The Fund is now offering BACs in Series 38. The previous series are each
distinct and investors in Series 38 will have no rights or interests in any
previous series. Prospective investors should note that disclosure respecting
Series 38 is included in the Prospectus, to which this sticker supplement is
appended, and the Supplement which follows this Prospectus.
The Supplement which follows the Prospectus includes the following items:
o information about the Apartment Complexes in which Series 38 anticipates
investing
o other important information which modifies or supplements the information
included in the Prospectus
<PAGE>
NY
FEBRUARY 1, 2000
SUPPLEMENT NO. 2 TO PROSPECTUS FOR
BOSTON CAPITAL TAX CREDIT FUND IV L.P.
DATED
SEPTEMBER 1, 1999
(SUPPLEMENT OFFERING BCTC IV SERIES 38 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 38'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 38 is offering at least 250,000 ($2.5 million) and up to 3,500,000 ($35
million) Beneficial Assignee Certificates that are the equivalent of limited
partnership interests in Series 38;
o the price of the certificates is $10 each with a minimum investment of $5,000;
o this offering will end no later than July 31, 2000; and
o your money will be held in escrow until at least 250,000 certificates are
sold.
Series 38'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.
<PAGE>
Prior Performance of Boston Associates and Its Affiliates
Boston Capital Tax Credit Fund IV L.P. Series 37 and 38 (the "Fund") already
has issued and closed Series 37. The Fund received orders for a total of
2,512,500 Series 37 certificates ($25,125,000), and issued the last of these
certificates on January 28, 2000. The fees paid as of January 28, 2000 to
Boston Capital and affiliates for Series 37 totaled $2,575,313. No additional
Series 37 certificates will be offered. In addition, Boston Capital Tax Credit
Fund IV L.P. has issued other series in other offerings--Series 20 to Series
36. See "Prior Performance of Boston Associates and Its Affiliates" in the
Prospectus for information about these previous series.
Investment Objectives and Acquisition Policies
Series 38'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.
The attainment of Series 38'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 38 will meet its investment
objectives.
Anticipated Investments
Series 38 expects to invest in the eleven operating partnerships described
below. Each operating partnership will use a significant part of the funds
invested by Series 38 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 38 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 38 to invest in these apartment complexes or under the
described investment terms in deciding whether to invest in Series 38. If
Series 38 raises the entire $35 million, the anticipated acquisition of the
operating partnership interests, described below, will represent approximately
80% of the total money which Series 38 currently expects to spend.
2
<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations
Because Series 38 is currently in the offering phase, it has no material assets
or any operating history. Series 38 expects to acquire interests in the
following 11 operating partnerships, which will develop, own and operate
apartment complexes, 9 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. Andover L.P. Midland Residential Ventures
(the "Andover Partnership")
New Construction
2. Brighton Estates L.P. Fisher & Associates
(the "Brighton Partnership")
New Construction
3. Bristow Place L.P. Green Development
(the "Bristow Place Partnership")
Property Rehabilitation
4. Columbia Creek L.P. Noel F. Khalil
(the "Columbia Creek Partnership") Jane Creekmore
New Construction
5. Community Village L.P. Stavrou Associates
(the "Community Village Partnership")
New Construction
6. Cushing Place L.P. Green Development
(the "Cushing Place Partnership")
Property Rehabilitation
7. Hammond Place L.P. Calhoun Properties
(the "Hammond Place Partnership")
New Construction
8. Mayport L.P. Robert Alligood
(the "Mayport Partnership") Lynn Alligood
New Construction
9. Gouverneur L.P. Home Properties
(the "Pine Grove Partnership")
New Construction
10. Heritage II L.P. Phillips Development Corporation
(the "Whitley Partnership")
New Construction
11. Willow Brook II L.P. Calhoun Properties
(the "Willow Brook Partnership")
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 38 is $1.00 per certificate (10%). 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 38 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>
<TABLE>
<CAPTION>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
Operating Basic Government
Partnership Location Number Monthly Assistance
Name of Property of Units Rents (1) Anticipated
- ------------------- -------------- ---------- ----------- ------------------
<S> <C> <C> <C> <C>
1. Andover Andover, 80 $398- Federal Housing
Partnership Kansas $475 1BR Tax Credits
$450-
$590 2BR
$540-
$640 3BR
2. Brighton Kansas City, 12 $575 3BR Federal Housing
Partnership Missouri $650 4BR Tax Credits
3. Bristow Place Bristow, 28 $350 2BR RHS Sec. 515
Partnership Oklahoma $450 3BR with 100% rental
$575 4BR assistance
4. Columbia Creek Woodstock, 172 $569- Federal Housing
Partnership Georgia $655 2BR Tax Credits
$649-
$711 3BR
5. Community Sterling, 150 $730- Federal Housing
Village Virginia $750 1BR Tax Credits
Partnership $790 2BR
<CAPTION>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
Operating Permanent Mortgage Annual Annual
Partnership Mortgage Interest Reserve Management Management
Name Loan Rate Amount Agent Fee
- ------------------- -------------------- -------------- --------- ---------------- -----------------
<S> <C> <C> <C> <C> <C>
1. Andover Alliance Bank 7.7% $16,000 Midland 6% of net
Partnership $2,800,000 (3) Management rental income
2. Brighton Mercantile Bank 9% $3,600 Fisher & 6% of net
Partnership $450,000 (4) Company rental income
3. Bristow Place $1,358,000 1% (2) $12,800 Green $26 per occupied
Partnership Companies unit per month
4. Columbia Creek First Union 8.75% $34,400 Affordable 6% of net
Partnership National Bank Housing rental income
$6,722,000 (5) Partnership
5. Community SunAmerica 8.25% $30,000 Stavrou Senior 6% of net
Village $7,750,000 (6) Communities rental income
Partnership
</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 Andover Partnership's anticipated permanent first mortgage
loan in the amount of $2,800,000 are expected to include a term of 30
years, an interest rate of 7.7% and payments of principal and interest on
the basis of a 30-year amortization schedule.
4 The terms of the Brighton Partnership's anticipated permanent first mortgage
loan in the amount of $450,000 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.
5 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 The terms of the Community Village Partnership's anticipated permanent first
mortgage loan in the amount of $7,750,000 are expected to include a term of
30 years, an interest rate of 8.25% and payments of principal and interest
on the basis of a 30-year amortization schedule.
5
<PAGE>
<TABLE>
<CAPTION>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
Operating Basic Government
Partnership Location Number Monthly Assistance
Name of Property of Units Rents (1) Anticipated
- ------------------ ------------- ---------- ----------- ------------------
<S> <C> <C> <C> <C>
6. Cushing Place Cushing, 24 $400 1BR RHS Sec. 515
Partnership Oklahoma $425 2BR with 100%
$450 3BR rental assistance
$500 4BR
7. Hammond Hammond, 40 $290- Federal Housing
Place Louisiana $361 2BR Tax Credits
Partnership $335 3BR
$450 4BR
8. Mayport Atlantic 28 $360- Home
Partnership Beach, $581 2BR Investment
Florida $417- Partnerships
$671 3BR Program (8)(b)
Reserve Funds
Disbursement
Program (8)(c)
<CAPTION>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
Operating Permanent Mortgage Annual Annual
Partnership Mortgage Interest Reserve Management Management
Name Loan Rate Amount Agent Fee
- ------------------ ------------------------ -------------- --------- ------------ ------------------
<S> <C> <C> <C> <C> <C>
6. Cushing Place $1,112,000 1% (2) $11,100 Green $26 per occupied
Partnership Companies unit per month
7. Hammond Hibernia Bank 9% $12,500 Calhoun 6% of net rental
Place $531,000 (7) Management income
Partnership
8. Mayport Midland 8.5% $5,600 Wendover 6% of net rental
Partnership Mortgage Management income
Investment
Corporation
$814,000 (8)(a)
City of 0%
Jacksonville,
Florida
$76,000 (8)(b)
Duval County 0%
Housing Finance
Authority
$100,000 (8)(c)
</TABLE>
- -----------------
7 The terms of the Hammond Place Partnership's anticipated permanent first
mortgage loan in the amount of $531,000 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.
8 (a) The terms of the Mayport Partnership's anticipated permanent first
mortgage loan in the amount of $814,000 are expected to include a term of
30 years, an interest rate of 8.5% and payments of principal and interest
on the basis of a 30-year amortization schedule.
(b) The terms of the Mayport Partnership's anticipated permanent second
mortgage loan in the amount of $76,000 are expected to include a term of
15 years, an interest rate of 0% and payments of principal on the basis
of a 15-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 based on available cash flow, and for
the payment of the entire outstanding balance of principal at the end of
the 15-year term.
(c) The terms of the Mayport Partnership's anticipated permanent third
mortgage loan in the amount of $100,000 are expected to include a term of
40 years, an interest rate of 0% and payments of principal on the basis
of a 40-year amortization schedule, provided, however, that the terms of
the permanent third mortgage loan will provide for the deferral and
accrual of payments of principal based on available cash flow, and for
the payment of the entire outstanding balance of principal at the end of
the 40-year term.
6
<PAGE>
<TABLE>
<CAPTION>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
Operating Basic Government
Partnership Location Number Monthly Assistance
Name of Property of Units Rents (1) Anticipated
- ------------------ --------------- ---------- ----------- ------------------
<S> <C> <C> <C> <C>
9. Pine Grove Gouverneur, 48 $265 1BR Housing Trust
Partnership New York $330 2BR Fund Program
(9)
10. Whitley Whitley City, 22 $312 1BR RHS Sec. 515
Partnership Kentucky $371 2BR with 100%
$407 3BR rental assistance
11. Willow Brook Lafayette, 40 $300- HOME
Partnership Louisiana $385 2BR Investment
$490 4BR Partnerships
Program (10)(b)
<CAPTION>
INFORMATION CONCERNING THE APARTMENT COMPLEXES
Operating Permanent Mortgage Annual Annual
Partnership Mortgage Interest Reserve Management Management
Name Loan Rate Amount Agent Fee
- ------------------ -------------------------- -------------- --------- ---------------- -----------------
<S> <C> <C> <C> <C> <C>
9. Pine Grove New York 1% $18,875 Conifer Realty 6% of net
Partnership Division of rental income
Housing &
Community
Renewal
$900,000 (9)
10. Whitley $926,000 1% (2) $10,200 Phillips $22 per occupied
Partnership Development unit per month
11. Willow Brook Hibernia Bank 9% $12,000 Calhoun 6% of net
Partnership $240,000 (10)(a) Management rental income
Lafayette 2%
Consolidated
Government
$380,000 (10)(b)
</TABLE>
- -----------------
9 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.
10 (a) The terms of the Willow Brook Partnership's anticipated permanent first
mortgage loan in the amount of $240,000 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.
(b) The terms of the Willow Brook Partnership's anticipated permanent second
mortgage loan in the amount of $380,000 are expected to include a term of
25 years, an interest rate of 2% 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 25-year term.
7
<PAGE>
<TABLE>
<CAPTION>
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS
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. Andover $1,790,410 99.99/20/20 $100 Unlimited in
Partnership amount for
3 years
2. Brighton $810,720 99/20/20 $100 Unlimited in
Partnership amount for
5 years
3. Bristow $502,550 99/40/40 $100 Unlimited in
Place duration and
Partnership amount
4. Columbia $6,044,396 100/15/55 $100 Unlimited in
Creek amount for
Partnership 3 years
5. Community $4,107,688 99.99/20/20 $100 $2,000,000 in
Village the aggregate
Partnership for 5 years
6. Cushing $408,083 99/40/40 $37,460 Unlimited in
Place duration and
Partnership amount
7. Hammond $1,706,342 99/30/30 $100 Unlimited in
Place amount for
Partnership 5 years
8. Mayport $1,277,512 99.99/10/20 $100 $45,000 in the
Partnership aggregate for
3 years
9. Pine $2,937,077 99/10/20 $100 Unlimited in
Grove duration and
Partnership amount
10. Whitley $302,339 95/50/50 $123,824 Unlimited in
Partnership amount for
5 years
11. Willow $1,301,798 99/20/50 $100 Unlimited in
Brook duration and
Partnership amount
<CAPTION>
TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS
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. Andover $2,752,000 $232,521 $456,000 $7,200 $7,200
Partnership
2. Brighton $1,278,000 $106,674 $126,000 $1,000 $1,000
Partnership
3. Bristow $1,770,000 $64,429 $277,000 $875 $875
Place
Partnership
4. Columbia $9,193,000 $774,923 $1,515,000 $15,000 $15,000
Creek
Partnership
5. Community $10,667,000 $533,466 $1,594,000 $5,000 $5,000
Village
Partnership
6. Cushing $1,441,000 $52,318 $79,000 $750 $750
Place
Partnership
7. Hammond $2,675,000 $221,603 $274,000 $3,000 $3,000
Place
Partnership
8. Mayport $1,855,000 $163,784 $285,000 $20,000 $2,800
Partnership
9. Pine $4,664,000 $376,548 $490,000 $6,500 $3,600
Grove
Partnership
10. Whitley $1,124,000 $38,761 $154,000 $2,000 $2,000
Partnership
11. Willow $1,967,000 $164,785 $261,000 $1,000 $1,000
Brook
Partnership
</TABLE>
8
<PAGE>
THE ANDOVER PARTNERSHIP
(Andover Crossing Apartments)
Andover Crossing Apartments is an 80-unit apartment complex for families which
is to be constructed on Kellogg and Andover Roads in Andover, Kansas. Andover
Crossing Apartments will consist of 24 one-bedroom units, 40 two-bedroom units
and 16 three-bedroom units contained in 11 buildings. The complex will offer a
function room, basketball court, playground and central laundry facilities.
Individual units will contain a refrigerator, range with exhaust fan,
dishwasher, disposal, air conditioning and a patio or porch.
Construction of Andover Crossing Apartments is anticipated to begin in March,
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>
40 November, 2000 60 January, 2001
40 December, 2000 10 February, 2001
10 March, 2001
</TABLE>
THE BRIGHTON PARTNERSHIP
(Brighton Estates)
Brighton Estates is a development of 12 single family homes which is to be
constructed on Brighton Avenue between 27 Street and Raytown Road in Kansas
City, Missouri. Brighton Estates will consist of 10 three-bedroom homes and 2
four-bedroom homes. The development will offer central laundry facilities.
Individual homes will contain a refrigerator, range with hood, dishwasher,
disposal, air conditioning, ceiling fan, microwave and a patio or porch.
Construction of Brighton Estates 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>
6 October, 2001 12 January, 2002
6 November, 2001
</TABLE>
THE BRISTOW PLACE PARTNERSHIP
(Bristow Place Apartments)
Bristow Place Apartments is an existing 28-unit apartment complex for families
which is to be rehabilitated on South Kelly in Bristow, Oklahoma. Bristow Place
Apartments will consist of 9 two-bedroom units, 15 three-bedroom units and 4
four-bedroom units contained in 4 buildings. The complex will offer central
laundry facilities.
Individual units will contain a refrigerator, range, dishwasher and air
conditioning.
9
<PAGE>
Rehabilitation of Bristow Place Apartments is anticipated to begin in May,
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>
14 November, 2000 28 January, 2001
14 December, 2000
</TABLE>
THE COLUMBIA CREEK PARTNERSHIP
(Columbia Creek Apartments)
Columbia Creek Apartments is a 172-unit apartment complex for families which is
to be 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 is anticipated to begin 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>
THE COMMUNITY VILLAGE PARTNERSHIP
(Community Village Apartments)
Community Village Apartments is a 150-unit apartment complex for senior
citizens which is to be constructed on Route 637 at Route 7 in Sterling,
Virginia. Community Village Apartments will consist of 123 one-bedroom units
and 27 two-bedroom units contained in 1 building. The complex will offer a
function room, library, theater, billiards room, exercise room, solarium and
central laundry facilities.
Individual units will contain a refrigerator, range with hood, dishwasher and
disposal.
10
<PAGE>
Construction of Community Village Apartments is anticipated to begin in May,
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>
150 June, 2001 15 July, 2001
15 August, 2001
15 September, 2001
15 October, 2001
15 November, 2001
15 December, 2001
15 January, 2002
15 February, 2002
15 March, 2002
15 April, 2002
</TABLE>
THE CUSHING PLACE PARTNERSHIP
(Cushing Place Apartments)
Cushing Place Apartments is an existing 24-unit apartment complex for families
which is to be rehabilitated on East Quail Creek Drive in Cushing, Oklahoma.
Cushing Place Apartments will consist of 2 one-bedroom units, 10 two-bedroom
units, 7 three-bedroom units and 5 four-bedroom units contained in 4 buildings.
The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, air
conditioning and a patio or porch.
Rehabilitation of Cushing Place Apartments is anticipated to begin in April,
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>
12 November, 2000 24 January, 2001
12 December, 2000
</TABLE>
THE HAMMOND PLACE PARTNERSHIP
(Hammond Place Apartments)
Hammond Place Apartments is a 40-unit apartment complex for families which is
to be constructed on Mooney Avenue at West Hanson Street in Hammond, Louisiana.
Hammond Place Apartments will consist of 20 two-bedroom units, 14 three-bedroom
units and 6 four-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.
11
<PAGE>
Construction of Hammond Place Apartments is anticipated to begin 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>
10 August, 2001 10 September, 2001
10 September, 2001 10 October, 2001
10 October, 2001 10 November, 2001
10 November, 2001 10 December, 2001
</TABLE>
THE MAYPORT PARTNERSHIP
(Orchid Trace Apartments)
Orchid Trace Apartments is a 28-unit apartment complex for families which is to
be constructed on Orchid Street between West 5 and 6 Streets and between 7 and
8 Streets in Atlantic Beach, Florida. Orchid Trace Apartments will consist of 8
two-bedroom units and 20 three-bedroom units contained in 14 buildings. The
complex will offer a function room, playground, basketball court and central
laundry facilities.
Individual units will contain a refrigerator, range, dishwasher, disposal and
air conditioning.
Construction of Orchid Trace Apartments is anticipated to begin 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>
14 January, 2001 10 February, 2001
14 February, 2001 9 March, 2001
9 April, 2001
</TABLE>
THE PINE GROVE PARTNERSHIP
(Pine Grove Apartments)
Pine Grove Apartments is a 48-unit apartment complex for senior citizens which
is to be 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 is anticipated to begin in February,
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>
12
<PAGE>
THE WHITLEY PARTNERSHIP
(Whitley Park Apartments)
Whitley Park Apartments is a 22-unit apartment complex for families which is
being constructed on Old Bailey/Brown Road in Whitley City, Kentucky. Whitley
Park Apartments will consist of 4 one-bedroom units, 14 two-bedroom units and 4
three-bedroom units contained in 3 buildings. The complex will offer a function
room and central laundry facilities.
Individual units will contain a refrigerator, range with hood, dishwasher,
disposal and air conditioning.
Construction of Whitley Park Apartments began in January, 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>
11 November, 2000 22 January, 2001
11 December, 2000
</TABLE>
THE WILLOW BROOK PARTNERSHIP
(Willow Brook Apartments)
Willow Brook Apartments is a 40-unit apartment complex for families which is to
be constructed on West Willow in Lafayette, Louisiana. Willow Brook Apartments
will consist of 34 two-bedroom units and 6 four-bedroom units contained in 20
buildings. The complex will offer central laundry facilities.
Individual units will contain a refrigerator, range, air conditioning and a
patio or porch.
Construction of Willow Brook Apartments is anticipated to begin in March, 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>
10 August, 2000 8 September, 2000
10 September, 2000 8 October, 2000
10 October, 2000 8 November, 2000
10 November, 2000 8 December, 2000
8 January, 2001
</TABLE>
* * * * * * * *
13
