August 13, 1998
Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312
RE: Boston Financial Qualified Housing Tax Credits L.P. V
Report on Form 10-Q for Quarter Ended June 30, 1998
File No. 0-19706
Gentlemen:
Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, there is filed herewith one copy of the subject report.
Very truly yours,
/s/Dianne Groark
Dianne Groark
Assistant Controller
QH5-Q1.DOC
<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 June 30, 1998
------------------------------------------
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 June 30, 1998 Commission file number 0-19706
------------------------ ------------
Boston Financial Qualified Housing Tax Credits L.P. V
---------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-3054464
------------------------------- --------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
101 Arch Street, Boston, MA 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 TAX CREDITS L.P. V
(A Limited Partnership)
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page No.
- ------------------------------
Item 1. Financial Statements
Combined Balance Sheets - June 30, 1998 (Unaudited) and
March 31, 1998 1
Combined Statements of Operations (Unaudited) - For the Three
Months Ended June 30, 1998 and 1997 2
Combined Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Three Months Ended June 30,
1998 3
Combined Statements of Cash Flows (Unaudited) - For the Three
Months Ended June 30, 1998 and 1997 4
Notes to Combined Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 10
PART II - OTHER INFORMATION
Items 1-6 12
SIGNATURE 13
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, March 31,
1998 1998
(Unaudited)
Assets
<S> <C> <C>
Cash and cash equivalents $ 263,920 $ 239,932
Mortgagee escrow deposits - 382
Tenant security deposit escrow 3,017 3,017
Investments in Local Limited Partnerships, net of reserve
for valuation of $590,197 (Note 1) 23,649,420 24,775,767
Marketable securities, at fair value 3,270,355 3,064,717
Rental property at cost, net of accumulated
depreciation 795,968 778,924
Replacement reserve escrow 2,400 2,888
Other assets 56,343 40,041
-------------- -------------
Total Assets $ 28,041,423 $ 28,905,668
============== =============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 129,551 $ 79,210
Accounts payable and accrued expenses 46,221 72,983
Mortgage note payable 706,159 707,659
Tenant security deposits payable 3,017 3,017
Deferred revenue 141,356 139,461
-------------- -------------
Total Liabilities 1,026,304 1,002,330
-------------- -------------
Minority interest in Local Limited Partnership 140,453 140,554
General, Initial and Investor Limited Partners' Equity 26,884,007 27,777,237
Net unrealized losses on marketable securities (9,341) (14,453)
-------------- -------------
Total Partners' Equity 26,874,666 27,762,784
-------------- -------------
Total Liabilities and Partners' Equity $ 28,041,423 $ 28,905,668
============== =============
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended June 30, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
------------- ---------
Revenue:
<S> <C> <C>
Rental $ 29,475 $ 9,801
Investment 44,265 44,428
Other 2,464 1,943
------------- -------------
Total Revenue 76,204 56,172
------------- -------------
Expenses:
General and administrative (includes
reimbursements to an affiliate in the
amounts of $25,511 and $40,069, respectively) 59,139 68,165
Asset management fees, related party 60,556 59,177
Rental operations, exclusive of depreciation 10,082 1,975
Property management fee, related party - 590
Interest 19,500 6,837
Depreciation 10,000 3,530
Amortization 7,216 7,323
------------- -------------
Total Expenses 166,493 147,597
------------- -------------
Loss before minority interest in losses of
Local Limited Partnership and equity in
losses of Local Limited Partnerships (90,289) (91,425)
Minority interest in losses of
Local Limited Partnership 101 31
Equity in losses of Local Limited
Partnerships (803,042) (1,025,758)
------------- -------------
Net Loss $ (893,230) $ (1,117,152)
============= =============
Net Loss allocated:
To General Partners $ (8,932) $ (11,172)
To Limited Partners (884,298) (1,105,980)
------------- -------------
$ (893,230) $ (1,117,152)
============= =============
Net Loss per Limited Partnership Unit
(68,929 Units) $ (12.83) $ (16.05)
============= ==============
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
(Unaudited)
For the Three Months Ended June 30, 1998
<TABLE>
<CAPTION>
Initial Investor Net
General Limited Limited Unrealized
Partners Partner Partners Losses Total
<S> <C> <C> <C> <C>
Balance at March 31, 1998 $ (314,334) $5,000 $28,086,571 $ (14,453) $ 27,762,784
Net change in net unrealized
losses on marketable
securities available for sale - - - 5,112 5,112
Net Loss (8,932) - (884,298) - (893,230)
---------- ------ ------------ --------- -------------
Balance at June 30, 1998 $ (323,266) $ 5,000 $ 27,202,273 $ (9,341) $ 26,874,666
========== ======= ============ ========= =============
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
COMBINED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended June 30, 1998 and 1997
<TABLE>
<CAPTION>
1998 1997
----------- ----------
<S> <C> <C>
Net cash used for operating activities $ (62,096) $ (35,895)
--------- ----------
Cash flows from investing activities:
Purchases of marketable securities (675,768) (396,596)
Proceeds from sales and maturities of marketable securities 474,307 606,512
Cash distributions received from Local
Limited Partnerships 289,045 132,468
--------- ----------
Net cash provided by investing activities 87,584 342,384
--------- ----------
Cash flows from financing activities:
Payment of mortgage principal (1,500) (333)
--------- ----------
Net cash used for financing activities (1,500) (333)
--------- ----------
Net increase in cash and cash equivalents 23,988 306,156
Cash and cash equivalents, beginning 239,932 450,504
--------- ----------
Cash and cash equivalents, ending $ 263,920 $ 756,660
========= ==========
Supplemental disclosure:
Cash paid for interest $ 19,500 $ 6,837
========= ==========
The accompanying notes are an integral part of these combined financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO THE COMBINED FINANCIAL STATEMENTS
(Unaudited)
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, 1998. 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.
The General Partners have elected to report results of the Local Limited
Partnerships on a 90 day lag basis, because the Local Limited Partnerships
report their results on a calendar year basis. Accordingly, the financial
information about the Local Limited Partnerships included in the accompanying
combined financial statements is as of March 31, 1998 and 1997.
1. Investments in Local Limited Partnerships
The Partnership has acquired interests in twenty-six Local Limited Partnerships,
excluding Burbank, which own and operate multi-family housing complexes, most 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 with the exception of
Strathern Park/Lorne Park Apartments and Huguenot Park, which are 95% and 88.6%,
respectively. Upon dissolution, proceeds will be distributed according to each
respective partnership agreement.
The following is a summary of Investments in Local Limited Partnerships,
excluding Burbank, at June 30, 1998:
<TABLE>
<CAPTION>
<S> <C>
Capital contributions paid to Local Limited
Partnerships and purchase price paid to
withdrawing partners of Local Limited
Partnerships $ 55,219,511
Cumulative equity in losses of Local Limited
Partnerships (excluding cumulative unrecognized
losses of $174,403) (30,538,612)
Cumulative cash distributions received
from Local Limited Partnerships (1,262,101)
Investments in Local Limited Partnerships
before adjustment 23,418,798
Excess of investment cost over the underlying net assets acquired:
Acquisition fees and expenses 1,006,357
Accumulated amortization of acquisition
fees and expenses (185,538)
Investments in Local Limited Partnerships 24,239,617
Reserve for valuation of investment in
Local Limited Partnership (590,197)
$ 23,649,420
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO THE COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
The Partnership's share of the net losses of the Local Limited Partnership's,
excluding Burbank, for the three months ended June 30, 1998 is $843,878. For the
three months ended June 30, 1998, the Partnership has not recognized $40,836 of
equity in losses relating to four Local Limited Partnerships where cumulative
equity in losses and cumulative distributions from Local Limited Partnerships
exceeded its total investments in these Local Limited Partnerships.
2. Effect of Recently Issued Accounting Standard
The Financial Accounting Standards Board recently issued Statement of Financial
Accounting Standards No. 130, Reporting Comprehensive Income. The Partnership
has adopted the new standard effective April 1, 1998. The adoption of this
standard had no effect on the Partnership's net income or partner's equity.
Comprehensive loss was $888,118 and $1,100,252 for the quarters ended June 30,
1998 and 1997, respectively. Comprehensive loss includes the change in net
unrealized gains and losses on marketable securities available for sale of
$5,112 and $16,900 for the quarters ended June 30, 1998 and 1997, respectively.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
3. Supplemental Combining Schedules
<TABLE>
<CAPTION>
Balance Sheets
Boston Financial
Qualified Housing Wheeler
Tax Credits House Combined
L.P. V (A) (Burbank) (B) Eliminations (A)
Assets
<S> <C> <C> <C> <C>
Cash and cash equivalents $ 263,720 $ 200 $ - $ 263,920
Tenant security deposit escrow - 3,017 - 3,017
Investments in Local
Limited Partnerships, net 23,595,420 - 54,000 23,649,420
Marketable securities, at fair value 3,270,355 - - 3,270,355
Rental property at cost, net of
accumulated depreciation - 768,924 27,044 795,968
Replacement reserve escrow - 2,400 - 2,400
Other assets 56,343 - - 56,343
------------- ---------------- --------------- --------------
Total Assets $ 27,185,838 $ 774,541 $ 81,044 $ 28,041,423
============= ================ =============== ==============
Liabilities and Partners' Equity (Deficiency)
Accounts payable to affiliates $ 129,551 $ - $ - $ 129,551
Accounts payable and accrued expenses 40,265 5,956 - 46,221
Mortgage note payable - 706,159 - 706,159
Tenant security deposits payable - 3,017 - 3,017
Deferred revenue 141,356 - - 141,356
------------- ---------------- --------------- --------------
Total Liabilities 311,172 715,132 - 1,026,304
------------- ---------------- --------------- --------------
Minority interest in Local Limited
Partnership - - 140,453 140,453
------------- ---------------- --------------- --------------
General, Initial and Investor
Limited Partners' Equity 26,884,007 59,409 (59,409) 26,884,007
Net unrealized losses on
marketable securities (9,341) - - (9,341)
------------- ---------------- --------------- --------------
Total Partners' Equity 26,874,666 59,409 (59,409) 26,874,666
------------- ---------------- --------------- --------------
Total Liabilities and Partners' Equity $ 27,185,838 $ 774,541 $ 81,044 $ 28,041,423
============= ================ =============== ==============
(A) As of June 30, 1998.
(B) As of March 31, 1998.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
3. Supplemental Combining Schedules (continued)
<TABLE>
<CAPTION>
Statements of Operations
Boston Financial
Qualified Housing Wheeler
Tax Credits House Combined
L.P. V (A) (Burbank) (B) Eliminations (A)
Revenue:
<S> <C> <C> <C> <C>
Rental $ - $ 29,475 $ - $ 29,475
Investment 44,265 - - 44,265
Other 2,415 49 - 2,464
------------- ---------------- --------------- --------------
Total Revenue 46,680 29,524 - 76,204
------------- ---------------- --------------- --------------
Expenses:
General and administrative 59,139 - - 59,139
Asset management fees, related party 60,556 - - 60,556
Rental operations, exclusive of
depreciation - 10,082 - 10,082
Interest - 19,500 - 19,500
Depreciation - 10,000 - 10,000
Amortization 7,216 - - 7,216
------------- ---------------- --------------- --------------
Total Expenses 126,911 39,582 - 166,493
------------- ---------------- --------------- --------------
Loss before minority interest in losses of
Local Limited Partnership and equity in
losses of Local Limited Partnerships (80,231) (10,058) - (90,289)
Minority interest in losses of
Local Limited Partnership - - 101 101
Equity in losses of Local Limited
Partnerships (812,999) - 9,957 (803,042)
------------- ---------------- --------------- --------------
Net Loss $ (893,230) $ (10,058) $ 10,058 $ (893,230)
============= ================ =============== ==============
(A) For the three months ended June 30, 1998.
(B) For the three months ended March 31, 1998.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
NOTES TO COMBINED FINANCIAL STATEMENTS (continued)
(Unaudited)
3. Supplemental Combining Schedules (continued)
<TABLE>
<CAPTION>
Statements of Cash Flows
Boston Financial
Qualified Housing Wheeler
Tax Credits House Combined
L.P. V (A) (Burbank) (B) Eliminations (A)
<S> <C> <C> <C> <C>
Net cash provided by (used for)
operating activities $ (63,572) $ 1,476 $ - $ (62,096)
------------- --------------- --------------- --------------
Cash flows from investing activities:
Purchases of marketable securities (675,768) - - (675,768)
Proceeds from sales and maturities
of marketable securities 474,307 - - 474,307
Cash distributions received from
Local Limited Partnerships 289,045 - - 289,045
------------- -------------- --------------- --------------
Net cash provided by
investing activities 87,584 - - 87,584
------------- -------------- --------------- --------------
Cash flows from financing activities:
Payment of mortgage principal - (1,500) - (1,500)
------------- -------------- --------------- --------------
Net cash used for financing activities - (1,500) - (1,500)
------------- -------------- --------------- --------------
Net increase (decrease) in cash
and cash equivalents 24,012 (24) - 23,988
Cash and cash equivalents, beginning 239,708 224 - 239,932
------------- -------------- --------------- --------------
Cash and cash equivalents, ending $ 263,720 $ 200 $ - $ 263,920
============= ============== =============== ==============
(A) For the three months ended June 30, 1998.
(B) For the three months ended March 31, 1998.
</TABLE>
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
At June 30, 1998, the Partnership (including Burbank) had cash and cash
equivalents of $263,920, as compared with $239,932 at March 31, 1998. The
increase is primarily attributable to cash distributions received from Local
Limited Partnerships. The increase is partially offset by purchases of
marketable securities in excess of proceeds from sales and maturities of
marketable securities and cash used for operating activities.
Approximately $2,732,000 of marketable securities has been designated as
Reserves by the Managing General Partner. The Reserves were established to be
used for working capital of the Partnership and contingencies related to the
ownership of Local Limited Partnership interests. Management believes that the
investment income earned on the Reserves, along with cash distributions received
from Local Limited Partnerships, will be sufficient to fund the Partnership's
ongoing operations and any contingencies that may arise. Reserves may be used to
fund Local Limited Partnership operating deficits if the Managing General
Partner deems such funding appropriate.
Since the Partnership invests as a limited partner, the Partnership has no
contractual duty to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, at June 30, 1998, the Partnership had no
contractual or other obligation to any Local Limited Partnership which had not
been paid or provided for.
In the event a Local Limited Partnership encounters operating difficulties
requiring additional funds, the Partnership might deem it in its best interest
to provide such funds, voluntarily, in order to protect its investment. No such
event has occurred to date.
Cash Distributions
No cash distributions were made during the three months ended June 30, 1998.
Results of Operations
The Partnership's results of operations for the three months ended June 30, 1998
resulted in a net loss of $893,230, as compared to a net loss of $1,117,152 for
the same period in 1997. The decrease in net loss is primarily attributable to a
decrease in equity in losses of Local Limited Partnerships. Equity in losses of
Local Limited Partnerships decreased due to an overall decrease in interest and
operating expenses and an increase in losses not recognized by the Partnership
for Local Limited Partnerships whose cumulative equity in losses and cumulative
distributions exceeded its total investment in those partnerships. In addition,
rental income, rental operations, interest and depreciation expenses increased
due to a full three months of operations in 1998 as compared to one month of
operations in 1997 for the Combined Entity, since this entity was combined as of
March 1, 1997.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Property Discussions
Limited Partnership interests have been acquired in twenty-seven Local Limited
Partnerships which are located in ten states and the Virgin Islands. At the time
of acquisition, five of the properties, totaling 612 units, were existing
properties undergoing rehabilitation and twenty-two properties, consisting of
1,762 units, were new construction. All properties have completed construction
or rehabilitation and initial lease-up.
Historic New Center in Detroit, Michigan is generating operating deficits due to
low occupancy and collection problems. The Managing General Partner, Local
General Partner and property manager are working to improve collections. In
October 1997, a new site manager was hired to focus on marketing and collections
as well as improvements to the appearance of the property. As previously
reported, the Managing General Partner and the Local General Partner have been
in negotiations with the lender to obtain debt service relief through a loan
modification. In April 1998, an agreement was reached in order to restructure
the mortgage with a reduction in debt service by a paydown of the mortgage and
an interest rate reduction. This restructuring should enable the property to
cover the debt service and provide capital for physical improvements. Occupancy
continues to fluctuate due to volatility of the tenant profile. However,
occupancy as of June 30, 1998 was 97%. The Managing General Partner will
continue to closely monitor property operations.
Westgate, located in North Dakota, has been experiencing declining occupancy.
Occupancy as of June 30, 1998 was 85%. Affiliates of the Managing General
Partner have been working with the Local General Partner who has raised some
concerns over the long-term financial health of the property. In an effort to
reduce possible future risk, the Managing General Partner consummated the
transfer of 50% of the Partnership's interest in capital and profits in Westgate
to the Local General Partner. The Managing General Partner has the right to
transfer the Partnership's remaining interest to the Local General Partner any
time after one year has elapsed. The Partnership will retain its full share of
tax credits until such time as the remaining interest is put to the Local
General Partner. In addition, the Local General Partner has the right to call
the remaining interest after the tax credit period has expired.
In accordance with Financial Accounting Standard No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of",
which is effective for fiscal years beginning after December 15, 1995, the
Partnership has implemented policies and practices for assessing impairment of
its real estate assets and investments in local limited partnerships. Each asset
is analyzed by real estate experts to determine if an impairment indicator
exists. If so, the carrying value is compared to future cash flows expected to
be derived from the asset. If the total undiscounted cash flows are less than
the carrying value, a provision to write down the asset to fair value will be
charged against income.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(A Limited Partnership)
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6 Exhibits and reports on Form 8-K
(a) Exhibits - None
(b) Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended June 30, 1998.
<PAGE>
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. V
(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: August 13, 1998 BOSTON FINANCIAL QUALIFIED HOUSING
TAX CREDITS L.P. V
By: Arch Street V, Inc.,
its Managing General Partner
/s/Randolph G. Hawthorne
Randolph G. Hawthorne
Managing Director, Vice President and
Chief Operating Officer
<PAGE>
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-END> JUN-30-1998
<CASH> 263,920
<SECURITIES> 3,270,355
<RECEIVABLES> 000
<ALLOWANCES> 000
<INVENTORY> 000
<CURRENT-ASSETS> 000
<PP&E> 795,968
<DEPRECIATION> 000
<TOTAL-ASSETS> 28,041,423<F1>
<CURRENT-LIABILITIES> 000
<BONDS> 000
<COMMON> 000
000
000
<OTHER-SE> 26,874,666
<TOTAL-LIABILITY-AND-EQUITY> 28,041,423<F2>
<SALES> 000
<TOTAL-REVENUES> 76,204<F3>
<CGS> 000
<TOTAL-COSTS> 000
<OTHER-EXPENSES> 146,993<F4>
<LOSS-PROVISION> 000
<INTEREST-EXPENSE> 19,500
<INCOME-PRETAX> 000
<INCOME-TAX> 000
<INCOME-CONTINUING> 000
<DISCONTINUED> 000
<EXTRAORDINARY> 000
<CHANGES> 000
<NET-INCOME> (893,230)<F5>
<EPS-PRIMARY> (12.83)
<EPS-DILUTED> 000
<FN>
<F1>Included in total assets is tenant security deposit escrow of $3,017,
Investments in Local Limited Partnerships of $23,649,420, replacement reserve
escrow of $2,400 and other assets of $56,343. <F2>Included in Total Liability
and Equity is accounts payable to affiliates of $129,551, accounts payable and
accrued expenses of $46,221, mortgage note payable of $706,159, tenant security
deposits payable of $3,017, deferred revenue of $141,356 and minority interest
in Local Limited Partnership of $140,453. <F3>Total revenue includes rental of
$29,475, investment of $44,265, and other of $2,464. <F4>Included in Other
Expenses is general and administrative of $59,139 asset management fees of
$60,556, rental operations, exclusive of depreciation of $10,082, depreciation
of $10,000 and amortization of $7,216. <F5>Net loss includes minority interest
in losses of Local Limited Partnerships of $101 and equity in losses of Local
Limited Partnerships of $803,042.
</FN>
</TABLE>
