Y
JUNE 23, 1997
SUPPLEMENT NO. 2 TO PROSPECTUS FOR
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
DATED
MAY 1, 1997
(SUPPLEMENT OFFERING BCTC IV SERIES 30 AND
IDENTIFYING CERTAIN ANTICIPATED INVESTMENTS)
- --------------------------------------------------------------------------------
This Supplement is part of, and should be read in conjunction with, the
Prospectus of the Fund. Capitalized terms used herein but not defined have the
meanings ascribed to them in the Prospectus. This Supplement No. 2 supersedes
all previous supplements to the Prospectus.
Status of BCTC IV Series 29
The Fund received orders for a total of 3,997,500 BACs ($39,975,000) with
respect to Series 29, and issued the last of such Series 29 BACs on June 20,
1997. The aggregate fees paid as of June 20, 1997 to the General Partner and
Affiliates with respect to Series 29 were $4,717,050. No additional BACs will be
offered with respect to Series 29. The Fund has issued a total of 31,313,800
BACs, raised $313,138,000 and admitted 18,590 Investors with respect to Series
20 through 29. (See "Prior Performance of the General Partner and its
Affiliates" in the Prospectus.)
Offering of BCTC IV Series 30
The Fund is offering, effective June 23, 1997, the eleventh series of BACs
("Series 30") consisting of 2,500,000 BACs, with a minimum required investment
of five hundred BACs at $10 per BAC ($5,000) per Investor, on the terms and
conditions as are set forth in the Prospectus. No BACs in Series 30 will be
issued unless at least 250,000 BACs in such series are sold. The offering of
BACs in Series 30 will not exceed 12 months.
THE PURCHASE OF BACS IN SERIES 30 WILL NOT ENTITLE THE INVESTOR TO ANY
INTEREST IN ANY OTHER SERIES OF THE FUND NOR ANY INTEREST IN BOSTON CAPITAL TAX
CREDIT FUND L.P., OR BOSTON CAPITAL TAX CREDIT FUND II L.P., OR BOSTON CAPITAL
TAX CREDIT FUND III L.P.
The Fund anticipates acquiring, on behalf of Series 30, limited partnership
interests in the twenty-four (24) Operating Partnerships more fully described
hereinafter (the "Operating Partnerships") pursuant to the provisions of
"Investment Objectives and Acquisition Policies," as set forth in the
Prospectus. The Operating General Partners (or affiliates thereof) with respect
to certain of the Operating Partnerships described below are general partners of
other operating partnerships which have been invested in by the Fund on behalf
of other series and/or other partnerships affiliated with the General Partner.
(See "Conflicts of Interest" in the Prospectus). A significant portion of the
funds invested by the Fund in each Operating Partnership will be used to pay
fees and expenses to the Operating General Partners. (See the table entitled
"Terms of Investment in Operating Partnerships" in this Supplement.)
The Fund will endeavor to invest in Operating Partnerships with a goal of
generating tax credits for allocation to Investors, upon completion and
occupancy of all Apartment Complexes, averaging approximately $1.10 to $1.30 per
BAC annually in Series 30, which would be the equivalent of an approximate
11%-13% annual Tax Credit as a percentage of capital invested, for the ten year
credit period applicable to each Apartment Complex in which Series 30 invests.
(See "Investment Objectives and Acquisition Policies" in the Prospectus.) This
assumes: (a) the applicability of current tax laws and regulations and current
interpretations of such laws and regulations by the courts; (b) each of such
Apartment Complexes is occupied with qualifying individuals throughout the
15-year Federal Housing Tax Credit compliance period; and (c) BAC Holders are
unable to use any passive tax losses generated by the Fund. These investment
objectives do not represent yield or return on investment.
Assuming: none of the Apartment Complexes invested in by a Series has any
value at the end of the 15-year Federal Housing Tax Credit compliance period
applicable to the investments of a Series and at such time if an Inves-
<PAGE>
tor uses the suspended passive losses equal to the unreturned Capital
Contribution, the equivalent tax-free internal rate of return would be
approximately 5.2%-7.1% for Investors with taxable income which is taxed at that
time in the 15%-39.6% tax brackets, respectively. (See "Federal Income Tax
Matters--Passive Loss and Tax Credit Limitations" for a discussion of offsetting
an Investor's loss of Capital Contribution against active income.) If the
Apartment Complexes appreciate in value, such increased value can be recognized
through sales of Operating Partnership Interests or the sale or refinancing of
Apartment Complexes (even though the restrictions and compliance requirements of
the Federal Housing Tax Credit program will continue to apply to such Apartment
Complexes at that time), and Investors receive distributions from such sales,
the equivalent tax-free internal rate of return will be greater.
The selection of a 11%-13% annual Tax Credit as a percentage of capital
invested, as an investment objective, has been made by the Fund after consulting
with the Dealer-Manager regarding tax-free returns currently available to
investors in other similar tax credit investments. Pursuant to the rules for the
allocation of Federal Housing Tax Credits, the Fund's investment goal is for the
following annual tax-free amounts (for each $10,000 investment in Series 30):
$100-$200 in 1997; $300-$500 in 1998; $1,100-$1,300 in 1999-2006; $1,000-$1,100
in 2007; and $700-$900 in 2008. This statement of Tax Credit investment goal
does not represent a forecast of anticipated Tax Credits to be obtained nor does
it represent a yield or return on investment. Rather it represents an investment
goal of the Fund under the rules for allocation of Tax Credits for the credit
period applicable to the Fund's anticipated Series 30 investments. As there is
no assurance that the value of the Fund's assets will equal such amount or that
such distributions will be made, there is no assurance that any particular
tax-free internal rate of return will be achieved. (See "Tax Credit
Programs--The Federal Housing Tax Credit", commencing at page 64 of the
Prospectus, for a discussion of the allocation of Federal Housing Tax Credits
during the applicable credit period.)
The Fund's investment in Operating Partnerships on behalf of Series 30 will
be consistent with the provisions of the Prospectus relating to the investment
in Operating Partnerships. (See, particularly, "Investment Objectives and
Acquisition Policies," "Investment in Operating Partnerships," and "Sharing
Arrangements: Profits, Credits, Losses, Net Cash Flow and Residuals.")
THE POTENTIAL OPERATING PARTNERSHIP INTERESTS IDENTIFIED BELOW RELATE ONLY
TO BCTC IV--SERIES 30.
While the General Partner believes that the Fund, on behalf of Series 30,
is reasonably likely to acquire interests in the Operating Partnerships which
are developing or will develop, as applicable, the Apartment Complexes described
hereinafter, the Fund may not be able to do so as a result of additional
information or changes in circumstances. Before any such acquisition is made,
the General Partner will continue and complete its due diligence review as to
the applicable Operating Partnership and the related Apartment Complex. This
process will include the review and analysis of information concerning, among
other matters, market competition and environmental factors; if any significant
adverse information is obtained by the General Partner, either action will be
taken to mitigate the adverse factor(s), or the acquisition will not be made. If
such interests are acquired, the terms may differ materially from those
described below. Accordingly, Investors should not rely on the ability of the
Fund to invest in these Apartment Complexes or under the described investment
terms in deciding whether to invest in the Fund. The anticipated acquisition of
the Operating Partnership Interests described hereinafter represents
approximately 80% of the total equity which the Fund currently expects to invest
in Operating Partnerships on behalf of Series 30.
S-2
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Since Series 30 is currently in the offering phase it has no material
assets nor any operating history.
The twenty-four (24) Operating Partnerships in which Interests are
currently expected to be acquired, and the respective Operating General
Partners, are as follows:
<TABLE>
<CAPTION>
Partnership General Partner(s)
----------- ------------------
<S> <C> <C>
1. Accomack L.P. Vest & Right, Inc.
(the "Accomack Partnership")
2. Apple Lane L.P. ERC Properties, Inc.
(the "Apple Lane Partnership")
3. Phillips Development Corp. XVI, L.P. Phillips Development Corporation
(the "Arkadelphia Partnership")
4. Bellwood Four L.P. Phillips Development Corporation
(the "Bellwood Four Partnership")
5. Bowie Apartments L.P. Swan Management Company
(the "Bowie Partnership")
6. Broadway Place L.P. Trianon Development Corporation
(the "Broadway Partnership")
7. Clarksville L.P. GEM Management, Inc.
(the "Clarksville Partnership")
8. Compton Heights L.P. Jeffrey E. Smith
(the "Compton Heights Partnership") Fairway Properties, Inc.
9. Emerald Trace II L.P. Joyce Middleton
(the "Emerald Trace II Partnership")
10. Farmville L.P. GEM Management, Inc.
(the "Farmville Partnership")
11. Farwell Mill L.P. Joseph Cloutier
(the "Farwell Mill Partnership") Realty Resources Chartered
12. Graham Apartments L.P. Swan Management Company
(the "Graham Partnership")
13. Jeffries L.P. Vest & Right, Inc.
(the "Jeffries Partnership")
14. King George L.P. GEM Management, Inc.
(the "King George Partnership")
15. Linden Partners II L.L.C. Arbor Development Group, Inc.
(the "Linden Partnership")
16. Mesa Grande L.P. Trianon Development Corporation
(the "Mesa Grande Partnership")
</TABLE>
S-3
<PAGE>
<TABLE>
<CAPTION>
Partnership General Partner(s)
----------- ------------------
<S> <C> <C>
17. Nocona Apartments L.P. Swan Management Company
(the "Nocona Partnership")
18. Pyramid I L.P. Phillips Development Corporation
(the "Northgate Partnership")
19. Pocola and Arkoma L.P. ERC Properties, Inc.
(the "Pocola and Arkoma Partnership")
20. Quail Creek L.P. ERC Properties, Inc.
(the "Quail Creek Partnership")
21. Ashuelot L.P. Joseph Cloutier
(the "Riverbend Partnership") Keene Housing Authority
Realty Resources Chartered
22. Rugby L.P. Vest & Right, Inc.
(the "Rugby Partnership")
23. Southside Associates L.P. Murray O. Duggins
(the "Southside Partnership") Derwood H. Godwin
24. Sunrise Homes L.P. Trianon Development Corporation
(the "Sunrise Partnership")
</TABLE>
Permanent Mortgage Loan financing for the Apartment Complexes described
herein is being or will be provided from a variety of sources, as described
below. The Apartment Complexes described in this Supplement are anticipated to
complete construction or rehabilitation, as applicable, during 1997 and 1998.
Certain of the Apartment Complexes, as described below, have not yet begun
construction. Delays in construction could occur with respect to Apartment
Complexes currently under construction or as to which construction has not yet
commenced, which could result in delay or reduction in achieving Tax Credits.
(See "Risk Factors--Tax Risks Associated with the Fund's Investments" in the
Prospectus.) The General Partner believes that each of the Apartment Complexes
has or will have adequate property insurance. The tables included in this
Supplement describe in greater detail information concerning the Apartment
Complexes and the anticipated terms of investment in each Operating Partnership.
The Priority Return Base for Series 30 is $1.20 per BAC (12%). (See
"Glossary" at page 162 of the Prospectus for the definition of the term
"Priority Return Base.") Investors should note that the "Priority Return Base"
is the level of return that must be provided to Investors before the General
Partner may receive a 5% share in the proceeds from the sale or refinancing of
Apartment Complexes or Operating Partnership Interests. (See "Liquidation Phase"
at page 49 of the Prospectus.) In establishing the Priority Return Base, the
General Partner is not representing that the Fund is expected to provide this
level of return to Investors. The General Partner will receive fees and
compensation for services prior to BAC Holders receiving the Priority Return.
S-4
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
<TABLE>
<CAPTION>
Basic Government
Location of Number Monthly(1) Assistance
Partnership Name Property of Units Rents Anticipated
----------------- ------------- --------- ----------- -----------------
<S> <C> <C> <C> <C> <C>
1. Accomack Onancock, 24 $226 1BR FmHA Sec. 515
Partnership Virginia $274 2BR with 50% rental
assistance
2. Apple Lane Muldrow, 71 $210 2BR FmHA Sec. 515
Partnership Oklahoma $240 3BR with 100%
rental
assistance
3. Arkadelphia Arkadelphia, 24 $434 2BR HOME Investment
Partnership Arkansas Partnerships
Program
4. Bellwood Four Gentry, 32 $266 1BR HOME Investment
Partnership Arkansas $321- Partnership(s)
$335 2BR Program(a)
$469 3BR (5)
5. Bowie Bowie, 48 $326 1BR FmHA Sec. 515
Partnership Texas $416 2BR with 100%
rental
assistance
6. Broadway Hobbs, 12 $269- HOME Investment
Partnership New Mexico $331 1BR Partnerships
$453 3BR Program(b)
(6)
7. Clarksville Clarksville, 52 $293 1BR FmHA Sec. 515
Partnership Virginia $324 2BR with 50% rental
assistance
8. Compton Potosi, 12 $235 2BR HOME Investment
Heights Missouri $300 2BR Partnerships
Partnership Program
(7)
<CAPTION>
Permanent Mortgage Annual Annual
Mortgage Interest Reserve Management
Loan Rate Amount Management Agent Fee
----------------- --------- -------- ------------------ ----------------
<S> <C> <C> <C> <C> <C>
1. $974,000 1% (2) $ 6,000 Humphrey $24 per
Management, occupied unit
Inc. per month
2. $616,000 1% (2) $ 6,000 ERC Properties, $20 per occupied
Inc. unit per month
3. Arkansas 4% $ 4,800 Phillips Management 6% of net
Development Company rental income
Finance
Authority
$615,000
(4)
4. First Commercial 9.5% $10,000 Siloam Springs $35 per
Bank Housing occupied unit
$463,000(a) Authority per month
Arkansas
Development 0%
Finance
Authority
$400,000(b)
(5)
5. $1,151,610 1% (2) $11,600 Swan $22.50 per
Management occupied unit
per month
6. BCMC, Inc. 9.5% $ 2,400 Regional 6% of net
$172,000(a) Housing rental income
New Mexico 1% Management
Housing
Authority
$77,000(b)
(6)
7. $1,010,000 1% (2) $13,000 GEM $20 per
Management, occupied unit
Inc. per month
8. Missouri 1% $ 2,400 Fairway 6% of net
Housing Properties, rental income
Development Inc.
Commission
$300,000
(7)
</TABLE>
S-5
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
<TABLE>
<CAPTION>
Basic
Location of Number Monthly(1)
Partnership Name Property of Units Rents
----------------- ------------ --------- ------------
<S> <C> <C> <C> <C>
9. Emerald Ruston, 48 $244-
Trace II Louisiana $304 1BR
Partnership $285-
$358 2BR
$396 3BR
10. Farmville Farmville, 24 $250 1BR
Partnership Virginia $300 2BR
11. Farwell Mill Lisbon, 27 $211-
Partnership Maine $422 1BR
$253-
$506 2BR
$389-
$585 3BR
12. Graham Graham, 64 $231 1BR
Partnership Texas $306 2BR
$348 3BR
13. Jeffries Radford, 44 $238 1BR
Partnership Virginia $268 2BR
14. King George King 40 $283 1BR
Partnership George, $312 2BR
Virginia
15. Linden Council 30 $455-
Partnership Bluffs, $485 2BR
Iowa $532-
$585 3BR
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management
Anticipated Loan Rate Amount Management Agent Fee
------------------ ---------------- ---------- -------- ---------------- -------------
<S> <C> <C> <C> <C> <C> <C>
9. HOME Investment Premier Bank, 9.5% $ 9,600 Middleton 6% of net
Partnerships N.A. Management, rental income
Program(b) $744,800(a) Inc.
(8) Louisiana 4%
Housing
Finance Agency
$420,000(b)
(8)
10. FmHA Sec. 515 $916,200 1% (2) $ 6,000 GEM $23 per
with 50% rental Management, occupied unit
assistance Inc. per month
11. Rental Housing Maine State 8.5% $ 4,725 Realty 6% of net
Production Housing Resources rental income
Program(a&b) Authority Management
Town-Owned $100,000(a)
Property Sales Maine State 0%
Program(c) Housing
(9) Authority
$450,000(b)
Town of Lisbon 5%
$200,000(c)
(9)
12. FmHA Sec. 515 $1,527,000 1% (2) $15,420 Swan $17.50 per
with 100% Management occupied unit
rental per month
assistance
13. FmHA Sec. 515 $2,148,000 1% (2) $12,000 Humphrey $19 per
with 50% rental Management, occupied unit
assistance Inc. per month
14. FmHA Sec. 515 $1,913,200 1% (2) $10,000 GEM $22 per
with 50% rental Management, occupied unit
assistance Inc. per month
15. Federal Housing First Federal 9% $ 6,000 Dodge 6% of net
Tax Credits Bank Management rental income
$750,000 Company
(10)
</TABLE>
S-6
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
<TABLE>
<CAPTION>
Basic
Location of Number Monthly(1)
Partnership Name Property of Units Rents
----------------- ------------ --------- ------------
<S> <C> <C> <C> <C>
16. Mesa Grande Carlsbad, 72 $292-
Partnership New Mexico $359 1BR
$426 2BR
$398-
$491 3BR
17. Nocona Nocona, 36 $303 1BR
Partnership Texas $386 2BR
18. Northgate Bryant, 24 $434 2BR
Partnership Arkansas
19. Pocola and Pocola and 44 $238-
Arkoma Arkoma, $244 1BR
Partnership Oklahoma $262-
$284 2BR
20. Quail Creek Gravette, 25 $247 1BR
Partnership Arkansas
21. Riverbend Swanzey, 24 $428-
Partnership New $496 2BR
Hampshire $494-
$596 3BR
22. Rugby Luray, 48 $234 1BR
Partnership Virginia $268 2BR
23. Southside Latta, 24 $268 1BR
Partnership South $281 2BR
Carolina
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management
Anticipated Loan Rate Amount Management Agent Fee
----------------- --------------- ---------- --------- ---------------- -------------
<S> <C> <C> <C> <C> <C> <C>
16. HOME Investment BCMC, Inc. 9.5% $14,400 Regional 6% of net
Partnerships $1,715,000(a) Housing rental income
Program(b) New Mexico 1% Management
(11) Housing
Authority
$21,000(b)
(11)
17. FmHA Sec. 515 $850,840 1% (2) $ 8,590 Swan $22.50 per
with 100% Management occupied unit
rental per month
assistance
18. HOME Investment Arkansas 4% $ 4,800 Phillips 6% of net
Partnerships Development Management rental income
Program Finance Company
Authority
$615,000
(12)
19. FmHA Sec. 515 $1,172,000 1% (2) $11,000 ERC Properties, $19 per
with 100% Inc. occupied
rental unit per month
assistance
20. FmHA Sec. 515 $922,300 1% (2) $ 6,250 ERC Properties, $21 per occupied
with 100% Inc. unit per month
rental
assistance
21. HOME Investment CFX Bank 9% $ 7,200 Keene Housing $31.25 per
Partnerships $515,000(a) Authority occupied
Program(b) New Hampshire 0% unit per month
(13) Housing
Finance
Authority
$64,000(b)
(13)
22. FmHA Sec. 515 $2,010,500 1% (2) $12,000 Humphrey $19 per occupied
with 50% rental Management, unit per month
assistance Inc.
23. FmHA Sec. 515 $825,000 1% (2) $ 6,000 United $25 per occupied
with 100% Development unit per month
rental
assistance
</TABLE>
S-7
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
<TABLE>
<CAPTION>
Basic
Location of Number Monthly(1)
Partnership Name Property of Units Rents
----------------- ------------ --------- ------------
<S> <C> <C> <C> <C>
24. Sunrise Hobbs, 32 $269-
Partnership New Mexico $331 1BR
$320-
$395 2BR
$367-
$453 3BR
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management
Anticipated Loan Rate Amount Management Agent Fee
---------------- ------------ --------- --------- ---------------- -------------
<S> <C> <C> <C> <C> <C> <C>
24. HOME Investment BCMC, Inc. 9.5% $6,400 Regional 6% of net
Partnerships $562,000(a) Housing rental income
Program(b) New Mexico 1% Management
(14) Housing
Authority
$150,000(b)
(14)
</TABLE>
(1) Exclusive of utilities, unless indicated otherwise.
(2) FmHA 515 loan with a term of 50 years, a stated interest rate of between
7.5% and 9.5%; written down to an effective rate of 1% through an interest
credit subsidy, and payments of principal and interest on the basis of a 50
year amortization schedule.
(3) Except as and to the extent noted in the following footnote, the terms of
all permanent mortgage loans described in the following footnotes, which
have a term to maturity which is shorter than the term employed for the
amortization schedule, provide or are expected to provide that the entire
outstanding balance of principal of and interest on such permanent mortgage
loan shall be due and payable in full at the maturity of such mortgage
loan.
(4) The terms of the Arkadelphia Partnership's anticipated permanent first
mortgage loan in the amount of $615,000 are expected to include a term of
30 years, an interest rate of 4% and payments of principal and interest on
the basis of a 30 year amortization schedule.
(5) (a) The terms of the Bellwood Four Partnership's anticipated permanent
first mortgage loan in the amount of $463,000 are expected to include a
term of 30 years, an interest rate of 9.5% and payments of principal
and interest on the basis of a 30 year amortization schedule.
(b) The terms of the Bellwood Four Partnership's anticipated permanent
second mortgage loan in the amount of $400,000 are expected to include
a term of 30 years, an interest rate of 0% and payment of principal on
the basis of a 30 year amortization schedule, provided, however, that
the terms of the permanent second mortgage loan will provide for the
deferral and accrual of payment of principal based on available cash
flow, and for the payment of the entire outstanding balance of
principal at the end of the 30-year term.
(6) (a) The terms of the Broadway Partnership's anticipated permanent first
mortgage loan in the amount of $172,000 are expected to include a term
of 30 years, an interest rate of 9.5% and payments of principal and
interest on the basis of a 30 year amortization schedule.
(b) The terms of the Broadway Partnership's anticipated permanent second
mortgage loan in the amount of $77,000 are expected to include a term
of 20 years, an interest rate of 1% and payment of interest only,
provided, however, that the terms of the permanent second mortgage
loan will provide for the deferral and accrual of payment of interest
based on available cash flow, and for the payment of the entire
outstanding balance of principal and interest at the end of the
20-year term.
(7) The terms of the Compton Heights Partnership's anticipated permanent first
mortgage loan in the amount of $300,000 are expected to include a term of
30 years, an interest rate of 1% and payments of principal and interest on
the basis of a 30 year amortization schedule.
(8) (a) The terms of the Emerald Trace II Partnership's anticipated permanent
first mortgage loan in the amount of $744,800 are expected to include a
term of 40 years, an interest rate of 9.5% and payments of principal
and interest on the basis of a 40 year amortization schedule.
(b) The terms of the Emerald Trace II Partnership's anticipated permanent
second mortgage loan in the amount of $420,000 are expected to include
a term of 20 years, an interest rate of 4% and payments of principal
and interest on the basis of a 20 year amortization schedule,
provided, however, that the terms of the permanent second mortgage
loan will provide for the deferral and accrual of payments of
principal and interest based on available cash flow, and for the
payment of the entire outstanding balance of principal and interest at
the end of the 20-year term.
(9) (a) The terms of the Farwell Mill Partnership's anticipated permanent first
mortgage loan in the amount of $100,000 are expected to include a term
of 30 years, an interest rate of 8.5% and payments of principal and
interest on the basis of a 30 year amortization schedule.
(b) The terms of the Farwell Mill Partnership's anticipated permanent
second mortgage loan in the amount of $450,000 are expected to include
a term of 30 years, an interest rate of 0% and payment of principal on
the basis of a 30 year amortization schedule, provided, however, that
the terms of the permanent second mortgage loan will provide for the
deferral and accrual of payment of principal based on available cash
flow, and for the payment of the entire outstanding balance of
principal at the end of the 30-year term.
(c) The terms of the Farwell Mill Partnership's anticipated permanent
third mortgage loan in the amount of $200,000 are expected to include
a term of 30 years, an interest rate of 5% and payments of principal
and interest on the basis of a 30 year amortization schedule,
provided, however, that the terms of the permanent third mortgage loan
will provide for the deferral and accrual of payments of principal and
interest based on available cash flow, and for the payment of the
entire outstanding balance of principal and interest at the end of the
30-year term.
(10) The terms of the Linden Partnership's anticipated permanent first mortgage
loan in the amount of $750,000 are expected to include a term of 18 years,
an interest rate of 9% and payments of principal and interest on the basis
of a 25 year amortization schedule.
S-8
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
(11) (a) The terms of the Mesa Grande Partnership's anticipated permanent first
mortgage loan in the amount of $1,715,000 are expected to include a
term of 30 years, an interest rate of 9.5% and payments of principal
and interest on the basis of a 30 year amortization schedule.
(b) The terms of the Mesa Grande Partnership's anticipated permanent
second mortgage loan in the amount of $210,000 are expected to include
a term of 20 years, an interest rate of 1% and payment of interest
only, provided, however, that the terms of the permanent second
mortgage loan will provide for the deferral and accrual of payment of
interest based on available cash flow, and for the payment of the
entire outstanding balance of principal and interest at the end of the
20-year term.
(12) The terms of the Northgate Partnership's anticipated permanent first
mortgage loan in the amount of $615,000 are expected to include a term of
30 years, an interest rate of 4% and payments of principal and interest on
the basis of a 30 year amortization schedule.
(13) (a) The terms of the Riverbend Partnership's anticipated permanent first
mortgage loan in the amount of $515,000 are expected to include a term
of 30 years, an interest rate of 9% and payments of principal and
interest on the basis of a 30 year amortization schedule.
(b) The terms of the Riverbend Partnership's anticipated permanent second
mortgage loan in the amount of $64,000 are expected to include a term
of 20 years, an interest rate of 0% and payment of principal on the
basis of a 20 year amortization schedule, provided, however, that the
terms of the permanent second mortgage loan will provide for the
deferral and accrual of payment of principal based on available cash
flow, and for the payment of the entire outstanding balance of
principal at the end of the 20-year term.
(14) (a) The terms of the Sunrise Partnership's anticipated permanent first
mortgage loan in the amount of $562,000 are expected to include a term
of 30 years, an interest rate of 9.5% and payments of principal and
interest on the basis of a 30 year amortization schedule.
(b) The terms of the Sunrise Partnership's anticipated permanent second
mortgage loan in the amount of $150,000 are expected to include a term
of 20 years, an interest rate of 1% and payment of interest only,
provided, however, that the terms of the permanent second mortgage
loan will provide for the deferral and accrual of payment of interest
based on available cash flow, and for the payment of the entire
outstanding balance of principal and interest at the end of the
20-year term.
S-9
<PAGE>
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS
<TABLE>
<CAPTION>
Ownership
Interest (%)
Profits,
Losses, Operating
BCTC IV Credit/Net General
Partnership Capital Cash Partner
Name Contribution Flow/Backend Contribution
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
1. Accomack $ 235,660 99/50/50 $ 6,125
Partnership
2. Apple Lane $ 311,757 99/10/25 $ 9,200
Partnership
3. Arkadelphia $ 742,953 99/25/25 $ 100
Partnership
4. Bellwood Four $ 799,300 99/50/50 $ 100
Partnership
5. Bowie $ 253,785 99/50/50 $ 50,090
Partnership
6. Broadway $ 418,580 100/10/25 $ 100
Partnership
7. Clarksville $ 426,273 99/50/50 $ 28,800
Partnership
8. Compton $ 266,821 99/30/30 $ 100
Heights
Partnership
9. Emerald $1,080,348 99/35/35 $ 100
Trace II
Partnership
10. Farmville $ 245,672 99/50/50 $ 18,900
Partnership
11. Farwell Mill $ 706,860 99/25/25 $204,040
Partnership
12. Graham $ 336,000 99/50/50 $ 63,750
Partnership
<CAPTION>
Fund's
Approximate
Average Development Annual
Annual Fee/Other Partnership Asset
Operating Operating Anticipated Distributions Management Management
Deficit Partnership's Federal to Operating Fee to Fee to Boston
Guarantee Credit Base Credit GP Operating GP Capital
------------- -------------- ------------ --------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
1. Unlimited $1,044,000 $ 38,319 $ 58,000 $ 500 $ 500
in time
and amount
2. Unlimited $1,327,302 $ 48,712 $145,000 $ 500 $ 500
in amount
for 4 years
3. Unlimited $1,355,607 $116,086 $230,000 $1,500 $1,500
in amount
for 5 years
4. Unlimited $1,446,910 $128,920 $219,466 $2,000 $2,000
in time
and amount
5. Unlimited $1,281,610 $ 42,297 $130,000 $1,500 $1,500
in amount
for 15 years
6. Unlimited $ 783,000 $ 66,866 $ 85,000 $1,200 $1,200
in amount
for 4 years
7. Unlimited $1,248,000 $ 66,905 $ 75,000 $1,000 $1,000
in time
and amount
8. Unlimited $ 512,400 $ 41,049 $ 70,000 $1,000 $1,000
in amount
for 10 years
9. Unlimited $2,066,498 $171,484 $290,000 $4,800 $3,000
in time
and amount
10. Unlimited $1,120,500 $ 38,386 $ 55,000 $ 500 $ 500
in time
and amount
11. Unlimited $1,284,750 $108,748 $235,000 $2,700 $2,700
in duration
for $400,000
in the
aggregate
12. Unlimited $1,673,000 $ 56,085 $150,000 $1,750 $1,750
in amount
for 15 years
</TABLE>
S-10
<PAGE>
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS--(Continued)
<TABLE>
<CAPTION>
Ownership
Interest (%)
Profits,
Losses, Operating
BCTC IV Credit/Net General Operating
Partnership Capital Cash Partner Deficit
Name Contribution Flow/Backend Contribution Guarantee
------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
13. Jeffries $ 586,998 99/50/50 $11,684 Unlimited
Partnership in time
and amount
14. King George $ 519,077 99/50/50 $28,100 Unlimited
Partnership in time
and amount
15. Linden $ 870,613 99/15/50 $20,108 Unlimited
Partnership in time
and amount
16. Mesa Grande $2,037,444 100/10/25 $ 100 Unlimited
Partnership in amount
for 4 years
17. Nocona $ 187,503 99/50/50 $37,710 Unlimited
Partnership in amount
for 15 years
18. Northgate $ 745,557 99/25/25 $ 100 Unlimited
Partnership in amount
for 5 years
19. Pocola and $ 393,680 99/50/50 $ 3,900 Unlimited
Arkoma in time
Partnership and amount
20. Quail Creek $ 188,179 99/50/50 $ 1,900 Unlimited
Partnership in time
and amount
21. Riverbend $1,282,185 100/40/40 $ 100 Unlimited
Partnership in time
and amount
22. Rugby $ 551,361 99/50/50 $12,490 Unlimited
Partnership in time
and amount
23. Southside $ 248,000 100/50/50 $14,965 Unlimited
Partnership in time
and amount
24. Sunrise $1,283,615 100/10/25 $ 100 Unlimited
Partnership in amount
for 4 years
<CAPTION>
Fund's
Approximate
Average Development Annual
Annual Fee/Other Partnership Asset
Operating Anticipated Distributions Management Management
Partnership's Federal to Operating Fee to Fee to Boston
Credit Base Credit GP Operating GP Capital
-------------- ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
13. $2,397,000 $ 92,295 $ 97,000 $1,000 $1,000
14. $2,546,000 $ 81,106 $ 75,000 $1,000 $1,000
15. $1,629,000 $138,193 $ 14,000 $4,500 $4,500
16. $3,810,000 $325,470 $533,000 $7,500 $7,500
17. $ 990,840 $ 31,251 $120,000 $1,500 $1,500
18. $1,368,250 $116,493 $230,000 $1,500 $1,500
19. $1,350,000 $ 60,566 $220,000 $1,000 $1,000
20. $ 80,500 $ 28,951 $105,000 $ 500 $ 500
21. $2,340,000 $202,365 $198,000 $3,500 $3,500
22. $2,445,000 $ 89,681 $ 94,000 $1,000 $1,000
23. $1,038,800 $ 38,540 $ 38,000 $ 500 $ 500
24. $2,400,000 $205,050 $258,000 $3,500 $3,500
</TABLE>
S-11
<PAGE>
THE ACCOMACK PARK PARTNERSHIP
(Accomack Apartments)
Accomack Apartments is an existing 24-unit apartment complex for families
which is to be rehabilitated in Onancock, Virginia. Accomack Apartments will
consist of 8 one-bedroom units and 16 two-bedroom units contained in 4
buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors, cable television hook-up and a patio or balcony.
Rehabilitation of Accomack Apartments is anticipated to begin in July,
1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- ---------- ---------------
<S> <C> <C> <C>
12 November, 1997 12 January, 1998
12 December, 1997 12 February, 1998
</TABLE>
THE APPLE LANE PARTNERSHIP
(Apple Lane Apartments)
Apple Lane Apartments is an existing 71-unit apartment complex for
families which is to be rehabilitated on Route 5 in Muldrow, Oklahoma. Apple
Lane Apartments will consist of 53 two-bedroom units and 18 three-bedroom units
contained in 6 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, disposal, air
conditioning, wall-to-wall carpeting, smoke detectors, cable television hook-up
and a patio or porch.
Rehabilitation of Apple Lane Apartments is anticipated to begin in
November, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- --------- ------------
<S> <C> <C> <C>
35 March, 1998 17 March, 1998
36 April, 1998 18 April, 1998
18 May, 1998
18 June, 1998
</TABLE>
THE ARKADELPHIA PARTNERSHIP
(Arkadelphia Apartments)
Arkadelphia Apartments is a 24-unit apartment complex for families which
is to be constructed in Arkadelphia, Arkansas. Arkadelphia Apartments will
consist of 24 two-bedroom units contained in 1 building. The complex will offer
a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or porch.
Construction of Arkadelphia Apartments is anticipated to begin in
November, 1997. The Operating General Partner anticipates that construction
completion and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------ --------- -------------
<S> <C> <C> <C>
24 May, 1998 8 June, 1998
8 July, 1998
8 August, 1998
</TABLE>
THE BELLWOOD FOUR PARTNERSHIP
(Whistle Stop Apartments)
Whistle Stop Apartments is a 32-unit apartment complex for families,
which is to be constructed on Southwest 4 Street in Gentry, Arkansas. Whistle
Stop Apartments will consist of 6 one-bedroom units, 22 two-bedroom units and 4
three-bedroom units contained in 3 buildings. The complex will offer a meeting
room, playground and central laundry facilities.
Individual units will contain a refrigerator, range, disposal, air
conditioning, kitchen exhaust fan and smoke detectors.
Construction of Whistle Stop Apartments is anticipated to begin in July,
1997. The Operating General Partner anticipates that construction completion and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- --------------- ---------- ---------------
<S> <C> <C> <C>
32 January, 1998 10 February, 1998
10 March, 1998
12 April, 1998
</TABLE>
S-12
<PAGE>
THE BOWIE PARTNERSHIP
(Royal Crest Apartments)
Royal Crest Apartments is an existing 48-unit apartment complex for
families which is to be rehabilitated on El Dorado Street in Bowie, Texas. Royal
Crest Apartments will consist of 24 one-bedroom units and 24 two-bedroom units
contained in 4 buildings. The complex will offer a community room and central
laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or porch.
Rehabilitation of Royal Crest Apartments is anticipated to begin in
November, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- --------- ------------
<S> <C> <C> <C>
12 March, 1998 12 April, 1998
12 April, 1998 12 May, 1998
12 May, 1998 12 June, 1998
12 June, 1998 12 July, 1998
</TABLE>
THE BROADWAY PARTNERSHIP
(Broadway Place Apartments)
Broadway Place Apartments is a 12-unit apartment complex for families
which is to be constructed on Broadway at Marland Boulevard in Hobbs, New
Mexico. Broadway Place Apartments will consist of 8 one-bedroom units and 4
three-bedroom units contained in 3 buildings. The complex will offer a meeting
room, pool and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning, ceiling fans, smoke detectors, cable television
hook-up and a patio or porch.
Construction of Broadway Place Apartments is anticipated to begin in
June, 1997. The Operating General Partner anticipates that construction
completion and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- --------- ------------
<S> <C> <C> <C>
6 March, 1998 6 April, 1998
6 April, 1998 6 May, 1998
</TABLE>
THE CLARKSVILLE PARTNERSHIP
(Lakewood Apartments)
Lakewood Apartments is an existing 52-unit apartment complex for families
which is to be rehabilitated on Meadow Court in Clarksville, Virginia. Lakewood
Apartments will consist of 20 one-bedroom units and 32 two-bedroom units
contained in 4 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or balcony porch.
Rehabilitation of Lakewood Apartments is anticipated to begin in October,
1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- ---------------
<S> <C> <C> <C>
13 November, 1997 26 January, 1998
13 December, 1997 26 February, 1998
13 January, 1998
13 February, 1998
</TABLE>
THE COMPTON HEIGHTS PARTNERSHIP
(Compton Heights Apartments)
Compton Heights Apartments is a 12-unit apartment complex for families
which is to be constructed on Hall Street in Potosi, Missouri. Compton Heights
Apartments will consist of 12 two-bedroom units contained in 2 buildings. The
complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or porch.
Construction of Compton Heights Apartments is anticipated to begin in
August, 1997. The Operating General Partners anticipate that construction
completion and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- --------------- --------- --------------
<S> <C> <C> <C>
12 October, 1997 12 January, 1998
</TABLE>
THE EMERALD TRACE II PARTNERSHIP
(Emerald Trace II Apartments)
Emerald Trace II Apartments is a 48-unit apartment complex for families
which is to be constructed
S-13
<PAGE>
in Ruston, Louisiana. Emerald Trace II Apartments will consist of 8 one-bedroom
units, 32 two-bedroom units and 8 three-bedroom units contained in 8 buildings.
The complex will offer a meeting/reception area and central laundry facilities.
Individual units will contain a refrigerator, range, bathroom exhaust
fan, air conditioning and smoke detectors.
Construction of Emerald Trace II Apartments is anticipated to begin in
June, 1997. The Operating General Partner anticipates that construction
completion and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ----------------- ---------- ---------------
<S> <C> <C> <C>
24 September, 1998 12 October, 1998
24 October, 1998 12 November, 1998
12 December, 1998
12 January, 1999
</TABLE>
THE FARMVILLE PARTNERSHIP
(Country Estates Apartments)
Country Estates Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Farmville, Virginia. Country Estates
Apartments will consist of 12 one-bedroom units and 12 two-bedroom units
contained in 3 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or balcony.
Rehabilitation of Country Estates Apartments is anticipated to begin in
October, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- --------------
<S> <C> <C> <C>
24 December, 1997 24 January, 1998
</TABLE>
THE FARWELL MILL PARTNERSHIP
(Farwell Mill Apartments)
Farwell Mill Apartments is an existing 27-unit apartment complex for
families which is being rehabilitated on Lisbon Street and Webster Road in
Lisbon, Maine. Farwell Mill Apartments will consist of 12 one-bedroom units, 11
two-bedroom units and 4 three-bedroom units contained in 1 building. The complex
will offer a meeting/function room, deck and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher and smoke
detectors.
Rehabilitation of Farwell Mill Apartments began in April, 1997. The
Operating General Partners anticipate that completion of rehabilitation and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- --------------
<S> <C> <C> <C>
27 November, 1997 27 January, 1998
</TABLE>
THE GRAHAM PARTNERSHIP
(Lone Oak Apartments)
Lone Oak Apartments is an existing 64-unit apartment complex for families
which is to be rehabilitated on Carolina Street in Graham, Texas. Lone Oak
Apartments will consist of 24 one-bedroom units, 36 two-bedroom units and 4
three-bedroom units contained in 16 buildings. The complex will offer a meeting
room and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors, and a patio or porch.
Rehabilitation of Lone Oak Apartments is anticipated to begin in
November, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- --------- ------------
<S> <C> <C> <C>
16 March, 1998 16 April, 1998
16 April, 1998 16 May, 1998
16 May, 1998 16 June, 1998
16 June, 1998 16 July, 1998
</TABLE>
THE JEFFRIES PARTNERSHIP
(New River Gardens Apartments)
New River Gardens Apartments is an existing 44-unit apartment complex for
families which is to be rehabilitated on Jeffries Drive in Radford, Virginia.
New River Gardens Apartments will consist of 20 one-bedroom units and 24
two-bedroom units contained in 4 buildings. The complex will offer central
laundry facilities.
S-14
<PAGE>
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors, cable television hook-up and a patio or porch.
Rehabilitation of New River Gardens Apartments is anticipated to begin in
July, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- ---------------
<S> <C> <C> <C>
20 November, 1997 11 January, 1998
24 December, 1997 11 February, 1998
11 March, 1998
11 April, 1998
</TABLE>
THE KING GEORGE PARTNERSHIP
(Pine Forest Estates Apartments)
Pine Forest Estates Apartments is an existing 40-unit apartment complex
for families which is to be rehabilitated on Pine Forest Lane and Dahlgren Road
in King George, Virginia. Pine Forest Estates Apartments will consist of 20
one-bedroom units and 20 two-bedroom units contained in 5 buildings. The complex
will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or deck.
Rehabilitation of Pine Forest Estates Apartments is anticipated to begin
in November, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- ---------- ---------------
<S> <C> <C> <C>
20 December, 1997 20 January, 1998
20 January, 1998 20 February, 1998
</TABLE>
THE LINDEN PARTNERSHIP
(Western Trails II Apartments)
Western Trails II Apartments is a 30-unit apartment complex for families
which is to be constructed on Renner Drive in Council Bluffs, Iowa. Western
Trails II Apartments will consist of 18 two-bedroom units and 12 three-bedroom
units contained in 1 building. The complex will offer a meeting room and central
laundry facilities.
Individual units will contain a refrigerator, range with hood,
dishwasher, disposal, air conditioning, smoke detectors and a patio or porch.
Construction of Western Trails II Apartments is anticipated to begin in
July, 1997. The Operating General Partner anticipates that construction
completion and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- --------------- ---------- ---------------
<S> <C> <C> <C>
30 January, 1998 10 February, 1998
10 March, 1998
10 April, 1998
</TABLE>
THE MESA GRANDE PARTNERSHIP
(Mesa Grande Apartments)
Mesa Grande Apartments is a 72-unit apartment complex for families which
is to be constructed on Chapman Road at National Parks Highway in Carlsbad, New
Mexico. Mesa Grande Apartments will consist of 20 one-bedroom units, 20
two-bedroom units and 32 three-bedroom units contained in 9 buildings. The
complex will offer a pool, meeting/recreation room, playground, basketball court
and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning, ceiling fans, smoke detectors, cable television
hook-up and a patio or porch.
Construction of Mesa Grande Apartments is anticipated to begin in June,
1997. The Operating General Partner anticipates that construction completion and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- ---------- ----------------
<S> <C> <C> <C>
18 March, 1998 12 April, 1998
18 April, 1998 12 May, 1998
18 May, 1998 12 June, 1998
18 June, 1998 12 July, 1998
12 August, 1998
12 September, 1998
</TABLE>
THE NOCONA PARTNERSHIP
(Nocona Terrace Apartments)
Nocona Terrace Apartments is an existing 36-unit apartment complex for
families which is to be rehabilitated on Montague Avenue in Nocona, Texas.
Nocona
S-15
<PAGE>
Terrace Apartments will consist of 12 one-bedroom units and 24 two-bedroom units
contained in 3 buildings. The complex will offer a meeting room and central
laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or porch.
Rehabilitation of Nocona Terrace Apartments is anticipated to begin in
November, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- --------- ------------
<S> <C> <C> <C>
9 March, 1998 9 April, 1998
9 April, 1998 9 May, 1998
9 May, 1998 9 June, 1998
9 June, 1998 9 July, 1998
</TABLE>
THE NORTHGATE PARTNERSHIP
(Northgate Apartments)
Northgate Apartments is a 24-unit apartment complex for families which is
to be constructed in Bryant, Arkansas. Northgate Apartments will consist of 24
two-bedroom units contained in 1 building. The complex will offer a meeting room
and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or porch.
Construction of Northgate Apartments is anticipated to begin in November,
1997. The Operating General Partner anticipates that construction completion and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------ --------- -------------
<S> <C> <C> <C>
24 May, 1998 8 June, 1998
8 July, 1998
8 August, 1998
</TABLE>
THE POCOLA AND ARKOMA PARTNERSHIP
(Pocola and Arkoma Apartments)
Pocola and Arkoma Apartments is an existing 44-unit apartment complex for
families which is to be rehabilitated in Pocola and Arkoma, Oklahoma. Pocola and
Arkoma Apartments will consist of 16 one-bedroom units and 28 two-bedroom units
contained in 6 buildings. The complex will offer a meeting room and central
laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, air
conditioning, smoke detectors, cable television hook-up and a patio or porch.
Rehabilitation of Pocola and Arkoma Apartments is anticipated to begin in
October, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- ---------------
<S> <C> <C> <C>
11 January, 1998 11 February, 1998
11 February, 1998 11 March, 1998
11 March, 1998 11 April, 1998
11 April, 1998 11 May, 1998
</TABLE>
THE QUAIL CREEK PARTNERSHIP
(Quail Creek Apartments)
Quail Creek Apartments is an existing 25-unit apartment complex for
senior citizens which is to be rehabilitated in Gravette, Arkansas. Quail Creek
Apartments will consist of 25 one-bedroom units contained in 3 buildings. The
complex will offer a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and cable television hook-up.
Rehabilitation of Quail Creek Apartments is anticipated to begin in
October, 1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- ---------------
<S> <C> <C> <C>
12 January, 1998 12 February, 1998
13 February, 1998 13 March, 1998
</TABLE>
THE RIVERBEND PARTNERSHIP
(Riverbend Apartments)
Riverbend Apartments is a 24-unit apartment complex for families which is
to be constructed on Route 10 in Swanzey, New Hampshire. Riverbend Apartments
will consist of 18 two-bedroom units and 6 three-bedroom units contained in 4
buildings. The complex will offer a conference room and central laundry
facilities.
S-16
<PAGE>
Individual units will contain a refrigerator, range, wall-to-wall
carpeting, smoke detectors and a patio or porch.
Construction of Riverbend Apartments is anticipated to begin in June,
1997. The Operating General Partners anticipate that construction completion and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- ---------------
<S> <C> <C> <C>
24 November, 1997 8 January, 1998
8 February, 1998
8 March, 1998
</TABLE>
THE RUGBY PARTNERSHIP
(Rugby Apartments)
Rugby Apartments is an existing 48-unit apartment complex for families
which is to be rehabilitated in Luray, Virginia. Rugby Apartments will consist
of 12 one-bedroom units and 36 two-bedroom units contained in 8 buildings. The
complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors, cable television hook-up and a patio or porch.
Rehabilitation of Rugby Apartments is anticipated to begin in July, 1997.
The Operating General Partner anticipates that completion of rehabilitation and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- ---------------
<S> <C> <C> <C>
24 November, 1997 12 January, 1998
24 December, 1997 12 February, 1998
12 March, 1998
12 April, 1998
</TABLE>
THE SOUTHSIDE PARTNERSHIP
(Southside Apartments)
Southside Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated on Highway 501 South in Latta, South
Carolina. Southside Apartments will consist of 18 one-bedroom units and 6
two-bedroom units contained in 6 buildings. The complex will offer central
laundry facilities.
Individual units will contain a refrigerator, range, air conditioning and
smoke detectors.
Rehabilitation of Southside Apartments is anticipated to begin in
September, 1997. The Operating General Partners anticipate that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- --------- ------------
<S> <C> <C> <C>
12 February, 1998 8 March, 1998
12 March, 1998 8 April, 1998
8 May, 1998
</TABLE>
THE SUNRISE PARTNERSHIP
(Sunrise Homes Apartments)
Sunrise Homes Apartments is a 32-unit apartment complex for families
which is to be constructed on Scharbauer at Marland Boulevard in Hobbs, New
Mexico. Sunrise Homes Apartments will consist of 8 one-bedroom units, 8
two-bedroom units and 16 three-bedroom units contained in 8 buildings. The
complex will offer a pool, meeting/recreation room, basketball court, playground
and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning, ceiling fans, smoke detectors, cable television
hook-up and a patio or porch.
Construction of Sunrise Homes Apartments is anticipated to begin in June,
1997. The Operating General Partner anticipates that construction completion and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- --------- ------------
<S> <C> <C> <C>
16 March, 1998 8 April, 1998
16 April, 1998 8 May, 1998
8 June, 1998
8 July, 1998
</TABLE>
* * * * * * * *
S-17
