UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
Quarter Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Quarter ended June 30, 1996
Commission file number 33-11194
CENTURY PACIFIC HOUSING FUND-I
(Exact name of registrant as specified in its charter)
California 95-3938971
(state of other jurisdiction of (I.R.S. Employer
incorporation of organization) Identification Number)
1925 Century Park East, Suite 1760 90067
Los Angeles, CA (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code:
(800)262-8242
No Change
(Former name, former address and former fiscal year if changed
since last report)
Indicate by a 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[ ]
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<PERIOD-END> JUN-30-1996
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<RECEIVABLES> 15,549
<ALLOWANCES> 0
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<CURRENT-ASSETS> 15,619
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 528,269
<CURRENT-LIABILITIES> 730,998
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0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 528,269
<SALES> 400
<TOTAL-REVENUES> 400
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 34,835
<LOSS-PROVISION> (34,435)
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> (34,435)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
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<NET-INCOME> (34,435)
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CENTURY PACIFIC HOUSING FUND-I
a California Limited Partnership
NOTES TO FINANCIAL STATEMENTS
For the Quarter Ended June 30, 1996
NOTE 1 - DESCRIPTION OF THE PARTNERSHIP AND ITS ORGANIZATION:
Century Pacific Housing Fund I, a California limited partnership
(the "Partnership" or "CPHF-I") was formed on October 6, 1986 for
the purpose of raising capital by offering and selling limited
partnership interests and then acquiring limited partnership
interests in partnerships (the "Operating Partnerships") which
acquire and operate existing residential apartment rental
properties (the "Properties").
The general partners of the Partnership are Century Pacific
Capital Corporation, a California corporation ("CPCC"), and
Irwin Jay Deutch, an individual (collectively, the "General
Partners"). The General Partners and affiliates of the General
Partners (the "General Partners and Affiliates") have interests
in the Partnership and receive compensation from the Partnership
and the Operating Partnerships (Note 3).
The Properties qualify for the "Low-Income Housing Tax Credit"
established by Section 42 of the Tax Reform Act of 1986 (the
"Low-Income Housing Tax Credit") and one Property qualifies for
Historic Rehabilitation Tax Credits (collectively the "Tax
Credits"). These Properties are leveraged low-income multifamily
residential complexes and some receive one or more forms of
assistance from federal, state or local governments, or agencies
(the "Government Agencies") while others do not receive any
subsidy from Government Agencies although some may have mortgage
loans insured by a Government Agency.
In July 1987, the Partnership began raising capital from sales of
limited partnership interests at $1,000 per interest ("unit").
The limited partnership offering closed in April 1988, with
22,315 units having been sold.
The Partnership acquired limited partnership interest ranging
from 90% to 97% in 21 Operating Partnerships, which have invested
in rental property.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
The following are the Partnership's significant accounting
policies:
Method of Accounting for Investments in Operating Partnerships:
The Partnership uses the equity method to account for its
investment
in the Operating Partnerships in which it has invested (Note 4).
Under the equity method of accounting, the investment is carried
at cost and adjusted for the Partnership's share of the Operating
Partnerships' results of operations and by cash distributions
received. Equity in the loss of each Operating Partnership
allocated to the Partnership is not recognized to the extent
that the investment balance would become negative.
Basis of Accounting:
The Partnership maintains its financial records on the tax basis.
Memorandum entries, while not recorded in the records of the
Partnership, have been made in the financial statements to reflect
generally accepted accounting principles.
On August 7, 1991, management of the Partnership changed from a
calendar year end to a fiscal year end of March 31 for financial
reporting purposes. Accordingly, the Partnership's quarterly
periods end June 30, September 30, and December 31. The Operating
Partnerships, for financial reporting purposes, have a calendar
year. The Partnership, as well as the Operating Partnerships,
have a calendar year for income tax purposes.
Syndication Costs:
Public offering costs have been recorded as a direct reduction to
the capital accounts of the Limited Partners.
Organization, Acquisition and Other Costs:
Costs incurred in organizing the Partnership and expenditures
made by the Partnership in connection with its acquiring limited
partnership interests in Operating Partnerships are deferred and
amortized over a period of sixty months on a straight-line
basis. Costs paid by the Partnership for organization of the
Operating Partnerships as well as direct costs of acquiring
Properties, including acquisition fees and reimbursable
acquisition expenses paid to the General Partners, have been
capitalized as investments in Operating Partnerships. Other fees
and expenses of the Partnership are recognized as expenses in
the period the related services are received.
Income Taxes:
No provision has been made for income taxes in the accompanying
financial statements since such taxes and/or the recapture of
the Tax Credit benefits received, if any, are the liability of
the individual partners. The Partnership uses the accrual method
of accounting for tax purposes.
NOTE 3 - TRANSACTIONS WITH THE GENERAL PARTNERS AND AFFILIATES
OF THE GENERAL PARTNERS:
The General Partners of the Partnership are CPCC and Irwin Jay
Deutch. The original limited partner of the Partnership is
Westwood Associates whose partners are Irwin Jay Deutch and key
employees of CPCC. Century Pacific Placement Corporation ("CPPC"),
an affiliate of the General Partners, served as
the broker-dealer-manager for sales of limited partnership
interests in the Partnership. Century Pacific Realty Corporation
("CPRC"), an affiliate of CPCC, is a general partner in each of
the Operating Partnerships.
The General Partners have an aggregate one percent interest in
the Partnership, as does the original limited partner. CPRC has
a one percent interest in each of the Operating Partnerships,
except for one Operating Partnership in which it has a one-half
percent interest.
The General Partners and Affiliates receive compensation and
reimbursement of expenses from the Partnership, as set forth
in the limited partnership agreement, for their services in
managing the Partnership and its business. The General Partners
and Affiliates also receive compensation and reimbursement of
expenses from the Operating Partnerships. This compensation and
reimbursement includes services provided to the Partnership
during its offering stage, acquisition stage, operational stage,
and termination or refinancing stage.
NOTE 4 - INVESTMENTS IN OPERATING PARTNERSHIPS:
The following is a summary of the Partnership's investments in
Operating Partnerships:
Three Months Ended
June 30, 1996
__________________
Cash Contributions to Operating
Partnerships to fund purchase of
beneficial interest in Properties $15,497,467
Cash Contributions to Operating
Partnerships to fund operations 6,150
Cash Distribution from Operating
Partnerships (6,326)
Acquisition and Organization Cost 3,342,778
Equity in net losses of Operating Partnerships (18,327,419)
____________
$ 512,650
============
The names and locations of the Properties in which the Operating
Partnerships hold beneficial interests are
as follows:
Name of
Operating Partnership Property Name Location
Century Pacific
Housing Partnership
- -I(CPHP-I) Charter House Dothan, Alabama
CPHP-II Sunset Park Denver, Colorado
CPHP-III Highland Park Topeka, Kansas
CPHP-IV Forest Glen Estates Kansas City, Kansas
CPHP-V Jaycee Towers Dayton, Ohio
CPHP-VI Green Meadows Danville, Illinois
CPHP-VII Gulfway Terrace New Orleans, Louisiana
CPHP-VIII Sunset Townhouses Newton, Kansas
CPHP-IX Wind Ridge Wichita, Kansas
CPHP-X Bergen Circle Springfield, M.A.
CPHP-XI Continental Terrace Fort Worth, Texas
CPHP-XII Yale Village Houston, Texas
CPHP-XIII Atlantis Virginia Beach, V.A.
CPHP-XIV Kings Row Houston, Texas
CPHPXV Castle Gardens Lubbock, Texas
CPHP-XVI Rockwell Villas Oklahoma City, O.K.
CPHP-XVII London Square Village Oklahoma City, O.K.
CPHP-XVIII Ascension Towers Memphis, Tennessee
CPHP-XIX Coleman Manor Baltimore, Maryland
CPHP-XX Holiday Heights Fort Worth, Texas
CPHP-XXII Harriet Tubman Terrace Berkeley, California
The following combined statements of operations is prepared on
the accrual basis and summarizes the operations of the Operating
Partnerships for the three months ended June 30, 1996 and June 30,
1995.
Three Months Ended
June 30,
1996 1995
__________ __________
Revenues:
Rental Income $3,791,130 $4,065,557
Other 29,283 12,232
__________ __________
3,820,413 4,077,789
__________ __________
Expenses:
Operating, General & Adm. 3,501,656 3,382,400
Depreciation 1,049,983 1,050,080
Interest 266,937 291,393
__________ __________
4,818,576 4,723,873
__________ __________
Net Loss ($998,163) ($646,084)
=========== ===========
CENTURY PACIFIC HOUSING FUND-I
PROPERTY SUMMARY
For the Quarter Ended June 30, 1996
CHARTER HOUSE APARTMENTS - Dothan, Alabama
Charter House Apartments is a complex of 25 garden-style
residential buildings comprised of 100 units and a separate
office facility on 14 acres of well-landscaped, rolling terrain.
The unit mix consists of 52 two-bedroom and 48 three-bedroom
units.
Occupancy rate was 100% at June 30, 1996. Cash flow from
operations was adequate to cover operating costs, debt service,
and reserve accounts while maintaining levels for contingencies.
Property rents were last increased in July 1993, and current
annual gross potential rental revenue is approximately $251,500.
SUNSET PARK APARTMENTS - Denver, Colorado
Sunset Park Apartments is a contemporary 13-story elevator
building of steel and masonry construction. The 242 units in
the building consist of 3 two-bedroom units, 155 one-bedroom,
and 84 efficiency units.
Occupancy rate averaged 95% during the quarter. Cash flow from
operations was adequate to cover operating costs, debt service
and reserve accounts. Property rents were last increased in May
and June, 1994, and the current annual gross potential rental
revenue is approximately $1,136,000.
HIGHLAND PARK APARTMENTS - Topeka, Kansas
Highland Park Apartments is a 200-unit townhouse complex of 30
residential buildings situated on 15 acres. The two-story,
modern townhouse buildings of wood frame and brick consist of 20
one-bedroom, 140 two-bedroom and 40 three-bedroom apartments.
The property's occupancy rate averaged 97% for the quarter. Cash
flow from operations was sufficient to cover operating costs,
debt service and reserve accounts. A 7% property rent increase
took effect in May 1995, bringing the annual gross potential
revenue to approximately $709,400.
FOREST GLEN ESTATES - Kansas City, Kansas
Forest Glen Estates is a 160-unit complex of 26 residential
buildings situated on 17 acres. The property is comprised of
one, two and three bedroom units with 140 two and three bedrooms
in a multi-level townhouse style consisting of ground floor
living and dining areas, upstairs bedrooms, and a basement.
Occupancy averaged 98% during the quarter. Cash flow from
operations was barely adequate to meet operating costs, debt
service, and reserve accounts. Property rents were last increased
7% in September 1994 and current annual gross potential rental
revenue is approximately $723,300.
JAYCEE TOWERS - Dayton, Ohio
Jaycee Towers is a 204-unit high-rise apartment building
designated for the elderly and/or handicapped. There are 2
elevators to accommodate the twelve floors.
Occupancy during the quarter averaged 97%. Cash flow was ample
to satisfy operating costs, debt service and reserve accounts.
Property rents were increased in July 1995 bringing the annual
gross potential rental revenue to approximately $781,000.
GREEN MEADOWS APARTMENTS - Danville, Illinois
Green Meadows is a 150-unit garden complex consisting of 40
one-bedroom, 78 two-bedroom and 32 three-bedroom apartments.
The units are arranged in 10 two-story buildings on 12 acres of
land.
The property's occupancy rate averaged 89% for the quarter.
Cash flow was adequate to cover operating expenses and debt
service. Property rents were increased 1% on September 1, 1995,
bringing the current annual gross potential rental revenue to
approximately $783,600.
GULFWAY TERRACE APARTMENTS - New Orleans, Louisiana
Gulfway Terrace is an attractive 205-unit complex of 30 two-story
apartment buildings and one single-story management office
building on approximately 9 acres. The one-bedroom units are
flats while the two and three-bedroom units are designed as
townhouses.
Occupancy was 81% at quarter's end. Cash flow was barely adequate
to cover debt service and operating expenses. A 22% property rent
increase took effect in January 1995, bringing the current annual
gross potential rental revenue to approximately $982,000.
SUNSET TOWNHOUSES - Newton, Kansas
Sunset Townhouse Apartments is a garden style complex of 10
rectangular buildings designed as two-story townhouses on 6.4
acres of land. There are 50 units in the complex made up of 32
two-bedrooms and 18 three-bedroom units.
Occupancy rate averaged 94% for the quarter. Cash flow was
adequate to cover operating costs, debt service and reserves.
Property rents were last increased in April 1996, and annual
gross potential rental revenue is approximately $211,800.
WIND RIDGE APARTMENTS (Aka Meridian Village) - Wichita, Kansas
Wind Ridge Apartments is a 136-unit townhouse complex consisting
of 35 two-story buildings situated on a 10-acre site. Constructed
in 1969, the complex consists of 12 one-bedroom flats and 48
two-bedroom, 60 three-bedroom and 16 four-bedroom townhouse units.
Occupancy averaged 96% during the quarter. Cash flow was barely
adequate to cover operating expenses and debt service. Property
rents were last increased 34% in January 1996 and annual gross
potential rental revenue is approximately $929,100.
BERGEN CIRCLE - Springfield, Massachusetts
Bergen Circle is a modern complex of 201 residential units
consisting of 41 three and four-bedroom townhouses, 2 seven-story
towers with 160 one and two-bedroom units and a free standing
one-story masonry building for commercial tenants.
The property averaged a 95% occupancy rate. Cash flow from
operations was adequate to meet operating costs, debt service,
and reserve accounts. Property rents for the Section 8 covered
units were last increased in November 1994, and current annual
gross potential rental revenue is approximately $1,647,700.
CONTINENTAL TERRACE - Fort Worth, Texas
Constructed in 1971, this garden-style complex consists of 200
units arranged in 34 two-story buildings on over 12 acres of
land. It has 48 one-bedroom flats with 88 two-bedroom, 56
three-bedroom and 8 four-bedroom townhouse units.
Occupancy averaged 95% and cash flow was barely adequate to meet
operating costs, debt service, reserve accounts and contingencies.
A 1.5% property rent increase took effect in April 1995, raising
the current annual gross potential rental revenue to $906,000.
YALE VILLAGE - Houston, Texas
Constructed in 1970, this garden-style complex consists of 250
units in 35 two-story buildings situated on 12.7 acres of land.
There are 38 one-bedroom, 88 two-bedroom, 88 three-bedroom, 28
four-bedroom and 8 five-bedroom townhouse apartments.
The property averaged an 80% occupancy rate and cash flow was
barely adequate to cover operating costs, debt service and reserve
accounts, and contingencies. Property rents were last increased
34% in March 1996 and annual gross potential rental revenue is
approximately $1,707,600.
ATLANTIS APARTMENTS - Virginia Beach, Virginia
Constructed in 1970, this 208-unit complex is made up of 19
two-story buildings on over 14 acres of land. There are 20
one-bedroom, 96 two-bedroom and 92 three-bedroom apartments.
The property's occupancy rate was 100% during the quarter. Cash
flow was barely adequate to cover operating costs, debt service
and reserve accounts. Property rents were last increased in August
1994, and the current annual gross potential rental revenue is
approximately $1,090,900.
KINGS ROW - Houston, Texas
Constructed in 1968, this garden-style apartment complex consists
of 180 units arranged in 18 two-story buildings on approximately
10 acres of land. The complex includes 20 one-bedroom, 54
two-bedroom, 82 three-bedroom and 24 four-bedroom apartments.
The property had a 97% occupancy rate for the quarter and cash
flow was ample to satisfy debt service, operating costs, and
reserve accounts. Property rents were last increased 8% in
January 1995. Annual gross potential rental revenue is
approximately $950,800.
CASTLE GARDENS - Lubbock, Texas
Constructed in 1971, this garden-style complex consists of 152
apartments arranged in 14 two-story rectangular buildings.
It has 16 one-bedroom, 104 two-bedroom and 32 three-bedroom units.
Occupancy rate was 95% during the quarter. Cash flow from
operations was barely adequate to cover operating costs, debt
service, reserve accounts and other contingencies. Property rents
were increased in December 1994, and annual gross potential revenue
is approximately $717,900.
ROCKWELL VILLAS - Oklahoma City, Oklahoma
This garden-style complex consists of 60 units arranged in 5
buildings on approximately 4 acres of land. Constructed in
1970, the buildings include 24 one-bedroom, 24 two-bedroom, and
12 three-bedroom apartments.
Occupancy rate averaged 88% during the quarter. Cash flow was
barely adequate to cover operating costs, debt service, and
reserve accounts for contingencies. Property rents were last
increased in October 1994, and annual gross potential rental
revenue is approximately $266,000.
LONDON SQUARE - Oklahoma City, Oklahoma
Constructed in 1970, this garden-style complex is made up of 18
rectangular two-story buildings, situated on over 12 acres of
land. There are a total of 200 units consisting of 24
one-bedroom, 96 two-bedroom and 80 three-bedroom apartments.
The property's occupancy rate averaged 94% for the quarter.
Cash flow was barely adequate to cover operating costs, debt
service and reserve accounts. Property rents were last
increased in October 1994, and annual gross potential rental
revenue is approximately $1,005,600.
ASCENSION TOWERS - Memphis, Tennessee
Constructed in 1975, the property is a 13-story high-rise
apartment building designated for the elderly and/or handicapped.
Situated on almost 2 acres of land, the building contains 195
one-bedroom units and an office on the ground floor.
The property boasts a 100% occupancy for several quarters in a
row. Cash flow was adequate to cover operating costs, debt
service and reserve accounts. Property rents were last increased
4% in January 1995. Annual gross potential rental revenue is
approximately $734,400.
COLEMAN MANOR - Baltimore, Maryland
This historic property, originally built in 1903, was
reconstructed in 1988. This four-story building designated for
the elderly and/or handicapped, consists of 47 one-bedroom units
and 3 reserved guest/managerial units.
Occupancy was 100% during the quarter. Cash flow was adequate to
cover operating costs, debt service and reserve accounts.
Property rents were last increased in December 1995, and annual
gross potential rental revenue is approximately $355,700.
HOLIDAY HEIGHTS - Fort Worth, Texas
Constructed in 1972, the garden-style complex consists of 100
units, arranged in 20 two-story buildings, situated on over 9
acres of land. There are 40 one-bedroom, 44 two-bedroom and 16
three-bedroom apartments.
The property had a 99% occupancy rate. Cash flow was adequate to
cover operating costs, debt service, and reserve accounts. Annual
gross potential rental revenue is approximately $528,700.
HARRIET TUBMAN - Berkeley, California
This property is a mid-rise apartment building with 91 units for
the elderly and/or handicapped. Constructed in 1975, the
six-story structure is made up of 1 two-bedroom, 42 one-bedroom
and 48 studio apartments.
Occupancy was 100% for the quarter and cash flow was adequate to
satisfy debt service, operating costs, and reserve accounts.
Property rents were increased in June 1996, and the current
annual gross potential rental revenue is approximately $543,780.
* * *
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities and Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CENTURY PACIFIC HOUSING FUND-I
a California limited partnership
By: Century Pacific Capital Corporation,
a California Corporation
General Partner
Irwin J. Deutch
By: ______________________________
Irwin J. Deutch
President
