Y
SEPTEMBER 11, 1997
SUPPLEMENT NO. 3 TO PROSPECTUS FOR
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
DATED
AUGUST 1, 1997
(SUPPLEMENT OFFERING BCTC IV SERIES 31 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. 3 supersedes
all previous supplements to the Prospectus.
Results of BCTC IV Series 30
The Fund received orders for a total of 2,651,925 BACs ($26,500,000) with
respect to Series 30, and issued the last of such Series 30 BACs on September
10, 1997. The aggregate fees paid as of September 10, 1997 to the General
Partner and Affiliates with respect to Series 30 were $3,113,750. No additional
BACs will be offered with respect to Series 30. The Fund has issued a total of
33,957,577 BACs, raised $339,532,000 and admitted 20,257 Investors with respect
to Series 20 through 30 and may still sell up to $20,424,230 to the public if
all the BACs in Series 31 are sold. (See "Prior Performance of the General
Partner and its Affiliates" in the Prospectus for information about Series 20
through 28.)
Offering of BCTC IV Series 31
The Fund is offering, effective September 11, 1997, the twelfth series of
BACs ("Series 31") 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. No BACs in Series 31
will be issued unless at least 250,000 BACs in such series are sold. In the
event that only the minimum amount of 250,000 BACs are sold in Series 31, a
significant portion of the Apartment Complexes identified herein will not be
invested in. In addition, of each dollar raised by Series 31, approximately 72%
to 73% will be used for investments in Apartment Complexes, and about one-half
of the balance will be used to pay fees and expenses to the General Partner or
its Affiliates. (See "Estimated Use of Proceeds," and "Compensation and Fees"
in the Prospectus.) The offering of BACs in Series 31 will not exceed 12
months.
THE PURCHASE OF BACS IN SERIES 31 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 31, limited
partnership interests in the twenty-five (25) 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 31, which would be the equivalent of an approximate
11%-13% annual Tax Credit
<PAGE>
as a percentage of capital invested, for the ten year credit period applicable
to each Apartment Complex in which Series 31 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 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 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 31): $200-$400 in 1998; $600-$800 in 1999; $1,100-$1,300 in
2000-2007; $800-$1,000 in 2008 and $300-$500 in 2009. 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 31
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 31
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 31.
While the General Partner believes that the Fund, on behalf of Series 31,
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
S-2
<PAGE>
in these Apartment Complexes or under the described investment terms in
deciding whether to invest in the Fund. If the entire $40 million is raised for
Series 31, the anticipated acquisition of the Operating Partnership Interests,
described hereinafter, will represent approximately 75% of the total money
which the Fund currently expects to spend on behalf of Series 31.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Since Series 31 is currently in the offering phase, it has no material assets
nor any operating history. The twenty-five (25) 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. Brittney Square L.P. Garry Watkins
(the "Brittney Square Partnership") Dennis Buckles
2. Canton IV L.P. Intervest Corporation
(the "Canton Manor Partnership"
3. Canton II L.P. Intervest Corporation
(the "Canton Village Partnership")
4. Double Springs Manor II L.P. Garry Watkins
(the "Double Springs Partnership") Dennis Buckles
5. Eagle's Ridge L.P. Fountainhead Company
(the "Eagle's Ridge Partnership")
6. Ellisville Housing L.P. Intervest Corporation
(the "Elmwood Partnership")
7. Giles L.P. GEM Management, Inc.
(the "Giles Partnership")
8. Hampden L.P. Sencit Associates
(the "Hampden Partnership")
9. Henderson Terrace L.P. Fountainhead Company
(the "Henderson Terrace Partnership")
10. Hurricane Hills II L.C. David W. Adams
(the "Hurricane Hills Partnership")
11. Lakeview Court L.P. Fountainhead Company
(the "Lakeview Court Partnership")
12. Canton I L.P. Intervest Corporation
(the "Madison Heights Partnership")
13. Manchester Lakes L.P. First Centrum Corporation
(the "Manchester Lakes Partnership")
14. Mesquite Trails L.P. Fountainhead Company
(the "Mesquite Trails Partnership")
15. Montfort L.P. Liberty Group
(the "Montfort Partnership")
</TABLE>
S-3
<PAGE>
<TABLE>
<CAPTION>
Partnership General Partner(s)
----------- ------------------
<S> <C> <C>
16. Northpark Apartments L.P. Fountainhead Company
(the "Northpark Partnership")
17. Nottoway Manor L.P. GEM Management, Inc.
(the "Nottoway Partnership")
18. Heritage I L.P. Phillips Development
(the "Park Ridge Partnership") Corporation
19. Parkland Partnership L.P. J.H. Thames, Jr.
(the "Parkland Partnership") Rodney Triplett
20. Pilot Point L.P. Fountainhead Company
(the "Pilot Point Partnership")
21. Plantersville L.P. Intervest Corporation
(the "Plantersville Partnership")
22. Riverbend Apartments L.P. Realty Resources Chartered
(the "Riverbend Partnership") Joseph M. Cloutier
23. Canton III L.P. Intervest Corporation
(the "Royal Estates Partnership")
24. Hattiesburg Housing L.P. Intervest Corporation
(the "Springs Manor Partnership")
25. Windsor Park L.P. J.H. Thames, Jr.
(the "Windsor Park Partnership") Park Development
</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 1998 and 1999.
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 31 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
Location of Number Monthly(1)
Partnership Name Property of Units Rents
------------------ ---------------- ---------- ------------
<S> <C> <C> <C> <C>
1. Brittney Bowling Green, 20 $440 3BR
Square Kentucky
Partnership
2. Canton Canton, 32 $315 1BR
Manor Mississippi $340 2BR
Partnership
3. Canton Canton, 42 $315 1BR
Village Mississippi $340 2BR
Partnership
4. Double Springs Bowling Green, 25 $270 1BR
Partnership Kentucky $315 2BR
5. Eagle's Ridge Decatur, 24 $224 1BR
Partnership Texas $239 2BR
6. Elmwood Ellisville, 32 $265 1BR
Partnership Mississippi $300 2BR
7. Giles Amelia, 16 $267 1BR
Partnership Virginia $302 2BR
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management Management
Anticipated Loan(3) Rate Amount Agent Fee
-------------- --------------- ---------- --------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
1. Assisted Kentucky 6% $4,000 Homeland, Inc. 6% of
Loan Housing net rental
Program Corporation income
(4) $660,000(4)
2. FmHA $300,000 1% (2) $6,400 Intervest $22 per
Sec. 515; Mississippi 1% Management occupied unit
HOME Home per month
Investment Corporation
Partnerships $230,000(5)
Program
(5)
3. FmHA $400,000 1% (2) $8,400 Intervest $22 per
Sec. 515; Mississippi 1% Management occupied unit
HOME Home per month
Investment Corporation
Partnerships $300,000(6)
Program
(6)
4. Multifamily Kentucky 3% $6,250 Homeland, Inc. 5% of net
Production Housing rental income
Program Corporation
(7) $416,000(7)
5. FmHA $1,462,000 1% (2) $4,800 Fountainhead $24 per
Sec. 515 Management occupied unit
with 100% per month
rental
assistance
6. FmHA $850,000 1% (2) $6,400 Intervest $24 per
Sec. 515 Management occupied unit
with 100% per month
rental
assistance
7. FmHA $737,200 1% (2) $4,000 GEM $24 per
Sec. 515 Management, occupied unit
with 50% Inc. per month
rental
assistance
</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>
8. Hampden Hampden 61 $380-
Partnership Township, $481 2BR
Pennsylvania $489-
$602 3BR
9. Henderson Bridgeport, 24 $218 1BR
Terrace Texas $247 2BR
Partnership
10. Hurricane Hurricane, 28 $306-
Hills Utah $501 3BR
Partnership $337-
$559 4BR
11. Lakeview Little Elm, 24 $217 1BR
Court Texas $238 2BR
Partnership
12. Madison Canton, 80 $315 1BR
Heights Mississippi $340 2BR
Partnership
13. Manchester Alexandria, 136 $520 1BR
Lakes Virginia $585 2BR
Partnership $640 3BR
14. Mesquite Jacksboro, 24 $213 1BR
Trails Texas $239 2BR
Partnership
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management Management
Anticipated Loan(3) Rate Amount Agent Fee
-------------- --------------- ---------- --------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
8. HOME Pennsylvania 1% $18,300 Sencit 6% of net
Investment Housing 8% Management rental
Partnerships Finance income
Program(a) Agency
Penn Homes $680,000(a)
Program(b) Pennsylvania
(8) Housing
Finance
Agency
$1,440,000(b)
(8)
9. FmHA $364,000 1% (2) $ 4,800 Fountainhead $24 per
Sec. 515 Management occupied
with 100% unit
rental per month
assistance
10. Federal BCMC, 9% $ 4,200 Adams 6% of net
Housing Inc. Management rental
Tax $805,000 Company income
Credits (9)
11. FmHA $248,000 1% (2) $ 4,800 Fountainhead $24 per
Sec. 515 Management occupied
with 100% unit
rental per month
assistance
12. FmHA $975,000 1% (2) $16,000 Intervest $20 per
Sec. 515; Mississippi 1% Management occupied
HOME Home unit
Investment Corporation per month
Partnerships $500,000
Program (10)
(10)
13. Federal Midland 9% $27,200 Centrum 6% of net
Housing Mortgage Management rental
Tax Investment income
Credits Corporation
$3,169,000
(11)
14. FmHA $592,000 1% (2) $ 4,800 Fountainhead $24 per
Sec. 515 Management occupied
with 100% unit
rental per month
assistance
</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>
15. Montfort Portland, 140 $441 1BR
Partnership Maine $502 2BR
$568 3BR
$610 4BR
16. Northpark Marietta, 24 $224 1BR
Partnership Oklahoma $248 2BR
17. Nottoway Blackstone, 28 $287 1BR
Partnership Virginia $312 2BR
18. Park Ridge McKee, 22 $310 1BR
Partnership Kentucky $350 2BR
$380 3BR
19. Parkland Cleveland, 84 $309-
Partnership Tennessee $379 1BR
$367-
$451 2BR
$508 3BR
20. Pilot Pilot Point, 24 $202 1BR
Point Texas $246 2BR
Partnership
21. Plantersville Plantersville, 24 $265 1BR
Partnership Mississippi $300 2BR
22. Riverbend Biddeford, 28 $258-
Partnership Maine $495 2BR
$296-
$570 3BR
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management Management
Anticipated Loan(3) Rate Amount Agent Fee
------------- --------------- ---------- --------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
15. Tax Exempt Maine 7% $28,000 Liberty 5% of net
Bond Housing Management rental
Financing Authority Company income
Program $3,650,000
(12) (12)
16. FmHA $1,530,000 1% (2) $ 4,800 Fountainhead $24 per
Sec. 515 Management occupied
with 100% unit
rental per month
assistance
17. FmHA $889,400 1% (2) $ 7,000 GEM $23 per
Sec. 515 Management, occupied
with 100% Inc. unit
rental per month
assistance
18. FmHA $897,750 1% (2) $ 8,900 Phillips $22 per
Sec. 515 Development occupied
with 100% Corporation unit
rental per month
assistance
19. Federal BCMC, 9% $16,800 Park 5% of net
Housing Inc. Management rental
Tax $1,800,000 income
Credits (13)
20. FmHA $492,000 1% (2) $ 4,800 Fountainhead $24 per
Sec. 515 Management occupied
with 100% unit
rental per month
assistance
21. FmHA $800,000 1% (2) $ 4,800 Intervest $22 per
Sec. 515 Management occupied
with 100% unit
rental per month
assistance
22. Rental Loan Maine State 6% $ 5,600 Realty 6% of net
Program Housing Resources rental
(14) Authority Management income
$925,000
(14)
</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>
23. Royal Canton, 32 $315 1BR
Estates Mississippi $340 2BR
Partnership
24. Springs Hattiesburg, 32 $265 1BR
Manor Mississippi $300 2BR
Partnership
25. Windsor Jackson, 279 $419 1BR
Park Mississippi $495 2BR
Partnership $562 3BR
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management Management
Anticipated Loan(3) Rate Amount Agent Fee
-------------- --------------- ---------- --------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
23. FmHA $300,000 1% (2) $ 6,400 Intervest $22 per
Sec. 515; Mississippi 1% Management occupied
HOME Home unit
Investment Corporation per month
Partnerships $230,000
Program (15)
(15)
24. FmHA $875,000 1% (2) $ 6,400 Intervest $22 per
Sec. 515 Management occupied
with 100% unit
rental per month
assistance
25. Tax Mississippi 8% $69,750 Park 6% of net
Exempt Home Development rental
Bond Corporation income
Financing $7,500,000
Program (16)
(16)
</TABLE>
(1) Exclusive of utilities, unless indicated otherwise.
(2) FmHA 515 loan with a term of 50 years and 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 Brittney Square Partnership's anticipated permanent first
mortgage loan in the amount of $660,000 are expected to include a term of
30 years, an interest rate of 6% and payments of principal and interest on
the basis of a 30 year amortization schedule.
(5) The terms of the Canton Manor Partnership's anticipated permanent second
mortgage loan in the amount of $230,000 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, 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.
(6) The terms of the Canton Village 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 1% 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.
(7) The terms of the Double Springs Partnership's anticipated permanent first
mortgage loan in the amount of $4,160,000 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.
(8) (a) The terms of the Hampden Partnership's anticipated permanent first
mortgage loan in the amount of $680,000 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.
(b) The terms of the Hampden Partnership's anticipated permanent second
mortgage loan in the amount of $1,440,000 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, 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.
(9) The terms of the Hurricane Hills Partnership's anticipated permanent first
mortgage loan in the amount of $805,000 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) The terms of the Madison Heights Partnership's anticipated permanent
second mortgage loan in the amount of $500,000 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, provided,
however, that the terms of the permanent second
S-8
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
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) The terms of the Manchester Lakes Partnership's anticipated permanent
first mortgage loan in the amount of $3,169,000 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.
(12) The terms of the Montfort Partnership's anticipated permanent first
mortgage loan in the amount of $3,650,000 are expected to include a term
of 30 years, an interest rate of 7% and payments of principal and interest
on the basis of a 30 year amortization schedule.
(13) The terms of the Parkland Partnership's anticipated permanent first
mortgage loan in the amount of $1,800,000 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.
(14) The terms of the Riverbend Partnership's anticipated permanent first
mortgage loan in the amount of $925,000 are expected to include a term of
30 years, an interest rate of 6% and payments of principal and interest on
the basis of a 30 year amortization schedule.
(15) The terms of the Royal Estates Partnership's anticipated permanent second
mortgage loan in the amount of $230,000 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, 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.
(16) The terms of the Windsor Park Partnership's anticipated permanent first
mortgage loan in the amount of $7,500,000 are expected to include a term
of 3 years, an interest rate of 8% 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
Partnership Capital Cash Partner
Name Contribution Flow/Backend Contribution
----------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
1. Brittney Square $ 676,520 100/20/50 $ 100
Partnership
2. Canton Manor $ 275,679 99/50/50 $ 100
Partnership
3. Canton Village $ 374,591 99/50/50 $ 100
Partnership
4. Double Springs $ 655,020 99/20/50 $ 100
Partnership
5. Eagle's Ridge $ 441,243 100/50/50 $19,000
Partnership
6. Elmwood $ 256,019 99/50/50 $21,312
Partnership
7. Giles $ 201,041 99/50/50 $12,400
Partnership
8. Hampden $2,690,000 99.9/30/30 $ 100
Partnership
9. Henderson $ 109,950 100/50/50 $ 8,000
Terrace
Partnership
10. Hurricane $2,022,293 99/20/20 $ 100
Hills
Partnership
11. Lakeview $ 74,725 100/50/50 $ 7,500
Court
Partnership
12. Madison $ 797,270 99/50/50 $ 100
Heights
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. $200,000 in $1,185,000 $102,503 $130,000 $ 750 $ 750
the aggregate
for 5 years
2. Unlimited in $ 530,000 $ 43,075 $ 70,000 $1,000 $1,000
amount for
5 years
3. Unlimited in $ 687,545 $ 58,530 $ 80,000 $1,000 $1,000
amount for
5 years
4. $200,000 in $1,174,000 $ 99,246 $119,000 $2,000 $2,000
the aggregate
for 5 years
5. Unlimited in $1,828,000 $ 66,855 $125,000 $ 750 $ 750
time and
amount
6. Unlimited in $1,100,000 $ 40,000 $ 25,000 $ 750 $ 750
amount for
5 years
7. Unlimited $ 878,000 $ 31,413 $ 45,000 $ 500 $ 500
in time
and amount
8. $140,000 in $4,516,000 $386,493 $575,950 $6,100 $6,100
the aggregate
for 3 years
9. Unlimited $ 456,000 $ 16,659 $ 80,000 $ 750 $ 750
in time
and amount
10. Unlimited $3,514,178 $311,122 0 $2,800 $2,800
in amount
for 3 years
11. Unlimited $ 310,000 $ 11,322 $ 80,000 $ 750 $ 750
in time
and amount
12. Unlimited $1,463,000 $124,565 $150,000 $1,000 $1,000
in amount
for 5 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. Manchester $3,188,716 99/20/50 $ 100 Unlimited
Lakes in amount
Partnership for 4 years
14. Mesquite $ 178,669 100/50/50 $19,000 Unlimited
Trails in time
Partnership and amount
15. Montfort $ 789,751 99/40/40 $ 100 Unlimited
Partnership in amount
for 5 years
16. Northpark $ 461,340 100/50/50 $22,000 Unlimited
Partnership in time
and amount
17. Nottoway $ 239,488 99/50/50 $17,500 Unlimited
Partnership in time
and amount
18. Park Ridge $ 397,293 99/50/50 $47,250 Unlimited
Partnership in amount
for 3 years
19. Parkland $3,248,342 100/10/35 $ 100 Unlimited
Partnership in amount
for 3 years
20. Pilot Point $ 148,606 100/50/50 $12,000 Unlimited
Partnership in time
and amount
21. Plantersville $ 237,828 99/50/50 $24,121 Unlimited
Partnership in amount
for 5 years
22. Riverbend $1,700,360 100/50/50 $ 100 Unlimited
Partnership in amount
for 3 years
23. Royal Estates $ 288,782 99/50/50 $ 100 Unlimited
Partnership in amount
for 5 years
24. Springs $ 332,482 99/50/50 $26,071 Unlimited
Manor in amount
Partnership for 5 years
25. Windsor Park $2,511,273 100/75/50 $ 100 Unlimited
Partnership in amount
for 10 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. $ 5,762,000 $490,572 $470,000 $10,000 $10,000
14. $ 740,000 $ 27,071 $120,000 $ 750 $ 750
15. $ 3,422,000 $112,181 $300,000 $14,000 $14,000
16. $ 1,910,000 $ 69,900 $140,000 $ 1,000 $ 1,000
17. $ 1,164,000 $ 37,420 $ 55,000 $ 500 $ 500
18. $ 1,700,000 $ 62,077 $170,000 $ 500 $ 500
19. $ 5,977,000 $492,173 $448,000 $ 5,000 $ 5,000
20. $ 616,000 $ 22,516 $100,000 $ 750 $ 750
21. $ 1,020,000 $ 37,161 $ 20,000 $ 500 $ 500
22. $ 2,930,000 $250,053 $320,000 $ 2,800 $ 2,800
23. $ 530,000 $ 45,122 $ 70,000 $ 1,000 $ 1,000
24. $ 1,425,000 $ 51,950 $ 25,000 $ 750 $ 750
25. $10,104,000 $374,817 $723,000 $ 8,000 $ 8,000
</TABLE>
S-11
<PAGE>
THE BRITTNEY SQUARE PARTNERSHIP
(Brittney Square Apartments)
Brittney Square Apartments is a 20-unit apartment complex for families
which is to be constructed in Bowling Green, Kentucky. Brittney Square
Apartments will consist of 20 three-bedroom units contained in 4 buildings. The
complex will offer a playground and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal and a patio or porch.
Construction of Brittney Square Apartments is anticipated to begin in
November, 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>
10 September, 1998 10 October, 1998
10 October, 1998 10 November, 1998
</TABLE>
THE CANTON MANOR PARTNERSHIP
(Canton Manor Apartments)
Canton Manor Apartments is an existing 32-unit apartment complex for
families which is to be rehabilitated in Canton, Mississippi. Canton Manor
Apartments will consist of 20 one-bedroom units and 12 two-bedroom units
contained in 8 buildings. The complex will offer a function room and central
laundry facilities.
Individual units will contain a refrigerator, range and a patio or
porch.
Rehabilitation of Canton Manor Apartments is anticipated to begin in
March, 1998. 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 September, 1998 16 October, 1998
16 October, 1998 16 November, 1998
</TABLE>
THE CANTON VILLAGE PARTNERSHIP
(Canton Village Apartments)
Canton Village Apartments is an existing 42-unit apartment complex for
families which is to be rehabilitated in Canton, Mississippi. Canton Village
Apartments will consist of 30 one-bedroom units, and 12 two-bedroom units
contained in 7 buildings. The complex will offer a function room and central
laundry facilities.
Individual units will contain a refrigerator, range and a patio or
porch.
Rehabilitation of Canton Village Apartments is anticipated to begin in
March, 1998. 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>
21 September, 1998 21 October, 1998
21 October, 1998 21 November, 1998
</TABLE>
THE DOUBLE SPRINGS PARTNERSHIP (Double Springs Manor Apartments)
Double Springs Manor Apartments is a 25-unit apartment complex for
families which is to be constructed in Bowling Green, Kentucky. Double Springs
Manor Apartments will consist of 9 one-bedroom units and 16 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, dishwasher,
disposal and air conditioning.
Construction of Double Springs Manor Apartments is anticipated to begin
in March, 1998. 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>
25 July, 1998 8 August, 1998
8 September, 1998
9 October, 1998
</TABLE>
THE EAGLE'S RIDGE PARTNERSHIP
(Eagle's Ridge Apartments)
Eagle's Ridge Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Decatur, Texas. Eagle's Ridge
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 a patio or porch.
S-12
<PAGE>
Rehabilitation of Eagle's Ridge Apartments is anticipated to begin in
March, 1998. 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 August, 1998 8 September, 1998
12 September, 1998 8 October, 1998
8 November, 1998
</TABLE>
THE ELMWOOD PARTNERSHIP
(Elmwood Apartments)
Elmwood Apartments is an existing 32-unit apartment complex for families
which is to be rehabilitated in Ellisville, Mississippi. Elmwood Apartments
will consist of 20 one-bedroom units and 12 two-bedroom units contained in 8
buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range and a patio or
porch.
Rehabilitation of Elmwood Apartments is anticipated to begin in May,
1998. 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 September, 1998 16 October, 1998
16 October, 1998 16 November, 1998
</TABLE>
THE GILES PARTNERSHIP
(Giles Apartments)
Giles Apartments is an existing 16-unit apartment complex for families
which is to be rehabilitated in Amelia, Virginia. Giles Apartments will consist
of 8 one-bedroom units and 8 two-bedroom units contained in 2 buildings. The
complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning
and a patio or balcony.
Rehabilitation of Giles 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>
16 April, 1998 16 May, 1998
</TABLE>
THE HAMPDEN PARTNERSHIP
(Roth Village Apartments)
Roth Village Apartments is a 61-unit apartment complex for families
which is to be constructed on Roth Lane in Hampden Township, Pennsylvania. Roth
Village Apartments will consist of 53 two-bedroom units and 8 three-bedroom
units contained in 7 buildings. The complex will offer a meeting/function room,
playground and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, cable
television hook-up and a patio or porch.
Construction of Roth Village Apartments is anticipated to begin in
January, 1998. 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 November, 1998 31 January, 1999
15 December, 1998 15 February, 1999
15 January, 1999 15 March, 1999
15 February, 1999
</TABLE>
THE HENDERSON TERRACE PARTNERSHIP
(Henderson Terrace Apartments)
Henderson Terrace Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Bridgeport, Texas. Henderson Terrace
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 a patio or porch.
Rehabilitation of Henderson Terrace Apartments is anticipated to begin
in March, 1998. 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 August, 1998 8 September, 1998
12 September, 1998 8 October, 1998
8 November, 1998
</TABLE>
S-13
<PAGE>
THE HURRICANE HILLS PARTNERSHIP
(Hurricane Hills Apartments)
Hurricane Hills Apartments is a 28-unit apartment complex for families
which is to be constructed on West 50 Street South in Hurricane, Utah.
Hurricane Hills Apartments will consist of 14 three-bedroom units and 14
four-bedroom units contained in 14 buildings. The complex will offer a garage
and central laundry facilities.
Individual units will contain a refrigerator, range with exhaust fan,
dishwasher, disposal, air conditioning, cable television hook-up and a patio or
porch.
Construction of Hurricane Hills Apartments is anticipated to begin in
December, 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>
8 October, 1998 8 November, 1998
10 November, 1998 10 December, 1998
10 December, 1998 10 January, 1999
</TABLE>
THE LAKEVIEW COURT PARTNERSHIP
(Lakeview Court Apartments)
Lakeview Court Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Little Elm, Texas. Lakeview Court
Apartments will consist of 18 one-bedroom units and 6 two-bedroom units
contained in 8 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning
and a patio or porch.
Rehabilitation of Lakeview Court Apartments is anticipated to begin in
February, 1998. 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 August, 1998 8 September, 1998
12 September, 1998 8 October, 1998
8 November, 1998
</TABLE>
THE MADISON HEIGHTS PARTNERSHIP
(Madison Heights Apartments)
Madison Heights Apartments is an existing 80-unit apartment complex for
families which is to be rehabilitated in Canton, Mississippi. Madison Heights
Apartments will consist of 50 one-bedroom units and 30 two-bedroom units
contained in 16 buildings. The complex will offer a function room and central
laundry facilities.
Individual units will contain a refrigerator, range and a patio or
porch.
Rehabilitation of Madison Heights Apartments is anticipated to begin in
February, 1998. 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 July, 1998 20 August, 1998
20 August, 1998 20 September, 1998
20 September, 1998 20 October, 1998
20 October, 1998 20 November, 1998
</TABLE>
THE MANCHESTER LAKES PARTNERSHIP
(Manchester Lakes Apartments)
Manchester Lakes Apartments is a 136-unit apartment complex for families
which is to be constructed on Manchester Lakes Boulevard in Alexandria,
Virginia. Manchester Lakes Apartments will consist of 41 one-bedroom units, 53
two-bedroom units and 42 three-bedroom units contained in 12 buildings. The
complex will offer a function room, pool and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning and a patio or porch.
Construction of Manchester Lakes Apartments is anticipated to begin in
February, 1998. 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>
34 August, 1998 17 September, 1998
34 September, 1998 17 October, 1998
34 October, 1998 17 November, 1998
34 November, 1998 17 December, 1998
17 January, 1999
17 February, 1999
17 March, 1999
17 April, 1999
</TABLE>
S-14
<PAGE>
THE MESQUITE TRAILS PARTNERSHIP
(Mesquite Trails Apartments)
Mesquite Trails Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Jacksboro, Texas. Mesquite Trails
Apartments will consist of 16 one-bedroom units and 8 two-bedroom units
contained in 6 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning
and a patio or porch.
Rehabilitation of Mesquite Trails Apartments is anticipated to begin in
February, 1998. 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 August, 1998 8 September, 1998
12 September, 1998 8 October, 1998
8 November, 1998
</TABLE>
THE MONTFORT PARTNERSHIP
(Munjoy South Apartments)
Munjoy South Apartments is a 140-unit apartment complex for families
which is to be constructed on Montfort Street at Fore Street in Portland,
Maine. Munjoy South Apartments will consist of 12 one-bedroom units, 82
two-bedroom units, 42 three-bedroom units and 4 four-bedroom units contained in
29 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, cable television
hook-up and a patio or porch.
Construction of Munjoy South Apartments is anticipated to begin in
February, 1998. 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>
35 July, 1998 35 August, 1998
35 August, 1998 35 September, 1998
35 September, 1998 35 October, 1998
35 October, 1998 35 November, 1998
</TABLE>
THE NORTHPARK PARTNERSHIP
(Northpark Apartments)
Northpark Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Marietta, Oklahoma. Northpark
Apartments will consist of 14 one-bedroom units and 10 two-bedroom units
contained in 8 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning
and a patio or porch.
Rehabilitation of Northpark Apartments is anticipated to begin in
February, 1998. 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 August, 1998 8 September, 1998
12 September, 1998 8 October, 1998
8 November, 1998
</TABLE>
THE NOTTOWAY PARTNERSHIP
(Nottoway Manor Apartments)
Nottoway Manor Apartments is an existing 28-unit apartment complex for families
which is to be rehabilitated on Nottoway Avenue in Blackstone, Virginia.
Nottoway Manor Apartments will consist of 14 one-bedroom units and 14
two-bedroom units contained in 3 buildings. The complex will offer central
laundry facilities.
Individual units will contain a refrigerator, range, air conditioning
and a patio or balcony.
Rehabilitation of Nottoway Manor Apartments is anticipated to begin in
December, 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>
28 April, 1998 28 May, 1998
</TABLE>
THE PARK RIDGE PARTNERSHIP
(Park Ridge Apartments)
Park Ridge Apartments is a 22-unit apartment complex for families which
is to be constructed on McCannon Ridge Road in McKee, Kentucky. Park
S-15
<PAGE>
Ridge Apartments will consist of 4 one-bedroom units, 16 two-bedroom units and
2 three-bedroom units contained in 4 buildings. The complex will offer a
meeting room, playground and central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning
and a patio or porch.
Construction of Park Ridge 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>
11 May, 1998 11 July, 1998
11 June, 1998 11 August, 1998
</TABLE>
THE PARKLAND PARTNERSHIP
(Parkland Apartments)
Parkland Apartments is an 84-unit apartment complex for families which
is to be constructed in Cleveland, Tennessee. Parkland Apartments will consist
of 16 one-bedroom units, 48 two-bedroom units and 20 three-bedroom units
contained in 12 buildings. The complex will offer a pool, recreation building,
playground and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning, cable television hook-up and a patio or porch.
Construction of Parkland Apartments is anticipated to begin in April,
1998. 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>
21 February, 1999 12 March, 1999
21 March, 1999 12 April, 1999
21 April, 1999 12 May, 1999
21 May, 1999 12 June, 1999
12 July, 1999
12 August, 1999
12 September, 1999
</TABLE>
THE PILOT POINT PARTNERSHIP
(Pilot Point Apartments)
Pilot Point Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Pilot Point, Texas. Pilot Point
Apartments will consist of 14 one-bedroom units and 10 two-bedroom units
contained in 6 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning
and a patio or porch.
Rehabilitation of Pilot Point Apartments is anticipated to begin in
January, 1998. 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 September, 1998 8 October, 1998
12 October, 1998 8 November, 1998
8 December, 1998
</TABLE>
THE PLANTERSVILLE PARTNERSHIP
(Plantersville Apartments)
Plantersville Apartments is an existing 24-unit apartment complex for
families which is to be rehabilitated in Plantersville, Mississippi.
Plantersville Apartments will consist of 8 one-bedroom units and 16 two-bedroom
units contained in 6 buildings. The complex will offer central laundry
facilities.
Individual units will contain a refrigerator, range and a patio or
porch.
Rehabilitation of Plantersville Apartments is anticipated to begin in
April, 1998. 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 September, 1998 12 October, 1998
12 October, 1998 12 November, 1998
</TABLE>
THE RIVERBEND PARTNERSHIP
(Riverbend Apartments)
Riverbend Apartments is a 28-unit apartment complex for families which
is to be constructed on South Street near Main Street in Biddeford, Maine.
Riverbend Apartments will consist of 18 two-bedroom units and 10 three-bedroom
units contained in 2 buildings. The complex will offer a walking trail and
central laundry facilities.
S-16
<PAGE>
Individual units will contain a refrigerator, range with exhaust fan,
air conditioning and a patio or porch.
Construction of Riverbend Apartments is anticipated to begin in March,
1998. 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>
14 September, 1998 7 October, 1998
14 October, 1998 7 November, 1998
7 December, 1998
7 January, 1999
</TABLE>
THE ROYAL ESTATES PARTNERSHIP
(Royal Estates Apartments)
Royal Estates Apartments is an existing 32-unit apartment complex for
families which is to be rehabilitated in Canton, Mississippi. Royal Estates
Apartments will consist of 20 one-bedroom units and 12 two-bedroom units
contained in 8 buildings. The complex will offer a function room and central
laundry facilities.
Individual units will contain a refrigerator, range and a patio or
porch.
Rehabilitation of Royal Estates Apartments is anticipated to begin in
March, 1998. 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 September, 1998 16 October, 1998
16 October, 1998 16 November, 1998
</TABLE>
THE SPRINGS MANOR PARTNERSHIP
(Springs Manor Apartments)
Springs Manor Apartments is an existing 32-unit apartment complex for
families which is to be rehabilitated in Hattiesburg, Mississippi. Springs
Manor Apartments will consist of 20 one-bedroom units and 12 two-bedroom units
contained in 8 buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range and a patio or
porch.
Rehabilitation of Springs Manor Apartments is anticipated to begin in
February, 1998. 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 September, 1998 16 October, 1998
16 October, 1998 16 November, 1998
</TABLE>
THE WINDSOR PARK PARTNERSHIP
(Windsor Park Apartments)
Windsor Park Apartments is a 279-unit apartment complex for families
which is to be rehabilitated in Jackson, Mississippi. Windsor Park Apartments
will consist of 96 one-bedroom units, 170 two-bedroom units and 13
three-bedroom units contained in 18 buildings. The complex will offer a
function room, pool and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning and a patio or porch.
Construction of Windsor Park Apartments is anticipated to begin in
October, 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 March, 1998 31 May, 1998
45 April, 1998 31 June, 1998
45 May, 1998 31 July, 1998
55 June, 1998 31 August, 1998
55 July, 1998 31 September, 1998
55 August, 1998 31 October, 1998
31 November, 1998
31 December, 1998
31 January, 1999
</TABLE>
S-17
