respectively.  The series had a total of 16 properties at March 31, 2003 all of which were at 100%

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For the tax years ended December 31, 2002 and 2001 the series, in total, generated $1,093,023 and $642,925, respectively in passive income tax losses that were passed through to investors.  The series also provided tax credits to the investors of $.79 for 2002 and between $.11 and $.18 for 2001, depending on the investors’ date of admission.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 40 was $18,256,397 and $18,540,930, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The amount was also effected by the acquisition of one additional Operating Partnership.

For the years ended March 31, 2003 and 2002 the net loss of the series was $1,121,025 and $597,386, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and interest income.  It is anticipated that the net loss will fluctuate in future years until the Operating Partnerships become fully leased-up and stabilize operations.

Series 40 has invested in 3 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Center Place Apartments II LP and Oakland Partnership.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana or Texas and consist of approximately 126 apartment units in total.  The low income housing tax credit available annually to Series 40 from the Calhoun Partnerships is approximately $255,292, which is approximately 10% of the total annual tax credit available to investors in Series 40.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications.  In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation for each of the Calhoun Partnerships (as well as with respect to approximately 37 other operating partnerships in which Series 40 is not an investor).  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in

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the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

(Series 41) As of March 31, 2003 and 2002 the average Qualified Occupancy for the series was 97.8% and 100%, respectively.  The series had a total of 20 properties at March 31, 2003.  Out of the total, 18 were at 100% qualified occupancy and 1 was in initial lease-up.  The series also had 1 property that was still under construction at March 31, 2003.

For the tax year ended December 31, 2002 and 2001 the series, in total, generated $2,707,332 and $642,925, respectively in passive income that were passed through to investors.  The series also provided $.46 and less than $.004, respectively, in tax credits per BAC the investors.

As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 41 was $19,421,142 and $20,029,680, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any

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distributions received or accrued.  The amount was also affected by the acquisition of 9 additional interests in Operating Partnerships.

For year ended March 31, 2003 and the period ended March 31, 2002 the net loss of the series was $1,848,385 and $283,923, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and amortization of acquisition costs.  It is anticipated that the net loss will fluctuate in future years until the Operating Partnerships fully leased-up and stabilize operations.

Series 41 has invested in 2 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Bienville Partnership and Red Hill Apartments I Partnership.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 64 apartment units in total.  The low income housing tax credit available annually to Series 41 from the Calhoun Partnerships is approximately $128,767, which is approximately 5% of the total annual tax credit available to investors in Series 41.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation for each of the Calhoun Partnerships (as well as with respect to approximately 38 other operating partnerships in which Series 41 is not an investor).  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected

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Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner, BCP/Fox Hollow LLC have filed a law suit against the former Operating General Partner and its affiliates for breaches of various agreements.  The former Operating General Partner and its affiliates have filed a counter law suit against the Operating Limited Partnership, its Limited Partner and affiliates. The law suits are in discovery stage.  The Investment General Partner believes the counter claim is without merit and intends to defend it position vigorously.

(Series 42). As of March 31, 2003 the average Qualified Occupancy for the series was 91.2%.  The series had a total of 17 properties at March 31, 2003. Out of the total 7, were at 100% qualified occupancy and 3 were in initial lease-up.  The series also had 7 properties that were still under construction at March 31, 2003.  Since all of the properties were under construction at March 31, 2002 there is no comparative information to report.

For the tax year ended December 31, 2002 the series, in total, generated $786,767 in passive income tax losses that were passed through to investors.  The series also provided tax credits to the investors.  Below is a summary of tax credits per BAC by month of admission.

March	$	.20
April	$	.18
May	$	.16
June	$	.14
July	$	.12

Since the series did not commence operations until subsequent to December 31, 2001, it does not have comparative information to report.

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As of March 31, 2003 and 2002, Investments in Operating Partnerships for Series 42 was $19,580,489 and $2,675,537, respectively. The increase is a result of the Fund acquiring 15 additional interests in Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the year ended March 31, 2003 and for the period ended March 31, 2002 the net loss of the series was $521,411 and $110,267, respectively. the Fund’s share of loss from Operating Partnerships, the fund management fee, interest income and organization expenses.  It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.

Series 42 has invested in 2 Operating Partnerships (the “Calhoun Partnerships”) in which the Operating General Partner is Riemer Calhoun, Jr. or an entity which is affiliated with and controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Natchez Place II Partnership and Wingfield Apartments Partnership II.  The affordable housing properties owned by the Calhoun Partnerships are located in Louisiana and consist of approximately 74 apartment units in total.  The low income housing tax credit available annually to Series 42 from the Calhoun Partnerships is approximately $286,417, which is approximately 13% of the total annual tax credit available to investors in Series 42.

In the summer of 2002, the US Attorney for the Western District of Louisiana notified the Investment General Partner that the Riemer Calhoun Group was under investigation by several federal agencies for the alleged manipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorney intended to bring criminal charges against certain members of the Riemer Calhoun Group for falsifying the certified cost basis upon which the Louisiana Housing Finance Agency determined the tax credit calculation for each of the Calhoun Partnerships (as well as with respect to approximately 38 other operating partnerships in which Series 42 is not an investor).  The Investment Limited Partner used these certifications in determining the tax credits investors would receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractor which built the apartment properties (an affiliate of Mr. Calhoun’s) overbilled the respective partnerships, thereby improperly inflating the cost certification and the amount of tax credit generated.

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely to involve fines and incarceration.  (Certain other business associates of Riemer Calhoun earlier pleaded guilty to various related charges.)

The Investment General Partner has cooperated fully with the US Attorney in the investigation, and there has been no suggestion of any wrongdoing on the part of it or any of its affiliates.

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The Internal Revenue Service has commenced an audit of the Calhoun Partnerships which will finally determine the amount of overstated tax credits.  At the Investment General Partner and its affiliate’s insistence, Riemer Calhoun has personally funded an escrow in the amount of $1,282,202 which will be available to compensate investors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that the escrow fund will be sufficient to fully protect investors. (We are also pursuing a resolution with the IRS whereby escrow funds would be used to make a settlement payment directly to the IRS instead of requiring affected Partnerships and investors to restate tax returns to reflect less credit and then pay additional taxes.)

With respect to each of the Calhoun Partnerships where Riemer Calhoun has been the Operating General Partner or in control of an entity which has been the Operating General Partner, the Investment General Partner and its affiliates are in the process of replacing them with another entity which is controlled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of Calhoun Property Management, L.L.C., which has provided property level management services for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully with the criminal investigation of his father, and the Investment General Partner and its affiliates have confirmed directly with the US Attorney that no evidence was found of any wrongdoing on the part of Murray Calhoun.

The Investment General Partner and its affiliates have also undertaken discussions with the Rural Housing Service of the U.S. Department of Agriculture, in its capacity as first mortgage lender for each of the Calhoun Partnerships, to make sure that all of the mortgage loans are and will continue to be in good standing notwithstanding the overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to the replacement of general partners noted above.

Finally, the Investment General Partner and its affiliates are reviewing their business dealings with the Calhoun Partnerships in general to attempt to determine if any other irregularities have occurred.

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner, BCP/Fox Hollow LLC have filed a law suit against the former Operating General Partner and its affiliates for breaches of various agreements.  The former Operating General Partner and its affiliates have filed a counter law suit against the Operating Limited Partnership, its Limited Partner and affiliates. The law suits are in discovery stage.  The Investment General Partner believes the counter claim is without merit and intends to defend it position vigorously.

(Series 43) As of March 31, 2003 the average Qualified Occupancy for the series was 85.3%. The series had a total of 16 properties as of March 31, 2003.  Out of the total, 4 were at 100% qualified occupancy and 3 were in initial lease-up.  The series also had 8 properties under construction and 1 property with multiple buildings, some of which were under construction and some of which were in lease-up at March 31, 2003.

For the tax year ended December 31, 2002 the series, in total, generated $63,946 in passive income tax losses that were passed through to investors.  The series also provided tax credits to the investors.  Below is a summary of tax credits per BAC by month of admission.

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September	$	.07
October	$	.05
November	$	.03
December	$	.02

As of March 31, 2003, Investments in Operating Partnerships for Series 43 was $18,349,599.  The amount is a result of the Fund acquiring 16 interests in Operating Partnerships.  Investments in Operating Partnerships, was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the period ended March 31, 2003 the net loss of the series was $490,370.  The major components of this amount are the Fund’s share of loss from Operating Partnerships and organization expenses.

Since Series 43 did not commence operations until after March 31, 2002, it does not have any comparative information to report.

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner, BCP/Fox Hollow LLC have filed a law suit against the former Operating General Partner and its affiliates for breaches of various agreements.  The former Operating General Partner and its affiliates have filed a counter law suit against the Operating Limited Partnership, its Limited Partner and affiliates. The law suits are in discovery stage.  The Investment General Partner believes the counter claim is without merit and intends to defend it position vigorously.

(Series 44). As of March 31, 2003 the average Qualified Occupancy for the series was 34%. The series had a total of 4 properties as of March 31, 2003. Out of the total, 3 were under construction and 1 was in initial lease-up.

The series had not admitted any investors as of December 31, 2002, therefore, it had no passive income tax losses or tax credits to pass through to the investors for the tax years ended December 31, 2002 or 2001.

As of March 31, 2003, Investments in Operating Partnerships for Series 44 was $4,651,676.  The amount is a result of the Fund acquiring 4 interests in Operating Partnerships.  In the future, Investments in Operating Partnerships, will also be affected by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

For the period ended March 31, 2003 the net loss of the series was $115,020.  The major component of this amount is organization expenses.  It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.

Since Series 44 did not commence operations until after March 31, 2002, it does not have any comparative information to report.

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Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Partnership to make certain estimates and assumptions.  A summary of significant accounting policies is provided in Note A to the financial statements.  The following section is a summary of certain aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of Partnership’s financial condition and results of operations.  The Partnership believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Partnership accounts for its investment in local partnerships in accordance with the equity method of accounting since the Partnership does not control the operations of an Operating Partnership.

If the book value of Partnership’s investment in a Operating Partnership exceeds the estimated value derived by management, the Partnership reduces its investment in any such Operating Partnership and includes such reduction in equity in loss of investment in operating partnerships.

Recent Accounting Statements Not Yet Adopted

In August 2001, the Financial Accounting Standards Board issued SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”.  SFAS No. 144 provides accounting guidance for financial accounting and reporting of impairment or disposal of long-lived assets.  SFAS No.144 supercedes SFAS No. 121, “Accounting for the Impairment of Long-Lived Assts and for Long-Lived Assets to be Disposed Of”.  SFAS No. 144 is effective for fiscal years beginning after December 15, 2001. Implementation of SFAS No. 144 has not had a material effect on the financial position or results of the operation of the partnership.

In January 2003, the FASB issued Interpretation No. 46 (FIN 46), “Consolidation of Variable Interest Entities”, an interpretation of ARB No. 51, “Consolidated Financial Statements”, which provides new accounting guidance on when to consolidate a variable interest, as defined in FIN 46, in another entity.  FIN 46 applies to variable interests in variable interest entities acquired after January 31, 2003.  FIN 46 should be implemented no later than December 31, 2004. The general partner is in the process of analyzing FIN 46 to determine the impact, if any, on the Partnership’s financial statements.  Management has not yet made any determination of the potential impact FIN 46 might have on the Partnership’s current accounting for its investments in operating partnerships or whether any of those investments might be required to be consolidated.

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Item 7A.	Quantitative and Qualitative Disclosure About Market Risk
	Not Applicable
Item 8.	Financial Statements and Supplementary Data
	The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
	None

PART III

Item 10.	Directors and Executive Officers of the Registrant
	(a), (b), (c), (d) and (e)

The Partnership has no directors or executives officers of its own.  The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. (“Boston Capital”)) with principal responsibility for the Partnership’s affairs.

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John P. Manning, age 55, is co-founder, and since 1974 has been the President and Chief Executive Officer of Boston Capital Corporation, where he is primarily responsible for strategic planning and business development. In addition to his responsibilities at Boston Capital Corporation, Mr. Manning is a proactive leader in the industry.  He served in 1990 as a member of the Mitchell-Danforth Task Force, which reviewed and suggested reforms to the Low Income Housing Tax Credit program.  He was the founding President of the Affordable Housing Tax Credit Coalition, is a former member of the board of the National Leased Housing Association, and currently sits on theExecutive Committees of the National Housing Conference and the National Multi Housing Council.  During the 1980s, he served as a member of the Massachusetts Housing Policy Committee as an appointee of the Governor of Massachusetts.  In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit Program.  In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts.  In 1998, President Clinton appointed Mr. Manning to the President’s Export Council, which is the premiere committee comprised of major corporate CEOs that advise the President on matters of foreign trade and commerce.  Mr. Manning sits on the Board of Directors of the John F. Kennedy Presidential Library in Boston where he serves as Chairman of the Distinguished Visitors Program. He also serves as a member of the Advisory Board of the Woodrow Wilson Institute for International Scholars in Washington D.C.   Mr. Manning is a graduate of Boston College.

Mr. Manning is the principal shareholder of C&M Management, Inc., a Massachusetts corporation which is the ultimate general partner of Boston Capital. Mr. Manning is also the principal of Boston Capital Corporation. While Boston Capital is not a direct subsidiary of Boston Capital Corporation, each of the entities is under the common control of Mr. Manning.

Richard J. DeAgazio, age 57, has been the Executive Vice President of Boston Capital Corporation, and is President of Boston Capital Services, Inc., Boston Capital’s NASD registered broker/dealer since 1981.  Mr. DeAgazio formerly served on the national Board of Governors of the National Association of Securities Dealers (NASD). He recently served as a member of the National Adjudicatory Council of the NASD. He was the Vice Chairman of the NASD’s District 11 Committee, and served as Chairman of the NASD’s Statutory 80 Disqualification Subcommittee of the National Business Conduct Committee. He also served on the NASD State Liaison Committee and the Direct Participation Program Committee.

He is a founder and past President of the National Real Estate Investment Association, past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter) and the Real Estate Investment Association. Prior to joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and Director of the Brokerage Division of Dresdner Securities (USA), Inc., an international investment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest. He has been a member of the Boston Stock Exchange since 1967.  He is on the Board of

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Directors of FurnitureFind.com and Cognistar Corporation. He is a leader in the community and serves on Board of Trustees for Bunker Hill Community College, the Business Leaders Council of the Boston Symphony, Board of Trustees of Junior Achievement of Northern New England, the Board of Advisors for the Ron Burton Training Village and is on the Board of Corporators of Northeastern University. He graduated from Northeastern University.

Jeffrey H. Goldstein, age 41, is Chief Operating Officer and Director of Real Estate of Boston Capital Corporation since 1996. He directs Boston Capital Corporation’s comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital Corporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as Manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

Kevin P. Costello, age 57, has been the Executive Vice President and Director of Institutional Investing for Boston Capital Corporation since 1994. Kevin Costello directs Boston Capital Corporation’s institutional investment business. He has overseen this segment of Boston Capital Corporation’s investment business which encompasses investment activities for corporate institutional funding, private proprietary funds and state CRA funds, since its inception in 1992. Mr. Costello has over 20 years experience in the real estate syndication and investment services industry, including previous roles at Boston Capital Corporation leading the acquisition team and managing the structuring and distribution of conventional and tax credit private placements. Prior to joining Boston Capital in 1987, he held senior management positions with Reynolds Securities, Bache & Company and First Winthrop where he focused on real estate syndication. Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

Marc N. Teal, age 39, was promoted to Chief Financial Officer in 2003. Mr. Teal previously served as Senior Vice President and Director of Accounting of Boston Capital Corporation and has been with Boston Capital Corporation since 1990.  He oversees all of the accounting, financial reporting, SEC reporting, budgeting, audit, tax and compliance for Boston Capital, its affiliated entities and all Boston Capital Corporation sponsored partnerships. Additionally, he is responsible for maintaining all banking and borrowing relationships of Boston Capital Corporation and management of all working capital reserves. Prior to joining Boston Capital in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted real estate company, and prior to that was a Senior Accountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancy from Bentley College and a Masters in Finance from Suffolk University.

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(f)	Involvement in certain legal proceedings.
	None.
(g)	Promoters and control persons.
	None.
Item 11.	Executive Compensation
	(a), (b), (c), (d) and (e)

The Fund has no officers or directors.  However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 2002 fiscal year:

1.   An annual fund management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships, less the amount of reporting fees received, has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fees charged to operations for the year ended March 31, 2003 was $5,283,658.

2.  The Fund has reimbursed an affiliate of the General Partner a total of $619,497 for amounts charged to operations during the year ended March 31, 2003.  The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.

3.  The Fund has reimbursed affiliates of the General Partner a total of $278,384 for amounts charged to syndication during the year ended March 31, 2003.  The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.

4.  The General Partner has the right to charge acquisition fees and expenses in connection with the purchase of Operating Partnership interests.  During the 2003 fiscal year, the Fund accrued or paid $6,488,282 of acquisition fees and expenses to the General Partner or its affiliates.

5.  Dealer Manager fees of $1,139,235 were accrued or paid to Boston Capital Services, Inc. during the 2003 fiscal year in respect to the sale of units.

Item 12.		Security Ownership of Certain Beneficial Owners and Management
	(a)	Security ownership of certain beneficial owners.
		As of March 31, 2003, 75,662,578 BACs had been issued.  No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the series.

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	(b)	Security ownership of management.
		The General Partner has a 1% interest in all Profits, Losses, Credits and distributions of the Fund.  The Fund’s response to Item 12(a) is incorporated herein by reference.
	(c)	Changes in control.
		There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund.  There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control.
Item 13.		Certain Relationships and Related Transactions
	(a)	Transactions with management and others.
		The Fund has no officers or directors.  However, under the terms of the public offering, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Fund. Additionally, the General Partner will receive distributions from the partnership if there is cash available for distribution or residual proceeds as defined in the Fund Agreement.  The amounts and kinds of compensation and fees are described on page 43 of the Prospectus, as supplemented, under the caption “Compensation and Fees”, which is incorporated herein by reference.  See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the General Partner and its affiliates for the period April 1, 1995 through March 31, 2003.
	(b)	Certain business relationships.
		The Fund response to Item 13(a) is incorporated herein by reference.
	(c)	Indebtedness of management.
		None.
	(d)	Transactions with promoters.
		Not applicable.
Item 14.		Controls & Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		Within the 90 days prior to the date of this report, the Partnership’s Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the Partnership’s “disclosure controls and procedures” as defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and 15(d)-14(c). Based on that evaluation, the Partnership’s Chief Executive Officer and Principal Financial Officer have concluded that as of the date of the evaluation, the Partnership’s disclosure controls and procedures were adequate and effective in timely alerting them to material information relating to the Partnership required to be included in the Partnership’s periodic SEC filings.

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(b)	Changes in Internal Controls
	There were no significant changes in the Partnership’s internal controls or in other factors that could significantly affect the Partnership’s internal controls subsequent to the date of that evaluation.

PART IV

Item 15.	Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) 1 & 2	Financial Statements and Financial Statement Schedules; Filed herein as Exhibits 13 and 99.4
	Boston Capital Tax Credit IV L.P.; filed herein as exhibit 13
		Independent Auditors’ Report
		Balance Sheets, March 31, 2003 and 2002
		Statements of Operations for the years or periods ended March 31, 2003, 2002 and 2001
		Statements of Changes in Partners’ Capital for the years or periods ended March 31, 2003, 2002 and 2001
		Statements of Cash Flows for the years or periods ended March 31, 2003, 2002, and 2001
		Notes to Financial Statements, March 31, 2003, 2002 and 2001
		Schedule III - Real Estate and Accumulated Depreciation Notes to Schedule III
	Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

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(b) 1	Reports on Form 8-K
		Report on Form 8-K dated September 2002 concerning the Partnership’s investment in Breezewood II Limited Partnership filed with the commission on October 30, 2002; incorporated by reference.
		Report on Form 8-K dated September 2002 concerning the Partnership’s investment in Wingfield Apartments II filed with the commission on November 12, 2002; incorporated by reference.
		Report on Form 8-K dated September 2002 concerning the Partnership’s investment in Natchez Place Apartments filed with the commission on November 13, 2002; incorporated by reference..
(c) 1	Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

Exhibit No. 3 - Organization Documents.
a.	Certificate of Limited Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 3 to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.
Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.
a.	Agreement of Limited Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 4 to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.
Exhibit No. 10 - Material contracts.
a.	Beneficial Assignee Certificate.  (Incorporated by reference from Exhibit 10A to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993
Exhibit No. 13 - Financial Statements.
a.	Audited Financial Statement of Boston Capital Tax Credit Fund IV L.P.; Filed herein.
Exhibit No. 28 - Additional exhibits.
a.	Agreement of Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).

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b.	Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).
c.	Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995).
d.	Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996).
e.	Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
f.	Agreement of Limited Partnership of Smith House II Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
g.	Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997).
h.	Agreement of Limited Partnership of M.R.H., L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997).
i.	Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).
j.	Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant’s current  report on Form 8-K  as filed with the Securities and Exchange Commission on December 16, 1997).
k.	Agreement of Limited Partnership of Hurricane Hills, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
l.	Agreement of Limited Partnership of Main Everett Housing, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).
m.	Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

115

n.	Agreement of Limited Partnership of Autumn Ridge L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
o.	Agreement of Limited Partnership of Century East Apartments II Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
p.	Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
q.	Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant’s current report on Form K as filed with the Securities and Exchange Commission on March 26, 1997).
r.	Agreement of Limited Partnership of East Park Apartments II Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
s.	Agreement of Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
t.	Agreement of Limited Partnership of Ethel Housing, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
u.	Agreement of Limited Partnership of Los Lunas Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
v.	Agreement of Limited Partnership of New Devonshire West, Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
w.	Agreement of Limited Partnership of Northfield Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
x.	Agreement of Limited Partnership of Ohio Investors Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

116

y.	Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
z.	Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
aa.	Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ab.	Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ac.	Agreement of Limited Partnership of Shannon Housing, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ad.	Agreement of Limited Partnership of Sutton Place Apartments (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
ae.	Agreement of Limited Partnership of West Point Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).
af.	Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ag.	Agreement of Limited Partnership of Laurelwood Park Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ah.	Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
ai.	Agreement of Limited Partnership of Roxbury Housing Veterans Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).
aj.	Agreement of Limited Partnership of Elm Street Associates, L.P. (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 7, 1997.)

117

ak.	Agreement of Limited Partnership of Brookhaven Apartments Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 21, 1997.)
al.	Agreement of Limited Partnership of Maple Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 16, 1997.)
am.	Agreement of Limited Partnership of Byam Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
an.	Agreement of Limited Partnership of Harbor Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
ao.	Agreement of Limited Partnership of Bradley Phase II Limited Partnership (incorporated by Reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)
ap.	Agreement of Limited Partnership of Butler Street/Hanover Towers Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
aq.	Agreement of Limited Partnership of Bradley Phase I Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)
ar.	Agreement of Limited Partnership of 1374 Boston Road Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
as.	Agreement of Limited Partnership of Centenary Housing Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
at.	Agreement of Limited Partnership of Lake Apartments II Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)
au.	Agreement of Limited Partnership of AHAB Project One, LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 8, 1997.)

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av.	Agreement of Limited Partnership of Grandview Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.)
aw.	Agreement of Limited Partnership of Angelou Associates, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.)
ax.	Agreement of Limited Partnership of Country Edge Apartments I Limited Partnership(incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 24, 1998.)
ay.	Agreement of Limited Partnership of Sumner House Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 27, 1998.)
az.	Agreement of Limited Partnership of Magnolia Place Apartments Partnerships (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
ba.	Agreement of Limited Partnership of Edgewood Apartments Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
bb.	Agreement of Limited Partnership of Harrisonville Heights L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
bc.	Agreement of Limited Partnership of Neighborhood Restorations Limited Partnership VII incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)
bd.	Agreement of Limited Partnership of Escher SRO Project, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 1, 1998.)
be.	Agreement of Limited Partnership of Silver Creek/MHT Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on June 30, 1999.)
bf.	Agreement of Limited Partnership of Meridian Housing Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on June 30, 1999.)

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bg.	Agreement of Limited Partnership of Southaven Partners I, L.P. (incorporated by reference from registrants current report on form 8-j as filed with the Securities and Exchange on July 27, 1999.)
bh.	Agreement of Limited Partnership of Athens Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 27, 1999.)
bi.	Agreement of Limited Partnership of Pearl Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on November 30, 1999.)
bj.	Agreement of Limited Partnership of Harbor Pointe/MHT Limited Dividend Housing Association Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on December 28, 1999.)
bk.	Agreement of Limited Partnership of Level Creek Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on December 29, 1999.)
bm.	Agreement of Limited Partnership of Lake City Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on February 3, 2000.)
bn.	Agreement of Limited Partnership of Pine Ridge Apartments Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange on on February 9, 2000.)
bo.	Agreement of Limited Partnership of Pecan Manor Apartments Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on February 10, 2000.)
bp.	Agreement of Limited Partnership of Pyramid Four Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on February 16, 2000.)
bq.	Agreement of Limited Partnership of Lombard Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on January 26, 2000.)
br.	Agreement of Limited Partnership of Belmont Affordable Housing II LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on September 29, 2000.)

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bs.	Agreement of Limited Partnership of Jackson Bond LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on September 29, 2000.)
bt.	Agreement of Limited Partnership of Fort Bend NHC, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on September 29, 2000.)
bu.	Agreement of Limited Partnership of Breezewood II, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on October 30, 2002.)
bv.	Agreement of Limited Partnership of Wingfield Apartments II L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on November 12, 2002.)
bw.	Agreement of Limited Partnership of Natchez Place Apartments L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on November 13, 2002.)

Exhibit No. 99 - Additional exhibits
1.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein
2.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein
3.	Independent Auditor’s Reports for Operating Partnerships, filed herein.

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SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.
	By:	Boston Capital Associates IV L.P. General Partner
	By:	BCA Associates Limited Partnership General Partner
	By:	C&M Management, Inc. General Partner
Date:  July 15, 2003		By:	/s/ John P. Manning
			John P. Manning

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

DATE:	SIGNATURE:	TITLE:
July 15, 2003	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning

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I, John P. Manning, certify that:

1.  I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund IV L.P. (the “Fund”);

2.  Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3.  Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this annual report;

4.  The Fund’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Company and we have:

(a)  designed such disclosure controls and procedures to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

(b)  evaluated the effectiveness of the Fund’s disclosure controls and procedures as of a date (the “Evaluation Date”) within 90 days prior to the filing date of this annual report; and

(c)  presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5.  The Fund’s other certifying officer and I have disclosed, based on our most recent evaluation, to the Fund’s auditors and the audit committee of the Fund’s board of directors (or persons performing the equivalent function):

(a)  all significant deficiencies in the design or operation of internal controls which could adversely affect the Fund’s ability to record, process, summarize and report financial data and have identified for the Fund’s auditors any material weaknesses in internal controls; and

(b)  any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund’s internal controls; and

6.  The Fund’s other certifying officer and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the Evaluation Date, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date:  July 15, 2003	/s/ John P. Manning
	John P. Manning
	Director, President
	(Principal Executive
	Officer), C&M
	Management Inc.;

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I, Marc Teal, certify that:

1.I have reviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund IV L.P. (the “Fund”);

2.  Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3.  Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this annual report;

4.  The Fund’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the Company and we have:

(d)  designed such disclosure controls and procedures to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

(e)  evaluated the effectiveness of the Fund’s disclosure controls and procedures as of a date (the “Evaluation Date”) within 90 days prior to the filing date of this annual report; and

(f)  presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5.  The Fund’s other certifying officer and I have disclosed, based on our most recent evaluation, to the Fund’s auditors and the audit committee of the Fund’s board of directors (or persons performing the equivalent function):

(c)  all significant deficiencies in the design or operation of internal controls which could adversely affect the Fund’s ability to record, process, summarize and report financial data and have identified for the Fund’s auditors any material weaknesses in internal controls; and

(d)  any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund’s internal controls; and

6.  The Fund’s other certifying officer and I have indicated in this annual report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the Evaluation Date, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date:  July 15, 2003	/s/ Marc N. Teal
	Marc N. Teal, Chief Financial Officer

124