November 13, 1995
Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312
Re: Boston Financial Qualified Housing Limited Partnership
Report on Form 10-Q for Quarter Ended September 30, 1995
File No. 0-16796
Dear Sir/Madam:
Pursuant to the requirements of Rule 901(d) of Regulation S-T, enclosed is
one copy of subject report.
Please stamp and return the enclosed copy of this letter in the enclosed
stamped, self-addressed envelope to acknowledge receipt of this filing.
Very truly yours,
Marie D. Ricciardi
Assistant Controller
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act
of 1934
(Mark One)
[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
For Quarter Ended September 30, 1995 Commission file number 0-16796
Boston Financial Qualified Housing Limited Partnership
(Exact name of registrant as specified in its charter)
Delaware 04-2947737
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 Arch Street, Boston, Massachusetts 02110-1106
Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-3911
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>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
BALANCE SHEETS
<TABLE>
<CAPTION>
September 30, March 31,
1995 1995
(Unaudited)
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents $ 75,007 $ 308,216
Other current assets 28,081 25,339
Total current assets 103,088 333,555
Marketable securities (Note 1) 2,200,112 2,066,336
Investments in Local Limited Partnerships
(net of provision for valuation of $1,059,165
at September 30, 1995 and $1,297,574 at
March 31, 1995) (Note 2) 8,688,523 8,958,277
Total Assets $10,991,723 $11,358,168
Liabilities and Partners' Equity
Current liabilities:
Accounts payable and accrued expenses $ 26,166 $ 90,057
Reimbursements to affiliates 10,546 11,746
Total current liabilities 36,712 101,803
Partners' Equity 10,955,011 11,256,365
Total Liabilities and Partners' Equity $10,991,723 $11,358,168
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
STATEMENTS OF OPERATIONS
For the Three and Six Months Ended September 30, 1995 and 1994
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
September 30, September 30, September 30, September 30,
1995 1994 1995 1994
Revenues:
<S> <C> <C> <C> <C>
Investment $ 31,643 $ 10,571 $ 64,573 $ 7,067
Other 3,049 2,000 5,599 8,350
Total Revenue 34,692 12,571 70,172 15,417
Expense:
General and administrative
(includes reimbursements to
affiliates in the amounts of
$63,208 and $63,038 in 1995
and 1994, respectively) 62,429 84,256 135,124 161,378
Amortization 25,850 27,626 52,991 55,253
Adjustment to provision for
valuation of investment
in Local Limited Partnership (238,409) (171,478) (238,409) (147,159)
Total Expense (150,130) (59,596) (50,294) 69,472
Income (Loss) before equity in
income (losses) of Local
Limited Partnerships 184,822 72,167 120,466 (54,055)
Equity in income (losses) of
Local Limited Partnerships 69,726 (679,498) (455,172) (1,089,823)
Net Income (Loss) $ 254,548 $(607,331 ) $(334,706)$(1,143,878)
Net Income (Loss) allocated:
To General Partners $ 2,546 $(6,073) $(3,347) $ (11,439)
To Limited Partners 252,002 (601,258) (331,359) (1,132,439)
$ 254,548 $(607,331) $(334,706) $(1,143,878)
Net Income (Loss) per Limited
Partnership Unit
(50,000 Units) $ 5.04 $(12.03) $(6.63) $ (22.65)
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
(Unaudited)
For the Six Months Ended September 30, 1995
<TABLE>
<CAPTION>
Net
Initial Investor Unrealized
General Limited Limited Gains
Partners Partners Partners (Losses) Total
<S> <C> <C> <C> <C> <C>
Balance at March 31, 1995 $(321,649) $4,648 $11,601,784 $(28,418) $11,256,365
Unrealized gains on marketable
securities held for sale - - - 33,352 33,352
Net Loss (3,347) - (331,359) - (334,706)
Balance at September 30, 1995 $(324,996) $4,648 $11,270,425 $ 4,934 $10,955,011
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended September 30, 1995 and 1994
<TABLE>
<CAPTION>
1995 1994
<S> <C> <C>
Net cash used for operating activities $ (129,422) $ (64,637)
Cash flows from investing activities:
Cash distributions received from Local
Limited Partnerships - 2,000
Purchases of marketable securities (979,735) (1,716,456)
Proceeds from sales and maturities of
marketable securities 875,948 1,788,900
Net cash provided by (used for) investing activities (103,787) 74,444
Net increase (decrease) in cash and cash
equivalents (233,209) 9,807
Cash and cash equivalents, beginning 308,216 44,790
Cash and cash equivalents, ending $ 75,007 $ 54,597
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
NOTES TO THE FINANCIAL STATEMENTS
The unaudited financial statements presented herein have been prepared
in accordance with the instructions to Form 10-Q and do not include all
of the information and note disclosures required by generally accepted
accounting principles. These statements should be read in conjunction
with the financial statements and notes thereto included with the
Partnership's 10-K for the year ended March 31, 1995. In the opinion of
management, these financial statements include all adjustments,
consisting only of normal recurring adjustments, necessary to present
fairly the Partnership's financial position and results of operations.
The results of operations for the periods may not be indicative of the
results to be expected for the year. Certain reclassifications have
been made to prior period financial statements to conform to current
period classifications.
1. Marketable Securities
A summary of marketable securities is as follows:
<TABLE>
<CAPTION>
Gross Gross
Unrealized Unrealized Fair
Cost Gains Losses Value
<S> <C> <C> <C> <C>
Debt securities issued by the
US Treasury and
other US Government
corporations and agencies $1,555,721 $ 6,807 $ (6,022) $ 1,556,506
Mortgage backed securities 250,187 620 (264) 250,543
Other debt securities 389,270 4,582 (789) 393,063
Marketable securities
at September 30, 1995 $2,195,178 $12,009 $ (7,075) $ 2,200,112
Debt securities issued by the
US Treasury and
other US Government
corporations and agencies $1,132,567 $ - $(12,169) $ 1,120,398
Mortgage backed securities 526,319 1,763 (17,040) 511,042
Other debt securities 435,868 1,143 (2,115) 434,896
Marketable securities
at March 31, 1995 $2,094,754 $ 2,906 $(31,324) $ 2,066,336
</TABLE>
The contractual maturities at September 30, 1995 are as follows:
<TABLE>
<CAPTION> Fair
Cost Value
<S> <C> <C>
Due in one year or less $ 239,448 $ 239,662
Due in one year to five years 1,495,879 1,497,349
Due in five to ten years 209,664 212,558
Mortgage backed securities 250,187 250,543
$ 2,195,178 $ 2,200,112
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
NOTES TO THE FINANCIAL STATEMENTS (continued)
(Unaudited)
1. Marketable Securities (continued)
Actual maturities may differ from contractual maturities because some
borrowers have the right to call or prepay obligations. Proceeds from
the sales of fixed maturities were approximately $876,000 during the six
months ended September 30, 1995. Included in investment income are
gross gains of $3,730 and gross losses of $7,094 which were realized on
these sales.
2. Investments in Local Limited Partnerships
The Partnership has acquired interests in thirty-four Local Limited
Partnerships which own and operate multi-family housing complexes, all
of which are government-assisted. The Partnership, as Investor Limited
Partner pursuant to the various Local Limited Partnership Agreements,
has generally acquired a 99% interest in the profits, losses, tax
credits and cash flows from operations of each of the Local Limited
Partnerships. Upon dissolution, proceeds will be distributed according
to each respective partnership agreement.
The following is a summary of Investments in Local Limited Partnerships:
<TABLE>
<CAPTION>
September 30,
1995
(Unaudited)
<S> <C>
Capital contributions to Local Limited
Partnerships and purchase price paid to
withdrawing partners of Local Limited
Partnerships $ 36,651,930
Cumulative equity in losses of Local
Limited Partnerships (excluding cumulative unrecognized
losses of $8,252,696) (29,683,344)
Cumulative cash distributions received
from Local Limited Partnerships (1,071,108)
Investments in Local Limited Partnerships
before adjustment 5,897,478
Excess of investment cost over the
underlying net assets acquired:
Acquisition fees and expenses 4,770,577
Accumulated amortization of acquisition
fees and expenses (920,367)
Investments in Local Limited Partnerships 9,747,688
Provision for valuation of Investments in
Local Limited Partnerships (1,059,165)
$ 8,688,523
</TABLE>
The prior three years' financial statements of 2225 New York Avenue, LTD
("2225 New York Avenue"), a Local Limited Partnership in which the
Partnership has invested, were prepared assuming that 2225 New York
Avenue will continue as a going concern. 2225 New York Avenue, which
owns Pebble Creek in Arlington, Texas, incurred significant losses in
the prior three years, has severe liquidity problems and recurring cash
deficits.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
NOTES TO THE FINANCIAL STATEMENTS (continued)
(Unaudited)
2. Investments in Local Limited Partnerships (continued)
Pebble Creek continues to operate at a deficit due to occupancy problems
and high maintenance expenses. These factors, among others, raise
substantial doubts as to 2225 New York Avenue's ability to continue as a
going concern. As such, the Partnership provided a provision for
valuation of $1,885,841 against its investment in 2225 New York Avenue
at March 31, 1992. This provision has been adjusted to $786,165 in the
financial statements to reflect the Partnership's share of the net
losses of 2225 New York Avenue through September 30, 1995. The
Partnership has also provided a provision for valuation of $273,000 for
its investment in one other Local Limited Partnership, Graver Inn,
because there is evidence of a non-temporary decline in the amount of
its investment.
Summarized financial information from the combined financial statements
of all Local Limited Partnerships in which the Partnership has invested
is as follows:
Summarized Balance Sheets - June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Assets:
<S> <C>
Investment property, net $ 112,877,565
Current assets 4,957,454
Other assets 8,679,133
Total Assets $ 126,514,152
Liabilities and Partners' Deficit:
Current liabilities $ 4,197,679
Long-term debt 112,866,273
Other liabilities 12,890,495
Total Liabilities 129,954,447
Partners' Deficit (3,440,295)
Total Liabilities and Partners' Deficit $ 126,514,152
Summarized Income Statements - For the
six months ended June 30, 1995 (Unaudited)
Revenue:
Rental $ 10,032,247
Other 935,581
Total Revenue 10,967,828
Expenses:
Operating 4,828,847
Interest 5,219,060
Depreciation and amortization 2,556,840
Total Expenses 12,604,747
Net Loss $ (1,636,919)
Partnership's share of Net Loss $ (1,618,807)
Other Partners' share of Net Loss $ (18,112)
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
NOTES TO THE FINANCIAL STATEMENTS (continued)
(Unaudited)
2. Investments in Local Limited Partnerships (continued)
For the six months ended September 30, 1995, the Partnership has not
recognized $1,163,635 of equity in losses relating to twelve Local
Limited Partnerships where cumulative equity in losses exceeded its
total investments.
3. Other Matters
As previously reported, Terrace Housing Associates, Ltd. ("Terrace"),
Rolling Green Associates, Ltd. ("Rolling Green"), and 2225 New York Ave.
Ltd. ("Pebble Creek") successfully obtained summary judgments against
HUD rolling back their rents. Terrace Housing Associates, Ltd. v.
Cisneros, et al., Civ. 92-786-T (W.D. Okla.), Rolling Green Housing
Associates, Ltd. v. Cisneros, et al., Civ. 92-1372-T (W.D. Okla.) and
2225 New York Ave. Ltd. v. Cisneros, et al., Civ. Action No. 4-92CV560Y
(N.D. Tex.). Terrace, Rolling Green and Pebble Creek are subsidized
under the Mod Rehab Program. On August 9, 1994, and then again on
November 18, 1994, inclear and strong rulings, the U.S. Courts of
Appeals for the Tenth Circuit and the Fifth Circuit, each respectively
affirmed the U.S. District Courts rulings in Terrace, Rolling Green, and
Pebble Creek.
In addition, as previously reported, HUD alleged that Pebble Creek
violated certain requirements relating to the relocation of tenants at
that property while the project was being renovated. HUD demanded that
it be reimbursed for all subsidy payments made with respect to the
so-called 161 "ineligible" units. The latter matter was the subject of
an administrative appeal.
Under the coordination of the General Partner, most Local General
Partners of Mod Rehab Properties have now entered into a settlement
agreement with HUD regarding the Mod Rehab matter.
In summary, the settlement agreement provides that if certain criteria
are met, the mortgages on the Mod Rehab properties will be refinanced;
debt service savings will then be passed along to HUD in the form of
reduced Section 8 payments. In return, HUD has agreed to release any
and all rent rollback or ineligible unit/relocation claims for Mod Rehab
properties which participate in the settlement. In addition, HUD has
agreed to promptly pay certain rent adjustments which it has previously
withheld from certain Mod Rehab Program Properties. The General Partner
believes that the settlement is favorable to the Partnership and its
Properties. Some Mod Rehab Program Properties involved in litigation
have received money consisting of rental rollbacks or ineligible
unit/relocation claims which was previously withheld by HUD.
As previously reported, there have been investigations and prosecutions
involving certain developers and other persons related to the Mod Rehab
Program. It appears that such investigations and prosecutions are
winding down, and it is not currently expected that these matters will
have any material adverse impact on the Partnership and its Properties.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
At September 30, 1995, the Partnership had cash and cash equivalents of
$75,007, compared with $308,216 at March 31, 1995. The decrease is
primarily attributable to net cash used for operations and purchases of
marketable securities, partially offset by proceeds received from sales
and maturities of marketable securities.
Approximately $1,963,000 of the Gross Proceeds has been reserved and
invested in various securities. The reserves were established to be
used for working capital of the Partnership and contingencies related to
the ownership of Local Limited Partnership interests. Reserves may be
used to fund Partnership operating deficits, if the Managing General
Partner deems funding appropriate. Management believes that the
investment income earned on the reserves, along with cash distributions
received from Local Limited Partnerships, to the extent available, will
be sufficient to fund the Partnership's ongoing operations and any
contingencies that may arise.
Since the Partnership invests as a limited partner, the Partnership has
no contractual duty to provide additional funds to Local Limited
Partnerships beyond its specific investment. Thus, at September 30,
1995, the Partnership had no contractual or other obligation to any
Local Limited Partnerships which had not been paid or provided for.
In the event a Local Limited Partnership encounters operating
difficulties requiring additional funds, the Partnership's management
might deem it in its best interests to provide such funds, voluntarily,
in order to protect its investment.
Cash Distributions
No cash distributions were made during the quarter ended September 30,
1995. In prior years, cash available for distribution was derived from
the interest earned on the temporary investment of Partnership's funds,
at money market rates, prior to the limited funds being contributed to
the Partnership's Local Limited Partnership investment.
In the event that distributions are received from Local Limited
Partnerships, the Managing General Partner has decided that such amounts
will be used to increase reserves. No assurance can be given as to the
amounts of future distributions from the Local Limited Partnerships
since many of the Properties benefit from some type of federal or state
subsidy, and as a consequence, are subject to restrictions on cash
distributions. Therefore, it is expected that only a limited amount of
cash will be distributed to investors from this source in the future.
Results of Operations
For the three and six months ended September 30, 1995, the Partnership
operations resulted in net income of $254,548 and a net loss of
$334,706, as compared to net losses of $607,331 and $1,143,878 for the
respective periods in 1994. The change to a net income position for the
three month period and the improved net loss position during the six
month period is attributable to a decrease in equity in losses of Local
Limited Partnerships, an adjustment to the provision for valuation of
investments in Local Limited Partnerships, an increase in investment
revenue and a slight decrease in general and administrative expenses.
The decrease in the equity in losses of Local Limited Partnerships is
due to receipt of rent rollback and ineligible unit/relocation claims
which were previously withheld by HUD. The provision for valuation of
investments in Local Limited Partnerships reflects the current period
equity in losses and amortization attributable to one Local Limited
Partnership.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations (continued)
Investment revenue increased due to favorable market conditions.
General and administrative expenses decreased due to the management's
efforts to contain investor reporting costs and legal fees.
Property Discussions
Limited Partnership interests have been acquired in thirty-four Local
Limited Partnerships which own and operate rental properties located in
nineteen states. Fourteen of the properties with 768 apartments were
newly constructed and twenty of the properties with 2,089 apartments
were rehabilitated. All of the properties have completed construction or
rehabilitation and initial rent-up.
Most of the thirty-four Local Limited Partnerships have stabilized
operations. The majority of these stabilized properties are operating at
break-even or generating operating cash flow.
A number of properties are experiencing operating difficulties and cash
flow deficits due to a variety of reasons. The Local General Partners of
those properties have funded operating deficits through project expense
loans, subordinated loans or payments from operating escrows. In certain
instances where the Local General Partners have stopped funding deficits
because their obligation to do so has expired or otherwise, the Managing
General Partner is working with the Local General Partners to increase
operating income, reduce expenses or refinance the debt at lower
interest rates in order to improve cash flow.
At Pebble Creek, continued deficits caused by high security and repair
costs, and high turnover has resulted in a mortgage default. An
affiliate of the Managing General Partner has become actively involved
in discussions with the bondholder on a workout plan to refinance the
mortgage and address the mortgage default and deferred maintenance
issues. As previously reported, the Local General Partners have
expressed their desire to sell their ownership interests in the
property. At this time, the Managing General Partner is working with
them to reach an agreement.
As previously reported, a lawsuit seeking $225,000 in damages has been
filed against The New Medford Hotel, located in Medford, Oregon. The
lawsuit resulted from a contractor dispute relating to the
reconstruction work undertaken at the building after a fire in 1990.
The Local General Partner has recently entered into a settlement
agreement which calls for a $50,000 payment to be paid from property
reserves.
As previously reported, Logan Plaza, located in New York, New York, has
experienced cash flow deficits due principally to the area's economic
slow-down and a decline in the rental market. The Local General Partner
has been working to increase occupancy and rental income and to contain
operating expenses; as a result, the property continues to show
improvement as it operated close to break-even for the first half of
1995. The Local General Partner has reached preliminary agreement with
the lender to refinance the property's mortgage and a closing is
expected by year-end.
Cass House and Verdean Gardens, Massachusetts properties which share a
common Local General Partner, continue to operate in a slow rental
market. The SHARP subsidy agreements for both properties were
renegotiated in 1992 and provided additional subsidies. However, since
the properties continue to operate at a deficit and Verdean Gardens
requires maintenance work, the Local General Partner has applied for
further subsidies.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Property Discussions (continued)
Cass House has recently received approval for the additional subsidy
while Verdean Gardens has just started the application process. Under
the existing subsidy agreements, the Local General Partner has been
supporting the properties' operations through deferred management fees
and guarantees or letters of credit.
At Hughes Apartments, located in Mandan, North Dakota, rental losses due
to flood damage have resulted in a mortgage default. An affiliate of
the Managing General Partner has entered into an agreement to replace
the current Local General Partner. Additionally, a forbearance
agreement with the lender has been entered into which will provide debt
relief for the property. The agreement requires the contribution of
approximately $180,000 in fund reserves to make necessary capital
improvements and partially cure the default.
It was previously reported that an affiliate of The Boston Financial
Group Limited Partnership had been negotiating to purchase the Local
General Partner interests in five properties in which the Partnership
has invested in (collectively, the "Colorado Partnerships") from Phillip
Abrams Ventures, Inc. and PDW, Inc., the current Local General Partners.
It now appears that this transaction will not occur. Instead, the Local
General Partner will retain their interests in the Colorado Partnerships
and Boston Financial will continue to act as property manager for these
properties.
<PAGE>
PART II OTHER INFORMATION
Items 1-4 Not applicable
Item 5. Other Information
Changes in Registrant's Certifying Accountant
On November 10, 1995, the firm of Arthur Andersen LLP was dismissed as
the principal accountant to audit the registrant's financial statements.
Reports on the financial statements of the registrant by Arthur Andersen
for the years ending March 31, 1995 and 1994, respectively, did not
contain any adverse opinion or disclaimer of opinion, and were not
qualified or modified as to uncertainty, audit scope, or accounting
principles. The decision to change accountants was approved by the
Board of Directors of the General Partner of the registrant.
During the years ending March 31, 1995 and 1994, respectively, and for
the subsequent interim period, April 1, 1995 through November 10, 1995,
there were no disagreements with Arthur Andersen on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure.
The firm of Coopers & Lybrand LLP has been engaged as principal
accountant to audit the registrant's financial statements.
Item 6. Exhibits and reports on Form 8-K
(a) Exhibits - Letter to the Commission from former accountant
(b) Reports on Form 8-K - No reports on Form 8-K were filed during the quarter
ended September 30, 1995.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
EXHIBIT
Item 6. (a) Letter to Commission from former accountant
November 13, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.
We have read Item 5 in the attached Form 10-Q dated November 13, 1995 of Boston
Financial Qualified Housing Limited Partnership, Commission File No. 0-16796,
to be filed with the Securities and Exchange Commission and are in agreement
with the statements contained therein.
Very truly yours,
Arthur Andersen LLP
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING LIMITED PARTNERSHIP
(A Limited Partnership)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
DATED: November 13, 1995 BOSTON FINANCIAL QUALIFIED HOUSING
LIMITED PARTNERSHIP
By: 29 Franklin Street, Inc.,
its Managing General Partner
/s/ Georgia Murray
Georgia Murray
A Managing Director, Treasurer
and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-END> SEP-30-1995
<CASH> 75,007
<SECURITIES> 2,200,112
<RECEIVABLES> 28,081
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 10,991,723 <F1>
<CURRENT-LIABILITIES> 36,712
<BONDS> 0
<COMMON> 0
0
0
<OTHER-SE> 10,955,011
<TOTAL-LIABILITY-AND-EQUITY> 10,991,723
<SALES> 0
<TOTAL-REVENUES> 70,172
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> (50,294) <F2>
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (334,706) <F3>
<EPS-PRIMARY> $(6.63)
<EPS-DILUTED> 0
<FN>
<F1>Included in total assets is $8,688,523 of Investments in Local Limited Partnerships.
<F2>This amount includes an adjustment to the provision for valuation of investments in Local Limited Partnerships of $238,409.
<F3>This amount reflects Equity in Losses of Local Limited Partnerships of $455,172.
</TABLE>
