<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 SEPTEMBER 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 SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Balance Sheets, September 30, 1997 and December 31, 1996 .......1
Statements of Operations,
Nine and Three Months Ended September 30, 1997 and 1996......2
Statement of Partners' Deficiency,
Nine Months Ended September 30, 1997 ........................3
Statements of Cash Flow,
Nine Months Ended September 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
SEPTEMBER 30, 1997 AND DECEMBER 31, 1996
<TABLE>
<CAPTION>
ASSETS
1997 1996
(Unaudited) (Audited)
------------ ------------
<S> <C> <C>
INVESTMENTS IN LIMITED PARTNERSHIPS
(Notes 1 and 2) $ 13,185,509 $ 14,364,056
CASH AND CASH EQUIVALENTS (Note 1) 1,197,882 948,476
OTHER ASSETS 64,299 --
------------ ------------
TOTAL ASSETS $ 14,447,690 $ 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) 9,732,857 10,811,557
Accrued fees and expenses due general
partners (Note 4) 1,549,401 1,317,044
Accounts payable 20,226 30,905
------------ ------------
19,972,227 22,329,249
------------ ------------
COMMITMENTS AND CONTINGENCIES (Notes 2, 4 and 5)
PARTNERS' DEFICIENCY:
General partners (305,991) (320,913)
Limited partners (5,218,546) (6,695,804)
------------ ------------
(5,524,537) (7,016,717)
------------ ------------
TOTAL LIABILITIES AND PARTNERS'
DEFICIENCY $ 14,447,690 $ 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
NINE AND THREE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
Nine months Three months Nine months Three months
ended ended ended ended
Sept. 30, 1997 Sept. 30, 1997 Sept. 30, 1996 Sept. 30, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INTEREST INCOME $ 41,582 $ 16,586 $ 29,565 $ 10,002
OPERATING EXPENSES:
Management fees - general partner (Note 4) 382,354 119,029 394,988 131,663
General and administrative (Note 4) 56,771 24,639 37,544 13,779
Legal and accounting (Note 4) 96,058 21,434 92,305 23,953
Interest (Notes 3 and 4) 711,469 205,906 774,551 252,781
----------- ----------- ----------- -----------
Total operating expenses 1,246,652 371,008 1,299,388 422,176
----------- ----------- ----------- -----------
LOSS FROM OPERATIONS (1,205,070) (354,422) (1,269,823) (412,174)
DISTRIBUTIONS FROM LIMITED
PARTNERSHIPS RECOGNIZED
AS INCOME 439,020 -- 164,647 19,246
EQUITY IN INCOME OF LIMITED
PARTNERSHIPS AND AMORTIZATION
OF ACQUISITION COSTS (Note 2) 109,134 36,378 114,000 38,000
----------- ----------- ----------- -----------
NET LOSS BEFORE EXTRAORDINARY GAIN $ (656,916) $ (318,044) $ (991,176) $ (354,928)
=========== =========== =========== ===========
NET LOSS PER LIMITED PARTNERSHIP INTEREST
BEFORE EXTRAORDINARY GAIN $ (53) $ (26) $ (80) $ (29)
=========== =========== =========== ===========
EXTRAORDINARY GAIN -
DEBT FORGIVENESS (NOTE 3) 2,149,096 -- -- --
----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 1,492,180 $ (318,044) $ (991,176) $ (354,928)
=========== =========== =========== ===========
NET INCOME (LOSS) PER LIMITED PARTNERSHIP
INTEREST $ 121 $ (26) $ (80) $ (29)
=========== =========== =========== ===========
</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
NINE MONTHS ENDED SEPTEMBER 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
General Limited
Partners Partners Total
----------- ------------ -----------
<S> <C> <C> <C>
PARTNERSHIP INTERESTS
September 30, 1997 12,368
===========
DEFICIENCY, January 1, 1997 $ (320,913) $(6,695,804) $(7,016,717)
Net income for the nine months
ended September 30, 1997 14,922 1,477,258 1,492,180
----------- ----------- -----------
DEFICIENCY, September 30, 1997 $ (305,991) $(5,218,546) $(5,524,537)
=========== =========== ===========
</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
NINE MONTHS ENDED SEPTEMBER 30, 1997 AND 1996
(Unaudited)
<TABLE>
<CAPTION>
1997 1996
----------- -----------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ 1,492,180 $ (991,176)
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 (109,134) (114,000)
Decrease in notes payable (1,500,000) --
Decrease in accrued interest payable (1,078,700) 694,230
Increase in accrued fees and expenses due general partners 232,357 244,986
Increase in other assets (64,299)
Decrease in accounts payable (10,679) (10,952)
----------- -----------
Net cash provided by (used in) operating activities (1,038,275) (176,912)
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions from limited partnerships
recognized as a return of capital 1,287,681 172,140
----------- -----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 249,406 (4,772)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 948,476 595,330
----------- -----------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,197,882 $ 590,558
=========== ===========
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Repayment of debt by lower-tier partnership
and forgiveness 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
SEPTEMBER 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 September 30, 1997 and the results of operations
for the nine and three months then ended and changes in cash flows for
the nine 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)
SEPTEMBER 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
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)
SEPTEMBER 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 nine months ended September 30, 1997:
<TABLE>
<CAPTION>
<S> <C>
Balance, beginning of period $ 14,364,056
Amortization of acquisition costs (28,866)
Equity in income of limited partnerships 138,000
Distribution recognized as return of capital (1,287,681)
------------
Balance, end of period $ 13,185,509
============
</TABLE>
The following are unaudited combined estimated statements of operations
for the nine and three months ended September 30, 1997 and 1996 for the
limited partnerships in which the Partnership has investments:
<TABLE>
<CAPTION>
Nine months Three months Nine months Three months
ended ended ended ended
Sept. 30, 1997 Sept. 30, 1997 Sept. 30, 1996 Sept. 30, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCOME
Rental and Other $ 13,452,000 $ 4,484,000 $ 12,849,000 $ 4,283,000
EXPENSES
Depreciation 2,649,000 883,000 2,643,000 881,000
Interest 2,730,000 910,000 2,781,000 927,000
Operating 8,946,000 2,982,000 8,469,000 2,823,000
-------------- -------------- -------------- --------------
Total expenses 14,325,000 4,775,000 13,893,000 4,631,000
-------------- -------------- -------------- --------------
NET LOSS $ (873,000) $ (291,000) $ (1,044,000) $ (348,000)
============== ============== ============== ==============
</TABLE>
7
<PAGE> 10
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
SEPTEMBER 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.
During the nine months ended September 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
nine months ended September 30, 1997 and 1996, the amount accrued was
$382,354 and $394,988, respectively.
The Partnership also reimburses NAPICO for certain expenses. The
reimbursement to NAPICO was $0, and $9,948 for the nine months ended
September 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)
SEPTEMBER 30, 1997
NOTE 4 - FEES AND EXPENSES DUE TO GENERAL PARTNERS (CONTINUED)
As of September 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 nine months ended September 30, 1997 and 1996,
approximately $167,182 and $179,400, 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)
SEPTEMBER 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.
During the nine months ended September 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
10
<PAGE> 13
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
SEPTEMBER 30, 1997
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS (CONTINUED)
RESULTS OF OPERATION (CONTINUED)
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.
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)
SEPTEMBER 30, 1997
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
As of September 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
September 30, 1997.
12
<PAGE> 15
HOUSING PROGRAMS LIMITED
(A CALIFORNIA LIMITED PARTNERSHIP)
SEPTEMBER 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> 9-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 1,197,882
<SECURITIES> 0
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1,262,181
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 14,447,690
<CURRENT-LIABILITIES> 20,226
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 5,524,537
<TOTAL-LIABILITY-AND-EQUITY> 14,447,690
<SALES> 0
<TOTAL-REVENUES> 589,736
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 535,183
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 711,469
<INCOME-PRETAX> (656,916)
<INCOME-TAX> 0
<INCOME-CONTINUING> (656,916)
<DISCONTINUED> 0
<EXTRAORDINARY> 2,149,096
<CHANGES> 0
<NET-INCOME> 1,492,180
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
