UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(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 29, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
---
EXCHANGE ACT OF 1934
For the transition period from to ____________
-----------------
Commission file number: 0-17619
American Tax Credit Properties L.P.
(Exact name of Registrant as specified in its charter)
Delaware
13-3458875
(State or other jurisdiction of (I.R.S. Employer incorporation or organization)
Identification No.)
Richman Tax Credit Properties L.P.
599 West Putnam Avenue, 3rd Floor
Greenwich, Connecticut
06830
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (203) 869-0900
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 filing requirements
for the past 90 days.
Yes X No ___.
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21
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AMERICAN TAX CREDIT PROPERTIES L.P.
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Table of Contents Page
Balance Sheets as of September 29, 1997 (Unaudited) and March 30, 1997
(Unaudited)............................................................3
Statements of Operations for the three and six month periods ended
September 29, 1997 (Unaudited)and September 29, 1996 (Unaudited).......4
Statements of Cash Flows for the six months ended September 29, 1997 (Unaudited)
and September 29, 1996 (Unaudited).....................................5
Notes to Financial Statements as of September 29, 1997 (Unaudited)........7
<PAGE>
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<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
BALANCE SHEETS
(UNAUDITED)
September 29, March 30,
Notes 1997 1997
----- ---------------------------
<S> <C> <C> <C>
ASSETS
Cash and cash equivalents $ 185,219 $ 284,108
Investments in bonds available-for-sale 2 3,045,513 2,883,959
Investment in local partnerships 3 6,783,349 7,382,178
Interest receivable 59,293 61,716
------------------------------
$ 10,073,374 $ 10,611,961
============ ============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses $ 59,81$ 91,237
Payable to general partner 131,595 43,861
-----------------------------
191,406 135,098
Commitments and contingencies 2,3
Partners' equity (deficit)
General partner (268,921) (262,065)
Limited partners (41,286 units of limited
partnership interest outstanding) 9,946,704 10,625,435
Unrealized gain on investments in bonds 2 204,185 113,493
available-for-sale, net
9,881,968 10,476,863
$ 10,073,374 $ 10,611,961
============ ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Six Months Three Six Months
Months Ended Months Ended
Ended September Ended September
September 29, September 29,
29, 29,
Notes 1997 1997 1996 1996
----- ---------------------------------------------------
<S> <C> <C> <C> <C> <C>
REVENUE
Interest $ 60,361$ 123,066$ 63,332$ 129,692
Other income from local 5,000 7,500
-------------------------
partnerships
TOTAL REVENUE 65,361 130,566 63,332 129,692
------------------------------------------------------
EXPENSES
Administration fees 45,931 91,862 45,931 91,862
Management fee 43,867 87,734 43,867 87,734
Professional fees 11,960 33,561 24,808 41,333
Printing, postage and other 3,747 12,917 3,983 10,241
------------------------------------------------------
TOTAL EXPENSES 105,505 226,074 118,589 231,170
-----------------------------------------------------
Loss from operations (40,144) (95,508) (55,257) (101,478)
Equity in loss of investment
in local partnerships 3 (251,151) (590,079) (550,402) (1,017,800)
----------------------------------------------------
NET LOSS $ (291,295)$ (685,587)$ (605,659)$ (1,119,278)
===================================================
NET LOSS ATTRIBUTABLE TO
General partner $ (2,913)$ (6,856)$ (6,057)$ (11,193)
Limited partners (288,382) (678,731) (599,602) (1,108,085)
---------------------------------------------------
$ (291,295)$ (685,587)$ (605,659)$ (1,119,278)
===================================================
NET LOSS per unit of limited
partnership interest
(41,286 units of limited $ (6.99)$ (16.44)$ (14.52)$ (26.84)
======================================================
partnership interest)
</TABLE>
See Notes to Financial Statements.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED SEPTEMBER 29, 1997 AND 1996
(UNAUDITED)
1997 1996
--------------------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Interest received $ 133,412 $ 140,627
Other income from local partnerships 7,500
Cash paid for
administration fees (76,380) (76,380)
professional fees (72,276) (69,590)
printing, postage and other expenses (21,110) (2,796)
------------- -------------
Net cash used in operating activities (28,854) (8,139)
------------- -------------
CASH FLOWS FROM INVESTING ACTIVITIES
Cash distributions from local partnerships 8,750 18,750
Maturity/redemption and sale of bonds 178,432 75,000
Investment in bonds, includes $1,301 of accrued
interest paid (257,217)
at purchase of investment
Net cash provided by (used in) investing activities (70,035) 93,750
------------- --------------
Net increase (decrease) in cash and cash equivalents (98,889) 85,611
Cash and cash equivalents at beginning of period 284,108 397,120
------------- -------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 185,219 $ 482,731
============ ============
SIGNIFICANT NON-CASH INVESTING ACTIVITIES
Unrealized gain (loss) on investments in bonds $ 90,692 $ (47,984)
============= ============
available-for-sale, net
- ------------------------------------------------------------------------------------------
See reconciliation of net loss to net cash used in operating activities on page
6.
</TABLE>
See Notes to Financial Statements.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
STATEMENTS OF CASH FLOWS - (Continued)
SIX MONTHS ENDED SEPTEMBER 29, 1997 AND 1996
(UNAUDITED)
1997 1996
---------------------------
<S> <C> <C>
RECONCILIATION OF NET LOSS TO NET CASH USED IN
OPERATING ACTIVITIES
Net loss $ (685,587)$ (1,119,278)
Adjustments to reconcile net loss to net cash
used in operating activities
Equity in loss of investment in local 590,079 1,017,800
partnerships
Amortization of net premium on investments in 14,288 15,509
bonds
Accretion of zero coupon bonds (7,666) (8,152)
Decrease in interest receivable 3,724 3,578
Increase in payable to general partner 87,734 87,734
Decrease in accounts payable and accrued (31,426) (5,330)
--------------------------------
expenses
NET CASH USED IN OPERATING ACTIVITIES $ (28,854$ (8,139)
==============================
</TABLE>
See Notes to Financial Statements.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 29, 1997
(UNAUDITED)
1. Basis of Presentation
The accompanying unaudited financial statements have been prepared in
accordance with generally accepted accounting principles for interim
financial information. They do not include all information and footnotes
required by generally accepted accounting principles for complete financial
statements. The results of operations are impacted significantly by the
combined results of operations of the Local Partnerships, which are provided
by the Local Partnerships on an unaudited basis during interim periods.
Accordingly, the accompanying financial statements are dependent on such
unaudited information. In the opinion of the General Partner, the financial
statements include all adjustments necessary to present fairly the financial
position as of September 29, 1997 and the results of operations and cash
flows for the interim periods presented. All adjustments are of a normal
recurring nature. The results of operations for the three and six month
periods ended September 29, 1997 are not necessarily indicative of the
results that may be expected for the entire year.
2. Investments in Bonds Available-For-Sale
As of September 29, 1997, certain information concerning investments in bonds
available-for-sale is as follows:
Gross Gross
Amortized unrealized unrealized Estimated
Description and maturity cost gains losses fair value
<S> <C> <C> <C> <C>
Corporate debt securities
After one year through fiv$ 181,885 $ 3,426 $ ($ 185,244
years
After five years through 929,784 25,941 (1,209) 954,516
ten years
After ten years 101,402 - (2,317) 99,085
--------------------------------------------------
1,213,071 29,367 (3,593) 1,238,845
------------ ------------ -----------------------
U.S. Treasury debt securities
Within one year 319,468 1,309 (1,308) 319,469
After one year through five 443,291 61,884 - 505,175
years
After five years through 659,944 125,064 - 785,008
------------------------ ------------------------
ten years
1,422,703 188,257 (1,308) 1,609,652
------------ ------------ ------------------------
U.S. government and agency
securities
After ten years 205,554 - (8,538) 197,016
--------------------------------------------------
$ 2,841,328 $ 217,624 $ (13,439)$ 3,045,513
=========== =========== =========== ===========
</TABLE>
In connection with an agreement between Cobbet Hill Associates Limited
Partnership (the "Cobbet Local Partnership") and its first mortgage lender,
the Partnership is contingently liable under a standby letter of credit in
the amount of $242,529 which was issued on June 18, 1997 for the purpose of
covering future operating deficits, if any, of the Cobbet Local Partnership.
The letter of credit is secured by the Partnership's investment in a U.S.
Treasury bond in the face amount of $257,000, purchased in June 1997. As of
November 10, 1997, no amounts have been drawn on the letter of credit.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
NOTES TO FINANCIAL STATEMENTS - (Continued)
SEPTEMBER 29, 1997
(UNAUDITED)
3. Investment in Local Partnerships
The Partnership owns a limited partnership interest in nineteen Local
Partnerships representing capital contributions in the aggregate amount of
$34,510,290. As of June 30, 1997, the Local Partnerships have outstanding
mortgage loans payable totaling approximately $83,014,000 and accrued
interest payable on such loans totaling approximately $5,402,000, which are
secured by security interests and liens common to mortgage loans on the Local
Partnerships' real property and other assets.
For the six months ended September 29, 1997, the investment in Local
Partnerships activity consists of the following:
<S> <C>
Investment in Local Partnerships as of $ 7,382,178
March 30, 1997
Equity in loss of investment in Local
Partnerships for the six months ended (590,079) (A)
June 30, 1997
Cash distributions received from Local
Partnerships during the six months (8,750)
ended September 29, 1997
Investment in Local Partnerships as of $ 6,783,349
===========
September 29, 1997
</TABLE>
(A) Equity in loss of investment in Local Partnerships is limited to the
Partnership's investment balance in each Local Partnership; any excess is
applied to other partners' capital in any such Local Partnership. The
amount of such excess losses applied to other partners' capital was
$1,332,985 for the six months ended June 30, 1997 as reflected in the
combined statements of operations of the Local Partnerships reflected
herein Note 3.
Thecombined unaudited balance sheets of the Local Partnerships as of June 30,
1997 and December 31, 1996 and the combined unaudited statements of
operations of the Local Partnerships for the three and six month periods
ended June 30, 1997 and 1996 are reflected on pages 9 and 10, respectively.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
NOTES TO FINANCIAL STATEMENTS - (Continued)
SEPTEMBER 29, 1997
(UNAUDITED)
3. Investment in Local Partnerships (continued)
The combined balance sheets of the Local Partnerships as of June 30, 1997 and
December 31, 1996 are as follows:
June 30, December 31,
1997 1996
---------------------------
<S> <C> <C>
ASSETS
Cash and other investments $ 962,653$ 1,218,425
Rental receivable 306,427 260,272
Escrow deposits and reserves 3,909,461 3,133,429
Land 4,416,035 4,416,035
Buildings and improvements (net of accumulated
depreciation of $33,668,650 and $31,649,149) 78,441,404 80,294,613
Intangible assets (net of accumulated
amortization of $881,332 and $836,753) 1,884,669 1,929,248
Other 819,939 965,578
-----------------------------
$ 90,740,588 $ 92,217,600
============ ============
LIABILITIES AND PARTNERS' EQUITY (DEFICIT)
Liabilities
Accounts payable and accrued expenses $ 1,332,636 $ 1,267,704
Due to related parties 5,411,760 5,291,779
Mortgage loans 83,013,692 83,114,342
Notes payable 994,013 1,009,368
Accrued interest 5,402,080 5,014,588
Other 2,069,622 2,034,144
----------------------------
98,223,803 97,731,925
Partners' equity (deficit)
American Tax Credit Properties L.P.
Capital contributions, net of distributions 33,950,139 33,971,389
Cumulative loss (27,165,540) (26,575,461)
6,784,599 7,395,928
General partners and other limited partners,
including ATCP II
Capital contributions, net of distributions 370,149 361,046
Cumulative loss (14,637,963) (13,271,299)
(14,267,814) (12,910,253)
(7,483,215) (5,514,325)
$ 90,740,588 $ 92,217,600
============ ============
</TABLE>
- -------------------------------------------------------------------------------
10
- -------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
AMERICAN TAX CREDIT PROPERTIES L.P.
NOTES TO FINANCIAL STATEMENTS - (Continued)
SEPTEMBER 29, 1997
(UNAUDITED)
3. Investment in Local Partnerships (continued)
The combined statements of operations of the Local Partnerships for the three
and six month periods ended June 30, 1997 and 1996 are as follows:
Three Months Six Months Three Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1997 1996 1996
-----------------------------------------------------
<S> <C> <C> <C> <C>
REVENUE
Rental $ 3,989,511$ 8,042,84$ 3,914,166$ 7,860,571
Interest and other 52,665 105,516 49,554 103,340
--------------------------------------------------------
TOTAL REVENUE 4,042,176 8,148,35 3,963,720 7,963,911
-------------------------------------------------------
EXPENSES
Administrative 544,152 1,147,671 541,821 1,120,509
Utilities 315,320 749,726 320,194 734,432
Operating, maintenance and 691,706 1,501,849 782,662 1,610,527
other
Taxes and insurance 482,850 1,009,510 496,942 1,015,086
Interest (including
amortization of $19,650, 1,736,283 3,676,844 2,026,274 3,895,768
$44,579, $24,075 and
$49,981)
Depreciation 1,007,905 2,019,501 998,803 1,989,278
-------------------------------------------------------
TOTAL EXPENSES 4,778,216 10,105,101 5,166,696 10,365,600
-------------------------------------------------------
NET LOSS $ (736,040)$ (1,956,743)$ (1,202,976)$ (2,401,689)
======================================== =============
NET LOSS ATTRIBUTABLE TO
American Tax Credit $ (251,151)$ (590,079)$ (550,402)$ (1,017,800)
Properties L.P.
General partners and other limited partners, including ATCP II, which
includes $468,446, $1,332,985, $618,588 and
$1,340,411 of American (484,889) (1,366,664) (652,574) (1,383,889)
-------------------------------------------------------
Tax Credit Properties
L.P. loss in excess of
investment
$ (736,040)$ (1,956,743)$ (1,202,976)$ (2,401,689)
======================================== =============
</TABLE>
The combined results of operations of the Local Partnerships for the three
and six month periods ended June 30, 1997 are not necessarily indicative of
the results that may be expected for an entire operating period.
- -------------------------------------------------------------------------------
11
- -------------------------------------------------------------------------------
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
NOTES TO FINANCIAL STATEMENTS - (Continued)
SEPTEMBER 29, 1997
(UNAUDITED)
3. Investment in Local Partnerships (continued)
The Partnership acquired a 99% limited partnership interest in B & V, Ltd.
(the "B & V Local Partnership"), a 190-unit complex located in Homestead,
Florida in December 1988. In August 1992, much of Homestead, Florida was
devastated by Hurricane Andrew and the Property owned by the B & V Local
Partnership sustained substantial damage. The damage to the complex was
covered by property insurance and the B & V Local Partnership was covered by
rental interruption insurance. It was the intention of the local general
partner of the B & V Local Partnership to reconstruct the complex, and thus
preserve the Low-income Tax Credits. However, delays in the rebuilding of the
complex occurred due to significant disagreements with the insurance company
concerning selection of the contractor and the costs to rebuild the complex.
In addition, the insurance carrier ceased making rental interruption
insurance payments and subsequently the lender declared a default. While
conducting repairs, which included completing 52 rental units which were
placed in service, the B & V Local Partnership was unable to make required
mortgage payments but undertook significant litigious efforts to effect a
workout with the lender and cause the insurance company and contractor to
perform under their obligations to rebuild the complex, which included
reorganization plans, bankruptcy proceedings, binding arbitration and
voluntary nonbinding mediation. Despite such efforts, the complex lost 32
rental units pursuant to a quick-take eminent domain proceeding in April 1996
and the remainder of the complex was ultimately lost in April 1997 when the
Bankruptcy Court ordered title transfer of the Property. However, the final
disposition of the bankruptcy has yet to occur and therefore the combined
balance sheet of the Local Partnerships as of June 30, 1997 includes the
assets and liabilities of the B & V Local Partnership, including land,
buildings and mortgage payable, among other things. In December 1996, in
connection with the bankruptcy and foreclosure proceedings surrounding the B
& V Local Partnership, the Bankruptcy Court determined the value of the
Property owned by the B & V Local Partnership which resulted in the
recognition of an impairment loss which was included in the combined
statement of operations of the Local Partnerships for the year ended December
31, 1996. Because the Partnership's investment balance in the B & V Local
Partnership, after the cumulative equity losses, became zero during the year
ended March 30, 1995, the aforementioned impairment and loss of the Property
had no effect on the financial position, results of operations or cash flows
of the Partnership as of and for the six months ended September 29, 1997. The
net effect of the disposition of the bankruptcy is expected to be allocated
fully to the local general partner of the B & V Local Partnership and
therefore would have no effect on the financial position, results of
operations or cash flow of the Partnership. In addition, the Partnership will
not utilize the future Low-income Tax Credits associated with the B & V Local
Partnership and limited partners will incur a tax credit recapture for a
portion of previous years' Low-income Tax Credits because the Property was
not held through the entire Compliance Period.
As part of the overall plan and arrangement with the local general partner of
the B & V Local Partnership (see discussion above), the Partnership owns a
99% limited partnership interest in B & V Phase I, Ltd. (the "B & V Phase I
Local Partnership"), which owns a 97-unit, Section 8 assisted apartment
complex located in Homestead, Florida, which was acquired from principals of
the local general partner of the B & V Local Partnership during the year
ended March 30, 1995. The purpose of acquiring an interest in the B & V Phase
I Local Partnership was to mitigate potential adverse consequences of a loss
of Low-income Tax Credits in the event that the rebuilding of the apartment
complex owned by the B & V Local Partnership was not completed. Under the
terms of the limited partnership agreement between the Partnership and the B
& V Phase I Local Partnership, the Partnership made its full capital
contribution of $140,000 in October 1994 with total Low-income Tax Credits
expected to be allocated to the Partnership over the period 1994 through 1998
of approximately $499,000. Prior to the acquisition, the B & V Phase I Local
Partnership was also damaged by Hurricane Andrew in August 1992. Since May 1,
1996, all 97 of the rental units were complete and occupied. Pursuant to an
agreement with the lender, the B & V Phase I Local Partnership was to
commence paying debt service in January 1995 which was to coincide with the
completion of construction. However, due to construction delays, the B & V
Phase I Local Partnership had not commenced making such payments. The lender
declared a default under the terms of the mortgage and, on December 9, 1996
the lender commenced a foreclosure action. On January 14, 1997, by agreement
between the B & V Phase I Local Partnership and the lender, the Circuit Court
for Dade County issued an order directing the B & V Phase I Local Partnership
to make mortgage payments to the lender accruing since December
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
NOTES TO FINANCIAL STATEMENTS - (Continued)
SEPTEMBER 29, 1997
(UNAUDITED)
3. Investment in Local Partnerships (continued)
1996 and to thereafter make monthly mortgage payments to the lender. The B &
V Phase I Local Partnership has complied with this order and all payments
accruing since December 1996 through November 1997 have been made. On April
18, 1997, a motion for summary judgment in the lender's foreclosure action
was scheduled to be heard. However, on April 17, 1997, the B & V Phase I
Local Partnership filed a Chapter 11 Bankruptcy Petition with the United
States Bankruptcy Court, District of Connecticut, Bridgeport Division. On
April 25, 1997, the lender filed a motion seeking to change the venue for
this case to the Southern District of Florida. Subsequently, hearings were
held in order for the Bankruptcy Court to consider the lender's motion. In
the course of these hearings, the lender and the B & V Phase I Local
Partnership reached a tentative agreement whereby the lender would withdraw
its request to change venue and the B & V Phase I Local Partnership would
agree to submit to the Bankruptcy Court a plan providing for, among other
things, a schedule of buy-out prices to be paid to the lender at future
designated dates. On July 14, 1997, the Bankruptcy Court approved a
stipulation between the lender and the B & V Phase I Local Partnership which
incorporated the tentative agreement. Under the terms of the stipulation, the
plan of reorganization is required to be filed with the Bankruptcy Court
within 60 days of the date of the stipulation unless extended by the parties.
On September 10, 1997, the B & V Phase I Local Partnership filed a plan of
reorganization with the Bankruptcy Court, and on October 28, 1997 the
Bankruptcy Court issued an order approving the Disclosure Statement filed in
connection therewith and setting a timetable for confirming the plan.
Provided that the proposed plan of reorganization is confirmed and the B & V
Phase I Local Partnership is not required to make debt service payments in
excess of current levels, the Partnership does not anticipate any recapture
of Low-income Tax Credits or interruption in Low-income Tax Credits allocated
from the B & V Phase I Local Partnership through December 31, 1997. The
Partnership's investment balance in the B & V Phase I Local Partnership,
after the cumulative equity losses, became zero during the year ended March
30, 1996.
Erie Associates Limited Partnership (the "Erie Local Partnership") is
operating pursuant to an amended and restated note (the "Amended Note") dated
December 1, 1994 which matures on December 1, 1997. The original financing
called for mandatory debt service of $7,647 per month, while the Amended Note
requires monthly mandatory debt service of $5,883. The Local General Partners
of the Erie Local Partnership report that the Erie Local Partnership is
several months in arrears under the terms of the Amended Note, that a default
has been declared by the lender and that discussions are currently being held
with the lender.
4. Additional Information
Additional information, including the audited March 30, 1997 Financial
Statements and the Organization, Purpose and Summary of Significant
Accounting Policies, is included in the Partnership's Annual Report on Form
10-K for the fiscal year ended March 30, 1997 on file with the Securities and
Exchange Commission.
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Material Changes in Financial Condition
As of September 29, 1997, Registrant has not experienced a significant change in
financial condition as compared to March 30, 1997. Principal changes in assets
are comprised of periodic transactions and adjustments and anticipated equity in
loss from operations of the Local Partnerships. During the six months ended
September 29, 1997, Registrant received cash from interest earnings, maturities
of bonds and distributions from Local Partnerships and utilized cash for
operating expenses and investments in bonds, which investment serves as
collateral for a standby letter of credit posted in connection with a Local
Partnership. Cash and cash equivalents and investments in bonds
available-for-sale increased, in the aggregate, by approximately $63,000 during
the six months ended September 29, 1997, which increase includes a net
unrealized gain recorded on investments in bonds of approximately $91,000, the
amortization of net premium on investments in bonds of approximately $14,000 and
the accretion of zero coupon bonds of approximately $8,000. During the six
months ended September 29, 1997, the investment in Local Partnerships decreased
as a result of Registrant's equity in the Local Partnerships' net loss for the
six months ended June 30, 1997 of $590,079 and cash distributions received from
Local Partnerships of $8,750.
The Properties are principally comprised of subsidized and leveraged low-income
multifamily residential complexes located throughout the United States and
Puerto Rico. The rents of the Properties, many of which receive rental subsidy
payments, including payments under Section 8 of Title II of the Housing and
Community Development Act of 1974 ("Section 8"), are subject to specific laws,
regulations and agreements with federal and state agencies. The subsidy
agreements expire at various times during and after the Compliance Periods of
the Local Partnerships. The United States Department of Housing and Urban
Development ("HUD") has issued notices which implement provisions to renew
certain project based Section 8 contracts expiring during HUD's fiscal year
1997, where requested by an owner, for an additional one year term generally at
or below current rent levels, subject to certain guidelines. HUD has an
additional program (the "Restructuring Program") which, in general, provides for
restructuring rents and/or mortgages where rents may be adjusted to market
levels and mortgage terms may be adjusted based on the reduction in rents,
although there may be instances in which only rents, but not mortgages, are
restructured. Registrant cannot reasonably predict legislative initiatives and
governmental budget negotiations, the outcome of which could result in a
reduction in funds available for the various federal and state administered
housing programs including the Section 8 program. Such changes could adversely
affect the future net operating income and debt structure of any or all Local
Partnerships currently receiving such subsidy or similar subsidies. Two Local
Partnerships, whose Section 8 contracts expired during 1996 and were extended
for one year, have applied for treatment under the Restructuring Program during
1997. In addition, the Local Partnerships have various financing structures
which include (i) required debt service payments ("Mandatory Debt Service") and
(ii) debt service payments which are payable only from available cash flow
subject to the terms and conditions of the notes, which may be subject to
specific laws, regulations and agreements with appropriate federal and state
agencies ("Non-Mandatory Debt Service or Interest"). During the six months ended
June 30, 1997, revenue from operations and reserves of the Local Partnerships
have generally been sufficient to cover the operating expenses and Mandatory
Debt Service. Most of the Local Partnerships are effectively operating at or
near break even levels, although certain Local Partnerships' accounting
information reflects operating deficits that do not represent cash deficits due
to their mortgage and financing structure and the required deferral of property
management fees. However, as discussed below, certain Local Partnerships'
operating information indicates below break even operations after taking into
account their mortgage and financing structure and required deferral of property
management fees.
Although Cobbet Hill Associates Limited Partnership (the "Cobbet Local
Partnership") is current on its mortgage obligation, certain needed repairs of
the building caused a technical default under the first mortgage. In connection
with the repairs, the Cobbet Local Partnership utilized a then existing letter
of credit in the amount of $242,529 which had been established for the purpose
of covering future operating deficits, if any. Registrant has purchased a U.S.
Treasury bond in the face amount of $257,000 to secure a replacement letter of
credit. The repairs are substantially complete as of November 10, 1997. The
Cobbet Local Partnership was originally financed with a first mortgage with
mandatory monthly payment terms with The Massachusetts Housing Finance Agency
("MHFA") and a second mortgage with MHFA (the "SHARP Operating Loan") whereby
proceeds would be advanced monthly as an operating subsidy (the "Operating
Subsidy Payments").
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
The terms of the SHARP Operating Loan called for declining Operating Subsidy
Payments over its term (not more than 15 years). However, due to the economic
condition of the Northeast region in the early 1990's, MHFA instituted an
Operating Deficit Loan program ("ODL") which supplemented the scheduled
reduction in the Operating Subsidy Payments. MHFA recently announced its policy
to modify the ODL program in order to save MHFA revenue. In the future,
properties will not be receiving the ODL operating supplement and MHFA
anticipates that some, if not all of the properties which previously qualified
under the ODL program will be unable to make their required debt service
payments. As a result, MHFA expects the properties to require workouts. MHFA has
indicated that as part of such workouts, the owner of a property may have to
provide additional equity. The affordable housing developers in Massachusetts
have collectively obtained legal counsel to determine their rights in connection
with MHFA's recent unilateral decisions. Although the Cobbet Local Partnership
has recently ceased receiving ODL funds, it has sustained operations by
deferring property management fees and utilizing funds which would otherwise be
deposited to its reserve for replacements. The future financial viability of the
Cobbet Local Partnership is highly uncertain given the recent actions taken by
MHFA. The terms of the partnership agreement of the Cobbet Local Partnership
require the Local General Partners of the Cobbet Local Partnership to cause the
management agent to defer property management fees in order to avoid a default
under the mortgage. The Cobbet Local Partnership incurred an operating deficit
for the six months ended June 30, 1997 of approximately $74,000, which includes
property management fees of approximately $33,000. Accordingly, the net
operating deficit was approximately $41,000, which amount includes fixed asset
additions of approximately $43,000. Of Registrant's total annual Low-income Tax
Credits, approximately 8% is allocated from the Cobbet Local Partnership.
The terms of the partnership agreement of Erie Associates Limited Partnership
(the "Erie Local Partnership") require the Local General Partners of the Erie
Local Partnership to cause the management agent to defer property management
fees in order to avoid a default under the mortgage. The Erie Local Partnership
is operating pursuant to an amended and restated note (the "Amended Note") dated
December 1, 1994 which matures on December 1, 1997. The original financing
called for Mandatory Debt Service of $7,647 per month, while the Amended Note
requires monthly Mandatory Debt Service of $5,883. The Local General Partners of
the Erie Local Partnership report that the Erie Local Partnership is several
months in arrears under the terms of the Amended Note, that a default has been
declared by the lender and that discussions are currently being held with the
lender. Of Registrant's total annual Low-income Tax Credits, approximately 2% is
allocated from the Erie Local Partnership.
Registrant acquired a 99% limited partnership interest in B & V, Ltd. (the "B &
V Local Partnership"), a 190-unit complex located in Homestead, Florida in
December 1988. In August 1992, much of Homestead, Florida was devastated by
Hurricane Andrew and the Property owned by the B & V Local Partnership sustained
substantial damage. The damage to the complex was covered by property insurance
and the B & V Local Partnership was covered by rental interruption insurance. It
was the intention of the Local General Partner of the B & V Local Partnership to
reconstruct the complex, and thus preserve the Low-income Tax Credits. However,
delays in the rebuilding of the complex occurred due to significant
disagreements with the insurance company concerning selection of the contractor
and the costs to rebuild the complex. In addition, the insurance carrier ceased
making rental interruption insurance payments and subsequently the lender
declared a default. While conducting repairs, which included completing 52
rental units which were placed in service, the B & V Local Partnership was
unable to make required mortgage payments but undertook significant litigious
efforts to effect a workout with the lender and cause the insurance company and
contractor to perform under their obligations to rebuild the complex, which
included reorganization plans, bankruptcy proceedings, binding arbitration and
voluntary nonbinding mediation. Despite such efforts, the complex lost 32 rental
units pursuant to a quick-take eminent domain proceeding in April 1996 and the
remainder of the complex was ultimately lost in April 1997 when the Bankruptcy
Court ordered title transfer of the Property. However, the final disposition of
the bankruptcy has yet to occur. Registrant's investment balance in the B & V
Local Partnership, after the cumulative equity losses, became zero during the
year ended March 30, 1995.
As a result of the eminent domain proceeding by the City of Homestead,
Registrant incurred a recapture of Low-income Tax Credits taken through December
1995 of approximately $5 per Unit and will forego future Low-income Tax Credits
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
associated with such rental units of approximately $5 per Unit for the period
January 1996 through 1998. As a result of the lender's foreclosure of the 158
rental units, Registrant anticipates a recapture of Low-income Tax Credits taken
through December 1996 of approximately $35 per Unit for Unit holders of record
as of April 1997 and will forego future Low-income Tax Credits associated with
the 158 rental units of approximately $10 per Unit for the period January 1997
through 1998.
As part of the overall plan and arrangement with the Local General Partner of
the B & V Local Partnership (see discussion above), Registrant owns a 99%
limited partnership interest in B & V Phase I, Ltd. (the "B & V Phase I Local
Partnership"), which owns a 97-unit, Section 8 assisted apartment complex
located in Homestead, Florida, which was acquired from principals of the Local
General Partner of the B & V Local Partnership during the year ended March 30,
1995. The purpose of acquiring an interest in the B & V Phase I Local
Partnership was to mitigate potential adverse consequences of a loss of
Low-income Tax Credits in the event that the rebuilding of the apartment complex
owned by the B & V Local Partnership was not completed. Under the terms of the
limited partnership agreement between Registrant and the B & V Phase I Local
Partnership, Registrant made its full capital contribution of $140,000 in
October 1994 with total Low-income Tax Credits expected to be allocated to
Registrant over the period 1994 through 1998 of approximately $499,000. Prior to
the acquisition, the B & V Phase I Local Partnership was also damaged by
Hurricane Andrew in August 1992. Since May 1, 1996, all 97 of the rental units
were complete and occupied. Pursuant to an agreement with the lender, the B & V
Phase I Local Partnership was to commence paying debt service in January 1995
which was to coincide with the completion of construction. However, due to
construction delays, the B & V Phase I Local Partnership had not commenced
making such payments. The lender declared a default under the terms of the
mortgage and, on December 9, 1996 the lender commenced a foreclosure action. On
January 14, 1997, by agreement between the B & V Phase I Local Partnership and
the lender, the Circuit Court for Dade County issued an order directing the B &
V Phase I Local Partnership to make mortgage payments to the lender accruing
since December 1996 and to thereafter make monthly mortgage payments to the
lender. The B & V Phase I Local Partnership has complied with this order and all
payments accruing since December 1996 through November 1997 have been made. On
April 18, 1997, a motion for summary judgment in the lender's foreclosure action
was scheduled to be heard. However, on April 17, 1997, the B & V Phase I Local
Partnership filed a Chapter 11 Bankruptcy Petition with the United States
Bankruptcy Court, District of Connecticut, Bridgeport Division. On April 25,
1997, the lender filed a motion seeking to change the venue for this case to the
Southern District of Florida. Subsequently, hearings were held in order for the
Bankruptcy Court to consider the lender's motion. In the course of these
hearings, the lender and the B & V Phase I Local Partnership reached a tentative
agreement whereby the lender would withdraw its request to change venue and the
B & V Phase I Local Partnership would agree to submit to the Bankruptcy Court a
plan providing for, among other things, a schedule of buy-out prices to be paid
to the lender at future designated dates. On July 14, 1997, the Bankruptcy Court
approved a stipulation between the lender and the B & V Phase I Local
Partnership which incorporated the tentative agreement. Under the terms of the
stipulation, the plan of reorganization is required to be filed with the
Bankruptcy Court within 60 days of the date of the stipulation unless extended
by the parties. On September 10, 1997, the B & V Phase I Local Partnership filed
a plan of reorganization with the Bankruptcy Court and on October 28, 1997 the
Bankruptcy Court issued an order approving the Disclosure Statement filed in
connection therewith and setting a timetable for confirming the plan. Provided
that the proposed plan of reorganization is confirmed and the B & V Phase I
Local Partnership is not required to make debt service payments in excess of
current levels, Registrant does not anticipate any recapture of Low-income Tax
Credits or interruption in Low-income Tax Credits allocated from the B & V Phase
I Local Partnership through December 31, 1997. However, unless alternative
sources of financing can be secured, no assurances can be made concerning 1998.
Registrant's investment balance in the B & V Phase I Local Partnership, after
the cumulative equity losses, became zero during the year ended March 30, 1996.
Of Registrant's total annual Low-income Tax Credits (prior to the loss of the B
& V Local Partnership) approximately 1% is allocated from the B & V Phase I
Local Partnership.
Results of Operations
Registrant's operating results are dependent upon the operating results of the
Local Partnerships and are significantly impacted by the Local Partnerships'
policies. In addition, the operating results herein are not necessarily the same
for tax reporting. Registrant accounts for its investment in Local Partnerships
in accordance with the equity method of accounting, under which the investment
is carried at cost and is adjusted for Registrant's share of the Local
Partnership's results of operations and by any cash distributions received.
Equity in loss of each investment in Local Partnership allocated to
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Registrant is recognized to the extent of Registrant's investment balance in
each Local Partnership. Any equity in loss in excess of Registrant's investment
balance in a Local Partnership is allocated to other partners' capital in each
such Local Partnership. As a result, the equity in loss of investment in Local
Partnerships is expected to decrease as Registrant's investment balances in the
respective Local Partnerships become zero. The combined statements of operations
of the Local Partnerships reflected in Note 3 to Registrant's financial
statements include the operating results of all Local Partnerships, irrespective
of Registrant's investment balances.
Cumulative losses and cash distributions in excess of investment in Local
Partnerships may result from a variety of circumstances, including a Local
Partnership's accounting policies, subsidy structure, debt structure and
operating deficits, among other things. Accordingly, cumulative losses and cash
distributions in excess of the investment are not necessarily indicative of
adverse operating results of a Local Partnership. See discussion above under
Material Changes in Financial Condition regarding certain Local Partnerships
currently operating below economic break even levels.
Three Months Ended September 29, 1997
For the three months ended September 29, 1997, Registrant had a net loss of
approximately $291,000, which included an equity in loss of investment in Local
Partnerships of approximately $251,000 for the three months ended June 30, 1997.
Registrant's loss from operations for the three months ended September 29, 1997
of approximately $40,000 was attributable to interest revenue of approximately
$60,000 and other income from a Local Partnership of approximately $5,000,
exceeded by operating expenses of approximately $105,000. Nonrecognition of
losses in excess of Registrant's investment in certain Local Partnerships during
the period was approximately $468,000.
The Local Partnerships' net loss of approximately $736,000 for the three months
ended June 30, 1997 was attributable to rental and other revenue of
approximately $4,042,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $3,750,000 and approximately $1,028,000
of depreciation and amortization expenses.
Three Months Ended September 29, 1996
For the three months ended September 29, 1996, Registrant had a net loss of
approximately $606,000, which included an equity in loss of investment in Local
Partnerships of approximately $551,000 for the three months ended June 30, 1996.
Registrant's loss from operations for the three months ended September 29, 1996
of approximately $55,000 was attributable to interest revenue of approximately
$63,000, exceeded by operating expenses of approximately $118,000.
Nonrecognition of losses in excess of Registrant's investment in certain Local
Partnerships during the period was approximately $619,000.
The Local Partnerships' net loss of approximately $1,203,000 for the three
months ended June 30, 1996 was attributable to rental and other revenue of
approximately $3,964,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $4,144,000 and approximately $1,023,000
of depreciation and amortization expenses.
Six Months Ended September 29, 1997
For the six months ended September 29, 1997, Registrant had a net loss of
approximately $686,000, which included an equity in loss of investment in Local
Partnerships of approximately $590,000 for the six months ended June 30, 1997.
Registrant's loss from operations for the six months ended September 29, 1997 of
approximately $96,000 was attributable to interest revenue of approximately
$123,000 and other income from a Local Partnership of approximately $7,000,
exceeded by operating expenses of approximately $226,000. Nonrecognition of
losses in excess of Registrant's investment in certain Local Partnerships during
the period was approximately $1,333,000.
The Local Partnerships' net loss of approximately $1,957,000 for the six months
ended June 30, 1997 was attributable to rental and other revenue of
approximately $8,148,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $8,041,000 and approximately $2,064,000
of depreciation and amortization expenses.
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations (continued)
Six Months Ended September 29, 1996
For the six months ended September 29, 1996, Registrant had a net loss of
approximately $1,119,000, which included an equity in loss of investment in
Local Partnerships of approximately $1,018,000 for the six months ended June 30,
1996. Registrant's loss from operations for the six months ended September 29,
1996 of approximately $101,000 was attributable to interest revenue of
approximately $130,000, exceeded by operating expenses of approximately
$231,000. Nonrecognition of losses in excess of Registrant's investment in
certain Local Partnerships during the period was approximately $1,340,000.
The Local Partnerships' net loss of approximately $2,402,000 for the six months
ended June 30, 1996 was attributable to rental and other revenue of
approximately $7,964,000, exceeded by operating and interest expenses (including
Non-Mandatory Interest) of approximately $8,327,000 and approximately $2,039,000
of depreciation and amortization expenses.
Three and Six Month Periods Ended September 29, 1997 v.
Three and Six Month Periods Ended September 29, 1996
Registrant's operations for the three months ended September 29, 1997 resulted
in a net loss of approximately $291,000 as compared to a net loss of
approximately $606,000 for the three months ended September 29, 1996. The
decrease in net loss is primarily attributable to a decrease in the equity in
loss of investment in Local Partnerships of approximately $299,000, which is
primarily the result of a decrease in the net operating losses of certain Local
Partnerships.
Registrant's operations for the six months ended September 29, 1997 resulted in
a net loss of approximately $686,000 as compared to a net loss of approximately
$1,119,000 for the six months ended September 29, 1996. The decrease in net loss
is primarily attributable to a decrease in the equity in loss of investment in
Local Partnerships of approximately $428,000, which is primarily the result of a
decrease in the net operating losses of certain Local Partnerships.
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
Part II - OTHER INFORMATION
Item 1. Legal Proceedings
B & V Phase I, Ltd. (the "B & V Phase I Local Partnership") was also damaged by
Hurricane Andrew in August 1992. Since May 1, 1996, all 97 of the rental units
were complete and occupied. Under an agreement with the lender, the B & V Phase
I Local Partnership was to commence paying debt service in January 1995 which
was to coincide with the completion of construction. However, due to
construction delays, the B & V Phase I Local Partnership had not commenced
making such payments. The lender declared a default under the terms of the
mortgage and, on December 9, 1996 the lender commenced a foreclosure action. On
January 14, 1997, by agreement of the B & V Phase I Local Partnership and the
lender, the Circuit Court for Dade County issued an order directing the B & V
Phase I Local Partnership to make mortgage payments to the lender accruing since
December 1996 and to thereafter make monthly mortgage payments to the lender.
The B & V Phase I Local Partnership has complied with this order and all
payments accruing during the period from December 1996 through August 1997 have
been made. On April 18, 1997, a motion for summary judgment in the lender's
foreclosure action was scheduled to be heard. However, on April 17, 1997, the B
& V Phase I Local Partnership filed a Chapter 11 Bankruptcy Petition with the
United States Bankruptcy Court, District of Connecticut, Bridgeport Division. As
of April 25, 1997, the lender filed a motion seeking to change the venue for
this case to the Southern District of Florida. Subsequently, hearings were held
in order for the Bankruptcy Court to consider the lender's motion. In the course
of these hearings, the lender and the B & V Phase I Local Partnership reached a
tentative agreement whereby the lender would withdraw its request to change
venue and the B & V Phase I Local Partnership would agree to submit to the
Bankruptcy Court a plan providing for, among other things, a schedule of buy out
prices to be paid to the lender at future designated dates. On July 14, 1997,
the Bankruptcy Court approved a stipulation between the lender and the B & V
Phase I Local Partnership which incorporated the tentative agreement. Under the
terms of the stipulation, the plan of reorganization is required to be filed
with the Bankruptcy Court within 60 days of the date of the stipulation unless
extended by the parties. On September 10, 1997, the B & V Phase I Local
Partnership filed a plan of reorganization with the Bankruptcy Court and on
October 28, 1997 the Bankruptcy Court issued an order approving the Disclosure
Statement filed in connection therewith and setting a timetable for confirming
the plan.
On March 5, 1990, Stonebridge Associates ("Stonebridge") filed a lawsuit against
Federal Apartments Limited Partnership (the "Federal Local Partnership") for
repayment of an unsecured, non-interest bearing note in the amount of $96,000.
The suit was filed in the First Judicial District Court in Caddo Parish,
Louisiana. The suit alleges that the defendant was required to pay down such
note upon the receipt of the second installment of the capital contribution
obligation from Registrant. Such capital contribution payment was made by
Registrant to the Federal Local Partnership on December 27, 1989. The Federal
Local Partnership contends that Stonebridge is not entitled to such payment.
On December 16, 1993, the Federal Local Partnership filed a lawsuit against
Henry Cisneros (in his capacity as Secretary of HUD and the Housing Authority of
the City of Fort Lauderdale, Florida ("FLHA") for violating the Administrative
Procedure Act. The suit alleged that the defendants used an incorrect figure for
debt service in determining the base rent component of the Federal Local
Partnership's Housing Assistance Payments Contract rents, resulting in rents at
a level insufficient to service the Federal Local Partnership's co-insured first
mortgage and, as a further result, the amount of the maximum insurable first
mortgage was reduced and the local general partner of the Federal Local
Partnership had to provide approximately $1,299,000 to the Federal Local
Partnership. The Federal Local Partnership sought payment of the difference in
rents dating from 1988 to the present and recovery of all legal fees. The Court
had previously ruled in favor of the defendants and the Federal Local
Partnership's subsequent appeals have been denied.
A former tenant of Gulf Shores Apartments Ltd. (the "Gulf Shores Local
Partnership") had brought suit against the Gulf Shores Local Partnership, among
others, in connection with an alleged wrongful eviction. The former tenant's
suit, which sought damages of $13,000,000, was dismissed on April 22, 1997 as a
result of the former tenant not being present at a court proceeding. The former
tenant had the right to file for reinstatement of the suit within ninety days of
the dismissal. The Gulf Shores Local Partnership has reported that this suit has
been dismissed and that a subsequent appeal has been denied.
Registrant is not aware of any other material legal proceedings.
<PAGE>
<PAGE>
AMERICAN TAX CREDIT PROPERTIES L.P.
Part II - OTHER INFORMATION (Continued)
Item 2. Changes in Securities
None
Item 3. Defaults Upon Senior Securities
None; see Items 1 and 5 regarding mortgage defaults of certain
Local Partnerships.
Item 4. Submission of Matters to a Vote of Security Holders
None
Item 5. Other Information
As discussed in Part I, Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of Operations, the local general partners
of the Erie Associates Limited Partnership (the "Erie Local Partnership")
report that the Erie Local Partnership is several months in arrears under
the terms of its amended and restated note, that a default has been
declared by the lender and that discussions are currently being held with
the lender.
As discussed in Part I, Item 2 - Management's Discussion and Analysis of
Financial Condition and Results of Operations, the local general partners
of Cobbet Hill Associates Limited Partnership (the "Cobbet Local
Partnership") report that the first mortgage lender has declared a default
pending restoration of the building's parapet. The Cobbet Local
Partnership's property management has met with the lender and presented a
plan of action which has been orally accepted by the lender. The
remediation is substantially complete as of November 10, 1997.
Item 6. Exhibits and Reports on Form 8-K
None
<PAGE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
AMERICAN TAX CREDIT PROPERTIES L.P.
(a Delaware limited partnership)
By: Richman Tax Credit Properties L.P.,
General Partner
by: Richman Tax Credit Properties Inc.,
general partner
Dated: November 13, 1997 /s/ Richard Paul Richman
----------------- --------------------------
Richard Paul Richman
President, Chief Executive Officer and
Director of the general partner of the
General Partner
Dated: November 13, 1997 /s/ Neal Ludeke
Neal Ludeke
Vice President and Treasurer of the
general partner
of the General Partner
(Principal Financial and Accounting
Officer of Registrant)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> This schedule contains summary financial information extracted
from the quarter ended September 29, 1997 Form 10Q Balance Sheets and
Statements of Operations and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<CIK> 0000830159
<NAME> American Tax Credit Properties, I L.P.
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</TABLE>
