Y
MAY 1, 1997
SUPPLEMENT NO. 1 TO PROSPECTUS FOR
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
DATED
MAY 1, 1997
(SUPPLEMENT OFFERING BCTC IV SERIES 29 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. 1 supersedes
all previous supplements to the Prospectus.
Status of BCTC IV Series 28
The Fund received orders for a total of 4,000,000 BACs ($39,999,000) with
respect to Series 28, and issued the last of such Series 28 BACs on January 31,
1997. The aggregate fees paid as of January 31, 1997 to the General Partner and
Affiliates with respect to Series 28 were $4,719,882. No additional BACs will be
offered with respect to Series 28. The Fund has issued a total of 27,313,852
BACs, raised $273,114,000 and admitted 16,590 Investors with respect to Series
20 through 28. (See "Prior Performance of the General Partner and its
Affiliates" in the Prospectus.)
Offering of BCTC IV Series 29
The Fund is offering, effective February 10, 1997, the tenth series of BACs
("Series 29") consisting of 4,000,000 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. The offering of BACs in Series 29
will not exceed 12 months.
THE PURCHASE OF BACS IN SERIES 29 WILL NOT ENTITLE THE INVESTOR TO ANY
INTEREST IN ANY OTHER SERIES OF THE FUND NOR ANY INTEREST IN BOSTON CAPITAL TAX
CREDIT FUND LIMITED PARTNERSHIP, OR BOSTON CAPITAL TAX CREDIT FUND II LIMITED
PARTNERSHIP, OR BOSTON CAPITAL TAX CREDIT FUND III L.P.
The Fund anticipates acquiring, on behalf of Series 29, limited partnership
interests in the twenty-three (23) 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 29, 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 29 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.
<PAGE>
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 Investor 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 an 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 29):
$300-$400 in 1997; $600-$800 in 1998; $1,100-$1,300 in 1999-2006; $800-$1,100 in
2007; and $200-$400 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 29 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 29 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 29.
While the General Partner believes that the Fund, on behalf of Series 29,
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 76% of the total equity which the Fund currently expects to invest
in Operating Partnerships on behalf of Series 29.
S-2
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Since Series 29 is currently in the offering phase it has no material
assets nor any operating history. The twenty-three (23) 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. Arbor Park L.P. J. H. Thames, Jr.
(the "Arbor Park Partnership")
2. Barlee II L.P. ERC Properties, Inc.
(the "Barlee II Partnership")
3. Barrington Cove Partnership Gatehouse Group, Inc.
(the "Barrington Cove Partnership")
4. Bent Tree Apartments L.P. William S. Swan
(the "Bent Tree Partnership")
5. Collins L.P. Intervest Corporation
(the "Collins Partnership")
6. Crystal Lake L.P. Community Economic
(the "Crystal Lake Partnership") Redevelopment Corporation
7. Dogwood L.P. Humphrey-Stavrou & Associates
(the "Dogwood Partnership")
8. Emerald Trace L.P. Joyce Middleton
(the "Emerald Trace Partnership")
9. Forest Hill L.P. First Centrum Corporation
(the "Forest Hill Partnership")
10. Glenbrook Apartments L.P. William S. Swan
(the "Glenbrook Partnership")
11. Lake Hickory L.P. Intervest Corporation
(the "Lake Hickory Partnership")
12. Lincoln Hotel L.P. Barone, Galasso & Associates
(the "Lincoln Hotel Partnership")
13. Lutkin Bayou L.P. Intervest Corporation
(the "Lutkin Bayou Partnership")
14. Newton L.P. Intervest Corporation
(the "Newton Partnership")
15. Northway Drive L.P. Elaina D. Glockzin
(the "Northway Partnership")
16. Ozark L.P. Intervest Corporation
(the "Ozark Partnership")
17. Palmetto Place L.P. M. Riemer Calhoun, Jr.
(the "Palmetto Place Partnership")
</TABLE>
S-3
<PAGE>
<TABLE>
<CAPTION>
Partnership General Partner(s)
- ------------------------------------------ ------------------------
<S> <C> <C>
18. Pecan Hill Apartments L.P. William S. Swan
(the "Pecan Hill Partnership")
19. Poplarville Housing L.P. Intervest Corporation
(the "Poplarville Partnership")
20. Quail Run Apartments L.P. William S. Swan
(the "Quail Run Partnership")
21. Rhome Apartments L.P. William S. Swan
(the "Rhome Partnership")
22. Westfield Apartments L.P. M. Riemer Calhoun, Jr.
(the "Westfield Partnership")
23. Willow Point III L.P. J. H. Thames, Jr.
(the "Willow Point 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. It is anticipated that all of the dwelling units in the Apartment
Complexes identified herein will be eligible for Federal Housing Tax Credits.
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 29 is $1.20 per BAC (12%). (See
"Glossary" at page 163 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. Arbor Park Jackson, 160 $371 1BR Tax Exempt
Partnership Mississippi $437 2BR Bond
$494 3BR Financing
issued
through the
City of
Jackson,
Mississippi
(4)
2. Barlee II Van Buren, 20 $465 3BR Federal Housing
Partnership Arkansas $485 4BR Tax Credits
3. Barrington Cove Barrington, 60 $489 1BR Apartment
Partnership Rhode Island $584 2BR Capital
Investment
Program(a)
HOME Investment
Partnerships
Program(b)
(6)
4. Bent Tree Jacksboro, 18 $228 1BR FmHA Sec. 515
Partnership Texas with 100%
rental
assistance
5. Collins Collins, 36 $217 1BR FmHA Sec. 515
Partnership Mississippi with 100%
rental
assistance
6. Crystal Lake Urbana, 108 $350- Federal Housing
Partnership Illinos $465 2BR Tax Credits
410-
$480 2BR
7. Dogwood Appomattox, 48 $260 1BR FmHA Sec. 515
Partnership Virginia $290 2BR with 100%
$300 3BR rental
assistance
<CAPTION>
Permanent Mortgage Annual Annual
Mortgage Interest Reserve Management
Loan Rate Amount Management Agent Fee
---------------- ----------- ---------- ----------------------- ------------------
<S> <C> <C> <C> <C> <C>
1. Compass Bank, 7% $32,000 Park Development 5% of net rental
N.A. income
$5,700,000
(4)
2. First 9% $4,000 ERC Properties 6% of net rental
National Inc. income
Bank
$618,000(5)
3. Rhode Island 8% $12,000 Gatehouse 5% of net rental
Housing and Management, Inc. income
Mortgage
Finance
Corporation
$1,435,190(a) 0%
Rhode Island
Housing and
Mortgage
Finance
Corporation
$768,760(b)
(6)
4. $618,390 1% (2) $5,400 Swan Management $22 per occupied
unit per month
5. $981,456 1% (2) $9,900 Intervest Management $21 per occupied
unit per month
6. Indiana 9% $21,600 Bryson 6% of net rental
Federal Bank Management income
$2,157,000 Company
(7)
7. $1,524,476 1% (2) $13,200 Humphrey Management $18 per occupied
unit per month
</TABLE>
S-5
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
<TABLE>
<CAPTION>
Basic Government
Location of Number Monthly(1) Assistance
Partnership Name Property of Units Rents Anticipated
------------------- ---------------- ----------- ------------- ------------------
<S> <C> <C> <C> <C> <C>
8. Emerald Trace Ruston, 48 $244- HOME
Partnership Louisiana $304 1BR Investment
$285- Partnerships
$358 2BR Program(b)
$396 3BR (8)
9. Forest Hill Richmond, 85 $435- Federal
Partnership Virginia $528 1BR Housing Tax
$529- Credits
$640 2BR
10. Glenbrook Saint Joseph, 18 $219 1BR FmHA Sec. 515
Partnership Texas with 100%
rental
assistance
11. Lake Hickory Lake 24 $228 2BR FmHA Sec. 515
Partnership Hickory, with 100%
Mississippi rental
assistance
12. Lincoln Hotel San Diego, 41 $200 0BR Disposition
Partnership California Development
Loan Program(b)
(10)
13. Lutkin Bayou Drew, 32 $234 1BR FmHA Sec. 515
Partnership Mississippi with 100%
rental
assistance
<CAPTION>
Permanent Mortgage Annual Annual
Mortgage Interest Reserve Management
Loan Rate Amount Management Agent Fee
---------------- ----------- ---------- ----------------------- ------------------
<S> <C> <C> <C> <C> <C>
8. Premier 9.5% $9,600 Middleton 6% of net rental
Bank, N.A. Management, income
$744,800(a) Inc.
Louisiana 4%
Housing
Finance
Agency
$420,000(b)
(8)
9. Midland 9% $14,875 Elder Homes 5% of net rental
Affordable Corporation income
Housing
Group Trust
$2,755,000
(9)
10. $547,650 1% (2) $5,400 Swan Management $22 per occupied
unit per month
11. $838,642 1% (2) $6,600 Intervest Management $21 per occupied
unit per month
12. Savings 9.5% $5,000 Barone, Gelasso & 5% of net rental
Associations Associates income
Mortgage
Company
$205,000(a)
San Diego 3%
Redevelopment
Agency
$558,000(b)
(10)
13. $644,652 1% (2) $8,800 Intervest Management $21 per occupied
unit per month
</TABLE>
S-6
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
<TABLE>
<CAPTION>
Basic Government
Location of Number Monthly(1) Assistance
Partnership Name Property of Units Rents Anticipated
------------------- --------------- ----------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
14. Newton Newton, 32 $219 1BR FmHA Sec. 515
Partnership Mississippi with 100%
rental
assistance
15. Northway Nacogdoches, 70 $265- Federal HOME
Partnership Texas $328 1BR Funds
$313- Program(b)
$389 2BR (10)
$350-
$437 3BR
16. Ozark Poplarville, 16 $224 1BR FmHA Sec. 515
Partnership Mississippi with 100%
rental
assistance
17. Palmetto Benton, 40 $243- HOME
Place Louisiana $300 2BR Investment
Partnership $345 3BR Partnerships
Program(b)
(11)
18. Pecan Hill Bryson, 16 $212 1BR FmHA Sec. 515
Partnership Texas with 100%
rental
assistance
19. Poplarville Poplarville, 16 $228 1BR FmHA Sec. 515
Partnership Mississippi with 100%
rental
assistance
20. Quail Run Iowa Park, 16 $223 1BR FmHA Sec. 515
Partnership Texas with 100%
rental
assistance
<CAPTION>
Permanent Mortgage Annual Annual
Mortgage Interest Reserve Management
Loan Rate Amount Management Agent Fee
---------------- ----------- ---------- ----------------------- ------------------
<S> <C> <C> <C> <C> <C>
14. $934,135 1% (2) $8,800 Intervest Management $21 per occupied
unit per month
15. First 9% $10,500 Summit Management 6% of net rental
National Corporation income
Bank
$1,262,000(a)
Texas 3%
Department of
Housing and
Community
Affairs
$391,000(b)
(11)
16. $384,448 1% (2) $4,400 Intervest Management $21 per occupied
unit per month
17. Premier 8% $8,000 TF Management, Inc. 5% of net rental
Bank, N.A. income
$350,000(a)
Louisiana 4%
Housing
Finance
Agency
$380,000(b)
(12)
18. $395,120 1% (2) $4,800 Swan Management $22 per occupied
unit per month
19. $410,574 1% (2) $4,400 Intervest Management $21 per occupied
unit per month
20. $362,793 1% (2) $4,800 Swan Management $22 per occupied
unit per month
</TABLE>
S-7
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
<TABLE>
<CAPTION>
Basic Government
Location of Number Monthly(1) Assistance
Partnership Name Property of Units Rents Anticipated
------------------- -------------- ----------- ------------- ----------------
<S> <C> <C> <C> <C> <C>
21. Rhome Rhome, 18 $228 1BR FmHA Sec. 515
Partnership Texas with 100%
rental
assistance
22. Westfield Welsh, 40 $256 2BR HOME
Partnership Louisiana $340 3BR Investment
Partnerships
Program(b)
(13)
23. Willow Point Jackson, 120 $371 1BR Tax Exempt
Partnership Mississippi $437 2BR Bond
$494 3BR Financing
issued
through the
City of
Jackson,
Mississippi
(14)
<CAPTION>
Permanent Mortgage Annual Annual
Mortgage Interest Reserve Management
Loan Rate Amount Management Agent Fee
---------------- ----------- ---------- ---------------------- ------------------
<S> <C> <C> <C> <C> <C>
21. $531,300 1% (2) $5,400 Swan Management $22 per occupied
unit per month
22. Premier 8% $8,000 TF Management, Inc. 5% of net rental
Bank, N.A. income
$330,000(a)
Louisiana 4%
Housing
Finance
Agency
$350,000(b)
(13)
23. Compass Bank, 7% $24,000 Park Development 5% of net rental
N.A. income
$4,300,000
(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 Arbor Park Partnership's anticipated permanent first
mortgage loan in the amount of $5,700,000 are expected to include a term of
5 years, an interest rate of 7% and payments of principal and interest on
the basis of a 30 year amortization schedule.
(5) The terms of the Barlee II Partnership's anticipated permanent first
mortgage loan in the amount of $618,000 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.
(6) (a) The terms of the Barrington Cove Partnership's anticipated permanent
first mortgage loan in the amount of $1,435,190 are expected to include
a term of 30 years, an interest rate of 8% and payments of principal
and interest on the basis of a 30 year amortization schedule.
(b) The terms of the Barrington Cove Partnership's anticipated permanent
second mortgage loan in the amount of $768,760 are expected to include
a term of 30 years, an interest rate of 0% and payments in the amount
of 50% of cash flow available after payment of the first permanent
mortgage loan which will be applied toward principal repayment.
(7) The terms of the Crystal Lake Partnership's anticipated permanent first
mortgage loan in the amount of $2,157,000 are expected to include a term of
35 years, an interest rate of 9% and payments of principal and interest on
the basis of a 35 year amortization schedule.
(8) (a) The terms of the Emerald Trace 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 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.
S-8
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
(9) The terms of the Forest Hill Partnership's anticipated permanent first
mortgage loan in the amount of $2,755,000 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.
(10) (a) The terms of the Lincoln Hotel Partnership's anticipated permanent
first mortgage loan in the amount of $205,000 are expected to include a
term of 30 years, an interest rate of 9.5%, which will adjust every 10
years with a maximum adjustment of 4%, and payments of principal and
interest on the basis of a 30 year amortization schedule to that amount
which is the yield on the 30 year U.S. Treasury bond plus 3%.
(b) The terms of the Lincoln Hotel Partnership's anticipated permanent
second mortgage loan in the amount of $558,000 are expected to include
a term of 30 years, an interest rate of 3% and payments of principal
and interest 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 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.
(11) (a) The terms of the Northway Partnership's anticipated permanent first
mortgage loan in the amount of $1,262,000 are expected to include a
term of 15 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 Northway Partnership's anticipated permanent second
mortgage loan in the amount of $391,000 are expected to include a term
of 30 years, an interest rate of 3% and payments of principal and
interest 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 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.
(12) (a) The terms of the Palmetto Place Partnership's anticipated permanent
first mortgage loan in the amount of $350,000 are expected to include a
term of 30 years, an interest rate of 8% and payments of principal and
interest on the basis of a 30 year amortization schedule.
(b) The terms of the Palmetto Place Partnership's anticipated permanent
second mortgage loan in the amount of $380,000 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,
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 30-year term.
(13) (a) The terms of the Westfield Partnership's anticipated permanent first
mortgage loan in the amount of $330,000 are expected to include a term
of 30 years, an interest rate of 8% and payments of principal and
interest on the basis of a 30 year amortization schedule.
(b) The terms of the Westfield Partnership's anticipated permanent second
mortgage loan in the amount of $350,000 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, 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
30-year term.
(14) The terms of the Willow Point Partnership's anticipated permanent first
mortgage loan in the amount of $4,300,000 are expected to include a term of
5 years, an interest rate of 7% and payments of principal and interest on
the basis of a 30 year amortization schedule.
S-9
<PAGE>
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS
<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>
1. Arbor Park $2,792,272 99/50/50 $100 Unlimited
Partnership in time
and amount
2. Barlee II $684,993 99/50/50 $6,813 Unlimited
Partnership in amount
for 5 years
3. Barrington Cove $4,014,130 99/50/50 $550,000 Unlimited
Partnership in amount
for 5 years
4. Bent Tree $157,010 99/50/50 $11,432 Unlimited
Partnership in amount
for 15 years
5. Collins $282,025 99/50/50 $17,812 Unlimited
Partnership in amount
for 10 years
6. Crystal Lake $1,501,820 100/20/20 $100 Unlimited
Partnership in time
and amount
7. Dogwood $409,116 99/50/50 $7,200 Unlimited
Partnership in amount
for 5 years
8. Emerald $1,040,920 99/35/35 $100 Unlimited
Trace in time
Partnership and amount
9. Forest Hill $2,644,987 99/25/25 $100 Unlimited
Partnership in amount
for 5 years
10. Glenbrook $142,553 99/50/50 $10,812 Unlimited
Partnership in amount
for 15 years
11. Lake Hickory $185,079 99/50/50 $17,065 Unlimited
Partnership in amount
for 10 years
12. Lincoln $1,419,315 99/30/30 $100 Unlimited
Hotel in time
Partnership and amount
<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>
1. $11,549,865 $423,072 $1,000,000 $10,000 $10,000
2. $1,229,000 $105,384 $200,000 $2,000 $2,000
3. $7,242,876 $583,092 $519,970 $10,000 $10,000
4. $682,222 $24,922 $88,746 $500 $500
5. $1,286,694 $47,004 $207,439 $500 $500
6. $2,752,738 $240,792 $501,000 $5,000 $5,000
7. $1,806,314 $65,986 $82,840 $750 $750
8. $2,066,498 $173,487 $290,000 $4,800 $3,000
9. $4,989,178 $419,839 $831,530 $10,000 $7,000
10. $619,404 $22,627 $83,474 $500 $500
11. $844,390 $30,846 $143,612 $500 $500
12. $1,416,922 $236,553 $130,000 $3,000 $3,000
</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. Lutkin Bayou $174,583 99/50/50 $13,548 Unlimited
Partnership in amount
for 10
years
14. Newton $229,136 99/50/50 $18,569 Unlimited
Partnership in amount
for 10
years
15. Northway $2,900,205 99/50/50 $100 Unlimited
Partnership in time
and amount
16. Ozark $93,888 99/50/50 $8,624 Unlimited
Partnership in amount
for 10
years
17. Palmetto $967,750 99/50/50 $100 Unlimited
Place in time
Partnership and amount
18. Pecan Hill $104,220 99/50/50 $9,212 Unlimited
Partnership in amount
for 15
years
19. Poplarville $78,628 99/50/50 $6,218 Unlimited
Partnership in amount
for 10
years
20. Quail Run $95,364 99/50/50 $8,743 Unlimited
Partnership in amount
for 15
years
21. Rhome $143,289 99/50/50 $11,364 Unlimited
Partnership in amount
for 15
years
22. Westfield $905,669 99/50/50 $100 Unlimited
Partnership in time
and amount
23. Willow Point $2,105,735 99/50/50 $100 Unlimited
Partnership in time
and amount
<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. $796,504 $29,097 $132,596 $500 $500
14. $1,045,393 $38,189 $204,612 $500 $500
15. $5,524,000 $467,775 $554,000 $7,000 $7,000
16. $428,347 $15,648 $58,412 $500 $500
17. $1,863,372 $158,648 $160,000 $4,000 $4,000
18. $452,846 $16,543 $58,909 $500 $500
19. $358,726 $13,105 $42,135 $500 $500
20. $414,363 $15,137 $53,901 $500 $500
21. $622,602 $22,744 $80,988 $500 $500
22. $1,743,837 $148,470 $150,000 $4,000 $4,000
23. $8,710,094 $319,051 $675,000 $10,000 $10,000
</TABLE>
S-11
<PAGE>
THE ARBOR PARK PARTNERSHIP
(Arbor Park Apartments)
Arbor Park Apartments is a 160-unit apartment complex for families which
is to be constructed in Jackson, Mississippi. Arbor Park Apartments will consist
of 32 one-bedroom units, 80 two-bedroom units and 48 three-bedroom units
contained in 10 buildings. The complex will offer a pool, recreation room and
central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning, smoke detectors and a patio or porch.
Construction of Arbor Park Apartments began in March, 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>
40 January, 1998 8 February, 1998
40 February, 1998 8 March, 1998
40 March, 1998 8 April, 1998
40 April, 1998 16 May, 1998
16 June, 1998
16 July, 1998
16 August, 1998
16 September, 1998
16 October, 1998
20 November, 1998
20 December, 1998
</TABLE>
THE BARLEE II PARTNERSHIP
(Vinsett Place Apartments)
Vinsett Place Apartments is a 20-unit apartment complex for families
which is to be constructed in Van Buren, Arkansas. Vinsett Place Apartments will
consist of 18 three-bedroom units and 2 four-bedroom units contained in 20
buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning, smoke detectors, cable television hook-up and a
patio or porch.
Construction of Vinsett Place Apartments is anticipated to begin in
October, 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>
10 May, 1998 5 June, 1998
10 June, 1998 5 July, 1998
5 August, 1998
5 September, 1998
</TABLE>
THE BARRINGTON COVE PARTNERSHIP
(Barrington Cove Apartments)
Barrington Cove Apartments is an existing 60-unit apartment complex for
senior citizens which is being rehabilitated in Barrington, Rhode Island.
Barrington Cove Apartments will consist of 40 one-bedroom units and 20 two-
bedroom units contained in 1 building. The complex will offer a function room
and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning and
smoke detectors.
Rehabilitation of Barrington Cove Apartments began in July, 1996. 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>
36 July, 1997 10 August, 1997
10 September, 1997
10 October, 1997
10 November, 1997
10 December, 1997
10 January, 1998
</TABLE>
THE BENT TREE PARTNERSHIP
(Bent Tree Apartments)
Bent Tree Apartments is an existing 18-unit apartment complex for senior
citizens which is to be rehabilitated in Jacksboro, Texas. Bent Tree Apartments
will consist of 18 one-bedroom units contained in 4 buildings. The complex will
offer a community room and central laundry facilities.
Individual units will contain a refrigerator, range, smoke detectors and
a patio or porch.
Rehabilitation of Bent Tree Apartments is anticipated to begin in May,
1997. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
S-12
<PAGE>
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ------------- ----------- -----------------
<S> <C> <C> <C>
18 July, 1997 9 August, 1997
9 September, 1997
</TABLE>
THE COLLINS PARTNERSHIP
(Collins Apartments)
Collins Apartments is an existing 36-unit apartment complex for senior
citizens which is to be rehabilitated in Collins, Mississippi. Collins
Apartments will consist of 36 one-bedroom units contained in 4 buildings. The
complex will offer a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range and smoke detectors.
Rehabilitation of Collins Apartments is anticipated to begin in May,
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>
36 July, 1997 9 August, 1997
9 September, 1997
9 October, 1997
9 November, 1997
</TABLE>
THE DOGWOOD PARTNERSHIP
(Dogwood Apartments)
Dogwood Apartments is an existing 48-unit apartment complex for families
which is to be rehabilitated on Route 5 in Appomattox, Virginia. Dogwood
Apartments will consist of 8 one-bedroom units, 34 two-bedroom units and 6
three-bedroom units contained in 4 buildings. The complex will offer a function
room, playground and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors, cable television hook-up and a balcony.
Rehabilitation of Dogwood Apartments is anticipated to begin in June,
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 July, 1997 12 August, 1997
24 August, 1997 12 September, 1997
12 October, 1997
12 November, 1997
</TABLE>
THE CRYSTAL LAKE PARTNERSHIP
(Crystal Lake Apartments)
Crystal Lake Apartments is an existing 108-unit apartment complex for
families which is to be rehabilitated on Broadway in Urbana, Illinois. Crystal
Lake Apartments will consist of 18 one-bedroom units and 90 two-bedroom units
contained in 6 buildings. The complex will offer a pool and 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 Crystal Lake 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>
27 April, 1998 12 May, 1998
27 May, 1998 12 June, 1998
27 June, 1998 12 July, 1998
27 July, 1998 12 August, 1998
12 September, 1998
12 October, 1998
12 November, 1998
12 December, 1998
12 January, 1999
</TABLE>
THE EMERALD TRACE PARTNERSHIP
(Emerald Trace Apartments)
Emerald Trace Apartments is a 48-unit apartment complex for families
which is to be constructed in Ruston, Louisiana. Emerald Trace 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.
S-13
<PAGE>
Construction of Emerald Trace 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, 1997 12 October, 1997
24 October, 1997 12 November, 1997
12 December, 1997
12 January, 1998
</TABLE>
THE FOREST HILL PARTNERSHIP
(Forest Hill Apartments)
Forest Hill Apartments is an 85-unit apartment complex for senior
citizens which is to be constructed on Forest Hill Avenue in Richmond, Virginia.
Forest Hill Apartments will consist of 69 one-bedroom units and 16 two-bedroom
units contained in 8 buildings. The complex will offer a function room, library
and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning and
smoke detectors.
Construction of Forest Hill Apartments is anticipated to begin in
February, 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>
17 September, 1997 10 September, 1997
17 October, 1997 10 October, 1997
17 November, 1997 14 November, 1997
17 December, 1997 14 December, 1997
17 January, 1998 18 January, 1998
19 February, 1998
</TABLE>
THE GLENBROOK PARTNERSHIP
(Glenbrook Apartments)
Glenbrook Apartments is an existing 18-unit apartment complex for senior
citizens which is to be rehabilitated on Sand Hill Avenue in Saint Joseph,
Texas. Glenbrook Apartments will consist of 18 one-bedroom units contained in 4
buildings. The complex will offer a community room and central laundry
facilities.
Individual units will contain a refrigerator, range, smoke detectors and
a patio or porch.
Rehabilitation of Glenbrook Apartments is anticipated to begin in May,
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>
18 July, 1997 9 August, 1997
9 September, 1997
</TABLE>
THE LAKE HICKORY PARTNERSHIP
(Lake Hickory Apartments)
Lake Hickory Apartments is an existing 24-unit apartment complex for
senior citizens which is to be rehabilitated in Lake Hickory, Mississippi. Lake
Hickory Apartments will consist of 24 one-bedroom units contained in 4
buildings. The complex will offer a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range and smoke detectors.
Rehabilitation of Lake Hickory Apartments is anticipated to begin in May,
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 July, 1997 6 August, 1997
6 September, 1997
6 October, 1997
6 November, 1997
</TABLE>
THE LINCOLN HOTEL PARTNERSHIP
(Lincoln Apartments)
Lincoln Apartments is an existing 41-unit apartment complex which is to
be rehabilitated on Fifth Avenue between Market and Island Streets in San Diego,
California. Lincoln Apartments will consist of 41 efficiency units contained in
1 building. The complex will offer a library, conference room, lounge and
central laundry facilities.
Individual units will contain a refrigerator, range, microwave, smoke
detectors and cable television hook-up.
Rehabilitation of Lincoln Apartments began in December, 1996. The
Operating General Partner
S-14
<PAGE>
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>
41 August, 1997 10 September, 1997
10 October, 1997
10 November, 1997
11 December, 1997
</TABLE>
THE LUTKIN BAYOU PARTNERSHIP
(Lutkin Bayou Apartments)
Lutkin Bayou Apartments is an existing 32-unit apartment complex for
senior citizens which is to be rehabilitated in Drew, Mississippi. Lutkin Bayou
Apartments will consist of 32 one-bedroom units contained in 4 buildings. The
complex will offer a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range and smoke detectors.
Rehabilitation of Lutkin Bayou Apartments is anticipated to begin in May,
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>
32 July, 1997 8 August, 1997
8 September, 1997
8 October, 1997
8 November, 1997
</TABLE>
THE NEWTON PARTNERSHIP
(Newton Apartments)
Newton Apartments is an existing 32-unit apartment complex for senior
citizens which is to be rehabilitated in Newton, Mississippi. Newton Apartments
will consist of 32 one-bedroom units contained in 4 buildings. The complex will
offer a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range and smoke detectors.
Rehabilitation of Newton Apartments is anticipated to begin in May, 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>
32 July, 1997 8 August, 1997
8 September, 1997
8 October, 1997
8 November, 1997
</TABLE>
THE NORTHWAY PARTNERSHIP
(Northway Drive Apartments)
Northway Drive Apartments is a 70-unit apartment complex for families
which is to be constructed in Nacogdoches, Texas. Northway Drive Apartments will
consist of 22 one-bedroom units, 30 two-bedroom units and 18 three-bedroom units
contained in 19 buildings. The complex will offer a community room, pool,
function room, play and picnic areas, basketball court, playground, individual
storage units and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, air
conditioning and smoke detectors.
Construction of Northway Drive Apartments began in February, 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>
17 July, 1997 10 August, 1997
17 August, 1997 10 September, 1997
18 September, 1997 10 October, 1997
18 October, 1997 10 November, 1997
10 December, 1997
10 January, 1998
10 February, 1998
</TABLE>
THE OZARK PARTNERSHIP
(Ozark Apartments)
Ozark Apartments is an existing 16-unit apartment complex for senior
citizens which is to be rehabilitated in Poplarville, Mississippi. Ozark
Apartments will consist of 16 one-bedroom units contained in 4 buildings. The
complex will offer a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range and smoke detectors.
Rehabilitation of Ozark Apartments is anticipated to begin in May, 1997.
The Operating General Partner
S-15
<PAGE>
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 July, 1997 4 August, 1997
4 September, 1997
4 October, 1997
4 November, 1997
</TABLE>
THE PALMETTO PLACE PARTNERSHIP
(Palmetto Place Apartments)
Palmetto Place Apartments is a 40-unit apartment complex for families
which is to be constructed in Benton, Louisiana. Palmetto Place Apartments will
consist of 10 one-bedroom units and 30 two-bedroom units contained in 8
buildings. The complex will offer a playground and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or porch.
Construction of Palmetto Place Apartments began in February, 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>
20 June, 1997 10 July, 1997
20 July, 1997 10 August, 1997
10 September, 1997
10 October, 1997
</TABLE>
THE PECAN HILL PARTNERSHIP
(Pecan Hill Apartments)
Pecan Hill Apartments is an existing 16-unit apartment complex for senior
citizens which is to be rehabilitated on Pecan Hill Drive in Bryson, Texas.
Pecan Hill Apartments will consist of 16 one-bedroom units contained in 4
buildings. The complex will offer a community room and central laundry
facilities.
Individual units will contain a refrigerator, range, smoke detectors and
a patio or porch.
Rehabilitation of Pecan Hill Apartments is anticipated to begin in May,
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 July, 1997 8 August, 1997
8 September, 1997
</TABLE>
THE POPLARVILLE PARTNERSHIP
(Poplarville Apartments)
Poplarville Apartments is an existing 16-unit apartment complex for
senior citizens which is to be rehabilitated in Poplarville, Mississippi.
Poplarville Apartments will consist of 16 one-bedroom units contained in 4
buildings. The complex will offer a meeting room and central laundry facilities.
Individual units will contain a refrigerator, range and smoke detectors.
Rehabilitation of Poplarville Apartments is anticipated to begin in May,
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 July, 1997 4 August, 1997
4 September, 1997
4 October, 1997
4 November, 1997
</TABLE>
THE QUAIL RUN PARTNERSHIP
(Quail Run Apartments)
Quail Run Apartments is an existing 16-unit apartment complex for senior
citizens which is to be rehabilitated on Wildflower Street in Iowa Park, Texas.
Quail Run Apartments will consist of 16 one-bedroom units contained in 4
buildings. The complex will offer a community room and central laundry
facilities.
Individual units will contain a refrigerator, range, dishwasher, smoke
detectors and a patio or porch.
Rehabilitation of Quail Run Apartments is anticipated to begin in May,
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 July, 1997 8 August, 1997
8 September, 1997
</TABLE>
S-16
<PAGE>
THE RHOME PARTNERSHIP
(Rhome Apartments)
Rhome Apartments is an existing 18-unit apartment complex for senior
citizens which is to be rehabilitated on Autumn Lane in Rhome, Texas. Rhome
Apartments will consist of 18 one-bedroom units contained in 4 buildings. The
complex will offer a community room and central laundry facilities.
Individual units will contain a refrigerator, range, smoke detectors and
a patio or porch.
Rehabilitation of Rhome Apartments is anticipated to begin in May, 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>
18 July, 1997 9 August, 1997
9 September, 1997
</TABLE>
THE WESTFIELD PARTNERSHIP
(Westfield Apartments)
Westfield Apartments is a 40-unit apartment complex for families which is
to be constructed in Welsh, Louisiana. Westfield Apartments will consist of 10
one-bedroom units and 30 two-bedroom units contained in 8 buildings. The complex
will offer a playground and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning,
smoke detectors and a patio or porch.
Construction of Westfield Apartments began in February, 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>
20 June, 1997 10 July, 1997
20 July, 1997 10 August, 1997
10 September, 1997
10 October, 1997
</TABLE>
THE WILLOW POINT PARTNERSHIP
(Willow Point Apartments)
Willow Point Apartments is a 120-unit apartment complex for families
which is to be constructed in Jackson, Mississippi. Willow Point Apartments will
consist of 16 one-bedroom units, 72 two-bedroom units and 32 three-bedroom units
contained in 6 buildings. The complex will offer a pool, recreation room and
central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning, smoke detectors and a patio or porch.
Construction of Willow Point Apartments is anticipated to begin in March,
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>
40 September, 1997 10 October, 1997
40 October, 1997 10 November, 1997
40 November, 1997 10 December, 1997
10 January, 1998
10 February, 1998
10 March, 1998
10 April, 1998
10 May, 1998
10 June, 1998
10 July, 1998
10 August, 1998
10 September, 1998
</TABLE>
* * * * * * * *
S-17
