November 12, 1999
Securities and Exchange Commission
Filer Support, Edgar
Operation Center, Stop 0-7
6432 General Green Way
Alexandria, VA 22312
Re: Boston Financial Tax Credit Fund Plus, A Limited Partnership
Report on Form 10-QSB for Quarter Ended September 30, 1999
File Number 0-22104
Gentlemen:
Pursuant to the requirements of Section 15(d) of the Securities Exchange Act of
1934, there is filed herewith one copy of subject report.
Very truly yours,
/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller
TCP-Q2.DOC
<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(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, 1999
----------------------------------
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, 1999 Commission file number 0-22104
--------------------
Boston Financial Tax Credit Fund Plus, A Limited Partnership
(Exact name of registrant as specified in its charter)
Massachusetts 04-3105699
(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>
<TABLE>
<CAPTION>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
TABLE OF CONTENTS
<S> <C>
PART I. FINANCIAL INFORMATION Page No.
Item 1. Financial Statements
Balance Sheet - September 30, 1999 (Unaudited) 1
Statements of Operations (Unaudited) -
For the Three and Six Months Ended September 30, 1999 and 1998 2
Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Six Months Ended September 30, 1999 3
Statements of Cash Flows (Unaudited) -
For the Six Months Ended September 30, 1999 and 1998 4
Notes to Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II - OTHER INFORMATION
Items 1-6 11
SIGNATURE 12
</TABLE>
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
BALANCE SHEET
September 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Assets
<S> <C>
Cash and cash equivalents $ 247,683
Marketable securities, at fair value 1,104,418
Other investments (Note 2) 1,608,854
Investments in Local Limited Partnerships, net of
reserve for valuation of $1,554,780 (Note 1) 13,863,168
Advances to affiliate 30,000
Other assets 12,322
-------------
Total Assets $ 16,866,445
=============
Liabilities and Partners' Equity
Accounts payable to affiliates $ 1,283,124
Accounts payable and accrued expenses 15,646
-------------
Total Liabilities 1,298,770
Commitments (Note 3)
General, Initial and Investor Limited Partners' Equity 15,574,590
Net unrealized loss on marketable securities (6,915)
-------------
Total Partners' Equity 15,567,675
-------------
Total Liabilities and Partners' Equity $ 16,866,445
=============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
STATEMENTS OF OPERATIONS
For the Three and Six Months Ended September 30, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
September 30, September 30, September 30, September 30,
1999 1998 1999 1998
------------- ------------- ------------ ------------
Revenue:
<S> <C> <C> <C> <C>
Investment $ 17,868 $ (2,859) $ 35,940 $ 20,152
Accretion of Original Issue
Discount (Note 2) 31,077 26,991 61,229 54,896
Other 1,728 1,131 14,460 2,557
------------ ------------- ------------ -------------
Total Revenue 50,673 25,263 111,629 77,605
------------ ------------- ------------ -------------
Expenses:
Asset management fees, related party 40,833 42,039 81,666 84,079
General and administrative (includes
reimbursements to an affiliate in the
in the amounts of $37,588 and
$36,958 in 1999 and 1998,
respectively) 36,564 36,558 82,847 85,887
Depreciation 7,214 7,214 14,429 14,429
------------ ------------- ------------ -------------
Total Expenses 84,611 85,811 178,942 184,395
------------ ------------- ------------ -------------
Loss before equity in losses of Local
Limited Partnerships (33,938) (60,548) (67,313) (106,790)
Equity in losses of Local
Limited Partnerships (486,572) (464,667) (770,141) (748,147)
------------ ------------- ------------ -------------
Net Loss $ (520,510) $ (525,215) $ (837,454) $ (854,937)
============ ============= ============ =============
Net Loss per Limited
Partnership Unit:
Class A Unit (34,643 Units) $ (14.76) $ (14.77) $ (24.04) $ (24.34)
============ ============= ============ =============
Class B Unit (3,290 Units) $ (1.18) $ (2.43) $ 1.30 $ (.84)
============ ============= ============ =============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY)
For the Six Months Ended September 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Investor Investor Net
Initial Limited Limited Unrealized
General Limited Partners, Partners, Gains
Partners Partner Class A Class B (Losses) Totals
<S> <C> <C> <C> <C> <C> <C>
Balance at March 31, 1999 $ (168,252) $ 5,000 $14,066,938 $ 2,508,358 $ 4,665 $ 16,416,709
------------ -------- ----------- ----------- ----------- ------------
Comprehensive Loss:
Net change in net unrealized
gains on marketable securities
available for sale - - - - (11,580) (11,580)
Net Loss (8,987) - (832,756) 4,289 - (837,454)
------------ -------- ------------ ----------- ----------- ------------
Comprehensive Loss (8,987) - (832,756) 4,289 (11,580) (849,034)
------------ -------- ------------ ----------- ----------- ------------
Balance at
September 30, 1999 $ (177,239) $ 5,000 $ 13,234,182 $ 2,512,647 $ (6,915) $ 15,567,675
============ ======== ============ =========== =========== ============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
STATEMENTS OF CASH FLOWS
For the Six Months Ended September 30, 1999 and 1998
(Unaudited)
<TABLE>
<CAPTION>
1999 1998
------------- -------------
<S> <C> <C>
Net cash used for operating activities $ (50,811) $ (416,010)
Net cash provided by investing activities 211,360 263,620
------------- -------------
Net increase (decrease) in cash and cash equivalents 160,549 (152,390)
Cash and cash equivalents, beginning 87,134 216,829
------------- -------------
Cash and cash equivalents, ending $ 247,683 $ 64,439
============= =============
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10QSB 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 Fund's Form 10-K for the year
ended March 31, 1999. In the opinion of management, these financial statements
include all adjustments, consisting only of normal recurring adjustments,
necessary to present fairly the Fund'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 Managing General Partner has 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 of the Local Limited Partnerships that is included in the
accompanying financial statements is as of June 30, 1999 and 1998.
1. Investments in Local Limited Partnerships
The Fund uses the equity method to account for its limited partner interests in
twenty-five Local Limited Partnerships which own and operate multi-family
housing complexes, most of which are government assisted. The Fund, 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, except for
an 82%, 98.75% and 97.9% interest in Livingston Arms, Metropolitan and New
Garden Place, respectively. Upon dissolution, proceeds will be distributed
according to each respective partnership agreement.
<TABLE>
<CAPTION>
The following is a summary of Investments in Local Limited Partnerships at
September 30, 1999:
Capital contributions paid to Local Limited Partnerships and purchase price paid
to withdrawing partners of Local Limited
<S> <C>
Partnerships $ 26,857,518
Cumulative equity in losses of Local Limited Partnerships (excluding
cumulative unrecognized losses of $335,211) (11,593,161)
Cash distributions received from Local Limited Partnerships (767,866)
-------------
Investments in Local Limited Partnerships before adjustments 14,496,491
Excess of investment cost over the underlying net assets acquired:
Acquisition fees and expenses 1,122,226
Accumulated amortization of acquisition fees and expenses (200,769)
-------------
15,417,948
Reserve for valuation (1,554,780)
Investments in Local Limited Partnerships $ 13,863,168
=============
</TABLE>
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
NOTES TO FINANCIAL STATEMENTS (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
The Fund's share of the net losses of the Local Limited Partnerships, for the
Six months ended September 30, 1999 totaled $898,972. For the six months ended
September 30, 1999, the Fund has not recognized $128,831 of equity in losses
relating to three Local Limited Partnerships in which cumulative equity in
losses have exceeded its total investment.
2. Other Investments
Other investments consists of the aggregate cost of the Treasury STRIPS
purchased by the Fund for the benefit of the Class B Limited Partners. The
amortized cost, which approximates current fair value at September 30,1999 is
composed of the following:
Aggregate cost of Treasury STRIPS $ 918,397
Accumulated accretion of
Original Issue Discount 690,457
$ 1,608,854
Maturity dates for the STRIPS held at September 30, 1999 range from
February 15, 2007 to May 15, 2010 with a final maturity value of $3,290,000.
3. Commitments
At September 30, 1999, the Fund has committed to make future capital
contributions and pay future purchase price installments on its investments in
Local Limited Partnerships. These future payments are contingent upon the
achievement of certain criteria set forth in the Local Limited Partnership
Agreements and total approximately $240,000.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Certain matters discussed herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The Fund
intends such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements and is including this statement for
purposes of complying with these safe harbor provisions. Although the Fund
believes the forward-looking statements are based on reasonable assumptions, the
Fund can give no assurance that their expectations will be attained. Actual
results and timing of certain events could differ materially from those
projected in or contemplated by the forward-looking statements due to a number
of factors, including, without limitation, general economic and real estate
conditions, interest rates and unanticipated delays or expenses on the part of
the Fund and its suppliers in achieving year 2000 compliance.
Liquidity and Capital Resources
At September 30, 1999, the Fund had cash and cash equivalents of $247,683 as
compared with $87,134 at March 31, 1999. The increase is primarily attributable
to sales of marketable securities in excess of purchases of marketable
securities and cash distributions received from Local Limited Partnerships. The
increase is partially offset by cash used for operating activities.
Under the terms of the Partnership Agreement, the Fund initially designated 4%
of the Adjusted Gross Proceeds (which generally means Gross Proceeds minus the
amounts committed to the acquisition of Treasury STRIPS) from the sale of Units
as a reserve for working capital of the Fund and contingencies related to the
ownership of Local Limited Partnership interests. The Managing General Partner
may increase or decrease such Reserves, as defined in the Partnership Agreement,
from time to time, as it deems appropriate. Funds totaling approximately
$350,000 have been withdrawn from the Reserve account to pay legal and other
fees relating to various property issues. This amount includes approximately
$304,000 relating to the Texas Partnerships. At September 30, 1999,
approximately $1,090,000 of cash, cash equivalents and marketable securities has
been designated as Reserves. 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
Fund's ongoing operations. Reserves may be used to fund operating deficits, if
the Managing General Partner deems funding appropriate. If Reserves are not
adequate to cover Fund operations, the Fund will seek other funding sources
including, but not limited to, the deferral of Asset Management Fees to an
affiliate of the General Partner or working with Local Limited Partnerships to
increase cash distributions.
At September 30, 1999, the Fund has committed to make future capital
contributions and pay future purchase price installments on its investments in
Local Limited Partnerships. These future payments are contingent upon the
achievement of certain criteria set forth in the Local Limited Partnership
Agreements and total approximately $240,000.
Since the Fund invests as a limited partner, the Fund has no contractual duty to
provide additional funds to Local Limited Partnerships beyond its specified
investment. Thus, at September 30, 1999, the Fund had no contractual or other
obligation to any Local Limited Partnership which had not been paid or provided
for, except as noted above. In the event a Local Limited Partnership encounters
operating difficulties requiring additional funds, the Fund might deem it in its
best interest to voluntarily provide such funds in order to protect its
investment. The Fund has advanced approximately $62,000 to the Texas
Partnerships and $30,000 to another Local Limited Partnership to fund operating
deficits.
Cash Distributions
No cash distributions were made during the six months ended September 30, 1999.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Results of Operations
The Fund's result of operations for the three and six months ended September 30,
1999 resulted in net losses of $520,510 and $837,454, respectively, as compared
to net losses of $525,215 and $854,937 for the respective periods in 1998. The
decrease in net loss is primarily attributable to an increase in investment and
other revenue. The decrease is partially offset by an increase in equity in
losses in Local Limited Partnerships.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions
Operations at most properties are stable and a majority of the properties are
operating at break-even or are generating operating cash flow. However, a few
properties are experiencing significant issues. In most cases, the Local General
Partners are funding operating deficits through project expense loans,
subordinated loans or payments from operating escrows. In 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.
As previously reported, Bancroft Street Apartments, located in Toledo, Ohio,
continues to experience significant operating deficits due to occupancy issues
and deteriorating market conditions. Occupancy as of June 30, 1999 was 49%. The
management agent is trying to address these problems by enhancing tenant
screening and marketing efforts, as well as implementing on-site tenant social
programs. However, given the severity of the operating deficits, it is possible
that the Partnership will not be able to retain its interest in the property
through 1999. A foreclosure would result in recapture of tax credits for
investors, the allocation of taxable income to the Partnership and loss of
future benefits associated with this property. The Managing General Partner and
Local General Partner are currently in negotiations with the lender. The
Managing General Partner is closely monitoring this property.
Occupancy for Broadway Tower, located in Revere, Massachusetts, has improved to
100% as of June 30, 1999. However, the property is still experiencing some
operating deficits. As previously reported, in 1997 the Local General Partner
successfully negotiated with the local housing authority for Section 8 rent
increases and has begun implementing plans to decrease expenses associated with
tenant turnover and maintenance contracts. The property is currently covering
its operating expenses and debt service with funds from operations and from
funding by the Local General Partner. The Managing General Partner continues to
closely monitor this property.
As previously reported, Metropolitan Apartments, located in Chicago, Illinois,
has been experiencing occupancy problems. In 1998, management revised its
marketing plan and implemented new leasing policies. Occupancy as of June 30,
1999 improved slightly from the previous quarter to 91%. However, the property
continues to operate at a deficit. It is possible that Reserves may be required
to fund operating deficits. The Managing General Partner and Local General
Partner are working together to develop a plan to help mitigate some of the
deficits.
Primrose, located in Grand Forks, North Dakota, Phoenix Housing, located in
Moorhead, Minnesota, and Sycamore, located in Sioux Falls, South Dakota, which
have the same Local General Partner, have been performing satisfactorily.
However, 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 properties. In 1997, 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 Primrose, Phoenix Housing and
Sycamore to an affiliate of the Local General Partner. Subsequently, effective
June 17, 1999, the Local General Partner transferred both its general partner
interest and transferred the 48.5% of its interest in capital and profits in
Primrose, Phoenix Housing and Sycamore to a non affiliated, non-profit general
partner. As a result of this transfer, the Managing General Partner has the
right to put the Partnership's remaining interest to the new Local General
Partner any time after one year from the June 17, 1999 effective date. 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.
Findley Place Apartments, located in Minneapolis, Minnesota has been
experiencing operating deficits due to significant capital needs. The Managing
General Partner, the Local General Partner and the new management agent are
working together to develop a plan that will address the occupancy issues,
capital needs and long-term strategy for this property. The Managing General
Partner is closely monitoring this property.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, A LIMITED PARTNERSHIP
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Impact of Year 2000
The Managing General Partner's plan to resolve year 2000 issues involves the
following four phases: assessment, remediation, testing and implementation. To
date, the Managing General Partner has fully completed an assessment of all
information systems that may not be operative subsequent to 1999 and has begun
the remediation, testing and implementation phase on both hardware and software
systems. Because the hardware and software systems of both the Partnership and
Local Limited Partnerships are generally the responsibility of obligated third
parties, the plan primarily involves ongoing discussions with and obtaining
written assurances from these third parties that pertinent systems will be 2000
compliant. In addition, neither the Partnership nor the Local Limited
Partnerships are incurring significant additional costs since such expenses are
principally covered under service contracts with vendors. As of November 1999,
the General Partner is in the final stages of its Year 2000 remediation plan and
believes all major systems are compliant; any systems still being updated are
not considered significant to the Partnership's operations. However, despite the
likelihood that all significant year 2000 issues are expected to be resolved in
a timely manner, the Managing General Partner has no means of ensuring that all
systems of outside vendors or other entities that impact operations will be 2000
compliant. The Managing General Partner does not believe that the inability of
third parties to address their year 2000 issues in a timely manner will have a
material impact on the Partnership. However, the effect of non-compliance by
third parties is not readily determinable.
Management has also evaluated a worst case scenario projection with respect to
the year 2000 and expects any resulting disruption of either the Managing
General Partner's activities or any Local Limited Partnership's operations to be
short-term inconveniences. Such problems, however, are not likely to fully
impede the ability to carry out necessary duties of the Partnership. Moreover,
because expected problems under a worst case scenario are not extensively
detrimental, and because the likelihood that all systems affecting the
Partnership will be compliant before 2000, the Managing General Partner has
determined that a formal contingency plan that responds to material system
failures is not necessary.
Other Development
Lend Lease Real Estate Investments, Inc., ("Lend Lease") the U.S. subsidiary of
Lend Lease Corporation and the leading U.S. institutional real estate advisor,
as ranked by assets under management, announced on July 29, 1999 it had reached
a memorandum of understanding to acquire The Boston Financial Group Limited
Partnership ("Boston Financial"). Lend Lease closed the acquisition of Boston
Financial on November 3, 1999.
Headquartered in New York and Atlanta, Lend Lease Corporation has regional
offices in 12 cities nationwide. The company ranks as the leading U.S. manager
of tax-exempt assets invested in real estate. Lend Lease is a subsidiary of Lend
Lease Corporation, an international real estate and financial services group
listed on the Australian Stock Exchange. Worldwide, Lend Lease Corporation
operates from more than 30 cities on five continents: North America, Europe,
Asia, Australia and South America. In addition to real estate investments, the
Lend Lease Group operates in the areas of property development, project
management and construction, and capital services (infrastructure). Financial
services activities include funds management, life insurance, and wealth
protection.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, 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 September 30, 1999.
<PAGE>
BOSTON FINANCIAL TAX CREDIT FUND PLUS, 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 12, 1999 BOSTON FINANCIAL TAX CREDIT FUND PLUS,
A LIMITED PARTNERSHIP
By: Arch Street VI, Inc.,
its Managing General Partner
/s/Randolph G. Hawthorne
Randolph G. Hawthorne
Managing Director, Vice President and
Chief Operating Officer
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 5
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-END> SEP-30-1999
<CASH> 247,683
<SECURITIES> 1,104,418
<RECEIVABLES> 000
<ALLOWANCES> 000
<INVENTORY> 000
<CURRENT-ASSETS> 000
<PP&E> 000
<DEPRECIATION> 000
<TOTAL-ASSETS> 16,866,445<F1>
<CURRENT-LIABILITIES> 000
<BONDS> 000
<COMMON> 000
000
000
<OTHER-SE> 15,567,675
<TOTAL-LIABILITY-AND-EQUITY> 16,866,445<F2>
<SALES> 000
<TOTAL-REVENUES> 111,629<F3>
<CGS> 000
<TOTAL-COSTS> 000
<OTHER-EXPENSES> 178,942<F4>
<LOSS-PROVISION> 000
<INTEREST-EXPENSE> 000
<INCOME-PRETAX> 000
<INCOME-TAX> 000
<INCOME-CONTINUING> 000
<DISCONTINUED> 000
<EXTRAORDINARY> 000
<CHANGES> 000
<NET-INCOME> (837,454)<F5>
<EPS-BASIC> (24.04)
<EPS-DILUTED> 000
<FN>
<F1>Included in Total Assets is Other assets $12,322, Investments in Local
Limited Partnerships $13,863,168, Other investments $1,608,854, and Advances to
affiliate of $30,000. <F2>Included in Total Liability and Equity is Accounts
payable to affiliates $1,283,124, Accounts payable and accrued expenses $15,646.
<F3>Included in Total Revenues is Investment $35,940, Accretion of Original
Issue Discount $61,229 and Other $14,460. <F4>Included in Other Expenses is
Asset Management fees $81,666, General and Administrative $82,847, and
Amortization $14,429. <F5>Included in Net Loss is Equity in losses of Local
Limited Partnerships $770,141. </FN>
</TABLE>
