FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 2000
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the transition period from ________ to ___________
Commission file number: 0-26869
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 6
California 33-0761578
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3158 Redhill Avenue, Suite 120
Costa Mesa, CA 92626
(Address of principal executive offices)
(714) 662-5565
(Telephone number)
Indicate by check mark whether the registrant (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 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes No X
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
INDEX TO FORM 10-Q
For the Quarter Ended June 30, 2000
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets,
June 30, 2000 and March 31, 2000 3
Statement of Operations
For the Three months ended June 30, 2000 and 1999 4
Statement of Partners' Equity (Deficit)
For the Three months ended June 30, 2000 5
Statement of Cash Flows
For the Three months ended June 30, 2000 and 1999 6
Notes to Financial Statements 8
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures About Market Risks 15
PART II. OTHER INFORMATION
Item 1 Legal Proceedings 15
Item 6. Exhibits and Reports on Form 8-K 15
Signatures 16
2
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, 2000 March 31, 2000
------------------- --------------------
(unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents $ 3,702,273 $ 4,501,538
Investment in limited
partnerships, net (Note 3) 13,725,420 13,829,634
Loans receivable (Note 2) 204,878 154,878
Other assets 38,328 31,378
------------------- --------------------
$ 17,670,899 $ 18,517,428
=================== ====================
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities:
Payables to limited partnerships (Note 5) $ 476,844 $ 1,252,287
Accrued fees and expenses due to
General Partner and affiliates (Note 4) 20,835 35,171
------------------- --------------------
Total liabilities 497,679 1,287,458
------------------- --------------------
Partners' equity (deficit):
General partner (32,746) (32,128)
Limited partners (25,000 units authorized,
20,500 units issued and outstanding) 17,205,966 17,262,098
------------------- --------------------
Total partners' equity 17,173,220 17,229,970
------------------- --------------------
$ 17,670,899 $ 18,517,428
=================== ====================
</TABLE>
See accompanying notes to financial statements
3
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
STATEMENT OF OPERATIONS
For the Three Months Ended June 30, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
---------------------- --------------------
<S> <C> <C>
Interest income $ 62,122 $ 42,019
---------------------- --------------------
Operating expenses:
Amortization (Note 3) 12,887 7,102
Asset management fees (Note 4) 13,454 8,644
Other 8,854 3,596
--------------------
----------------------
Total operating expenses 35,195 19,342
---------------------- --------------------
Income from operations 26,927 22,677
---------------------- --------------------
Equity in income (losses) of limited partnerships (Note 3) (88,327) 12,668
---------------------- --------------------
Net income (loss) $ (61,400) $ 35,345
====================== ====================
Net income (loss) allocated to:
General partner $ (614) $ 353
====================== ====================
Limited partners $ (60,786) $ 34,992
====================== ====================
Net income (Loss) per weighted limited partner units $ (3) $ 2
====================== ====================
Outstanding weighted limited partner units 20,500 15,792
====================== ====================
</TABLE>
See accompanying notes to financial statements
4
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
STATEMENT OF PARTNERS' EQUITY (DEFICIT)
For the Three Months Ended June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partner Partners Total
----------- ---------------- --------------
<S> <C> <C> <C>
Partners' equity (deficit), March 31, 2000 $ (32,128) $ 17,262,098 $ 17,229,970
Collection of notes receivable - 5,000 5,000
Offering expenses (4) (346) (350)
Net loss (614) (60,786) (61,400)
----------- ---------------- --------------
Partners' equity (deficit), June 30, 2000 $ (32,746) $ 17,205,966 $ 17,173,220
=========== ================ ==============
</TABLE>
See accompanying notes to financial statements
5
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
STATEMENT OF CASH FLOWS
For the Three Months Ended June 30, 2000 and 1999
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
--------------------- -------------------
<S> <C> <C>
Cash flows from operating activities:
Net income (loss) $ (61,400) $ 35,345
Adjustments to reconcile net income (loss) to
net
cash provided by operating activities:
Amortization 12,887 7,102
Equity in losses (income) of limited partnerships 88,327 (12,668)
Change in accrued asset management fees 13,454 8,644
Change in other assets (6,950) (2,648)
Change in accrued fees and expenses due to
General Partner and affiliates (6,460) 2,168
-------------------
---------------------
Net cash provided by operating activities 39,858 37,943
--------------------- -------------------
Cash flows from investing activities:
Investment in limited partners (775,443) (216,973)
Distributions from limited partnerships 3,000 -
Loans receivable (50,000) (1,040,242)
Capitalized acquisition fees and costs (19,055) (695,608)
-------------------
---------------------
Net cash used in investing activities (841,498) (1,952,823)
--------------------- -------------------
Cash flows from financing activities:
Sale of limited partner units, net of discounts - 7,660,060
Subscriptions receivable - 888,375
Notes receivable 5,000 -
Offering expenses (2,625) (1,211,309)
-------------------
---------------------
Net cash provided by financing activities 2,375 7,337,126
--------------------- -------------------
Net increase (decrease) in cash and cash equivalents (799,265) 5,422,246
Cash and cash equivalents, beginning of period 4,501,538 2,690,665
--------------------- -------------------
Cash and cash equivalent, end of period $ 3,702,273 $ 8,112,911
===================== ===================
</TABLE>
See accompanying notes to financial statements
6
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
STATEMENT OF CASH FLOWS - CONTINUED
For the Three Months Ended June 30, 2000
(Unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
<TABLE>
<CAPTION>
2000 1999
--------------------- -------------------
<S> <C> <C>
Taxes paid $ 800 $ 800
==================== ==================
</TABLE>
See accompanying notes to financial statements
7
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
June 30, 2000
(Unaudited)
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General
The accompanying condensed consolidated unaudited financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-Q for quarterly
reports under Section 13 or 15(d) of the Securities Exchange Act of 1934.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (consisting of normal recurring
accruals) considered necessary for a fair presentation have been included.
Operating results for the three months ended June 30, 2000 are not necessarily
indicative of the results that may be expected for the fiscal year ending March
31, 2001. For further information, refer to the financial statements and
footnotes thereto included in the Partnership's annual report on Form 10-K for
the fiscal year ended March 31, 2000.
Organization
WNC Housing Tax Credit Fund VI, L.P., Series 6 (the "Partnership") was formed on
March 3, 1997 under the laws of the State of California, and commenced
operations on August 20, 1998. Prior to August 20, 1998, the Partnership was
considered a development-stage enterprise. The Partnership was formed to invest
primarily in other limited partnerships ("the Local Limited Partnerships") which
own and operate multi-family housing complexes (the "Housing Complexes") that
are eligible for low income housing tax credits. The local general partners (the
"Local General Partners") of each Local Limited Partnership retain
responsibility for developing, constructing, maintaining, operating and managing
the Housing Complex.
The general partner is WNC & Associates, Inc. ("WNC" or the "General Partner").
Wilfred N. Cooper, Sr., through the Cooper Revocable Trust, owns 66.8% of the
outstanding stock of WNC. John B. Lester, Jr. is the original limited partner of
the Partnership and owns, through the Lester Family Trust, 28.6% of the
outstanding stock of WNC. Wilfred N. Cooper, Jr. president of WNC & Associates,
Inc. owns 2.1% of the outstanding stock of WNC.
The Partnership agreement authorized the sale of up to 25,000 units at $1,000
per Unit ("Units"). As of June 30, 2000 and March 31, 2000, 20,500 units,
representing subscriptions in the amount of $20,456,595, net of discounts of
$27,305 for volume purchases and dealer discounts of $16,100 had been accepted.
The General Partner has a 1% interest in operating profits and losses, taxable
income and losses, cash available for distribution from the Partnership and tax
credits of the Partnership. The limited partners will be allocated the remaining
99% of these items in proportion to their respective investments.
After the limited partners have received proceeds from a sale or refinancing
equal to their capital contributions and their return on investment (as defined
in the Partnership Agreement) and the General Partner has received proceeds
equal to its capital contribution and a subordinated disposition fee (as
described in Note 4) from the remainder, any additional sale or refinancing
proceeds will be distributed 90% to the limited partners (in proportion to their
respective investments) and 10% to the General Partner.
8
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINIUED
June 30, 2000
(Unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Risks and Uncertainties
The Partnership's investments in Local Limited Partnerships are subject to the
risks incident to the management and ownership of low-income housing and to the
management and ownership of multi-unit residential real estate. Some of these
risks are that the low income housing credit could be recaptured and that
neither the Partnership's investments nor the Housing Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the Housing
Complexes receive government financing or operating subsidies, they may be
subject to one or more of the following risks: difficulties in obtaining tenants
for the Housing Complexes; difficulties in obtaining rent increases; limitations
on cash distributions; limitations on sales or refinancing of Housing Complexes;
limitations on transfers of Local Limited Partnership Interests; limitations on
removal of Local General Partners; limitations on subsidy programs; and possible
changes in applicable regulations. The Housing Complexes are or will be subject
to mortgage indebtedness. If a Local Limited Partnership does not make its
mortgage payments, the lender could foreclose resulting in a loss of the Housing
Complex and low income housing credits. As a limited partner of the Local
Limited Partnerships, the Partnership will have very limited rights with respect
to management of the Local Limited Partnerships, and will rely totally on the
Local General Partners of the Local Limited Partnerships for management of the
Local Limited Partnerships. The value of the Partnership's investments will be
subject to changes in national and local economic conditions, including
unemployment conditions, which could adversely impact vacancy levels, rental
payment defaults and operating expenses. This, in turn, could substantially
increase the risk of operating losses for the Housing Complexes and the
Partnership. In addition, each Local Limited Partnership is subject to risks
relating to environmental hazards and natural disasters which might be
uninsurable. Because the Partnership's operations will depend on these and other
factors beyond the control of the General Partner and the Local General
Partners, there can be no assurance that the anticipated low income housing
credits will be available to Limited Partners.
In addition, Limited Partners are subject to risks in that the rules governing
the low income housing credit are complicated, and the use of credits can be
limited. The only material benefit from an investment in Units may be the low
income housing credits. There are limits on the transferability of Units, and it
is unlikely that a market for Units will develop. All management decisions will
be made by the General Partner.
Method of Accounting For Investments in Local Limited Partnerships
The Partnership accounts for its investments in Limited Partnerships using the
equity method of accounting, whereby the Partnership adjusts its investment
balance for its share of the Local Limited Partnership's results of operations
and for any distributions received. The accounting policies of the Local Limited
Partnerships are consistent with the Partnership. Costs incurred by the
Partnership in acquiring the investments are capitalized as part of the
investment and amortized over 15 years (see Note 3).
Offering Expenses
Offering expenses consist of underwriting commissions, legal fees, printing,
filing and recordation fees, and other costs incurred with the selling of
limited partnership interests in the Partnership. The General Partner is
obligated to pay all offering and organization costs in excess of 14.5%
(including sales commissions) of the total offering proceeds. Offering expenses
are reflected as a reduction of limited partners' capital and amounted to
$2,817,762 and $2,817,412 as of June 30, 2000 and March 31, 2000, respectively.
9
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINIUED
June 30, 2000
(Unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements, and
the reported amounts of revenues and expenses during the reporting period.
Actual results could materially differ from those estimates.
Cash and Cash Equivalents
The Partnership considers all highly liquid investments with remaining
maturities of three months or less when purchased to be cash equivalents. As of
June 30 and March 31, 2000 the Partnership had cash equivalents of $3,307,535
and $3,260,626, respectively.
Net Income Per Limited Partner Unit
Net income per limited partnership unit is calculated pursuant to Statement of
Financial Accounting Standards No. 128, Earnings Per Share. Net income per unit
includes no dilution and is computed by dividing income available to limited
partners by the weighted average number of units outstanding during the period.
Calculation of diluted net income per unit is not required.
Concentration of Credit Risk
At June 30, 2000 and March 31, 2000, the Partnership maintained cash balances at
a certain financial institution in excess of the federally insured maximum.
Reporting Comprehensive Income
In June 1997, the FASB issued Statement of Financial Accounting Standards
("SFAS") No. 130, Reporting Comprehensive Income. This statement establishes
standards for reporting the components of comprehensive income and requires that
all items that are required to be recognized under accounting standards as
components of comprehensive income be included in a financial statement that is
displayed with the same prominence as other financial statements. Comprehensive
income includes net income as well as certain items that are reported directly
within a separate component of Partners' equity and bypass net income. The
Partnership adopted the provisions of this statement in 1998. For the periods
presented, the Partnership has no elements of other comprehensive income, as
defined by SFAS No. 130.
NOTE 2 - LOANS RECEIVABLE
Loans receivable represent amounts loaned by the Partnership to two prospective
Local Limited Partnerships in which the Partnership had planned to invest. In
the event that the Partnership does not invest in such entities, the loans are
to be repaid with interest at a rate which is equal to the rate charged to the
holder (8.5% at June 30, 2000). Subsequent to June 30, 2000, the Partnership
decided not to invest in these two Local Limted Partnerships and plans on
collecting the full amount of the outstanding loans receivable.
10
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINIUED
June 30, 2000
(Unaudited)
NOTE 3 - INVESTMENT IN LIMITED PARTNERSHIPS
As of June 30, 2000 and March 31, 2000, the Partnership had acquired Limited
Partnership interests in twelve Local Limited Partnerships, respectively, each
of which owns one Housing Complex, except for one Local Limited Partnership
which owns three Housing Complexes, consisting of an aggregate of 514 apartment
units. Subsequent to June 30, 2000, the Partnership acquired an interest in one
additional Local Limited Partnership committing itself to capital contribution
payments totaling $2,195,028 and is in negotiations to acquire interests in two
additional Local Limited Partnerships. As of June 30, 2000, construction or
rehabilitation of two of the Housing Complexes was still in process. The
respective general partners of the Local Limited Partnerships manage the day to
day operations of the entities. Significant Local Limited Partnership business
decisions require approval from the Partnership. The Partnership, as a limited
partner, is generally entitled to 99.9%, as specified in the Local Limited
Partnership agreements, of the operating profits and losses, taxable income and
losses and tax credits of the Local Limited Partnerships.
Following is a summary of the equity method activity of the investments in Local
Limited Partnerships for the periods presented below:
<TABLE>
<CAPTION>
For the Three Months For the Year Ended
Ended March 31, 2000
June 30, 2000
----------------------- ---------------------
<S> <C> <C>
Investment per balance sheet, beginning of period $ 13,829,634 $ 7,748,624
Capital contribution paid, net - 5,211,780
Capital contribution to be paid - 805,242
Equity in losses of limited partnerships (88,327) (520,281)
Tax credit adjustments - (74,861)
Capitalized acquisition fees and costs - 704,746
Distributions received (3,000) -
Amortization of paid acquisition fees and costs (12,887) (45,616)
----------------------- ---------------------
Investment per balance sheet, end of period $ 13,725,420 $ 13,829,634
======================= =====================
</TABLE>
11
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINIUED
June 30, 2000
(Unaudited)
NOTE 3 - INVESTMENT IN LIMITED PARTNERSHIPS, continued
Selected financial information for the three months ended June 30 from the
unaudited combined financial statements of the limited partnerships in which the
Partnership has invested as follows:
<TABLE>
<CAPTION>
2000 1999
----------------------- ---------------------
<S> <C> <C>
Total revenue $ 536,000 $ 146,000
----------------------- ---------------------
Interest expense 124,000 24,000
Depreciation 246,000 29,000
Operating expenses 266,000 80,000
----------------------- ---------------------
Total expenses 636,000 133,000
----------------------- ---------------------
Net income (loss) $ (100,000) $ 13,000
======================= =====================
Net loss allocable to the Partnership $ (88,000) $ 13,000
======================= =====================
Net loss recorded by the Partnership $ (88,000) $ 13,000
======================= =====================
</TABLE>
NOTE 4 - RELATED PARTY TRANSACTIONS
Under the terms of the Partnership Agreement, the Partnership has paid or is
obligated to the General Partner or its affiliates for the following items:
(a) An annual asset management fee not to exceed 0.2% of the Invested Assets
(defined as the Partnership's capital contributions plus reserves of the
Partnership of up to 5% of gross proceeds plus its allocable percentage of
the mortgage debt encumbering the Housing Complexes) of the Local Limited
Partnerships. Management fees of $13,454 and $8,644 were incurred during
the three months ended June 30, 2000 and 1999, respectively, of which $0
was paid during each of the three months ended June 30, 2000 and 1999.
(b) A subordinated disposition fee in an amount equal to 1% of the sales price
of real estate sold. Payment of this fee is subordinated to the limited
partners receiving a preferred return of 12% through December 31, 2008 and
6% thereafter (as defined in the Partnership Agreement) and is payable only
if the General Partner or its affiliates render services in the sales
effort. No disposition fees have been paid.
12
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 6
(A California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS - CONTINIUED
June 30, 2000
(Unaudited)
NOTE 4 - RELATED PARTY TRANSACTIONS, continued
The "accrued fees and expenses due to the General Partner and affiliates"
presented on the balance sheets consists of the following:
<TABLE>
<CAPTION>
June 30, 2000 March 31, 2000
--------------------- ---------------------
<S> <C> <C>
Acquisition fees $ - $ 19,054
Asset management fee payable 24,000 10,546
Commissions payable to affiliate - 2,275
Reimbursement for expenses paid by the General partner or (3,165) 3,296
an affiliate
--------------------- ---------------------
$ 20,835 $ 35,171
===================== =====================
</TABLE>
NOTE 5 - PAYABLES TO LIMITED PARTNERSHIPS
Payables to limited partnerships represent amounts which are due at various
times based on conditions specified in the limited partnership agreements. These
contributions are payable in installments and are due upon the Local Limited
Partnerships achieving certain operating and development benchmarks (generally
within two years of the Partnership's initial investment).
NOTE 6 - INCOME TAXES
No provision for income taxes has been recorded in the accompanying financial
statements as any liability for income taxes is the obligation of the partners
of the Partnership.
13
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
This Quarterly Report contains forward-looking statements concerning the
Partnership's anticipated future revenues and earnings, adequacy of future cash
flow and related matters. These forward-looking statements include, but are not
limited to, statements containing the words "expect", "believe", "will", "may",
"should", "project", "estimate", and like expressions, and the negative thereof.
These statements are subject to risks and uncertainties that could cause actual
results to differ materially from the statements, including competition, as well
as those risks described in the Partnership's SEC reports, including the
Partnership's Form 10-K filed pursuant to the Securities and Exchange Act of
1934 on September 25, 2000.
The following discussion and analysis compares the results of operations for the
three months ended June 30, 2000 and 1999, and should be read in conjunction
with the condensed consolidated financial statements and accompanying notes
included within this report.
Financial Condition
The Partnership's assets at June 30, 2000 consisted primarily of $3,702,000 in
cash and cash equivalents, aggregate investments in twelve Local Limited
Partnerships of $13,725,000, and deposits on two prospective acquisitions of
$205,000, both of which were rejected subsequent to June 30, 2000. Liabilities
at June 30, 2000 primarily consisted of $477,000 of capital contributions due to
Local Limited Partnerships, and $21,000 of accrued fees and advances due to the
General Partner and affiliates.
Results of Operations
Three Months Ended June 30, 2000 Compared to Three Months Ended June 30, 1999.
The Partnership's net loss for the three months ended June 30, 2000 was
$(61,000), reflecting a change of $96,000 from the net income of $35,000
experienced for the three months ended June 30, 1999. The increase in net loss
was primarily due to equity in income (losses) of limited partnerships which
changed by $101,000 to $(88,000) for the three months ended June 30, 2000 from
$13,000 for the three months ended June 30, 1999. In addition to the increase in
equity in losses of limited partnerships, operating expenses increased by
$16,000 to $35,000 for the three months ended June 30, 2000 from $19,000 for the
three months ended June 30, 1999, which was offset by an increase in interest
income of $20,000 to $62,000 for the three months ended June 30, 2000 from
$42,000 for the three months ended June 30, 1999.
Cash Flows
Three Months Ended June 30, 2000 Compared to Three Months Ended June 30, 1999.
Net decrease in cash during the three months ended June 30, 2000 was $(799,000),
compared to a net increase in cash for the three months ended June 30, 1999 of
$5,422,000. The change was due primarily to a decrease in cash received from the
sale of limited partner units of $7,660,000, a decrease in subscriptions
received of $888,000, an increase in cash paid for investments in limited
partnerships of $558,000, which was offset by a decrease in cash paid for
offering expenses of $1,208,000, a decrease in loans paid to limited
partnerships of $990,000, a decrease in acquisition fees and costs paid of
$677,000, an increase in distributions received from limited partnership of
$3,000, an increase in collections of notes receivable of $5,000 and an increase
in cash provided by operating activities of $2,000.
The Partnership expects its future cash flows, together with its net available
assets at June 30, 2000, to be sufficient to meet all future cash requirements.
14
<PAGE>
Item 3: Quantitative and Qualitative Disclosures Above Market Risks
NOT APPLICABLE
Part II. Other Information
Item 1. Legal Proceedings
NONE
Item 6. Exhibits and Reports on Form 8-K
NONE
15
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 6
By: WNC & Associates, Inc. General Partner of the Registrant
By: /s/ Wilfred N. Cooper, Jr.
Wilfred N. Cooper, Jr., President - Chief Operating Officer of
WNC & Associates, Inc.
Date: December 14, 2000
By: /s/ Michael L. Dickenson
Michael L. Dickenson, Vice President - Chief Financial Officer of
WNC & Associates, Inc.
Date: December 14, 2000
16
