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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
September 19, 1996
CAPITAL REALTY INVESTORS, LTD.
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(Exact name of registrant as specified in its charter)
District of Columbia
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(State or other jurisdiction of incorporation)
0-11149 52-1219926
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(Commission File Number) (IRS Employer Identification No.)
11200 Rockville Pike, Rockville, Maryland 20852
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(Address of principal executive offices) (Zip Code)
(301) 468-9200
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(Registrant's telephone number, including area code)
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
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On May 23, 1994, the local general partners of Tanglewood Apartments
Associates I Limited Partnership (Tanglewood I) filed a notice of intent to
participate under the Low Income Housing Preservation and Resident Home
Ownership Act of 1990 (LIHPRHA). On July 11, 1996, the plan of action for the
sale of Tanglewood I under the LIHPRHA program was approved by HUD. This
program may provide incentives to owners of multifamily housing who commit to
operate their properties as low to moderate-income housing permanently and who
have participated under specific federal subsidy programs (Section 236 or
Section 221(d)(3)) for at least 18 years. Incentives available under the
LIHPRHA program include selling the property to qualified buyers.
On September 19, 1996, Tanglewood I sold the property, a 192-unit apartment
complex located in Westwego, Louisiana, under the LIHPRHA program to New Orleans
Affordable Housing, Inc., a District of Columbia non-profit entity. The sale of
the property generated net cash proceeds to Capital Realty Investors, Ltd.(the
Partnership) of approximately $904,000. The proceeds were net of approximately
$1.6 million used to retire, at a discount, the Partnership's purchase money
note obligation with respect to the property. The Partnership intends to
distribute approximately $450,000 (or approximately $18.12 per Limited Partner
unit) to the Limited Partners by October 31, 1996. The Managing General Partner
intends to retain all of the Partnership's remaining undistributed net sale
proceeds for the possible repayment, prepayment or purchase of the Partnership's
outstanding purchase money notes related to other Local Partnerships. The
Managing General Partner of the Partnership and/or its affiliates are expected
to receive net fees of approximately $72,204 for its services relating to the
sale of the property.
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SIGNATURE
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.
CAPITAL REALTY INVESTORS, LTD.
(Registrant)
By: C.R.I., Inc.
Managing General Partner
October 4, 1996 /s/ Deborah K. Browning
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Date Deborah K. Browning
Vice President/Chief Accounting
Officer
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