NY
JUNE 8, 1998
SUPPLEMENT NO. 2 TO PROSPECTUS FOR
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
DATED
MAY 1, 1998
(SUPPLEMENT OFFERING AND EXPANDING BCTC IV SERIES 32 AND
IDENTIFYING CERTAIN ANTICIPATED INVESTMENTS)
- --------------------------------------------------------------------------------
This Supplement is part of, and should be read in conjunction with, the
Prospectus of the Fund. Capitalized terms used herein but not defined have the
meanings ascribed to them in the Prospectus. This Supplement No. 2 supersedes
all previous supplements to the Prospectus.
Results of BCTC IV Series 31
The Fund received orders for a total of 4,430,551 BACs ($44,203,750) with
respect to Series 31, and issued the last of such Series 31 BACs on January 18,
1998. The aggregate fees paid as of January 18, 1998 to the General Partner and
Affiliates with respect to Series 31 were $5,178,859. No additional BACs will be
offered with respect to Series 31. The Fund has issued a total of 38,387,203
BACs, raised $383,786,500 and admitted 22,398 Investors with respect to Series
20 through 31 and may still sell up to $226,213,500 to the public if all the
BACs in Series 32 are sold. (See "Prior Performance of the General Partner and
its Affiliates" in the Prospectus for information about Series 20 through 31.)
Expansion of BCTC IV Series 32
The General Partner is authorized to increase the offering amount of any
series of BACs up to the total amount of authorized but unissued BACs at any
time prior to the final issuance of BACs with respect to such series. (See "The
Offering--Issuance of BACs in Series".) Based on the current assessment by the
General Partner and the Dealer-Manager of the marketing results as to the sale
of BACs in Series 32 and of the Fund's ability to identify and acquire, on
behalf of Series 32, Interests in Operating Partnerships which will meet its
investment criteria (see "Investment Objectives and Acquisition Policies"), the
offering of BACs in Series 32 hereby is increased from 4,000,000 BACs
($40,000,000) to 5,000,000 BACs ($50,000,000). The Operating Partnerships and
Apartment Complexes that have been identified represent approximately 75% of the
proceeds available for investment from the expanded offering. Any such
additional investments will meet the criteria set forth in the Prospectus under
"Investment Objectives and Acquisition Policies" and "Investment in Operating
Partnerships". To the extent additional Operating Partnership Interests are
acquired, the Fund's ability to diversify the Series 32 portfolio (by expanding
the number of Operating Partnerships invested in by the Fund) will be increased
(See "Risk Factors--Risk of Limited Diversification"). See "Risk Factors--Risk
of Unspecified Investments" regarding the Fund's ability to acquire Operating
Partnership Interests.
Offering of BCTC IV Series 32
The Fund is offering, effective January 19, 1998, the thirteenth series of
BACs ("Series 32") consisting of 5,000,000 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. In addition, of each
dollar raised by Series 32, 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 32 will not exceed 12 months. As of the date hereof,
the Fund has received orders for a total of 3,623,300 BACs ($36,233,000) with
respect to Series 32.
THE PURCHASE OF BACS IN SERIES 32 WILL NOT ENTITLE THE INVESTOR TO ANY
INTEREST IN ANY OTHER SERIES OF THE FUND NOR ANY INTEREST IN BOSTON CAPITAL TAX
CREDIT FUND
<PAGE>
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 32, limited partnership
interests in the thirteen (13) 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's investment in Operating Partnerships on behalf of Series 32
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 32.
While the General Partner believes that the Fund, on behalf of Series 32,
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. If the entire $50 million is
raised for Series 32, 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 32.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Since Series 32 is currently in the offering phase, it has no material
assets or any operating history. The thirteen (13) 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. Community Organization Giving Individual Care L.P. Larry A. Swank
(the "Benton Village Partnership")
2. Carriage Pointe L.P. Matzel & Mumford
(the "Carriage Pointe Partnership")
3. Chardonnay L.P. Carlyle MacHarg III
(the "Chardonnay Partnership")
</TABLE>
S-2
<PAGE>
<TABLE>
<CAPTION>
Partnership General Partner(s)
----------- ------------------
<S> <C> <C>
4. Clear Creek L.P. Michael Jacobson
(the "Clear Creek Partnership") Housing Development Corporation
5. Courtside L.P. Campbell-Hogue & Associates
(the "Courtside Partnership")
6. Howard Park L.P. Lovey Clayton
(the "Howard Park Partnership") David Clayton
7. Kiest Townhouses L.P. Luxar Development Corporation
(the "Kiest Partnership")
8. Maple Woods L.P. John Harpole
(the "Maple Woods Partnership") Maple Woods LLC
9. Martinsville L.P. Parkside Associates
(the "Martinsville Partnership") Hatfield Housing Company
10. East Bridge Street L.P. Mill Development Corporation
(the "Mill Partnership")
11. Pearlwood L.P. Resource Foundation, Inc.
(the "Pearlwood Partnership") Riemer Calhoun, Jr.
12. Sayreville Senior Housing L.P. Sayreville Seniors Housing
(the "Sayreville Partnership") Corporation
13. Woodhaven L.P. Woodhaven Partners
(the "Woodhaven 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. 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 32 is $1.10 per BAC (11%). (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-3
<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. Benton Village Benton Harbor, 136 $260-
Partnership Michigan $340 1BR
$312-
$407 2BR
$362-
$472 3BR
2. Carriage Pointe Old Bridge, 18 $602 1BR
Partnership New Jersey $566-
$779 2BR
3. Chardonnay Oklahoma City, 14 $299-
Partnership Oklahoma $385 1BR
$349-
$550 2BR
4. Clear Creek North Manchester, 64 $230 1BR
Partnership Indiana $260 2BR
$285 3BR
5. Courtside Cottonwood, 44 $153-
Partnership Arizona $378 2BR
$436 3BR
6. Howard Park Florida City, 16 $237-
Partnership Florida $435 1BR
$291-
$531 2BR
$340-
$619 3BR
7. Kiest Dallas, 130 $483-
Partnership Texas $505 2BR
$559-
$605 3BR
$618-
$705 4BR
INFORMATION CONCERNING THE APARTMENT COMPLEXES
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management Management
Anticipated Loan(2) Rate Amount Agent Fee
-------------------- ------------------- ---------- --------- ---------------- --------------
<S> <C> <C> <C> <C> <C> <C>
1. Community BCMC, Inc. 9% $23,800 Sterling 6% of net
Investment $2,532,000(a) Management rental income
Program(b) Michigan 4% Company
(3) Housing
Development
Authority
$2,400,000(b)
(3)
2. Federal Housing Amboy National 9.125% $3,600 Matzel & 6% of net
Tax Credits Bank Mumford Real rental income
$627,000(a) 8% Estate
Matzel &
Mumford
$490,000(b)
(4)
3. Federal Housing Bank of 10% $2,800 Orion 6% of net
Tax Credits Oklahoma, N.A. Management rental income
$90,000 Company
(5)
4. Section 538 Bank One, N.A. 7% $12,800 Garsten 6% of net
Rural Housing $1,620,000 Management rental income
Loan Guarantee (6)
Program
(6)
5. Federal Housing Trust Company 9% $8,800 Campbell-Hogue 6% of net
Tax Credits of the West Management rental income
$877,000
(7)
6. State Apartment Florida 3% $4,000 Auburn 6% of net
Investment Loan Housing Management, rental income
Program(a) Finance Agency 3% Inc.
State Housing $214,000(a)
Subsidy Targeted City of
Trust Fund Florida City
Program(b) $115,000(b)
(8) (8)
7. Federal Housing Arbor National 9% $26,000 Affordable 6% of net
Tax Credits Mortgage Housing rental income
Company LLC Partnership
$3,240,000
(9)
</TABLE>
S-4
<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. Maple Woods Lebanon, 24 $270 2BR
Partnership Missouri $295 3BR
9. Martinsville Shelbyville, 13 $305 2BR
Partnership Kentucky $362 3BR
10. Mill Saugerties, 90 $437 0BR
Partnership New York $475 1BR
11. Pearlwood Pearl, 40 $288 1BR
Partnership Mississippi $434 2BR
$497 3BR
12. Sayreville Sayreville, 100 $525 1BR
Partnership New Jersey
13. Woodhaven South Brunswick, 80 $455-
Partnership New Jersey $568 1BR
$638-
$751 2BR
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
<CAPTION>
Government Permanent Mortgage Annual Annual
Assistance Mortgage Interest Reserve Management Management
Anticipated Loan(2) Rate Amount Agent Fee
----------------- -------------------- ---------- --------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
8. Federal Housing Great Western 9% $4,800 Curry 6% of net
Tax Credits Bank, N.A. Management rental income
$360,000 Company
(10)
9. Home Kentucky 6% $2,600 Hatfield 6% of net
Investment Housing Management rental income
Partnerships Corporation
Program $335,000
(11) (11)
10. Secured Loan New York State 8.75% $18,000 Jobco 5% of net
Rental Housing Housing Management, rental income
Program(a) Finance Agency 1% Inc.
Acquisition $2,174,000(a)
Rehabilitation New York State
Loan Program(b) Housing Trust
(12) Fund
$600,000(b)
(12)
11. HOME Bank One, N.A. 9% $8,000 Calhoun 6% of net
Investment $380,000(a) Property rental income
Partnerships Mississippi 1% Management
Program(b) Home
(13) Corporation
$500,000(b)
(13)
12. Federal Housing Amboy National 7% $20,000 Sayreville 6% of net
Tax Credits Bank Housing rental income
$3,491,000(a) 8% Authority
Gillette
Enterprises
$640,000(b)
(14)
13. Federal Housing Amboy National 8.5% $20,000 Eastern 6% of net
Tax Credits Bank Properties rental income
$3,366,000
(15)
</TABLE>
(1) Exclusive of utilities, unless indicated otherwise.
(2) 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.
(3) (a) The terms of the Benton Village Partnership's permanent first
mortgage loan in the amount of $2,532,000 include a term of 30 years,
an interest rate of 9% and payments of principal and interest on the
basis of a 30-year amortization schedule.
(b) The terms of the Benton Village Partnership's permanent second
mortgage loan in the amount of $2,400,000 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.
S-5
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES--(Continued)
(4) (a) The terms of the Carriage Pointe Partnership's permanent first mortgage
loan in the amount of $627,000 include a term of 15 years, an interest
rate of 9.125% and payments of principal and interest on the basis of
a 15-year amortization schedule.
(b) The terms of the Carriage Pointe Partnership's permanent second
mortgage loan in the amount of $490,000 include a term of 15 years, an
interest rate of 8% and payments of principal and interest on the
basis of a 15-year amortization schedule.
(5) The terms of the Chardonnay Partnership's permanent first mortgage loan in
the amount of $90,000 include a term of 15 years, an interest rate of 10%
and payments of principal and interest on the basis of a 25-year
amortization schedule.
(6) The terms of the Clear Creek Partnership's anticipated permanent first
mortgage loan in the amount of $1,620,000 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.
(7) The terms of the Courtside Partnership's permanent first mortgage loan in
the amount of $877,000 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.
(8) (a) The terms of the Howard Park Partnership's anticipated permanent
first mortgage loan in the amount of $214,000 are expected to include a
term of 30 years, an interest rate of 3% and payments of interest only,
provided, however, that the terms of the permanent first mortgage loan
will provide for the deferral and accrual of payments of interest based
on available cash flow, and for the payment of the entire outstanding
balance of principal and interest at the end of the 30-year term.
(b) The terms of the Howard Park Partnership's anticipated permanent
second mortgage loan in the amount of $115,000 are expected to include
a term of 30 years, an interest rate of 3% and payments of interest
only, provided, however, that the terms of the permanent second
mortgage loan will provide for the deferral and accrual of payments of
interest based on available cash flow, and for the payment of the
entire outstanding balance of principal and interest at the end of the
30-year term.
(9) The terms of the Kiest Partnership's permanent first mortgage loan in
the amount of $3,240,000 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 Maple Woods Partnership's anticipated permanent first
mortgage loan in the amount of $360,000 are expected to include a term of
25 years, an interest rate of 9% and payments of principal and interest on
the basis of a 25-year amortization schedule.
(11) The terms of the Martinsville Partnership's anticipated permanent first
mortgage loan in the amount of $335,000 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, provided, however, that the
terms of the permanent first 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 Mill Partnership's anticipated permanent first
mortgage loan in the amount of $2,174,000 are expected to include a
term of 30 years, an interest rate of 8.75% and payments of principal
and interest on the basis of a 30 year amortization schedule.
(b) The terms of the Mill Partnership's anticipated permanent second
mortgage loan in the amount of $600,000 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.
(13) (a) The terms of the Pearlwood Partnership's permanent first mortgage
loan in the amount of $380,000 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 Pearlwood Partnership's permanent second mortgage
loan in the amount of $500,000 include a term of 25 years, an interest
rate of 1% and payments of principal and interest on the basis of a 25
year amortization schedule, provided, however, that the terms of the
permanent second mortgage loan 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 25-year term.
(14) (a) The terms of the Sayreville Partnership's permanent first mortgage
loan in the amount of $3,491,000 include a term of 28 years, an
interest rate of 7% and payments of principal and interest on the basis
of a 28-year amortization schedule.
(b) The terms of the Sayreville Partnership's permanent second mortgage
loan in the amount of $640,000 include a term of 8 years, an interest
rate of 8% and payments of principal and interest on the basis of a
8-year amortization schedule.
(15) The terms of the Woodhaven Partnership's permanent first mortgage loan in
the amount of $3,366,000 include a term of 5 years, an interest rate of
8.5% and payments of principal and interest on the basis of a 30-year
amortization schedule.
S-6
<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. Benton $6,712,292 50/10/15 $100
Village
Partnership
2. Carriage $1,007,593 99/50/50 $100
Pointe
Partnership
3. Chardonnay $393,700 100/20/50 $150,000
Partnership
4. Clear Creek $2,296,664 100/25/50 $100
Partnership
5. Courtside $1,890,193 100/10/20 $100
Partnership
6. Howard Park $710,361 100/50/50 $100
Partnership
7. Kiest $3,947,107 50/15/15 $100
Partnership
8. Maple Woods $533,851 100/50/50 $100
Partnership
9. Martinsville $504,790 100/20/20 $100
Partnership
10. Mill $6,123,040 99/25/30 $100
Partnership
11. Pearlwood $748,079 99/50/50 $100
Partnership
12. Sayreville $2,972,968 99/50/50 $100
Partnership
13. Woodhaven $2,390,522 99/50/50 $100
Partnership
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS
<CAPTION>
Fund's
Approximate
Average Development Annual
Annual Fee/Other Partnership Asset
Operating Operating Anticipated Distributions Management Management
Deficit Partnership's Federal to Operating Fee to Fee to Boston
Guarantee Credit Base Credit GP Operating GP Capital
---------------- --------------- ------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
1. Unlimited $11,000,000 $932,263 $1,166,000 $12,000 $12,000
in time
and amount
2. None $1,653,000 $137,875 274,777 0 0
3. Unlimited $796,500 $54,681 $95,000 $2,000 $2,000
in amount
for 3 years
4. Unlimited $3,922,000 $328,095 $750,000 $5,000 $5,000
in amount
for 10 years
5. Unlimited $4,040,000 $262,527 $306,000 $1,000 $1,000
in time
and amount
6. Unlimited $1,300,000 $104,465 $167,000 $3,000 $3,000
in time
and amount
7. Unlimited $13,260,000 $548,209 $1,272,000 $13,000 $13,000
in time
and amount
8. $300,000 in $880,000 $74,146 $300,000 $2,000 $2,000
the aggregate
for 10 years
9. $40,000 in $845,000 $70,600 $75,000 $1,000 $1,000
the aggregate
for 3 years
10. Unlimited $9,890,841 $862,400 $873,304 $10,000 $10,000
in time
and amount
11. Unlimited $1,590,000 $120,658 $109,000 $1,000 $1,000
in time
and amount
12. None $5,532,000 $464,926 $524,772 0 0
13. None $5,263,000 $466,700 $388,000 0 0
</TABLE>
S-7
<PAGE>
THE BENTON VILLAGE PARTNERSHIP
(Benton Village Apartments)
Benton Village Apartments is a 136-unit apartment complex for families
which is to be constructed in Benton Harbor, Michigan. Benton Village Apartments
will consist of 24 one-bedroom units, 72 two-bedroom units and 40 three-bedroom
units contained in 12 buildings. The complex will offer a function room and
central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, disposal
and a patio or porch.
Construction of Benton Village Apartments is anticipated to begin in
July, 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 March, 1999 17 April, 1999
34 April, 1999 17 May, 1999
34 May, 1999 17 June, 1999
34 June, 1999 17 July, 1999
17 August, 1999
17 September, 1999
17 October, 1999
17 November, 1999
</TABLE>
THE CARRIAGE POINTE PARTNERSHIP
(Carriage Pointe Apartments)
Carriage Pointe Apartments is an 18-unit apartment complex for families
and senior citizens which has been constructed on County Route 516 between High
Pointe Way and Bennett Road in Old Bridge, New Jersey. Carriage Pointe
Apartments consists of 6 one-bedroom units and 12 two-bedroom units contained in
2 buildings. The complex offers central laundry facilities.
Individual units contain a refrigerator, range, dishwasher, disposal, air
conditioning, cable television hook-up, an and a patio or porch.
Construction of Carriage Pointe Apartments was completed in October, 1995
and is 100% occupied.
THE CHARDONNAY PARTNERSHIP
(Chardonnay Apartments)
Chardonnay Apartments is an existing 14-unit apartment complex for
families which has been rehabilitated on Northwest 30 Street and North Shartel
Avenue in Oklahoma City, Oklahoma. Chardonnay Apartments consists of 10
one-bedroom units and 4 two-bedroom units contained in 1 building. The complex
offers a function room, pool and central laundry facilities.
Individual units contain a refrigerator, range with hood, dishwasher,
disposal, air conditioning and a patio or porch.
Rehabilitation of Chardonnay Apartments was completed in December, 1997
and is 100% occupied.
THE CLEAR CREEK PARTNERSHIP
(Clear Creek Apartments)
Clear Creek Apartments is a 64-unit apartment complex for families which
is to be constructed in North Manchester, Indiana. Clear Creek Apartments will
consist of 28 one-bedroom units, 18 two-bedroom units and 18 three-bedroom units
contained in 12 buildings. The complex will offer a function room and central
laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, disposal
and a patio or porch.
Construction of Clear Creek Apartments is anticipated to begin in July,
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>
16 November, 1998 7 January, 1999
16 December, 1998 7 February, 1999
16 January, 1999 8 March, 1999
16 February, 1999 14 April, 1999
14 May, 1999
14 June, 1999
</TABLE>
S-8
<PAGE>
THE COURTSIDE PARTNERSHIP
(Courtside Apartments)
Courtside Apartments is a 44-unit apartment complex for families which is
being constructed in Cottonwood, Arizona. Courtside Apartments will consist of
32 two-bedroom units and 12 three-bedroom units contained in 6 buildings.
The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning and a patio or porch.
Construction of Courtside Apartments began in June, 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>
22 November, 1998 22 January, 1999
22 December, 1998 11 February, 1999
11 March, 1999
</TABLE>
THE HOWARD PARK PARTNERSHIP
(Howard Park Apartments)
Howard Park Apartments is a 16-unit apartment complex for families which
is to be constructed on Redland Road at Northwest 15 Street in Florida City,
Florida. Howard Park Apartments will consist of 2 one-bedroom units, 10
two-bedroom units and 4 three-bedroom units contained in 1 building. The complex
will offer a function room, pool and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, air
conditioning, cable television hook-up and a patio or porch.
Construction of Howard Park Apartments is anticipated to begin in July,
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>
16 September, 1998 4 October, 1998
4 November, 1998
4 December, 1998
4 January, 1999
</TABLE>
THE KIEST PARTNERSHIP
(Kiest Townhomes)
Kiest Townhomes is a 130-unit apartment complex for families which is
being constructed on Kiest Boulevard at Cockrell Hill Road in Dallas, Texas.
Kiest Townhomes will consist of 59 two-bedroom units, 59 three-bedroom units and
12 four-bedroom units contained in 16 buildings. The complex will offer a
function room, pool, playground, basketball court and central laundry
facilities.
Individual units will contain a refrigerator, range with hood,
dishwasher, disposal, air conditioning, ceiling fan, bathroom exhaust fan and a
patio or porch.
Construction of Kiest Townhomes began in May, 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>
32 November, 1998 16 January, 1999
32 December, 1998 16 February, 1999
33 January, 1999 16 March, 1999
33 February, 1999 16 April, 1999
16 May, 1999
16 June, 1999
17 July, 1999
17 August, 1999
</TABLE>
THE MAPLE WOODS PARTNERSHIP
(Maple Woods Apartments)
Maple Woods Apartments is a 24-unit apartment complex for families which
is to be constructed in Lebanon, Missouri. Maple Woods Apartments will consist
of 12 two-bedroom units and 12 three-bedroom units contained in 6 buildings.
The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning and a patio or porch.
Construction of Maple Woods Apartments is anticipated to begin in July,
1998. The Operating General Partners anticipate that construction completion and
occupancy will occur as follows:
S-9
<PAGE>
<TABLE>
<CAPTION>
Number Number
of Units Completion of Units Rent-Up
- ---------- ---------------- ---------- ---------------
<S> <C> <C> <C>
12 November, 1998 6 January, 1999
12 December, 1998 6 February, 1999
6 March, 1999
6 April, 1999
</TABLE>
THE MARTINSVILLE PARTNERSHIP
(Martinsville Apartments)
Martinsville Apartments is a 13-unit apartment complex for families,
which is to be constructed in Shelbyville, Kentucky. Martinsville Apartments
will consist of 7 two-bedroom units and 6 three-bedroom units contained in 4
buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher,
disposal, air conditioning and a patio or porch.
Construction of Martinsville Apartments is anticipated to begin in July,
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>
3 February, 1999 3 March, 1999
3 March, 1999 3 April, 1999
3 April, 1999 3 May, 1999
4 May, 1999 4 June, 1999
</TABLE>
THE MILL PARTNERSHIP
(Mill Apartments)
Mill Apartments is an existing 90-unit apartment complex for senior
citizens which is to be rehabilitated in Saugerties, New York. Mill Apartments
will consist of 18 studio units and 72 one-bedroom units contained in 1
building. The complex will offer a solarium/living room and central laundry
facilities.
Individual units will contain a refrigerator and range.
Rehabilitation of Mill Apartments is anticipated to begin in October,
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>
90 May, 1999 18 June, 1999
18 July, 1999
18 August, 1999
18 September, 1999
18 October, 1999
</TABLE>
THE PEARLWOOD PARTNERSHIP
(Pearlwood Apartments)
Pearlwood Apartments is a 40-unit apartment complex for senior citizens
which is being constructed on Old Brandon Road in Pearl, Mississippi. Pearlwood
Apartments will consist of 20 one-bedroom units, 10 two-bedroom units and 10
three-bedroom units contained in 14 buildings. The complex will offer an
activity center and central laundry facilities.
Individual units will contain a refrigerator, range, kitchen exhaust fan,
air conditioning, smoke detectors and a patio or porch.
Construction of Pearlwood Apartments began 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>
20 June, 1998 10 August, 1998
20 July, 1998 10 September, 1998
10 October, 1998
10 November, 1998
</TABLE>
THE SAYREVILLE PARTNERSHIP
(Gillette Manor Apartments)
Gillette Manor Apartments is a 100-unit apartment complex for senior
citizens which has been constructed on Washington Road at Hilltop Avenue in
Sayreville, New Jersey. Gillette Manor Apartments consists of 100 one-bedroom
units contained in 1 building. The complex offers a meeting room and central
laundry facilities.
Individual units contain a refrigerator, range, air conditioning, cable
television hook-up and an emergency call system.
Construction of Gillette Manor Apartments was completed in October, 1995
and is 100% occupied.
S-10
<PAGE>
THE WOODHAVEN PARTNERSHIP
(Woodhaven Apartments)
Woodhaven Apartments is an 80-unit apartment complex for families and
senior citizens which has been constructed on Route 27 in South Brunswick, New
Jersey. Woodhaven Apartments consists of 40 one-bedroom units and 40 two-bedroom
units contained in 13 buildings. The complex offers a clubhouse with meeting
room and central laundry facilities.
Individual units contain a refrigerator, range, dishwasher, disposal, air
conditioning and a patio or porch.
Construction of Woodhaven Apartments was completed in September, 1997 and
is 100% occupied.
S-11
