<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Quarterly Period Ended JUNE 30, 1997
Commission File Number 2-92352
HOUSING PROGRAMS LIMITED
(A California Limited Partnership)
I.R.S. Employer Identification No. 95-3906167
9090 WILSHIRE BLVD., SUITE 201
BEVERLY HILLS, CALIF. 90211
Registrant's Telephone Number,
Including Area Code (310) 278-2191
Indicate by check mark whether the registrant (1) has filed all documents and
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 registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
----- -----
<PAGE> 2
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 1997
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
<S> <C>
Balance Sheets, June 30, 1997 and December 31, 1996 ......................1
Statements of Operations,
Six and Three Months Ended June 30, 1997 and 1996...................2
Statement of Partners' Deficiency,
Six Months Ended June 30, 1997 .....................................3
Statements of Cash Flow,
Six Months Ended June 30, 1997 and 1996.............................4
Notes to Financial Statements ............................................5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operation................................10
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.....................................................12
Item 6. Exhibits and Reports on Form 8-K......................................12
Signatures ...................................................................13
</TABLE>
<PAGE> 3
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
BALANCE SHEETS
JUNE 30, 1997 AND DECEMBER 31, 1996
ASSETS
<TABLE>
<CAPTION>
1997 1996
(Unaudited) (Audited)
------------ ------------
<S> <C> <C>
INVESTMENTS IN LIMITED PARTNERSHIPS
(Notes 1 and 2) $ 13,165,812 $ 14,364,056
CASH AND CASH EQUIVALENTS (Note 1) 1,267,265 948,476
OTHER ASSETS 64,299 -
------------ ------------
TOTAL ASSETS $ 14,497,376 $ 15,312,532
============ ============
LIABILITIES AND PARTNERS' DEFICIENCY
LIABILITIES:
Notes payable (Notes 3 and 6) $ 8,669,743 $ 10,169,743
Accrued interest payable (Notes 3 and 6) 9,535,399 10,811,557
Accrued fees and expenses due general
partners (Note 4) 1,480,373 1,317,044
Accounts payable 18,354 30,905
------------ ------------
19,703,869 22,329,249
------------ ------------
COMMITMENTS AND CONTINGENCIES (Notes 2, 4 and 5)
PARTNERS' DEFICIENCY:
General partners (302,811) (320,913)
Limited partners (4,903,682) (6,695,804)
------------ ------------
(5,206,493) (7,016,717)
------------ ------------
TOTAL LIABILITIES AND PARTNERS'
DEFICIENCY $ 14,497,376 $ 15,312,532
============ ============
</TABLE>
The accompanying notes are an integral part of these financial statements.
1
<PAGE> 4
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
SIX AND THREE MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
Six months Three months Six months Three months
ended ended ended ended
June 30, 1997 June 30, 1997 June 30, 1996 June 30, 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INTEREST INCOME $ 24,996 $ 12,958 $ 19,563 $ 12,847
OPERATING EXPENSES:
Management fees - general partner (Note 4) 263,326 131,663 263,326 131,663
General and administrative (Note 4) 32,131 17,918 25,964 10,946
Legal and accounting (Note 4) 74,624 30,141 66,152 21,348
Interest (Notes 3 and 4) 505,563 252,781 521,770 252,781
----------- ----------- ----------- -----------
Total operating expenses 875,644 432,503 877,212 416,738
----------- ----------- ----------- -----------
LOSS FROM OPERATIONS (850,648) (419,545) (857,649) (403,891)
DISTRIBUTIONS FROM LIMITED
PARTNERSHIPS RECOGNIZED
AS INCOME 439,020 305,164 145,401 -
EQUITY IN INCOME OF LIMITED
PARTNERSHIPS AND AMORTIZATION
OF ACQUISITION COSTS (Note 2) 72,756 36,378 76,000 38,000
----------- ----------- ----------- -----------
NET LOSS BEFORE EXTRAORDINARY GAIN $ (338,872) $ (78,003) $ (636,248) $ (365,891)
=========== =========== =========== ===========
NET INCOME (LOSS) PER LIMITED PARTNERSHIP
INTEREST BEFORE EXTRAORDINARY GAIN $ (27) $ (6) $ (51) $ (30)
=========== =========== =========== ===========
EXTRAORDINARY GAIN -
DEBT FORGIVENESS (NOTE 3) 2,149,096 2,149,096 - -
----------- ----------- ----------- -----------
NET INCOME (LOSS) AFTER EXTRAORDINARY GAIN $ 1,810,224 $ 2,071,093 $ (636,248) $ (365,891)
=========== =========== =========== ===========
NET INCOME (LOSS) PER LIMITED PARTNERSHIP
INTEREST AFTER EXTRAORDINARY GAIN $ 146 $ 167 $ (51) $ (30)
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
2
<PAGE> 5
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENT OF PARTNERS' DEFICIENCY
SIX MONTHS ENDED JUNE 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partners Partners Total
----------- ----------- -----------
<S> <C> <C> <C>
PARTNERSHIP INTERESTS
June 30, 1997 12,368
===========
DEFICIENCY, January 1, 1997 $ (320,913) $(6,695,804) $(7,016,717)
Net income for the six months
ended June 30, 1997 18,102 1,792,122 1,810,224
----------- ----------- -----------
DEFICIENCY, June 30, 1997 $ (302,811) $(4,903,682) $(5,206,493)
=========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
3
<PAGE> 6
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 1,810,224 $ (636,248)
Adjustments to reconcile net income (loss) to net cash (used in)
provided by operating activities:
Equity in income of limited partnerships
and amortization of acquisition costs (72,756) (76,000)
Extraordinary gain - Debt forgiveness (2,149,096) -
Increase in accrued interest payable 374,538 505,563
Increase in accrued fees and
expenses due general partners 163,329 179,987
Increase (decrease) in accounts payable (12,551) 147,185
----------- -----------
Net cash (used in) provided by operating activities 113,688 120,487
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions from limited partnerships
recognized as a return of capital 205,101 71,064
----------- -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 318,789 191,551
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 948,476 595,330
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,267,265 $ 786,881
=========== ===========
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Repayment of debt by lower-tier partnership
and foregiveness of debt 3,150,696 -
=========== ===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
4
<PAGE> 7
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
GENERAL
The information contained in the following notes to the financial
statements is condensed from that which would appear in the annual audited
financial statements; accordingly, the financial statements included herein
should be reviewed in conjunction with the financial statements and related
notes thereto contained in the Housing Programs Limited (the "Partnership")
annual report for the year ended December 31, 1996. National Partnership
Investments Corp. ("NAPICO") is a general partner for the Partnership.
Accounting measurements at interim dates inherently involve greater
reliance on estimates than at year end. The results of operations for the
interim period presented are not necessarily indicative of the results for
the entire year.
In the opinion of NAPICO, the accompanying unaudited financial statements
contain all adjustments (consisting primarily of normal recurring accruals)
necessary to present fairly the financial position of the Partnership at
June 30, 1997 and the results of operations for the six and three months
then ended and changes in cash flows for the six months then ended.
ORGANIZATION
The Partnership is a limited partnership which was formed under the laws of
the State of California on May 15, 1984. On September 12, 1984, the
Partnership offered 3,000 units consisting of 6,000 limited partnership
interests and warrants to purchase a maximum of 6,000 additional limited
partnership interests through a public offering .
The general partners of the Partnership are NAPICO, Housing Programs
Corporation II and Coast Housing Investment Associates ("CHIA"). LB I Group
Inc. owns 100 percent of the stock of Housing Programs Corporation II.
Casden Investment Corp. owns 100 percent of NAPICO's stock. CHIA is a
limited partnership formed under the California Limited Partnership Act and
consists of Messrs. Nicholas G. Ciriello, general partner and Charles H.
Boxenbaum, limited partner. Mr. Boxenbaum is currently the chief executive
officer of NAPICO. The business of the Partnership is conducted primarily
by its general partners as the Partnership has no employees of its own.
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 reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
5
<PAGE> 8
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
METHOD OF ACCOUNTING FOR INVESTMENT IN LIMITED PARTNERSHIPS
The investments in local limited partnerships are accounted for on the
equity method. Acquisition, selection fees and other costs related to the
acquisition of the projects have been capitalized to the investment
accounts.
NET INCOME (LOSS) PER LIMITED PARTNERSHIP INTEREST
Net income (loss) per limited partnership interest was computed by dividing
the limited partners' share of net income (loss) by the number of limited
partnership interests outstanding during the year. The number of limited
partnership interests was 12,368 for all years presented.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of cash and bank certificates of deposit
with an original maturity of three months or less.
INCOME TAXES
No provision has been made for income taxes in the accompanying financial
statements since such taxes, if any, are the liability of the individual
partners.
IMPAIRMENT OF LONG-LIVED ASSETS
The Partnership adopted Statement of Financial Accounting Standards No.
121, Account for the Improvement of Long-Lived Assets and for Long-Lived
Assets To Be Disposed Of as of January 1, 1996 without a significant effect
on its financial statements. The Partnership reviews long-lived assets to
determine if there has been any permanent impairment whenever events or
changes in circumstances indicate that the carrying amount of the asset may
not be recoverable. If the sum of the expected future cash flows is less
than the carrying amount of the assets, the Partnership recognizes an
impairment loss.
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
As of June 30, 1997, the Partnership holds indirect interests in 17
properties, as the sole limited partner in various limited partnerships.
The 17 lower-tier limited partnerships own residential rental projects
consisting of a total of 2,542 apartment units. The mortgage loans
encumbering these projects are insured by various governmental agencies.
6
<PAGE> 9
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS (CONTINUED)
The Partnership, as a limited partner, is entitled to 99 percent of the
income and losses of the lower-tier limited partnerships.
The Partnership's allocated portion of equity in losses from the lower-tier
limited partnerships is recognized in the financial statements of the
Partnership until the Partnership's investment account in the applicable
lower-tier limited partnership is reduced to a zero balance. Losses
incurred after the investment account is reduced to zero are not
recognized.
Distributions from the limited partnerships are treated as a reduction of
capital until the Partnership's investment account balance in the
applicable lower-tier limited partnership has been reduced to the lesser of
zero or a negative amount equal to future capital contributions required to
be made by the Partnership to the applicable lower-tier limited
partnership. Subsequent distributions are treated as income.
The following is a summary of the Partnership's investment in lower-tier
limited partnerships for the six months ended June 30, 1997:
<TABLE>
<S> <C>
Balance, beginning of period $ 14,364,056
Amortization of acquisition costs (19,244)
Equity in income of limited partnerships 92,000
Distribution recognized as return of capital (1,271,000)
------------
Balance, end of period $ 13,165,812
============
</TABLE>
The following are unaudited combined estimated statements of operations for the
six and three months ended June 30, 1997 and 1996 for the limited partnerships
in which the Partnership has investments:
<TABLE>
<CAPTION>
Six months Three months Six months Three months
ended ended ended ended
June 30, 1997 June 30, 1997 June 30, 1996 June 30, 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INCOME
Rental and Other $8,968,000 $ 4,484,000 $ 8,566,000 $ 4,283,000
EXPENSES
Depreciation 1,766,000 883,000 1,762,000 881,000
Interest 1,820,000 910,000 1,854,000 927,000
Operating 5,964,000 2,982,000 5,646,000 2,823,000
----------- ----------- ----------- -----------
Total expenses 9,550,000 4,775,000 9,262,000 4,631,000
----------- ----------- ----------- -----------
NET LOSS $ (582,000) $ (291,000) $ (696,000) $ (348,000)
=========== =========== =========== ===========
</TABLE>
7
<PAGE> 10
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
NOTE 3 - NOTES PAYABLE
Certain of the Partnership's investments involved purchases of partnership
interests from partners who subsequently withdrew from the operating
partnership. The Partnership is obligated for various non-recourse notes
payable in the aggregate amount of $8,669,743, bearing interest at 9.5
percent per annum to the various sellers of the partnership interests. The
notes have principal maturity dates ranging from December 31, 1999 to
December 2001 or upon sale or refinancing of the underlying partnership
properties. These obligations and the related interest are collateralized
by the Partnership's investment in the investee limited partnerships and
are payable only out of cash distributions from the investee partnerships,
as defined in the notes. Unpaid interest is due at maturity of the notes.
On June 30, 1997, the lower-tier partnership that owns Deep Lake Hermitage
Apartments consummated the sale of the apartment complex for $4,800,000.
There were two notes payable by the Partnership to sellers of interests in
the lower-tier partnership that owns the Deep Lake Hermitage property in
the original aggregate principal amount of $1,500,000, which were secured
by the Partnership's interest in the local limited partnership. The notes
were payable in full on October 31, 1996, but were extended to allow
sufficient time to sell the property. The notes in the principal amount of
$1,500,000 had accrued interest of $1,650,696, for a total amount due of
$3,150,696. The Partnership entered into an agreement with the note
holders, who accepted a reduced payment of $1,000,000 in full satisfaction
of all obligations, in order to enable the sale of property. This was paid
by the lower tier partnership from proceeds of the sale. In addition, the
apartment complex had a first mortgage note of approximately $3,500,000
which was paid off from proceeds of the sale. The Partnership recognized an
extraordinary gain of $2,149,096 from the forgiveness of the debt.
NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS
Under the terms of the Partnership's Restated Certificate and Agreement of
Limited Partnership, the Partnership is obligated to the general partners
for an annual management fee equal to 0.5 percent of the invested assets of
the limited partnerships. Invested assets is defined as the costs of
acquiring project interests including the proportionate amount of the
mortgage loans related to the Partnership's interests in the capital
accounts of the respective limited partnerships. For the six months ended
June 30, 1997 and 1996, the amount accrued was $263,326.
The Partnership also reimburses NAPICO for certain expenses. The
reimbursement to NAPICO was $0, and $9,948 for the six months ended June
30, 1997 and 1996, respectively, and is included in operating expenses.
8
<PAGE> 11
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1997
NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS (CONTINUED)
As of June 30, 1997, the fees and expenses due the general partners
exceeded the Partnership's cash and cash equivalents and short term
investments. The general partners, during the forthcoming year, will not
demand payment of amounts due in excess of such cash or such that the
Partnership would not have sufficient operating cash; however, the
Partnership will remain liable for all such amounts.
An affiliate of NAPICO is the general partner in ten of the limited
partnerships, and another affiliate receives property management fees of
approximately 5 to 6 percent of revenues from five of the ten partnerships.
For the six months ended June 30, 1997 and 1996, approximately $123,292 and
$118,900, respectively, was paid to the NAPICO affiliate for property
management fees.
Pursuant to a Memorandum of Understanding entered into on August 11, 1995,
the Partnership paid interest of $16,207 on May 1, 1996 to an affiliate of
NAPICO, that served as the management company for properties owned by the
Partnership. The interest relates to funds advanced to the Partnership by
the master disbursement account maintained by the management company. In
addition, the Partnership on May 1, 1996 reimbursed Housing Programs
Corporation II $15,000 for professional fees, which were paid on behalf of
the Partnership in connection with issues raised in the Memorandum of
Understanding.
NOTE 5 - CONTINGENCIES
NAPICO is a plaintiff in various lawsuits and has also been named as
defendant in other lawsuits arising from transactions in the ordinary
course of business. In the opinion of NAPICO, the claims will not result in
any material liability to the Partnership.
NOTE 6 - FAIR VALUE OF FINANCIAL INSTRUMENTS
Statement of Financial Accounting Standards No. 107, "Disclosure about Fair
Value of Financial Instruments," requires disclosure of fair value
information about financial instruments, when it is practicable to estimate
that value. The notes payable are collateralized by the Partnership's
investments in investee limited partnerships and are payable only out of
cash distributions from the investee partnerships. The cash flow generated
by operations of the investee limited partnerships, which account for the
Partnership's primary source of revenues, are subject to various government
rules, regulations and restrictions which make it impracticable to estimate
the fair value of the notes payable and related accrued interest. The
carrying amount of other assets and liabilities reported on the balance
sheets that require such disclosure approximates fair value due to their
short-term maturity.
9
<PAGE> 12
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
JUNE 30, 1997
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
LIQUIDITY AND CAPITAL RESOURCES
The Partnership's primary sources of funds include interest income earned
from investing available cash and distributions from limited partnerships
in which the Partnership has invested. It is not expected that any of the
local limited partnerships in which the Partnership has invested will
generate cash flow sufficient to provide for distributions to limited
partners in any material amount.
RESULTS OF OPERATIONS
Partnership revenues consist primarily of interest income earned on
certificates of deposit and other temporary investment of funds. The
Partnership may also receive distributions from the lower-tier limited
partnerships in which it has invested.
Operating expenses of the Partnership consist of recurring general and
administrative expenses, professional fees for services rendered to the
Partnership and accrued interest on the notes payable. In addition, an
annual Partnership management fee in an amount equal to .5 percent of
invested assets is payable to the general partners.
The Partnership accounts for its investments in the local limited
partnerships on the equity method, thereby adjusting its investment balance
by its proportionate share of the income or loss of the local limited
partnerships. Losses incurred after the limited partnership investment
account is reduced to zero are not recognized.
Distributions received from limited partnerships are recognized as return
of capital until the investment balance has been reduced to zero or to a
negative amount equal to future capital contributions required. Subsequent
distributions received are recognized as income.
Except for certificates of deposit and money market funds, the
Partnership's investments consist entirely of interests in other limited
partnerships owning government assisted housing projects. Available cash is
invested to provide interest income as reflected in the statements of
operations. These funds can be converted to cash to meet obligations as
they arise. The Partnership intends to continue investing available funds
in this manner.
On June 30, 1997, the lower-tier partnership that owns Deep Lake Hermitage
Apartments consummated the sale of the apartment complex for $4,800,000.
There were two notes payable by the Partnership to sellers of interests in
the lower-tier partnership that owns the Deep Lake Hermitage property in
the original aggregate principal amount of $1,500,000, which were secured
by the Partnership's interest in the local limited partnership. The notes
were payable in full on October 31, 1996, but were extended to allow
sufficient time to sell the property. The notes in the principal amount of
$1,500,000 had accrued interest of $1,650,696, for a total amount due of
$3,150,696. The Partnership entered into an agreement with the note
holders, who accepted a reduced payment of $1,000,000 in full satisfaction
of all obligations, in order to enable the sale of property. This was paid
by the lower tier partnership from proceeds of the sale.
10
<PAGE> 13
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
JUNE 30, 1997
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (CONTINUED)
RESULTS OF OPERATION (CONTINUED)
In addition, the apartment complex had a first mortgage note of
approximately $3,500,000 which was paid off from proceeds of the sale. The
Partnership recognized an extraordinary gain of $2,149,096 from the
forgiveness of the debt.
Partnership entered into an agreement with the note holders, who accepted a
reduced payment of $1,000,000 in full satisfaction of all obligations, in
order to enable the sale of property. This was paid by the lower tier
partnership from proceeds of the sale. In addition, the apartment complex
had a first mortgage note of approximately $3,500,000 which was paid off
from proceeds of the sale. The Partnership recognized an extraordinary gain
of $2,149,096 from the forgiveness of the debt.
11
<PAGE> 14
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
JUNE 30, 1997
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As of June 30, 1997, NAPICO was a plaintiff or defendant in several lawsuits.
None of these suits are related to the Partnership. In the opinion of NAPICO,
the claims will not result in any material liability to the Partnership.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) No reports on Form 8-K were filed during the quarter ended June 30,
1997.
12
<PAGE> 15
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
JUNE 30, 1997
SIGNATURES
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.
HOUSING PROGRAMS LIMITED
(a California limited partnership)
By: National Partnership Investments Corp.
General Partner
-----------------------------------------
Bruce Nelson
President
Date:
-----------------------------------------
-----------------------------------------
Charles H. Boxenbaum
Chief Executive Officer
Date:
-----------------------------------------
13
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE PARTNERSHIP'S STATEMENTS OF EARNINGS AND BALANCE SHEETS AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 1,267,265
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,331,564
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 14,497,376
<CURRENT-LIABILITIES> 18,354
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> (5,206,493)
<TOTAL-LIABILITY-AND-EQUITY> 14,497,376
<SALES> 0
<TOTAL-REVENUES> 536,772
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 370,081
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 505,563
<INCOME-PRETAX> (338,872)
<INCOME-TAX> 0
<INCOME-CONTINUING> (338,872)
<DISCONTINUED> 0
<EXTRAORDINARY> 2,149,096
<CHANGES> 0
<NET-INCOME> 1,810,224
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
