<PAGE> 1
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1997
COMMISSION FILE NUMBER 0-15731
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
(Exact name of registrant as specified in its charter)
MARYLAND 52-1473440
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
8065 LEESBURG PIKE, SUITE 400
VIENNA, VIRGINIA 22182
(Address of principal executive offices)
(Zip Code)
(703) 394-2400
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed
since last report.)
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 X No
------ ------
<PAGE> 2
PART 1 - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF FINANCIAL POSITION
<TABLE>
<CAPTION>
March 31,
1997 December 31,
(Unaudited) 1996
------------ ------------
<S> <C> <C>
ASSETS
------
Cash and cash equivalents $ 77,394 $ 70,382
Accounts receivable 24,802 25,148
Prepaid insurance and tenant security deposits 150,204 87,420
Real estate tax escrow 126,266 583,265
Reserve for insurance premiums 17,668 70,043
Investments in and advances to Local Limited Partnerships (Note 2) - -
Land 3,650,000 3,650,000
Building and improvements - less accumulated depreciation
of $4,386,187 and $4,294,768 9,799,369 9,883,988
Deferred finance costs 69,402 78,262
----------- -----------
$13,915,105 $14,448,508
=========== ===========
LIABILITIES AND PARTNERS' DEFICIT
---------------------------------
Liabilities:
Accounts payable and accrued expenses from rental operations $ 396,899 $ 921,041
Administrative and reporting fee payable to General Partner (Note 3) 1,135,663 1,106,762
Due to General Partner (Note 3) 1,929,393 1,927,518
Accrued interest on partner loans (Note 3) 1,548,671 1,461,334
Other accrued expenses 50,745 38,745
Mortgage note payable 13,126,099 13,140,000
----------- -----------
18,187,470 18,595,400
----------- -----------
Partners' deficit:
General Partner -- The National Housing Partnership (NHP) (172,418) (171,163)
Original Limited Partner -- 1133 Fifteenth Street Four Associates (177,318) (176,063)
Other Limited Partners --15,414 investment units (3,922,629) (3,799,666)
----------- ----------
(4,272,365) (4,146,892)
----------- ----------
$13,915,105 $14,448,508
=========== ===========
</TABLE>
See notes to financial statements.
-1-
<PAGE> 3
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended March 31,
------------------------------------
1997 1996
---------- ----------
<S> <C> <C>
RENTAL REVENUES $ 848,282 $ 826,902
----------- ----------
RENTAL EXPENSES:
Interest 287,351 304,152
Renting and administrative 100,323 99,269
Operating and maintenance 160,527 179,418
Depreciation and amortization 100,279 81,710
Taxes and insurance 195,418 222,501
----------- ----------
843,898 887,050
----------- ----------
PROFIT (LOSS) FROM RENTAL OPERATIONS 4,384 (60,148)
----------- ----------
COSTS AND EXPENSES:
Interest on due to General Partner (Note 3) 87,337 67,105
Administrative and reporting fees to
General Partner (Note 3) 28,901 28,901
Other operating expenses 14,753 19,886
----------- ----------
130,991 115,892
----------- ----------
OTHER REVENUES:
Interest income 1,134 937
----------- ----------
NET LOSS $ (125,473) $ (175,103)
=========== ==========
NET LOSS ASSIGNABLE TO LIMITED PARTNERS $ (122,963) $ (171,601)
=========== ==========
NET LOSS PER LIMITED PARTNERSHIP
INTEREST $ (8) $ (11)
=========== ==========
</TABLE>
See notes to financial statements.
-2-
<PAGE> 4
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENT OF PARTNER'S DEFICIT
(UNAUDITED)
<TABLE>
<CAPTION>
The National 1133
Housing Fifteenth Other
Partnership Street Four Limited
(NHP) Associates Partners Total
----------- ---------- -------- -----
<S> <C> <C> <C> <C>
Deficit at January 1, 1997 $(171,163) $(176,063) $(3,799,666) $(4,146,892)
Net loss -- three months ended
March 31, 1997 (1,255) (1,255) (122,963) (125,473)
--------- --------- ----------- -----------
Deficit at March 31, 1997 $(172,418) $(177,318) $(3,922,629) $(4,272,365)
========= ========= =========== ===========
Percentage interest at March 31, 1997 1% 1% 98% 100%
========= ========= =========== ===========
(A) (B) (C)
</TABLE>
(A) General Partner
(B) Original Limited Partner
(C) Consists of 15,414 investment units of 0.006358% held by 1,289
investors
See notes to financial statements.
-3-
<PAGE> 5
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1997 1996
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Rent collections $ 825,991 $ 799,535
Interest received 1,134 937
Other income 20,212 27,974
Operating expenses paid, including rental expenses (1,041,090) (880,933)
Mortgage interest paid (287,908) (307,691)
------------- ----------
Net cash used in operating activities (481,661) (360,178)
------------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (6,800) (39,902)
Deposits to real estate tax escrow (149,931) (242,400)
Withdrawals from real estate tax escrow 606,930 625,081
Deposits to reserve for insurance premiums (21,215) (8,311)
Withdrawals from reserve for insurance premiums 73,590 34,224
------------- ----------
Net cash provided by investing activities 502,574 368,692
------------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of principal on mortgage note (13,901) -
------------- ----------
NET INCREASE IN CASH AND CASH EQUIVALENTS 7,012 8,514
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD 70,382 35,568
------------- ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 77,394 $ 44,082
============= ==========
SUPPLEMENTAL INFORMATION
Loan from General Partner for reduction of mortgage
principal and refinancing costs $ - $ 667,201
============= ==========
</TABLE>
See notes to financial statements.
-4-
<PAGE> 6
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
STATEMENTS OF CASH FLOWS
(UNAUDITED)
(CONTINUED)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
----------------------
1997 1996
---- ----
<S> <C> <C>
RECONCILIATION OF NET LOSS TO NET CASH
USED IN OPERATING ACTIVITIES
Net loss $(125,473) $(175,103)
--------- ---------
Adjustments to reconcile net loss to net cash used in
operating activities -
Depreciation 91,419 80,221
Amortization 8,860 1,489
Mortgagor entity expenses - 1,509
Decrease in accounts receivable 346 -
Increase in prepaid insurance, utility, and tenant
security deposits (62,784) (59,661)
Decrease in accounts payable and accrued expenses
from rental operations (524,142) (316,514)
Increase in administrative and reporting fees payable
to General Partner 28,901 28,901
Increase in due to General Partner 1,875 1,875
Increase in accrued interest on partner loans 87,337 67,105
Increase in other accrued expenses 12,000 10,000
--------- ---------
Total adjustments (356,188) (185,075)
--------- ---------
Net cash used in operating activities $(481,661) $(360,178)
========= =========
</TABLE>
See notes to financial statements.
-5-
<PAGE> 7
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
(1) ACCOUNTING POLICIES
NATURE OF BUSINESS
National Housing Partnership Realty Fund IV (the "Partnership") is a
limited partnership organized on January 8, 1986 under the laws of the
State of Maryland under the Maryland Revised Uniform Limited
Partnership Act. The Partnership was formed for the purpose of raising
capital by offering and selling limited partnership interests and then
investing in limited partnerships ("Local Limited Partnerships"), each
of which owns and operates an existing rental housing project which is
financed and/or operated with one or more forms of rental assistance
or financial assistance from the U.S. Department of Housing and Urban
Development ("HUD").
The General Partner raised capital for the Partnership by offering and
selling to additional limited partners 15,414 investment units at a
price of $1,000 per unit. The Partnership acquired limited partnership
interests of 99% in four Local Limited Partnerships, each of which was
organized to acquire and operate an existing rental housing project.
In addition, the Partnership directly purchased Trinity Apartments, a
conventionally financed rental apartment project.
BASIS OF PRESENTATION
The accompanying unaudited interim financial statements reflect all
adjustments which are, in the opinion of management, necessary to
present a fair statement of the financial condition and results of
operations for the interim periods presented. All such adjustments are
of a normal recurring nature.
While the General Partner believes that the disclosures presented are
adequate to make the information not misleading, it is suggested that
these financial statements be read in conjunction with the financial
statements and the notes included in NHP Realty Fund IV's Annual
Report filed in Form 10-K for the year ended December 31, 1996.
(2) INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS
The Partnership owns a 99% limited partnership interest in four Local
Limited Partnerships. In addition, the Partnership directly owns
Trinity Apartments. Because the Partnership, as a limited partner,
does not exercise control over the activities of the four Local
Limited Partnerships in accordance with the partnership agreements,
the investments in the Local Limited Partnerships are accounted for
using the equity method. Thus, the investments (and the advances made
to the Local Limited Partnerships as discussed below) are carried at
cost less the Partnership's share of the Local Limited Partnerships'
losses and distributions. However, because the Partnership is not
legally liable for the obligations of the Local Limited Partnerships,
and is not otherwise committed to provide additional support to them,
it does not recognize losses once its investment, reduced for its
share of losses and cash distributions, reaches zero in each of the
individual Local Limited Partnerships. As of March 31, 1997 and
December 31, 1996 investments in all four Local Limited Partnerships
had been reduced to zero. As a result, the Partnership did not
recognize $367,595 and $458,725 of losses from Local Limited
Partnerships during the three months ended March 31, 1997 and 1996,
respectively. As of March 31, 1997 and December 31, 1996, the
Partnership had not recognized $12,997,979 and $12,630,384,
respectively, of its allocated share of cumulative losses from the
Local Limited Partnerships in which its investment is zero.
-6-
<PAGE> 8
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
Advances made by the Partnership to the individual Local Limited
Partnerships are considered part of the Partnership's investment in
Local Limited Partnerships. When advances are made, they are charged
to operations as a loss on investment in the Local Limited Partnership
using previously unrecognized cumulative losses. As discussed above,
due to the cumulative losses incurred by the Local Limited
Partnerships, the aggregate balance of investments in and advances to
the Local Limited Partnerships has been reduced to zero at March 31,
1997 and December 31, 1996. To the extent these advances are repaid by
the Local Limited Partnerships in the future, the repayments will be
credited as distributions and repayments received in excess of
investments in Local Limited Partnerships. These advances are carried
as a payable to the Partnership by the Local Limited Partnerships.
No working capital advances or repayments occurred between the
Partnership and the Local Limited Partnerships during the three months
ended March 31, 1997 and 1996. The combined amount carried as payable
to the Partnership by the Local Limited Partnerships was $12,400 as of
March 31, 1997.
The following are combined statements of operations for the three
months ended March 31, 1997 and 1996, respectively, of the Local
Limited Partnerships in which the Partnership has invested. The
statements are compiled from financial statements of the Local Limited
Partnerships, prepared on the accrual basis of accounting, as supplied
by the management agents of the projects, and are unaudited.
COMBINED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
Three Months Ended March 31,
-------------------------------------
1997 1996
------------- ------------
<S> <C> <C>
Rental income $ 1,216,403 $ 1,132,814
Other income 27,528 23,205
----------- -----------
Total income 1,243,931 1,156,019
----------- -----------
Operating expenses 772,160 819,305
Interest, taxes and insurance 605,189 575,622
Depreciation 237,890 224,451
----------- -----------
Total expenses 1,615,239 1,619,378
----------- -----------
Net loss $ (371,308) $ (463,359)
=========== ===========
National Housing Partnership Realty Fund IV
share of losses $ (367,595) $ (458,725)
=========== ===========
</TABLE>
(3) TRANSACTIONS WITH THE GENERAL PARTNER AND AFFILIATES OF THE GENERAL
PARTNER
During the three month periods ended March 31, 1997 and 1996, the
Partnership accrued administrative and reporting fees payable to the
General Partner in the amount of $28,901 for services provided to the
Partnership. The Partnership has not made any payments to the General
Partner for these fees during the three
-7-
<PAGE> 9
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
NOTES TO FINANCIAL STATEMENTS
months ended March 31, 1997 and 1996. The amount due the General
Partner by the Partnership was $1,135,663 and $1,106,762 at March 31,
1997 and December 31, 1996, respectively.
During the three months ended March 31, 1996, the General Partner made
a payment on behalf of Trinity Apartments to General Electric Capital
Corporation (GECC) of $667,201 as a condition of a new mortgage
modification agreement, effective March 15, 1996. In addition, the
General Partner paid entity expenses of $1,509 on behalf of Trinity
Apartments. During the three months ended March 31, 1997, there were
no working capital advances to the Partnership. No repayments of
working capital advances were made during the three months ended March
31, 1997 and 1996. The amount owed to the General Partner at March 31,
1997 and December 31, 1996, was $1,912,518. Interest is charged on
borrowings at the Chase Manhattan Bank rate of prime plus 2%. Accrued
interest on this loan amounted to $1,548,671 and $1,461,334 at March
31, 1997 and December 31, 1996, respectively. The advances will be
repaid as cash flow permits or from the sale or refinancing of the
Local Limited Partnerships.
Annual partnership administrative fees of $1,875 were accrued on
behalf of Trinity Apartments during the three months ended March 31,
1997 and 1996. These fees are payable to the General Partner without
interest from cash available for distribution to partners. No payments
were made during the three months ended March 31, 1997 and 1996. The
balance owed to the General Partner for these fees was $16,875 and
$15,000 at March 31, 1997 and December 31, 1996, respectively, and is
included in Due to General Partner.
The advances and accrued administrative and reporting fees payable to
the General Partner will be paid as cash flow permits or from proceeds
generated from the sale or refinancing of one or more of the
underlying properties of the Local Limited Partnerships.
-8-
<PAGE> 10
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements in certain circumstances. Certain information
included in this Report and other Partnership filings (collectively "SEC
Filings") under the Securities Act of 1933, as amended, and the Securities
Exchange Act of 1934, as amended (as well as information communicated orally or
in writing between the dates of such SEC Filings) contains or may contain
information that is forward looking, including statements regarding the effect
of government regulations. Actual results may differ materially from those
described in the forward-looking statements and will be affected by a variety
of factors including national and local economic conditions, the general level
of interest rates, terms of governmental regulations that affect the
Partnership and interpretations of those regulations, the competitive
environment in which the properties owned by the Local Limited Partnerships
operate, the availability of working capital and dispositions of properties
owned by the Partnership.
LIQUIDITY AND CAPITAL RESOURCES
The properties in which the Partnership has invested, through its investments
in the Local Limited Partnerships, receive one or more forms of assistance from
Federal, state or local governments or agencies. As a result, the Local Limited
Partnerships' ability to transfer funds either to the Partnership or among
themselves in the form of cash distributions, loans or advances is generally
restricted by these government-assistance programs. These restrictions,
however, are not expected to impact the Partnership's ability to meet its cash
obligations.
For the past several years, various proposals have been advanced by the United
States Department of Housing and Urban Development ("HUD"), Congress and others
proposing the restructuring of HUD's rental assistance programs under Section 8
of the United States Housing Act of 1937 ("Section 8"), under which many
affiliated properties receive rental subsidies. One such proposal has recently
been introduced in the U.S. Senate, and two such proposals have recently been
introduced in the U.S. House of Representatives. These proposals generally seek
to lower subsidized rents to market levels and to lower required debt service
costs as needed to ensure financial viability at the reduced rents, but utilize
varying approaches to achieve that goal. Congress is currently also considering
various proposals for the renewal of Section 8 contracts that will expire
during the federal fiscal year 1998 (October 1997 through September 1998).
While the Partnership does not believe that the proposed changes would result
in a significant number of tenants relocating from properties owned by the
Local Limited Partnerships, there can be no assurance that the proposed changes
would not significantly affect the operations of the properties of the Local
Limited Partnerships. Furthermore, there can be no assurance that changes in
federal subsidies will not be more restrictive than those currently proposed or
that other changes in policy will not occur. Any such changes could have an
adverse effect on the operation of the Partnership.
Net cash used in operations for the three months ended March 31, 1997 was
$481,661 as compared to $360,178 for the three months ended March 31, 1996. The
increase to cash used in operations resulted primarily from an increase in
operating expenses paid, partially offset by an increase in rent collections,
and a decrease in mortgage interest paid.
No working capital advances or repayments occurred between the Partnership and
the Local Limited Partnerships during the three months ended March 31, 1997 and
1996. The combined amount carried as due to the Partnership by the Local
Limited Partnerships was $12,400 as of March 31, 1997. Future advances made
will be charged to operations; likewise, future repayments will be credited to
operations.
Distributions received from Local Limited Partnerships represent the
Partnership's proportionate share of the excess cash available for distribution
from the Local Limited Partnerships. As a result of the use of the equity
method of
-9-
<PAGE> 11
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
accounting for the Partnership's investments, as of March 31, 1997, investments
in all four Local Limited Partnerships had been reduced to zero. For these
investments, cash distributions received are recorded as distributions received
in excess of investment in Local Limited Partnerships. There were no
distributions during the three months ended March 31, 1997 and 1996. The
receipt of distributions in future quarters is dependent upon the operations of
the underlying properties of the Local Limited Partnerships.
Cash and cash equivalents amounted to $77,394 at March 31, 1997. The ability of
the Partnership to meet its on-going cash requirements, in excess of cash on
hand at March 31, 1997, is dependent on operations of Trinity Apartments,
distributions received from the Local Limited Partnerships, and proceeds from
the sales or refinancing of the underlying Properties. As of March 31, 1997,
the Partnership owes the General Partner $1,135,663 for administrative and
reporting services performed. During the three months ended March 31, 1996, the
General Partner made a payment on behalf of Trinity Apartments of $667,201 as a
condition of a new mortgage modification agreement effective March 15, 1996. As
of March 31, 1997, the Partnership owes the General Partner $1,929,393 plus
accrued interest of $1,548,671. The payment of the unpaid administrative and
reporting fees and advances from the Partnership and NHP to the Local Limited
Partnerships will most likely result from the sale or refinancing of the
underlying Properties of the Local Limited Partnerships rather than through
recurring operations. The General Partner will continue to manage the
Partnership's assets prudently in an effort to achieve positive cash flow. NHP
will evaluate lending the Partnership additional funds as such funds are
needed, but is in no way legally obligated to make such loans.
On March 15, 1996, a modification to the original loan agreement became
effective which extended the due date of Trinity's mortgage note to March 15,
1999. Under the revised agreement, interest is payable monthly at a variable
rate equal to 3.25% above the lender's commercial paper rate. Principal is
payable quarterly in an amount equal to 100% of Trinity's net cash flow, as
defined in the agreement, with the remaining principal balance due and payable
March 15, 1999. During the three months ended March 31, 1997, Trinity paid
$13,901 of mortgage principal from net cash flow.
Except for Trinity, all the properties in which the Partnership has invested
carry deferred acquisition notes due to the original owners of the properties.
These notes are secured by both the Partnership's and NHP's interests in the
Local Limited Partnerships. In the event of a default on the notes, the
noteholders would be able to assume NHP's and the Partnership's interests in
the Local Limited Partnerships. Due to weak rental market conditions where the
properties are located, the General Partner believes the amounts due on the
acquisition notes may exceed the value to be obtained by a sale or refinancing
of the Properties. The deferred acquisition notes mature in 2001.
In prior years, Trinity Apartments, a rental property wholly-owned by the
Partnership, has generated substantial losses from operations which has
necessitated significant funding from the General Partner in prior years. The
General Partner's intentions are to continue to manage Trinity prudently so
that the property can maintain positive cash flows and pay its general
obligations.
RESULTS OF OPERATIONS
The Partnership has invested as a limited partner in four Local Limited
Partnerships which operate four rental housing properties. In addition, the
Partnership directly owns Trinity Apartments. Results of operations are
significantly impacted by the losses on rental operations of Trinity
Apartments, and in prior years, by the Partnership's share of the losses of the
Local Limited Partnerships. These losses included depreciation and accrued
deferred acquisition note interest expense which are noncash in nature.
Because the investments in and advances to Local Limited Partnerships have been
reduced to zero, the Partnership's share of the operations of the Local Limited
Partnerships is no longer being recorded.
-10-
<PAGE> 12
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
(A MARYLAND LIMITED PARTNERSHIP)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The Partnership's net loss decreased to $125,473 for the three months ended
March 31, 1997 from a net loss of $175,103 for the three months ended March 31,
1996. Net loss per unit of limited partnership interest decreased from $11 to
$8 for the 15,414 units outstanding throughout both periods. The primary
reasons for the decrease in net loss is the decrease in loss from rental
operations at Trinity Apartments, which was primarily due to an increase in
rental income and a decrease in real estate tax and interest expense. The
Partnership did not recognize $367,595 of its allocated share of losses from
the four Local Limited Partnerships for the three months ended March 31, 1997,
as the Partnership's net carrying basis in these Local Limited Partnerships was
reduced to zero prior years. The Partnership's share of losses from the Local
Limited Partnerships, if not limited to its investment account balance, would
have decreased $91,130 between periods, primarily due to an increase in rental
income.
-11-
<PAGE> 13
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.
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
-------------------------------------------
(Registrant)
By: The National Housing Partnership,
its sole General Partner
By: National Corporation for Housing
Partnerships, its sole General Partner
May 12, 1997 By: /s/
- ------------ ----------------------------------------------
Jeffrey J. Ochs
As Vice President and Chief Accounting Officer
-12-
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> MAR-31-1997
<CASH> 221,328
<SECURITIES> 0
<RECEIVABLES> 24,802
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 396,334
<PP&E> 17,835,556
<DEPRECIATION> 4,386,187
<TOTAL-ASSETS> 13,915,105
<CURRENT-LIABILITIES> 5,061,371
<BONDS> 13,126,099
0
0
<COMMON> 0
<OTHER-SE> (4,272,365)
<TOTAL-LIABILITY-AND-EQUITY> 13,915,105
<SALES> 0
<TOTAL-REVENUES> 849,416
<CGS> 0
<TOTAL-COSTS> 456,268
<OTHER-EXPENSES> 143,933
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 374,688
<INCOME-PRETAX> (125,473)
<INCOME-TAX> 0
<INCOME-CONTINUING> (125,473)
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (125,473)
<EPS-PRIMARY> (8)
<EPS-DILUTED> (8)
</TABLE>
