NY
AUGUST 1, 2000
SUPPLEMENT NO. 1 TO PROSPECTUS FOR
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
DATED
AUGUST 1, 2000
(SUPPLEMENT OFFERING BCTC IV SERIES 39 AND
IDENTIFYING CERTAIN ANTICIPATED INVESTMENTS)
This Supplement is part of, and should be read in conjunction with, Boston
Capital's Prospectus. Capitalized terms used herein but not defined have the
meanings ascribed to them in the Prospectus.
Series 39's Purpose--
o to invest in other limited partnerships that will each develop, own and
operate an apartment complex used as low- and moderate-income housing.
Terms of Offering--
o Series 39 is offering at least 250,000 ($2.5 million) and up to 4,000,000
($40 million) Beneficial Assignee Certificates that are the equivalent of
limited partnership interests in Series 39;
o the price of the certificates is $10 each with a minimum investment of
$5,000;
o this offering will end no later than January 31, 2001; and
o your money will be held in escrow until at least 250,000 certificates are
sold.
Series 39's Investors Will Receive--
o federal housing tax credits;
o tax losses that can offset passive income from any other investments; and
o profits, if any, from the sale of the apartment complexes.
Prior Performance of Boston Associates and Its Affiliates
Boston Capital Tax Credit Fund IV L.P. (the "Fund") has issued other series in
other offerings -- Series 20 to Series 38. The Fund has issued a total of
59,629,160 certificates, raised $595,992,510 and admitted 32,846 investors
within Series 20 through 38. See "Prior Performance of Boston Associates and
Its Affiliates" in the Prospectus for information about Series 23 through 38.
Investment Objectives and Acquisition Policies
Series 39's principal business is to invest, as a limited partner, in other
limited partnerships (the "operating partnerships"), each of which will
develop, own and operate an apartment complex which is expected to qualify for
federal housing tax credits in order to achieve the investment goals set forth
in the Prospectus.
<PAGE>
The attainment of Series 39's investment objectives will depend on many
factors, including the ability of Boston Associates to select suitable
investments on a timely basis, the timely completion and successful management
of such investments and future economic conditions in the United States.
Accordingly, there can be no assurance that Series 39 will meet its investment
objectives.
Anticipated Investments
Series 39 expects to invest in the twelve operating partnerships described
below. Each operating partnership will use a significant part of the funds
invested by Series 39 to pay fees to the operating general partners. See the
table entitled "Terms of Investment in Operating Partnerships" in this
Supplement.
While Boston Associates believes that Series 39 is reasonably likely to acquire
interests in the apartment complexes described below, it may not be able to do
so. Before any acquisition is made, Boston Associates will complete its due
diligence review as to the operating partnership and its 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 Boston Associates, either action
will be taken to mitigate the adverse factor(s), or the acquisition will not be
made. It is also possible that the acquisition terms may differ significantly
from those described below. Accordingly, investors should not rely on the
ability of Series 39 to invest in these apartment complexes or under the
described investment terms in deciding whether to invest in Series 39. If
Series 39 raises the entire $40 million, the anticipated acquisition of the
operating partnership interests, described below, will represent approximately
99% of the total money which Series 39 currently expects to spend.
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Because Series 39 is currently in the offering phase, it has no material assets
or any operating history. Series 39 expects to acquire interests in the
following 12 operating partnerships, which will develop, own and operate
apartment complexes, 10 of which are to be newly constructed and 2 of which are
to be rehabilitated:
<TABLE>
<CAPTION>
Partnership Operating General Partner(s)
---------------------------------------------- -------------------------------------
<S> <C>
1. Arbors at Eagle Crest LDHA L.P. Arbors at Eagle Crest Apartments LLC
(the "Arbors at Eagle Crest Partnership")
New Construction
2. Arbors at Ironwood L.P. Ironwood Apartments LLC
(the "Arbors at Ironwood Partnership")
New Construction
3. Arcadia East Apartments II L.P. Calhoun Properties
(the "Arcadia East Partnership")
Property Rehabilitation
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
Partnership Operating General Partner(s)
---------------------------------------------- ----------------------------------
<S> <C>
4. Ashton Meadows L.P. Ambling Development Company
(the "Ashton Meadows Partnership") Valdosta Housing Authority
New Construction
5. Austin Acres L.P. Wabuck Development Company
(the "Austin Acres Partnership")
New Construction
6. Columbia Creek L.P. Noel F. Khalil
(the "Columbia Creek Partnership") Jane Creekmore
New Construction
7. Daystar Village L.P. Wabuck Development Company
(the "Daystar Village Partnership")
New Construction
8. Orchard Cove L.P. Norsouth Corporation
(the "Orchard Cove Partnership")
New Construction
9. Gouverneur L.P. Home Properties
(the "Pine Grove Partnership")
New Construction
10. Senior Suites Chicago Hegewisch L.P. Senior Suites Chicago Corporation
(the "Senior Suites Chicago Partnership")
New Construction
11. Tally Ho Apartments L.P. M. Reimer Calhoun
(the "Tally Ho Partnership")
Property Rehabilitation
12. Timber Mill L.P. Charles Smith
(the "Timber Mill Partnership") Mike Smith
New Construction
</TABLE>
3
<PAGE>
None of the operating general partners or the management companies is
affiliated with Boston Associates.
Permanent mortgage loan financing for the apartment complexes will be provided
from a variety of sources. Boston Associates believes that each of the
apartment complexes 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 39 is $.975 per certificate (9.75%). The
priority return base is the level of return that investors must receive before
Boston Associates may receive a 5% share in the proceeds from the sale or
refinancing of apartment complexes. In establishing the priority return base,
Boston Associates does not represent that Series 39 is expected to provide this
level of return to investors. Boston Associates will receive fees and
compensation for services prior to investors receiving the priority return.
4
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
<TABLE>
<CAPTION>
Operating Basic Government
Partnership Location Number Monthly Assistance
Name of Property of Units Rents (1) Anticipated
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1. Arbors at Mount 120 $330 1BR Federal Housing
Eagle Crest Pleasant, $400 2BR Tax Credits
Partnership Michigan $465 3BR
2. Arbors at Mishawaka, 88 $376 1BR Federal Housing
Ironwood Indiana $473 2BR Tax Credits
Partnership $542 3BR
3. Arcadia East Arcadia, 32 $403 2BR RHS Sec. 515
Partnership Louisiana
4. Ashton Valdosta, 81 $296 1BR Home
Meadows Georgia $344- Investment
Partnership $355 2BR Partnerships
Program (5)
<CAPTION>
Operating Permanent Mortgage Annual Annual
Partnership Mortgage Interest Reserve Management Management
Name Loan Rate Amount Agent Fee
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1. Arbors at TCF Bank 9.10% $21,000 Sterling 5% of net
Eagle Crest $1,800,000 (3) Management rental income
Partnership Ltd.
2. Arbors at Boston Capital 8.57% $15,400 Sterling 4% of net
Ironwood Finance LLC Management rental income
Partnership $1,820,000 (4) Ltd.
3. Arcadia East $852,385 1% (2) $8,640 Calhoun $40 per occupied
Partnership Property unit per month
Management
4. Ashton First Union 8.75% $16,200 Ambling 6% of net
Meadows National Bank Management rental income
Partnership $349,000 (5)
Georgia 1%
Community
Affairs
Department
$2,000,000 (5)
</TABLE>
-----------------
1 Exclusive of utilities, unless indicated otherwise.
2 Rural Housing Service ("RHS") (formerly Farmers Home Administration) 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 The terms of the Arbors at Eagle Crest 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 9.10% and payments of principal and
interest on the basis of a 50-year amortization schedule.
4 The terms of the Arbors at Ironwood Partnership's anticipated permanent
first mortgage loan in the amount of $1,820,000 are expected to include a
term of 30 years, an interest rate of 8.57% and payments of principal and
interest on the basis of a 50-year amortization schedule.
5 (a) The terms of the Ashton Meadows Partnership's anticipated permanent
first mortgage loan in the amount of $349,000 are expected to include a
term of 20 years, an interest rate of 8.75% and payments of principal
and interest on the basis of a 20-year amortization schedule.
(b) The terms of the Ashton Meadows Partnership's anticipated permanent
second mortgage loan in the amount of $2,000,000 are expected to include
a term of 20 years, an interest rate of 1% and payments of principal and
interest on the basis of a 50-year amortization schedule.
5
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
<TABLE>
<CAPTION>
Operating Basic Government
Partnership Location Number Monthly Assistance
Name of Property of Units Rents (1) Anticipated
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
5. Austin Acres Hopkinsville, 32 $380 1BR Home Investment
Partnership Kentucky Partnerships
Program (6)
6. Columbia Woodstock, 172 $569- Federal Housing
Creek Georgia $655 2BR Tax Credits
Partnership $649-
$711 3BR
<CAPTION>
Operating Permanent Mortgage Annual Annual
Partnership Mortgage Interest Reserve Management Management
Name Loan Rate Amount Agent Fee
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
5. Austin Acres Leitchfield 8.87% $8,130 Homeland, Inc. 5% of net rental income
Partnership Deposit Bank
$44,000 (6)
Leitchfield 2.50%
Deposit Bank
$318,000 (6)
Federal Home 1%
Loan Bank of
Cincinnati
$344,000 (6)
6. Columbia First Union 8.75% $34,400 Affordable 6% of net rental income
Creek National Bank Housing
Partnership $6,722,000 (7) Partnership
</TABLE>
-----------------
6 (a) The terms of the Austin Acres Partnership's anticipated permanent first
mortgage loan in the amount of $44,000 are expected to include a term of
40 years, an interest rate of 8.87% and payments of principal and
interest on the basis of a 40-year amortization schedule.
(b) The terms of the Austin Acres Partnership's anticipated permanent second
mortgage loan in the amount of $318,000 are expected to include a term
of 40 years, an interest rate of 2.50% and payments of principal and
interest on the basis of a 40-year amortization schedule.
(c) The terms of the Austin Acres Partnership's anticipated permanent third
mortgage loan in the amount of $344,000 are expected to include a term
of 15 years, an interest rate of 1% and payments of principal and
interest on the basis of a 30-year amortization schedule.
7 The terms of the Columbia Creek Partnership's anticipated permanent first
mortgage loan in the amount of $6,722,000 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.
6
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
<TABLE>
<CAPTION>
Operating Basic Government
Partnership Location Number Monthly Assistance
Name of Property of Units Rents (1) Anticipated
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7. Daystar Village Bowling 32 $360 1BR Home investment
Partnership Green, Partnerships
Kentucky Program (8)
8. Orchard Cove Covington, 188 $505- Federal Housing
Partnership Georgia $605 1BR Tax Credits
$600-
$710 2BR
$690-
$795 3BR
9. Pine Grove Gouverneur, 48 $265 1BR Housing Trust
Partnership New York $330 2BR Fund Program
<CAPTION>
Operating Permanent Mortgage Annual Annual
Partnership Mortgage Interest Reserve Management Management
Name Loan Rate Amount Agent Fee
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7. Daystar Village Leitchfield 9.25% $8,130 Homeland, 5% of net rental income
Partnership Deposit Bank Inc.
$307,546 (8)
Federal Home 2.50%
Loan Bank of
Cincinnati
$318,000 (8)
8. Orchard Cove Midland 8.65% $32,900 Norsouth 6% of net rental income
Partnership Mortgage Management
Investment
Group
$7,953,000 (9)
9. Pine Grove New York 1% $18,875 Conifer Realty 6% of net rental income
Partnership Division of
Housing &
Community
Renewal
$900,000 (10)
</TABLE>
-----------------
8 (a) The terms of the Daystar Village Partnership's anticipated permanent
first mortgage loan in the amount of $307,546 are expected to include a
term of 15 years, an interest rate of 9.25% and payments of principal
and interest on the basis of a 30-year amortization schedule.
(b) The terms of the Daystar Village Partnership's anticipated permanent
second mortgage loan in the amount of $318,000 are expected to include a
term of 15 years, an interest rate of 2.50% and payments of principal
and interest on the basis of a 30-year amortization schedule.
9 The terms of the Orchard Cove Partnership's anticipated permanent first
mortgage loan in the amount of $7,953,000 are expected to include a term
of 30 years, an interest rate of 8.65% and payments of principal and
interest on the basis of a 30-year amortization schedule.
10 The terms of the Pine Grove Partnership's anticipated permanent first
mortgage loan in the amount of $900,000 are expected to include a term of
30 years, an interest rate of 1% and payments of interest only.
7
<PAGE>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
<TABLE>
<CAPTION>
Operating Basic Government
Partnership Location Number Monthly Assistance
Name of Property of Units Rents (1) Anticipated
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10. Senior Suites Hegewisch, 84 $445- Home Investment
Chicago Illinois $595 1BR Partnerships
Partnership Program (11)
11. Tally Ho Campti, 26 $306 1BR RHS Sec. 515
Partnership Louisiana with 100%
rental assistance
12. Timber Mill Riverdale, 294 $600- Tax Exempt Bond
Partnership Georgia $640 1BR Allocation
$700- Program
$740 2BR
<CAPTION>
Operating Permanent Mortgage Annual Annual
Partnership Mortgage Interest Reserve Management Management
Name Loan Rate Amount Agent Fee
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
10. Senior Suites Harris Trust & 8.75% $15,809 Senior 5% of net rental income
Chicago Savings Bank Lifestyle
Partnership $682,000 (11) Management
Chicago Housing 1% Corporation
Authority
$3,387,664 (11)
Illinois Housing 1%
Development
Authority
$750,000 (11)
11. Tally Ho $588,999 1% (2) $4,000 Calhoun $40 per occupied unit
Partnership Property per month
Management
12. Timber Mill Georgia Housing 7% $58,800 Sterling 6% of net rental income
Partnership Finance Management
Authority Corporation
$16,000,000
(12)
</TABLE>
-----------------
11 (a) The terms of the Senior Suites Chicago Partnership's anticipated
permanent first mortgage loan in the amount of $682,000 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 Senior Suites Chicago Partnership's anticipated
permanent second mortgage loan in the amount of $3,387,664 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 50-year amortization schedule.
(c) The terms of the Senior Suites Chicago Partnership's anticipated
permanent third mortgage loan in the amount of $750,000 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 50-year amortization schedule.
12 The terms of the Timber Mill Partnership's anticipated permanent first
mortgage loan in the amount of $16,000,000 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.
8
<PAGE>
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS
<TABLE>
<CAPTION>
Ownership
Interest (%)
Profits,
Losses, Operating
BCTC IV Credit/Net General Operating
Partnership Capital Cash Flow/ Partner Deficit
Name Contribution Backend Contribution Guarantee
------------------- -------------- ---------------- -------------- -----------------
<S> <C> <C> <C> <C>
1. Arbors at $4,377,928 99.99/20/30 $100 Unlimited in
Eagle Crest amount for
Partnership 3 years
2. Arbors at $3,701,406 99.99/20/50 $100 Unlimited in
Ironwood amount for
Partnership 3 years
3. Arcadia East $507,222 99.99/30/30 $12,115 Unlimited in
Partnership duration
and amount
4. Ashton $2,158,349 100/20/50 $100 $400,000 in
Meadows the aggregate
Partnership for the first
18 months;
$200,000 in the
aggregate for
the next
5. Austin Acres $1,195,165 99/30/50 $100 $150,000 in the
Partnership aggregate for
3 years
6. Columbia $3,082,642 100/15/55 $100 Unlimited in
Creek amount for
Partnership 3 years
7. Daystar $1,116,454 99/20/20 $100 $150,000 in the
Village aggregate for
Partnership 3 years
8. Orchard $2,420,905 100/20/50 $100 $600,000 in the
Cove aggregate for
Partnership 5 years
9. Pine Grove $2,400,778 99/10/20 $100 Unlimited in
Partnership duration
and amount
10. Senior Suites $4,523,072 99.90/15/15 $100 $400,000 in the
Chicago aggregate for
Partnership 4 years
11. Tally Ho $530,698 99.99/30/30 $44,130 Unlimited in
Partnership duration
and amount
12. Timber Mill $3,586,778 100/25/25 $100 $550,000 in the
Partnership aggregate for
3 years
<CAPTION>
Fund's Annual
Approximate Development Partnership Asset
Operating Average Annual Fee/Other Management Management
Partnership Partnership's Anticipated Distributions Fee to Fee to Boston
Name Credit Base Federal Credit to Operating GP Operating GP Capital
------------------- ------------- ---------------- --------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
1. Arbors at $10,737,589 $561,273 $1,000,000 $8,400 $8,400
Eagle Crest
Partnership
2. Arbors at $5,589,366 $467,646 $650,000 $6,200 $6,200
Ironwood
Partnership
3. Arcadia East $1,274,102 $65,028 $65,088 $1,600 $1,600
Partnership
4. Ashton $4,348,000 $283,993 $557,000 $3,000 $3,000
Meadows
Partnership
5. Austin Acres $1,806,000 $153,226 $182,000 $2,500 $2,500
Partnership
6. Columbia $9,193,000 $395,210 $1,515,000 $ 15,000 $15,000
Creek
Partnership
7. Daystar $1,721,741 $143,135 $173,000 $2,500 $2,500
Village
Partnership
8. Orchard $8,761,000 $314,403 $1,680,000 $10,000 $10,000
Cove
Partnership
9. Pine Grove $4,664,000 $359,074 $490,000 $6,500 $3,600
Partnership
10. Senior Suites $8,510,196 $587,412 $659,000 $5,000 $5,000
Chicago
Partnership
11. Tally Ho $1,180,102 $68,038 $61,712 $1,300 $1,300
Partnership
12. Timber Mill $13,512,000 $448,347 $2,400,000 $250,000 $25,000
Partnership
</TABLE>
9
<PAGE>
THE ARBORS AT EAGLE CREST PARTNERSHIP
(Arbors at Eagle Crest Apartments)
Arbors at Eagle Crest Apartments is a 120-unit apartment complex for families
which is being constructed in Mt. Pleasant, Michigan. Arbors at Eagle Crest
Apartments will consist of 24 one-bedroom units, 64 two-bedroom units and 32
three-bedroom units contained in 9 buildings. The complex will offer a
community room, pool, recreation room and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, cable
television hook-up and a patio or porch.
Construction of Arbors at Eagle Crest Apartments began in July, 2000. The
Operating General Partner anticipates that construction completion and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ----------------- ----------------- ---------------
<S> <C> <C> <C>
30 September, 2001 10 November, 2001
20 October, 2001 20 December, 2001
40 November, 2001 30 January, 2002
20 December, 2001 40 February, 2002
10 January, 2002 20 March, 2002
</TABLE>
THE ARBORS AT IRONWOOD PARTNERSHIP
(Arbors at Ironwood Apartments)
Arbors at Ironwood Apartments is an 88-unit apartment complex for families
which is being constructed in Mishawaka, Indiana. Arbors at Ironwood Apartments
will consist of 8 one-bedroom units, 48 two-bedroom units and 32 three-bedroom
units contained in 7 buildings. The complex will offer a community room, pool,
recreation room and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, cable
television hook-up and a patio or porch.
Construction of Arbors at Ironwood Apartments began in July, 2000. The
Operating General Partner anticipates that construction completion and
occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ----------------- ----------------- ---------------
<S> <C> <C> <C>
20 September, 2001 10 December, 2001
20 October, 2001 35 January, 2002
20 November, 2001 43 February, 2002
20 December, 2001
8 January, 2002
</TABLE>
10
<PAGE>
THE ARCADIA EAST PARTNERSHIP
(Arcadia East Apartments)
Arcadia East Apartments is an existing 32-unit apartment complex for families
which is to be rehabilitated on 1226 First Street in Arcadia, Louisiana.
Arcadia East Apartments will consist of 32 two-bedroom units contained in 4
buildings. The complex will offer a community room, recreation room, basketball
court, individual storage units and central laundry facilities.
Individual units will contain a refrigerator, range, microwave, air
conditioning and wall-to-wall carpeting.
Rehabilitation of Arcadia East Apartments is anticipated to begin in September,
2000. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ------------ ----------------- ----------------
<S> <C> <C> <C>
32 July, 2001 8 August, 2001
8 September, 2001
8 October, 2001
8 November, 2001
</TABLE>
THE ASHTON MEADOWS PARTNERSHIP
(Ashton Meadows Apartments)
Ashton Meadows Apartments is an 81-unit apartment complex for senior citizens
which is to be constructed on Demiss Road and Connell Road in Valdosta,
Georgia. Ashton Meadows Apartments will consist of 56 one-bedroom units and 25
two-bedroom units contained in 2 buildings. The complex will offer a function
room and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, disposal, air
conditioning and a patio or porch.
Construction of Ashton Meadows Apartments is anticipated to begin in November,
2000. The Operating General Partners anticipate that construction completion
and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ---------------- ----------------- ---------------
<S> <C> <C> <C>
40 November, 2001 20 January, 2002
41 December, 2001 20 February, 2002
20 March, 2002
21 April, 2002
</TABLE>
11
<PAGE>
THE AUSTIN ACRES PARTNERSHIP
(Austin Acres Apartments)
Austin Acres Apartments is a 32-unit apartment complex for senior citizens
which is to be constructed in Hopkinsville, Kentucky. Austin Acres Apartments
will consist of 32 one-bedroom units contained in 1 building. The complex will
offer a community room, recreation room and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, roll in
shower, air conditioning, cable television hook-up, an emergency call system
and a patio or porch.
Construction of Austin Acres Apartments is anticipated to begin in August,
2000. The Operating General Partner anticipates that construction completion
and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ---------------- ----------------- ------------
<S> <C> <C> <C>
20 February, 2001 8 April, 2001
12 March, 2001 8 May, 2001
8 June, 2001
8 July, 2001
</TABLE>
THE COLUMBIA CREEK PARTNERSHIP
(Columbia Creek Apartments)
Columbia Creek Apartments is a 172-unit apartment complex for families which is
being constructed on Arnold Mill Road in Woodstock, Georgia. Columbia Creek
Apartments will consist of 120 two-bedroom units and 52 three-bedroom units
contained in 11 buildings. The complex will offer a function room, pool,
playground and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, disposal and
air conditioning.
Construction of Columbia Creek Apartments began in June, 2000. The Operating
General Partners anticipate that construction completion and occupancy will
occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ----------------- ----------------- ----------------
<S> <C> <C> <C>
34 June, 2001 30 July, 2001
34 July, 2001 15 August, 2001
34 August, 2001 15 September, 2001
34 September, 2001 15 October, 2001
36 October, 2001 15 November, 2001
15 December, 2001
15 January, 2002
15 February, 2002
15 March, 2002
15 April, 2002
7 May, 2002
</TABLE>
12
<PAGE>
THE DAYSTAR VILLAGE PARTNERSHIP
(Daystar Village Apartments)
Daystar Village Apartments is a 32-unit apartment complex for senior citizens
which is to be constructed in Bowling Green, Kentucky. Daystar Village
Apartments will consist of 32 one-bedroom units contained in 4 buildings. The
complex will offer a community room, recreation room and central laundry
facilities.
Individual units will contain a refrigerator, range, dishwasher and a patio or
porch.
Construction of Daystar Village Apartments is anticipated to begin in August,
2000. The Operating General Partner anticipates that construction completion
and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ---------------- ----------------- ------------
<S> <C> <C> <C>
20 February, 2001 8 April, 2001
12 March, 2001 8 May, 2001
8 June, 2001
8 July, 2001
</TABLE>
THE ORCHARD COVE PARTNERSHIP
(Orchard Cove Apartments)
Orchard Cove Apartments is a 188-unit apartment complex for families which is
being constructed on Gross Lake Parkway at Fairview Road in Covington, Georgia.
Orchard Cove Apartments will consist of 44 one-bedroom units, 108 two-bedroom
units and 36 three-bedroom units contained in 18 buildings. The complex will
offer a function room, pool, playground and central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, disposal, air
conditioning, ceiling fan, and a patio or porch.
Construction of Orchard Cove Apartments began in April, 2000. The Operating
General Partner anticipates that construction completion and occupancy will
occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ------------- ----------------- ----------------
<S> <C> <C> <C>
47 March, 2001 12 April, 2001
47 April, 2001 16 May, 2001
47 May, 2001 16 June, 2001
47 June, 2001 16 July, 2001
16 August, 2001
16 September, 2001
16 October, 2001
16 November, 2001
16 December, 2001
16 January, 2002
16 February, 2002
16 March, 2002
</TABLE>
13
<PAGE>
THE PINE GROVE PARTNERSHIP
(Pine Grove Apartments)
Pine Grove Apartments is a 48-unit apartment complex for senior citizens which
is being constructed on West Barney Street in Gouverneur, New York. Pine Grove
Apartments will consist of 40 one-bedroom units and 8 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, dishwasher and a patio or
porch.
Construction of Pine Grove Apartments began in June, 2000. The Operating
General Partner anticipates that construction completion and occupancy will
occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ------------- ----------------- ----------------
<S> <C> <C> <C>
48 March, 2001 6 April, 2001
6 May, 2001
6 June, 2001
6 July, 2001
6 August, 2001
6 September, 2001
6 October, 2001
6 November, 2001
</TABLE>
THE SENIOR SUITES CHICAGO PARTNERSHIP
(Senior Suites of Hegewisch Apartments)
Senior Suites of Hegewisch Apartments is an 84-unit apartment complex for
senior citizens which is to be constructed in Hegewisch, Illinois. Senior
Suites of Hegewisch Apartments will consist of 84 one-bedroom units contained
in 1 building. The complex will offer a community room and central laundry
facilities.
Individual units will contain a refrigerator, range, dishwasher, roll in
shower, air conditioning, wall-to-wall carpeting, cable television hook-up, an
emergency call system and a patio or porch.
Construction of Senior Suites of Hegewisch Apartments is anticipated to begin
in August, 2000. The Operating General Partner anticipates that construction
completion and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ----------------- ----------------- ---------------
<S> <C> <C> <C>
20 July, 2001 20 January, 2002
20 August, 2001 20 February, 2002
20 September, 2001 20 March, 2002
24 October, 2001 24 April, 2002
</TABLE>
14
<PAGE>
THE TALLY HO PARTNERSHIP
(Tally Ho Apartments)
Tally Ho Apartments is an existing 26-unit apartment complex for families which
is to be rehabilitated on 131 Robicu in Campti, Louisiana. Tally Ho Apartments
will consist of 26 one-bedroom units contained in 7 buildings. The complex will
offer a community room, basketball courts and central laundry facilities.
Individual units will contain a refrigerator, range, microwave, air
conditioning and wall-to-wall carpeting.
Rehabilitation of Tally Ho Apartments is anticipated to begin in September,
2000. The Operating General Partner anticipates that completion of
rehabilitation and occupancy will occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ------------ ----------------- ----------------
<S> <C> <C> <C>
26 July, 2001 8 August, 2001
8 September, 2001
8 October, 2001
2 November, 2001
</TABLE>
THE TIMBER MILL PARTNERSHIP
(Lake Ridge Apartments)
Lake Ridge Apartments is a 294-unit apartment complex for families which is
being constructed on Lake Ridge Parkway at State Route 85 in Riverdale,
Georgia. Lake Ridge Apartments will consist of 84 one-bedroom units and 210
two-bedroom units contained in 11 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 Lake Ridge Apartments began in March, 2000. The Operating
General Partners anticipate that construction completion and occupancy will
occur as follows:
<TABLE>
<CAPTION>
Number of Units Completion Number of Units Rent-Up
----------------- ----------------- ----------------- ----------------
<S> <C> <C> <C>
49 June, 2001 21 July, 2001
49 July, 2001 21 August, 2001
49 August, 2001 21 September, 2001
49 September, 2001 21 October, 2001
49 October, 2001 21 November, 2001
49 November, 2001 21 December, 2001
21 January, 2002
21 February, 2002
21 March, 2002
21 April, 2002
21 May, 2002
21 June, 2002
21 July, 2002
21 August, 2002
</TABLE>
* * * * * * * *
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