<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------
FORM 8-K/A
AMENDMENT NO. 1
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) JUNE 3, 1997
----------------------
APARTMENT INVESTMENT AND MANAGEMENT COMPANY
------------------------------------------------------
(Exact name of registrant as specified in its charter)
MARYLAND 1-13232 84-1259577
- -------------------------------- ------------ -------------------
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1873 SOUTH BELLAIRE STREET, SUITE 1700, DENVER, CO 80222-4348
- -------------------------------------------------- -------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (303) 757-8101
--------------------
NOT APPLICABLE
--------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 2. ACQUISITION OR DISPOSITION OF ASSETS
Acquisition of NHP Real Estate Companies
On June 3, 1997, Apartment Investment and Management Company, a
Maryland corporation ("AIMCO" and, together with its subsidiaries and other
controlled entities, the "Company"), acquired all of the issued and outstanding
capital stock of NHP Partners, Inc., a Delaware corporation ("NHP Partners,
Inc."), and the Company acquired all of the outstanding partnership interests in
NHP Partners Two Limited Partnership, a Delaware limited partnership ("NHP
Partners Two LP" and, together with NHP Partners, Inc. and their subsidiaries,
the "NHP Real Estate Companies").
The Company acquired the NHP Partners, Inc. capital stock from NHP
Partners Limited Partnership, a Delaware limited partnership which is owned
by Demeter Holdings Corporation, a Massachusetts corporation ("Demeter"),
Capricorn Investors, L.P., a Delaware limited partnership ("Capricorn"), and
J. Roderick Heller, III. The Company acquired the interests in NHP Partners
Two LP from Phemus Corporation, a Massachusetts corporation ("Phemus"),
Capricorn, Mr. Heller and NHP Partners Two LLC, a Delaware limited liability
company ("NHP Partners Two LLC") which is owned by Phemus, Capricorn and Mr.
Heller. As consideration, the Company paid $54.8 million in cash and issued
warrants to purchase 399,999 shares of AIMCO's Class A Common Stock, par
value $.01 per share, at an exercise price of $36 per share. The Company
financed the cash consideration with borrowings under its revolving credit
facility (the "Credit Facility") with Bank of America National Trust and Savings
Association.
The acquisition of the NHP Real Estate Companies was made pursuant
to a Real Estate Acquisition Agreement, dated as of May 22, 1997 (the "Real
Estate Agreement"), by and among AIMCO, AIMCO Properties, L.P., a Delaware
limited partnership (the "Operating Partnership"), Demeter, Phemus,
Capricorn, Mr. Heller and NHP Partners Two LLC. The purchase price and other
terms of the Real Estate Agreement were determined based on negotiations
among AIMCO, Demeter, Phemus, Capricorn and Mr. Heller. A copy of the Real
Estate Agreement is filed herewith as Exhibit 2.1 and incorporated herein by
this reference.
NHP Partners, Inc. owns the National Corporation for Housing
Partnerships, a District of Columbia corporation ("NCHP"), and NHP Partners,
Inc. and NHP Partners Two LP own The National Housing Partnership, a District
of Columbia limited partnership (the "NHP Partnership"). NCHP and the NHP
Partnership were organized by Congress in 1970 as private, for-profit
entities pursuant to Title IX of the Housing and Urban Development Act of
1968, to promote private investment in the production of low and moderate
income (affordable) housing. NCHP acts as the general partner of the NHP
Partnership. Through NCHP, the NHP Partnership and other subsidiar-
1
<PAGE>
ies, the NHP Real Estate Companies hold interests in partnerships that own
approximately 540 conventional and affordable multifamily apartment
properties, which contain approximately 86,387 apartment units, as well as a
captive insurance subsidiary and other related assets.
A majority of the properties in which the NHP Real Estate Companies
own interests are managed by NHP Incorporated, a Delaware corporation
("NHP"). On May 5, 1997, AIMCO/NHP Holdings, Inc., a Delaware corporation and
a subsidiary of AIMCO, acquired approximately 51% of the outstanding common
stock of NHP from Demeter, Capricorn and certain Capricorn partners. AIMCO
and NHP have previously announced an agreement pursuant to which a wholly
owned subsidiary of AIMCO would be merged with and into NHP. The merger is
subject to the approval of shareholders of NHP and AIMCO, as well as certain
other conditions. Mr. Heller is the Chairman of the Board, President and
Chief Executive Officer of NHP, and three executive officers of AIMCO
currently serve as directors of NHP. The Company's acquisition of the NHP
Real Estate Companies was approved by a committee of independent directors of
NHP.
On June 6, 1997, AIMCO issued a press release describing the terms
of the acquisition of the NHP Real Estate Companies. The press release is
filed herewith as Exhibit 99.1 and incorporated herein by this reference.
Acquisition of Apartment Properties
On June 6, 1997, the Company acquired The Vinings at the Waterways, a
180-unit apartment community located in Aventura, Florida, for $16.4 million
(including $0.4 million for closing costs and initial capital expenditures at
the property). The Company financed a portion of the purchase price with a
short term loan of $8 million from Amresco, Inc., and the remainder with
additional borrowings under the Credit Facility.
On June 12, 1997, the Company acquired two apartment communities
located in Tustin, California for $9.3 million in cash (including $1.9
million for closing costs and initial capital expenditures at the property)
and 315,419 units ("OP Units") of limited partnership interest in the
Operating Partnership. The Californian Apartments contains 92 apartment
units and Tustin East Village contains 200 apartment units. The two
apartment communities are operated as one complex, together with the
Brookside Apartments which the Company acquired in April 1996. The Company
financed the cash portion of the purchase price with borrowings under its
Credit Facility. On the same date, the Company also acquired from the same
sellers a 45,000 sq. ft. retail shopping center, which is adjacent to the two
acquired apartment communities, for 182,375 OP Units.
2
<PAGE>
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of Businesses Acquired
1. Combined Balance Sheets of NHP Real Estate Companies, as of
December 31, 1996 and 1995, and March 31, 1997 (unaudited), and the related
combined statements of operations, changes in shareholders' equity (deficit) and
partners' capital (deficit), net and cash flows for each of the three years in
the period ended December 31, 1996, and for the three months ended March 31,
1997 (unaudited) and 1996 (unaudited), together with the Report of Independent
Public Accountants (included as Exhibit 99.5 to this Report and incorporated
herein by this reference).
2. Balance Sheets of NHP Southwest Partners, L.P. (a Delaware
Limited Partnership), as of December 31, 1996 and 1995, and the related
statements of operations, changes in partners' capital and cash flows for the
year ended December 31, 1996 and for the period from January 20, 1995 (date of
inception) through December 31, 1995, together with the Report of Independent
Public Accountants (included as Exhibit 99.6 to this Report and incorporated
herein by this reference).
3. Combined Balance Sheets of NHP New LP Entities as of December 31,
1996 and 1995, and the related combined statements of operations, changes in
partners' capital, and cash flows for the year ended December 31, 1996 and for
the period from January 20, 1995 (date of inception) through December 31, 1995,
together with the Report of Independent Public Accountants (included as Exhibit
99.7 to this Report and incorporated herein by this reference).
4. Combined Balance Sheets of NHP Borrower Entities as of December
31, 1996 and 1995, and the related combined statements of operations, changes in
partners' capital, and cash flows for the year ended December 31, 1996 and for
the period from January 20, 1995 (date of inception) through December 31, 1995,
together with the Report of Independent Public Accountants (included as Exhibit
99.8 to this Report and incorporated herein by this reference).
5. Historical Summary of Gross Income and Certain Expenses (Summary)
of The Bay Club at Aventura for the year ended December 31, 1996 and the three
months ended March 31, 1997 (unaudited), together with the Report of Independent
Auditors (included as Exhibit 99.9 to this Report and incorporated herein by
this reference).
(b) Pro Forma Financial Information
The required pro forma financial information will be filed by
amendment by August 15, 1997.
(c) Exhibits
3
<PAGE>
The following exhibits are filed with this report:
Exhibit
Number Description
- ------- -----------
2.1 Real Estate Acquisition Agreement, dated as of May 22, 1997, by and
among Apartment Investment and Management Company, AIMCO Properties,
L.P., Demeter Holdings Corporation, Phemus Corporation, Capricorn
Investors, L.P., J. Roderick Heller, III, and NHP Partners Two LLC*
23.1 Consent of Arthur Andersen LLP dated June 23, 1997
23.2 Consents of Deloitte & Touche LLP dated June 23, 1997
23.3 Consent of Anders, Minkler & Diehl LLP dated June 23, 1997
23.4 Consent of Dauby O'Connor & Zaleski, LLC dated June 23, 1997
23.5 Consent of Edwards Leap & Sauer dated June 23, 1997
23.6 Consent of Fishbein & Company, P.C. dated June 23, 1997
23.7 Consents of Freeman and Vessillo dated June 23, 1997
23.8 Consents of Friduss, Lukee, Schiff & Co., PC dated June 23, 1997
23.9 Consent of George A. Hieronymous & Company, LLC dated June 23, 1997
23.10 Consent of Goldenberg Rosenthal Friedlander, LLP dated June 23, 1997
23.11 Consent of Hansen, Hunter & Kibbee, P.C. dated June 23, 1997
23.12 Consent of J.H. Cohn LLP dated June 23, 1997
23.13 Consent of J.A. Plumer & Co., P.A. dated June 23, 1997
23.14 Consent of Marks Shron & Company, LLP dated June 23, 1997
23.15 Consent of Prague & Company, P.C. dated June 23, 1997
23.16 Consent of Reznick Fedder & Silverman dated June 23, 1997
23.17 Consents of Robert Ercolini & Company dated June 23, 1997
4
<PAGE>
23.18 Consent of Russell Thompson Butler & Houston dated June 23, 1997
23.19 Consent of Sciarabba Walker & Co., LLP dated June 23, 1997
23.20 Consent of Wallace Sanders & Company dated June 23, 1997
23.21 Consent of Warady and Davis dated June 23, 1997
23.22 Consent of Ziner and Company, PC dated June 23, 1997
23.23 Consent of Zinner & Co. dated June 23, 1997
23.24 Consent of Ernst & Young LLP dated June 23, 1997
99.1 Press Release of Apartment Investment and Management Company, dated
June 6, 1997*
99.2 1994 Reports of Independent Auditors
99.3 1995 Reports of Independent Auditors
99.4 1996 Reports of Independent Auditors
99.5 Financial Statements of NHP Real Estate Companies and Report of
Independent Accountants
99.6 Financial Statements of NHP Southwest Partners, L.P. (a Delaware
Limited Partnership) and Report of Independent Accounts
99.7 Financial Statements of NHP New LP Entities and Report of Independent
Accountants
99.8 Financial Statements of NHP Borrower Entities and Report of
Independent Accountants
99.9 Financial Statements of The Bay Club at Aventura and Report of
Independent Auditors
__________________
* Previously filed
5
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
APARTMENT INVESTMENT AND
MANAGEMENT COMPANY
Date: June 27, 1997 By: /s/ Leeann Morein
---------------------------------
Leeann Morein
Senior Vice President, Chief
Financial Officer and Secretary
6
<PAGE>
EXHIBIT INDEX TO CURRENT REPORT ON FORM 8-K
Sequentially
Exhibit Numbered
Number Description Page
- ------- ----------- ------------
2.1 Real Estate Acquisition Agreement, dated as of May 22, 1997,
by and among Apartment Investment and Management Company,
AIMCO Properties, L.P., Demeter Holdings Corporation, Phemus
Corporation, Capricorn Investors, L.P., J. Roderick Heller,
III, and NHP Partners Two LLC*
23.1 Consent of Arthur Andersen LLP dated June 23, 1997
23.2 Consents of Deloitte & Touche LLP dated June 23, 1997
23.3 Consent of Anders, Minkler & Diehl LLP dated June 23, 1997
23.4 Consent of Dauby O'Connor & Zaleski, LLC dated June 23, 1997
23.5 Consent of Edwards Leap & Sauer dated June 23, 1997
23.6 Consent of Fishbein & Company, P.C. dated June 23, 1997
23.7 Consents of Freeman and Vessillo dated June 23, 1997
23.8 Consents of Friduss, Lukee, Schiff & Co., PC dated June 23,
1997
23.9 Consent of George A. Hieronymous & Company, LLC dated June
23, 1997
23.10 Consent of Goldenberg Rosenthal Friedlander, LLP dated June 23,
1997
23.11 Consent of Hansen, Hunter & Kibbee, P.C. dated June 23, 1997
23.12 Consent of J.H. Cohn LLP dated June 23, 1997
23.13 Consent of J.A. Plumer & Co., P.A. dated June 23, 1997
<PAGE>
23.14 Consent of Marks Shron & Company, LLP dated June 23, 1997
23.15 Consent of Prague & Company, P.C. dated June 23, 1997
23.16 Consent of Reznick Fedder & Silverman dated June 23, 1997
23.17 Consents of Robert Ercolini & Company dated June 23, 1997
23.18 Consent of Russell Thompson Butler & Houston dated June 23, 1997
23.19 Consent of Sciarabba Walker & Co., LLP dated June 23, 1997
23.20 Consent of Wallace Sanders & Company dated June 23, 1997
23.21 Consent of Warady and Davis dated June 23, 1997
23.22 Consent of Ziner and Company, PC dated June 23, 1997
23.23 Consent of Zinner & Co. dated June 23, 1997
23.24 Consent of Ernst & Young LLP dated June 23, 1997
99.1 Press Release of Apartment Investment and Management Company,
dated June 6, 1997*
99.2 1994 Reports of Independent Auditors
99.3 1995 Reports of Independent Auditors
99.4 1996 Reports of Independent Auditors
99.5 Financial Statements of NHP Real Estate Companies and Report
of Independent Accountants
99.6 Financial Statements of NHP Southwest Partners, L.P. (a
Delaware Limited Partnership) and Report of Independent
Accounts
99.7 Financial Statements of NHP New LP Entities and Report of
Independent Accountants
99.8 Financial Statements of NHP Borrower Entities and Report of
Independent Accountants
99.9 Financial Statements of The Bay Club at Aventura and Report
of Independent Auditors
__________________
* Previously filed
<PAGE>
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the inclusion in
this Current Report on Form 8-K, filed with the Securities Exchange
Commission by Apartment Investment and Management Company ("AIMCO"), of our
reports with respect to the audits of the entities detailed below for the
periods indicated.
<TABLE>
<CAPTION>
ENTITIES PERIODS REPORT DATE
- -------------------------------------- --------------------------------- -----------------
<S> <C> <C>
NHP Real Estate Companies Years ended December 31, 1996, May 5, 1997 (except with respect to the matters
(as defined in Note 1) 1995 and 1994 discussed in Note 17, as to which the date is
June 3, 1997)
NHP Southwest Partners, LP Period from January 20, 1995 to April 11, 1997 (except with respect to the matter
December 31, 1995, and the Year discussed in Note 7, as to which the date is
ended December 31, 1996 June 3, 1997)
NHP New LP Entities Period from January 20, 1995 to February 20, 1997 (except with respect to the matter
(as defined in Note 1) December 31, 1995, and the Year discussed in Note 8, as to which the date is
ended December 31, 1996 June 3, 1997)
NHP Borrower Entities Period from January 20, 1995 February 20, 1997 (except with respect to the matter
(as defined in Note 1) to December 31, 1995, and the Year discussed in Note 8, as to which the date is
ended December 31, 1996 June 3, 1997)
</TABLE>
We further consent to the incorporation by reference in this Current
Report on Form 8-K of our report dated April 23, 1997 of NHP Incorporated for
the years ended December 31, 1996, 1995 and 1994.
We further consent to the incorporation by reference of such reports in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form S-3
(No. 333-828), AIMCO's Registration Statement on Form S-3 (No. 333-4542),
AIMCO's Registration Statement on Form S-3 (No. 333-4546), AIMCO's Registration
Statement on Form S-3 (No. 333-08997), AIMCO's Registration Statement on Form
S-3 (No. 333-17431), AIMCO's Registration Statement on Form S-8 (No. 333-4550),
AIMCO's Registration Statement on Form S-8 (No. 333-4548), AIMCO's Registration
Statement on Form S-8 (No. 333-14481), and AIMCO's Registration Statement on
From S-3 (No. 333-20755).
/s/ Arthur Andersen LLP
Washington, D.C.
June 23, 1997
2
<PAGE>
Exhibit 23.2
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in this Current Report on Form
8-K by Apartment Investment and Management Company (AIMCO) of our reports on
the financial statements of certain Partnerships for the year ended December
31, 1994, which reports are dated as shown in the following Appendices (Items
1 through 5), and on the Partnerships referred to below (Items 6 through 16):
1) Appendix A-94
2) Appendix B-94 (each of which expresses an unqualified opinion and
includes an explanatory paragraph relating to the Partnership's ability
to continue as a going concern)
3) Appendix C-94 (each of which expresses a qualified opinion as a result of
cumulative unpaid distributions recorded according to HUD guidelines which
is not in accordance with generally accepted accounting principles)
4) Appendix D-94 (each of which expresses an unqualified opinion and includes
an explanatory paragraph relating to the change in 1993 of the
Partnership's method of computing depreciation)
5) Appendix E-94 (each of which expresses an unqualified opinion and includes
an explanatory paragraph relating to the expiration of a Housing Assistance
Payment Contract)
6) Franklin Northwoods Associates, A Limited Partnership, dated March 3, 1995
(which expresses an unqualified opinion and includes an explanatory
paragraph noting that the mortgage lender has the option to require full
payment of all amounts outstanding after December 1, 1994)
7) Franklin Woods Associates, A Limited Partnership, dated March 14, 1995
(which expresses an unqualified opinion and includes an explanatory
paragraph noting that the mortgage note payable and related accrued
interest are due June 30, 1997)
8) Green Mountain Manor Limited Partnership, dated February 17, 1995 (which
expresses an unqualified opinion and includes explanatory paragraphs
relating to the expiration of a Housing Assistance Payment Contract and a
deferred acquisition note and related accrued interest which is due on
February 17, 1996)
Page 1 of 3
<PAGE>
9) Hilltop Apartment Associates, A Limited Partnership, dated February 13,
1995 (which expresses an unqualified opinion and includes explanatory
paragraphs relating to the change in 1993 of the Partnership's method of
computing depreciation and the Partnership's revised estimate in 1993 of
interest due on loans from one of its partners)
10) Leyden Limited Partnership, dated February 8, 1995 (which expresses an
unqualified opinion and includes explanatory paragraphs relating to the
Partnership's ability to continue as a going concern and the correction of
the Partnership's method of computing accrued interest on a deferred
acquisition note)
11) Madison Hill Limited Partnership, dated March 1, 1995 (which expresses an
unqualified opinion and includes an explanatory paragraph relating to the
transfer of substantially all of its assets, liabilities and its deed in
lieu of foreclosure, during February 1995, in return for $50,000)
12) Montblanc Garden Apartments Associates, A Limited Partnership, dated
March 17, 1995 (which expresses an unqualified opinion and includes an
explanatory paragraph relating to a disputed outstanding mortgage
principal balance)
13) Pavilion Associates, A Limited Partnership, dated January 19, 1995 (which
expresses an unqualified opinion and includes an explanatory paragraph
relating to a deferred acquisition note and related accrued interest, and
real estate notes payable which are due February 16, 1996)
14) Spring Meadow Limited Partnership, dated February 13, 1995 (which
expresses an unqualified opinion and includes explanatory paragraphs
relating to the Partnership's ability to continue as a going concern and
the correction of the Partnership's method of computing accrued interest
on a deferred acquisition note and the correction of an error relating to
Partnership cash reflected in the financial statements)
15) Spruce Limited Partnership, dated February 6, 1995 (which expresses an
unqualified opinion and includes an explanatory paragraph relating to the
correction of the Partnership's method of computing accrued interest on a
deferred acquisition note for the years 1992 and prior and the correction
of an error relating to Partnership cash reflected in the financial
statements)
16) Waterman Limited Partnership, dated January 13, 1995 (which expresses a
qualified opinion as a result of cumulative unpaid distributions recorded
according to HUD guidelines which is not in accordance with generally
accepted accounting principles, and includes an explanatory paragraph
regarding a deferred acquisition note and related accrued interest which
is due on April 18, 1996),
Page 2 of 3
<PAGE>
We further consent to the incorporation by reference of such reports in
AIMCO's Registration Statements on Form S-3 (No. 333-26415, No. 33-98338, No.
333-828, No. 333-4542, No. 333-4546, No. 333-08997, No. 333-17431 and No.
333-20755) and AIMCO's Registration Statements on Form S-8 (No. 333-4550, No.
333-4548 and No. 333-14481), all filed with the Securities and Exchange
Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
June 23, 1997
Page 3 of 3
<PAGE>
Appendix A-94
Partnership Report Date
- ----------- -----------
107-145 West 135th Street Associates February 9, 1995
Algonquin Tower Limited Partnership February 9, 1995
All Hallows Associates January 26, 1995
Allentown Towne House Limited Partnership January 26, 1995
Anglers Manor Associates February 2, 1995
Antioch Apartments, Ltd. January 11, 1995
Arvada House Associates February 2, 1995
Audobon Park Associates January 12, 1995
Baldwin Oaks Elderly, Ltd. February 6, 1995
Baldwin Towers Associates February 10, 1995
Basswood Manor Limited Partnership January 25, 1995
Bayview Hunters Point Apartments January 26, 1995
Bensalem Gardens Associates February 3, 1995
Berkley Limited Partnership February 14, 1995
Bloomsburg Elderly Associates February 1, 1995
Briarwood Apartments January 19, 1995
Brinton Manor No. 1 Associates January 21, 1995
Brinton Towers Associates January 24, 1995
Brookside Apartments Associates February 1, 1995
Buena Vista Apartments, Ltd. January 16, 1995
Cabell Associates of Lakeview January 21, 1995
California Square Limited Partnership January 30, 1995
California Square II Limited Partnership January 30, 1995
Campbell Heights Associates February 2, 1995
Canterbury Gardens Associates February 1, 1995
Capital Park Limited Partnership January 19, 1995
Center Square Associates January 25, 1995
Chapel NDP January 30, 1995
Cheyenne Village Apartments, Ltd. February 3, 1995
College Heights January 19, 1995
College Park Apartments February 8, 1995
College Park Associates January 27, 1995
Community Developers of High Point January 30, 1995
Congress Park Associates II February 9, 1995
Copperwood Limited January 31, 1995
Copperwood II Limited January 25, 1995
Cypress Gardens, Limited January 20, 1995
Darby Townhouses Associates January 18, 1995
Darbytown Development Associates January 11, 1995
Delcar-S, Ltd. January 9, 1995
Delcar-T, Ltd. January 20, 1995
DIP Limited Partnership January 20, 1995
DIP Limited Partnership-II February 3, 1995
DIP Limited Partnership III February 15, 1995
Page 1
<PAGE>
Appendix A-94
Partnership Report Date
- ----------- -----------
Discovery Limited Partnership February 7, 1995
Doral Gardens Associates February 1, 1995
Duquesne Associates No. 1 January 16, 1995
Edmond Estates Limited Partnership January 21, 1995
Elden Limited Partnership January 30, 1995
Esbro Limited Partnership January 12, 1995
Fairmont #1 Limited Partnership February 3, 1995
Fairmont #2 Limited Partnership February 6, 1995
Fairwood Associates February 6, 1995
Federal Square Village January 18, 1995
Field Associates January 21, 1995
Forest Green Limited Partnership January 16, 1995
Forest Park Elderly Associates January 13, 1995
Forrester Gardens, Ltd. January 12, 1995
Fort Carson Associates January 12, 1995
Foxwood Manor Associates January 11, 1995
Franklin Chapel Hill Associates February 23, 1995
Franklin Park Limited Partnership February 9, 1995
Friendset Housing Company January 17, 1995
Frio Housing, Ltd. February 2, 1995
G.W. Carver Limited January 26, 1995
Galion Limited Partnership January 30, 1995
Garfield Hill Associates January 17, 1995
Gateway Village Associates January 18, 1995
Gladys Hampton Houses Associates February 6, 1995
Golden Apartments I February 6, 1995
Golden Apartments II March 1, 1995
Grandview Apartments January 11, 1995
Greater Mount Calvary Terrace, Ltd. January 18, 1995
Greater Richmond Community Development
Corp. I and Associates February 14, 1995
Greater Richmond Community Development
Corp. II and Associates February 13, 1995
Griffith Limited Partnership January 11, 1995
Gulfway Limited Partnership January 13, 1995
H.R.H. Properties, Ltd. February 3, 1995
Hamilton Heights Associates January 26, 1995
Harold House Limited Partnership January 14, 1995
Hatillo Housing Associates March 17, 1995
Hickory Ridge Associates, Ltd. January 19, 1995
Hillcrest Green Apartments, Ltd. January 10, 1995
Hillside Village Associates February 9, 1995
Hilltop Limited Partnership January 17, 1995
Hopkins Renaissance Associates February 1, 1995
Page 2
<PAGE>
Appendix A-94
Partnership Report Date
- ----------- -----------
Hudson Terrace Associates January 26, 1995
Hurbell II Limited Partnership January 13, 1995
Indian Valley I Limited Partnership January 30, 1995
Indian Valley II Limited Partnership January 30, 1995
Indian Valley III Limited Partnership January 30, 1995
Ingram Square Apartments, Ltd. January 26, 1995
Jamestown Village Associates January 12, 1995
Jersey Park Associates January 20, 1995
JFK Associates January 26, 1995
Johnston Square Associates January 17, 1995
JVL 16 Associates January 16, 1995
Kennedy Homes Limited Partnership January 17, 1995
Key Parkway West Associates January 30, 1995
Kimberly Associates Limited Partnership January 10, 1995
La Salle Apartments January 17, 1995
La Vista Associates February 9, 1995
Lafayette Manor Associates February 15, 1995
Lafayette Towne Elderly, Ltd. February 3, 1995
Lafayette Towne Family, Ltd. February 3, 1995
Lake Forest Apartments January 20, 1995
Las Americas Housing Associates March 17, 1995
Lassen Associates January 31, 1995
Laurel Gardens February 1, 1995
Lewisburg Associates January 26, 1995
Lewisburg Elderly Associates January 19, 1995
Lincmar Associates January 31, 1995
Lincoln Park Associates February 3, 1995
Lock Haven Elderly Associates February 7, 1995
Lock Haven Gardens Associates January 30, 1995
Loring Towers Apartments Limited Partnership January 12, 1995
M & P Development Company January 13, 1995
Maple Park East Limited Partnership January 17, 1995
Maple Park West Limited Partnership January 10, 1995
Mayfair Manor Limited Partnership January 16, 1995
Meadowood Apartments-Phase I (Meadowood
Associates, Ltd.) January 17, 1995
Meadowood Apartments-Phase II (Meadowood
Associates, Ltd.) January 12, 1995
Meadows Apartments Limited Partnership January 23, 1995
Meadows East Apartments Limited Partnership January 17, 1995
Menlo Limited Partnership January 13, 1995
Merced Commons II February 7, 1995
Mill Street Associates February 3, 1995
Miramar Housing Associates March 17, 1995
Page 3
<PAGE>
Appendix A-94
Partnership Report Date
- ----------- -----------
Montblanc Housing Associates March 17, 1995
Morrisania Towers Housing Company January 25, 1995
Moss Gardens Ltd. February 1, 1995
Murphy Blair Associates III February 1, 1995
New Lake Village Apartments January 20, 1995
New West 111th Street Housing Company February 3, 1995
Newton Hill Limited Partnership January 30, 1995
Northgate Village Limited Partnership January 16, 1995
Northlake Terrace Associates February 8, 1995
Northwest Terrace Associates February 8, 1995
Oakland Village Townhouse Associates February 8, 1995
Ocala Place, Ltd. February 7, 1995
One Lytle Place February 2, 1995
One West Conway Associates February 22, 1995
Orange Village Associates February 8, 1995
Palm House Limited Partnership January 30, 1995
Park Avenue West I Limited Partnership January 30, 1995
Park Avenue West II Limited Partnership January 30, 1995
Park Creek Limited Partnership January 11, 1995
Place One Limited Partnership February 11, 1995
Portland Plaza Partnership February 7, 1995
Portner Place Associates February 15, 1995
Post Street Associates January 25, 1995
Pride Gardens Limited Partnership January 20, 1995
Pueblo Apartments Associates, Ltd. January 20, 1995
RI-15 Limited Partnership February 3, 1995
River Front Apartments Limited Partnership January 11, 1995
River Woods Associates February 13, 1995
Riverview II Associates January 27, 1995
Rockwell Limited Partnership January 13, 1995
Rolling Meadows Of Ada, Ltd. January 10, 1995
Ruffin Road Associates February 6, 1995
Rutherford Park Townhouses Associates February 8, 1995
San Jose Limited Partnership January 12, 1995
San Juan Del Centro Limited Partnership January 17, 1995
Sencit Towne House Limited Partnership January 25, 1995
Shoreview Apartments February 8, 1995
Site 10 Community Alliance Associates February 7, 1995
Sleepy Hollow Apartments January 26, 1995
SNI Development Company January 24, 1995
Southmont Apartments January 31, 1995
Southward Limited Partnership January 13, 1995
Stafford Apartments January 27, 1995
Stock Island Limited Partnership January 18, 1995
Page 4
<PAGE>
Appendix A-94
Partnership Report Date
- ----------- -----------
Storey Manor Associates February 3, 1995
Strawbridge Square Associates Limited Partnership February 6, 1995
Summersong Townhouses Limited Partnership January 26, 1995
Sunrise Associates February 10, 1995
Sunset Plaza Apartments January 20, 1995
Susquehanna View Limited Partnership January 16, 1995
Timberlake Apartments Limited Partnership January 19, 1995
Timuquana Park Associates January 18, 1995
Tinker Creek Limited Partnership January 10, 1995
Town North January 18, 1995
Treeslope Apartments Associates January 26, 1995
Trinity Towers-14th Street Associates, Ltd. March 7, 1995
United Handicap Federation Apartment Associates February 13, 1995
United House Associates February 9, 1995
United Housing Partners-Carbondale, Ltd. February 8, 1995
United Redevelopment Associates January 26, 1995
University Plaza Associates February 9, 1995
Vantage 78 March 7, 1995
Villa De Guadalupe Associates January 16, 1995
Village Circle Apartments, Ltd. January 31, 1995
Village Green Limited Partnership January 20, 1995
Vistas De San Juan Associates February 13, 1995
Waico Apartments Associates January 17, 1995
Waico Phase II Associates February 1, 1995
Walden Oaks Associates January 31, 1995
Walmsley Terrace Associates January 18, 1995
Walnut Hills Associates, Ltd. January 13, 1995
Wash-West Properties January 31, 1995
Waters Towers Associates January 12, 1995
West Oak Village Limited Partnership January 27, 1995
Whitefield Place, Ltd. January 26, 1995
Woodmark Limited Partnership January 30, 1995
Yadkin Associates January 13, 1995
Page 5
<PAGE>
Appendix B-94
Partnership Report Date
- ----------- -----------
Boynton Beach Limited Partnership March 17, 1995
Central Village Associates February 10, 1995
Cheek Road Limited Partnership February 7, 1995
Clay Courts Associates January 12, 1995
Eastman Associates January 24, 1995
Elm Creek Limited Partnership February 7, 1995
Fairmeadows Limited Partnership January 12, 1995
Fairview Homes Associates January 27, 1995
Franklin Eagle Rock Associates February 28, 1995
Franklin Pheasant Ridge Associates March 1, 1995
Franklin Ridgewood Associates February 24, 1995
Hamilton Gardens, Ltd. February 13, 1995
JVL Limited January 14, 1995
JVL 18 Associates February 3, 1995
JVL 19 Associates January 27, 1995
Langenheim Associates February 1, 1995
Meadowood Associates III, Ltd. January 15, 1995
New West 111th Street Two Associates January 25, 1995
Olde Rivertown Venture February 2, 1995
Retirement Manor Associates February 17, 1995
Royal Towers Limited Partnership January 12, 1995
Southridge Apartments Limited Partnership January 10, 1995
Springfield Limited Partnership January 13, 1995
Trinity Apartments January 13, 1995
Village Park II February 3, 1995
<PAGE>
Appendix C-94
Partnership Report Date
- ----------- -----------
Cottonwood Apartments January 11, 1995
Kenneth Arms Apartments January 9, 1995
Knollcrest Apartments January 21, 1995
Manzanita Arms Apartments January 11, 1995
Overbrook Park, Ltd. January 23, 1995
Rancho Arms Apartments January 17, 1995
San Juan Apartments January 24, 1995
Trinity Hills Village Apartments January 13, 1995
Tumast Associates February 8, 1995
Verdes Del Oriente February 1, 1995
<PAGE>
Appendix D-94
Partnership Report Date
- ----------- -----------
Cumberland Court Associates February 9, 1995
Maple Hill Associates February 15, 1995
Merced Commons I February 1, 1995
<PAGE>
Appendix E-94
Partnership Report Date
- ----------- -----------
Brightwood Manor Associates January 26, 1995
Caroline Arms Limited Partnership January 18, 1995
Richlieu Associates February 11, 1995
Sherman Terrace Associates January 13, 1995
Washington Manor Limited Partnership January 26, 1995
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the inclusion in this Current Report on Form 8-K by Apartment
Investment and Management Company (AIMCO) of our reports on the financial
statements of certain Partnerships for the year ended December 31, 1995
(except for Item 4 below which is for the period January 1, 1995 to August 7,
1995), which reports are dated as shown in the following Appendices (Items 1
through 3), and on the Partnerships referred to below (Items 4 through 6):
1) Appendix A-95
2) Appendix B-95 (each of which expresses an unqualified opinion and includes
an explanatory paragraph relating to the Partnership's ability to continue
as a going concern)
3) Appendix C-95 (each of which expresses an unqualified opinion and relies
upon the reports of other auditors)
4) Hamilton Gardens, Ltd., A Limited Partnership, dated September 7, 1995
(which expresses an unqualified opinion and includes an explanatory
paragraph relating to the sale, by court order, of the property owned by
the Partnership, pursuant to foreclosure proceedings and that title passed
to the new owners on August 8, 1995)
5) Spring Bright Limited Partnership, A Limited Partnership, dated March 11,
1996 (which expresses an unqualified opinion, relies upon the report of
other auditors and includes an explanatory paragraph relating to the
Partnership's ability to continue as a going concern)
6) Wash-West Properties, A Limited Partnership, dated February 6, 1996 (which
expresses an unqualified opinion and includes an explanatory paragraph
relating to the correction of the Partnership's method of computing accrued
interest on the Redevelopment Authority promissory note)
Page 1 of 2
<PAGE>
We further consent to the incorporation by reference of such reports in
AIMCO's Registration Statements on Form S-3 (No. 333-26415, No. 33-98338,
No. 333-828, No. 333-4542, No. 333-4546, No. 333-08997, No. 333-17431 and
No. 333-20755) and AIMCO's Registration Statements on Form S-8 (No. 333-4550,
No. 333-4548 and No. 333-14481), all filed with the Securities and Exchange
Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
June 23, 1997
Page 2 of 2
<PAGE>
Appendix A-95
PARTNERSHIP REPORT DATE
- ----------- -----------
107-145 West 135th Street Associates February 7, 1996
Algonquin Tower Limited Partnership February 5, 1996
All Hallows Associates January 31, 1996
Allentown Towne House Limited Partnership January 25, 1996
Anglers Manor Associates February 8, 1996
Antioch Apartments, Ltd. February 5, 1996
Arvada House Associates January 30, 1996
Audobon Park Associates January 24, 1996
Baldwin Oaks Elderly, Ltd. February 12, 1996
Baldwin Towers Associates January 31, 1996
Basswood Manor Limited Partnership January 25, 1996
Bayview Hunters Point Apartments January 30, 1996
Bensalem Gardens Associates February 11, 1996
Berkley Limited Partnership February 7, 1996
Bloomsburg Elderly Associates February 3, 1996
Briarwood Apartments January 31, 1996
Brightwood Manor Associates January 31, 1996
Brinton Manor No. 1 Associates January 16, 1996
Brinton Towers Associates February 6, 1996
Brookside Apartments Associates January 31, 1996
Buena Vista Apartments, Ltd. January 20, 1996
Cabell Associates of Lakeview January 25, 1996
California Square Limited Partnership January 22, 1996
California Square II Limited Partnership January 23, 1996
Campbell Heights Associates February 5, 1996
Canterbury Gardens Associates February 6, 1996
Capital Park Limited Partnership January 18, 1996
Caroline Arms Limited Partnership January 31, 1996
Center Square Associates January 25, 1996
Chapel NDP February 6, 1996
Clay Courts Associates January 10, 1996
College Heights January 22, 1996
College Park Apartments February 15, 1996
College Park Associates February 13, 1996
Community Developers of High Point January 27, 1996
Congress Park Associates II January 15, 1996
Copperwood Limited February 2, 1996
Copperwood II Limited February 7, 1996
Cumberland Court Associates January 31, 1996
Cypress Gardens, Limited January 22, 1996
Darby Townhouses Associates January 22, 1996
Darbytown Development Associates January 22, 1996
Delcar-S, Ltd. January 16, 1996
Delcar-T, Ltd. January 25, 1996
DIP Limited Partnership January 19, 1996
DIP Limited Partnership-II January 30, 1996
DIP Limited Partnership III January 31, 1996
Discovery Limited Partnership February 1, 1996
Doral Gardens Associates February 9, 1996
Page 1
<PAGE>
Appendix A-95
PARTNERSHIP REPORT DATE
- ----------- -----------
Duquesne Associates No. 1 January 12, 1996
Edmond Estates Limited Partnership January 17, 1996
Elden Limited Partnership January 30, 1996
Esbro Limited Partnership January 14, 1996
Fairmont #1 Limited Partnership January 26, 1996
Fairmont #2 Limited Partnership February 8, 1996
Fairview Homes Associates January 23, 1996
Fairwood Associates February 7, 1996
Federal Square Village January 31, 1996
Field Associates February 3, 1996
Forest Green Limited Partnership January 24, 1996
Forest Park Elderly Associates February 7, 1996
Forrester Gardens, Ltd. January 10, 1996
Fort Carson Associates January 15, 1996
Foxwood Manor Associates February 15, 1996
Franklin Chapel Hill Associates February 5, 1996
Franklin Eagle Rock Associates February 15, 1996
Franklin Park Limited Partnership January 30, 1996
Franklin Pheasant Ridge Associates February 14, 1996
Franklin Woods Associates February 23, 1996
Friendset Housing Company February 21, 1996
Frio Housing, Ltd. February 2, 1996
G.W. Carver Limited January 24, 1996
Galion Limited Partnership January 25, 1996
Garfield Hill Associates February 6, 1996
Gateway Village Associates January 18, 1996
Gladys Hampton Houses Associates February 6, 1996
Golden Apartments I January 31, 1996
Golden Apartments II February 8, 1996
Grandview Apartments January 16, 1996
Greater Mount Calvary Terrace, Ltd. January 15, 1996
Greater Richmond Community Development Corp. I
and Associates February 5, 1996
Greater Richmond Community Development Corp. II
and Associates January 26, 1996
Griffith Limited Partnership January 17, 1996
Gulfway Limited Partnership January 18, 1996
H.R.H. Properties, Ltd. February 5, 1996
Hamilton Heights Associates February 14, 1996
Harold House Limited Partnership January 30, 1996
Hickory Ridge Associates, Ltd. February 2, 1996
Hillcrest Green Apartments, Ltd. January 11, 1996
Hillside Village Associates February 8, 1996
Hilltop Apartments Associates January 23, 1996
Hilltop Limited Partnership January 19, 1996
Hopkins Renaissance Associates February 14, 1996
Hudson Terrace Associates January 31, 1996
Hurbell II Limited Partnership January 20, 1996
Hurbell III Limited Partnership January 20, 1996
Page 2
<PAGE>
Appendix A-95
PARTNERSHIP REPORT DATE
- ----------- -----------
Indian Valley I Limited Partnership January 24, 1996
Indian Valley II Limited Partnership January 26, 1996
Indian Valley III Limited Partnership January 25, 1996
Ingram Square Apartments, Ltd. January 25, 1996
Jamestown Village Associates January 25, 1996
Jersey Park Associates January 17, 1996
JFK Associates February 15, 1996
Johnston Square Associates January 15, 1996
JVL 16 Associates January 18, 1996
Kennedy Homes Limited Partnership January 17, 1996
Key Parkway West Associates January 24, 1996
Kimberly Associates Limited Partnership January 15, 1996
La Salle Apartments February 5, 1996
La Vista Associates February 8, 1996
Lafayette Manor Associates February 9, 1996
Lafayette Towne Elderly, Ltd. January 17, 1996
Lafayette Towne Family, Ltd. January 25, 1996
Lake Forest Apartments January 19, 1996
Las Americas Housing Associates January 30, 1996
Lassen Associates February 2, 1996
Laurel Gardens January 31, 1996
Lewisburg Associates January 29, 1996
Lewisburg Elderly Associates February 6, 1996
Lincmar Associates January 26, 1996
Lincoln Park Associates February 7, 1996
Lock Haven Elderly Associates February 12, 1996
Lock Haven Gardens Associates January 29, 1996
Loring Towers Apartments Limited Partnership January 18, 1996
M & P Development Company January 31, 1996
Maple Hill Associates February 3, 1996
Mayfair Manor Limited Partnership January 16, 1996
Meadowood Associates III, Ltd. January 18, 1996
Meadows Apartments Limited Partnership February 5, 1996
Meadows East Apartments Limited Partnership January 29, 1996
Menlo Limited Partnership January 11, 1996
Merced Commons I January 30, 1996
Merced Commons II January 23, 1996
Mill Street Associates February 1, 1996
Miramar Housing Associates January 29, 1996
Montblanc Garden Apartments Associates February 9, 1996
Montblanc Housing Associates January 31, 1996
Morrisania Towers Housing Company January 31, 1996
Moss Gardens Ltd. February 1, 1996
Murphy Blair Associates III February 7, 1996
National Housing Partnership Realty Fund IV March 19, 1996
National Housing Partnership RESI Associates I March 18, 1996
New Lake Village Apartments January 26, 1996
New West 111th Street Housing Company February 12, 1996
Newton Hill Limited Partnership January 24, 1996
Page 3
<PAGE>
Appendix A-95
PARTNERSHIP REPORT DATE
- ----------- -----------
Northgate Village Limited Partnership January 19, 1996
Northlake Terrace Associates January 26, 1996
Northwest Terrace Associates February 19, 1996
Oakland Village Townhouse Associates February 12, 1996
Ocala Place, Ltd. January 31, 1996
One Lytle Place February 20, 1996
One West Conway Associates February 7, 1996
Orange Village Associates January 31, 1996
Palm House Limited Partnership January 30, 1996
Park Avenue West I Limited Partnership January 31, 1996
Park Avenue West II Limited Partnership January 26, 1996
Place One Limited Partnership February 13, 1996
Point West Limited Partnership January 31, 1996
Portfolio Properties Five Associates March 4, 1996
Portfolio Properties Six Associates March 6, 1996
Portfolio Properties Twelve Associates March 22, 1996
Portfolio Properties Two Associates March 2, 1996
Portland Plaza Partnership January 24, 1996
Portner Place Associates January 25, 1996
Post Street Associates February 6, 1996
Pueblo Apartments Associates, Ltd. January 22, 1996
RI-15 Limited Partnership February 9, 1996
Richlieu Associates February 20, 1996
River Front Apartments Limited Partnership January 31, 1996
River Woods Associates January 30, 1996
Riverview II Associates January 17, 1996
Rockwell Limited Partnership January 17, 1996
Rolling Meadows Of Ada, Ltd. January 15, 1996
Ruffin Road Associates February 7, 1996
Rutherford Park Townhouses Associates February 1, 1996
San Jose Limited Partnership January 13, 1996
San Juan Del Centro Limited Partnership January 24, 1996
Sencit Towne House Limited Partnership January 25, 1996
Sherman Terrace Associates January 31, 1996
Shoreview Apartments February 1, 1996
Site 10 Community Alliance Associates January 26, 1996
SNI Development Company February 5, 1996
Southmont Apartments February 5, 1996
Southward Limited Partnership January 19, 1996
Spruce Limited Partnership February 10, 1996
Spruce Palm Limited Partnership March 11, 1996
Stafford Apartments January 26, 1996
Stock Island Limited Partnership February 16, 1996
Storey Manor Associates January 30, 1996
Strawbridge Square Associates Limited Partnership February 7, 1996
Summersong Townhouses Limited Partnership January 25, 1996
Sunrise Associates January 27, 1996
Sunset Plaza Apartments January 18, 1996
Susquehanna View Limited Partnership January 17, 1996
Page 4
<PAGE>
Appendix A-95
PARTNERSHIP REPORT DATE
- ----------- -----------
Timuquana Park Associates January 18, 1996
Tinker Creek Limited Partnership January 15, 1996
Town North January 17, 1996
Townview Towers I Partnership, Ltd. February 11, 1996
Treeslope Apartments Associates January 26, 1996
Trinity Towers-14th Street Associates, Ltd. February 18, 1996
United Handicap Federation Apartment Associates February 8, 1996
United House Associates February 9, 1996
United Housing Partners-Carbondale, Ltd. February 10, 1996
United Redevelopment Associates January 27, 1996
University Plaza Associates February 14, 1996
Vantage 78 February 16, 1996
Villa De Guadalupe Associates January 11, 1996
Village Circle Apartments, Ltd. February 1, 1996
Village Green Limited Partnership January 19, 1996
Vistas De San Juan Associates January 25, 1996
Waico Apartments Associates January 17, 1996
Waico Phase II Associates January 30, 1996
Walden Oaks Associates February 10, 1996
Walmsley Terrace Associates January 20, 1996
Walnut Hills Associates, Ltd. January 26, 1996
Washington Manor Limited Partnership February 5, 1996
Waters Towers Associates January 15, 1996
Whitefield Place, Ltd. January 26, 1996
Woodmark Limited Partnership January 24, 1996
Yadkin Associates January 15, 1996
Page 5
<PAGE>
Appendix B-95
PARTNERSHIP REPORT DATE
- ----------- -----------
Central Village Associates January 17, 1996
Cheek Road Limited Partnership February 15, 1996
Darby Townhouses Limited Partnership March 6, 1996
Doral Limited Partnership March 12, 1996
Eastman Associates January 29, 1996
Fairmeadows Limited Partnership January 20, 1996
Franklin Ridgewood Associates February 15, 1996
Green Mountain Manor Limited Partnership February 19, 1996
Hatillo Housing Associates February 28, 1996
JVL Limited January 15, 1996
JVL 18 Associates January 20, 1996
JVL 19 Associates January 23, 1996
Langenheim Associates January 31, 1996
Leyden Limited Partnership February 14, 1996
Maple Park East Limited Partnership February 1, 1996
Maple Park West Limited Partnership February 1, 1996
Meadowood Apartments-Phase I
(Meadowood Associates, Ltd.) January 16, 1996
Meadowood Apartments-Phase II
(Meadowood Associates, Ltd.) January 14, 1996
Meadowood Townhouses I Limited Partnership February 27, 1996
Meadowood Townhouses III Limited Partnership February 29, 1996
New West 111th Street Two Associates January 22, 1996
Olde Rivertown Venture January 19, 1996
Park Creek Limited Partnership January 15, 1996
Pavilion Associates January 18, 1996
Portfolio Properties Three Associates March 4, 1996
Retirement Manor Associates February 2, 1996
Royal Towers Limited Partnership January 23, 1996
Southridge Apartments Limited Partnership January 15, 1996
Spring Meadow Limited Partnership February 15, 1996
Timberlake Apartments Limited Partnership January 23, 1996
Trinity Apartments March 18, 1996
Village Park II February 19, 1996
West Oak Village Limited Partnership January 31, 1996
<PAGE>
APPENDIX C-95
PARTNERSHIP REPORT DATE
- ----------- -----------
National Housing Partnership Realty Fund I March 11, 1996
National Housing Partnership Realty Fund Two March 13, 1996
National Housing Partnership Realty Fund III March 15, 1996
Portfolio Properties Seven Associates March 6, 1996
Portfolio Properties Eight Associates March 12, 1996
Portfolio Properties Nine Associates March 13, 1996
Portfolio Properties Ten Associates March 7, 1996
<PAGE>
INDEPENDENT AUDITORS' CONSENT
We consent to the inclusion in this Current Report on Form 8-K by Apartment
Investment and Management Company (AIMCO) of our reports on the financial
statements of certain Partnerships for the year ended December 31, 1996
(except for Item 4 below which is for the period January 1, 1996 to July 15,
1996), which reports are dated as shown in the following Appendices (Items 1
through 3), and on the Partnerships referred to below (Items 4 through 9):
1) Appendix A-96
2) Appendix B-96 (each of which expresses an unqualified opinion and includes
an explanatory paragraph relating to the Partnership's ability to continue
as a going concern)
3) Appendix C-96 (each of which expresses an unqualified opinion and relies
upon the reports of other auditors)
4) Foxwood Manor Associates, A Limited Partnership, dated September 30, 1996
(December 31, 1996 as to Note 8) (which expresses an unqualified opinion
and includes an explanatory paragraph relating to the Partnership's sale of
the land, rental property and substantially all of its assets and
liabilities on July 16, 1996)
5) Hickory Ridge Associates, Ltd., A Limited Partnership, dated February 13,
1997 (which expresses an unqualified opinion and includes an explanatory
paragraph relating to the Partnership's financial loss due to the alleged
misappropriation of funds by former employees and falsifications of
documents to the Department of Housing and Urban Development)
6) Ocala Place, Ltd., A Limited Partnership, dated January 23, 1997 (which
expresses an unqualified opinion and includes an explanatory paragraph
relating to the Partnership's financial loss due to the alleged
misappropriation of funds by former employees and falsification of
documents to the Department of Housing and Urban Development)
7) Portfolio Properties Seven Associates, A Limited Partnership, dated
February 24, 1997 (which expresses an unqualified opinion, relies upon the
report of other auditors and includes an explanatory paragraph relating to
the Partnership's ability to continue as a going concern)
8) Spring Bright Limited Partnership, A Limited Partnership, dated February
22, 1997 (which expresses an unqualified opinion, relies upon the report of
other auditors and includes an explanatory paragraph relating to the
Partnership's ability to continue as a going concern)
Page 1 of 2
<PAGE>
9) Village Park II, A Limited Partnership, dated March 21, 1997 (which
expresses an unqualified opinion and includes explanatory paragraphs
relating to the Partnership's filing for reorganization under Chapter 11 of
the United States Bankruptcy Code and the Partnership's deeding its land,
rental property and substantially all of its assets to the mortgagee in
lieu of foreclosure on March 21, 1997)
We further consent to the incorporation by reference of such reports in AIMCO's
Registration Statements on Form S-3 (No. 333-26415, No. 33-98338, No. 333-828,
No. 333-4542, No. 333-4546, No. 333-08997, No. 333-17431 and No. 333-20755) and
AIMCO's Registration Statements on Form S-8 (No. 333-4550, No. 333-4548 and No.
333-14481), all filed with the Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
June 23, 1997
Page 2 of 2
<PAGE>
APPENDIX A-96
PARTNERSHIP REPORT DATE
- ----------- -----------------
107-145 West 135th Street Associates February 14, 1997
Algonquin Tower Limited Partnership February 12, 1997
All Hallows Associates February 6, 1997
Allentown Towne House Limited Partnership January 19, 1997
Anglers Manor Associates January 31, 1997
Antioch Apartments, Ltd. February 4, 1997
Arvada House Associates February 7, 1997
Audobon Park Associates January 28, 1997
Baldwin Oaks Elderly, Ltd. January 17, 1997
Baldwin Towers Associates January 23, 1997
Basswood Manor Limited Partnership January 31, 1997
Bayview Hunters Point Apartments January 17, 1997
Bensalem Gardens Associates February 3, 1997
Berkley Limited Partnership February 8, 1997
Bloomsburg Elderly Associates January 13, 1997
Briarwood Apartments January 20, 1997
Brightwood Manor Associates January 24, 1997
Brinton Manor No. 1 Associates January 20, 1997
Brinton Towers Associates January 31, 1997
Brookside Apartments Associates January 15, 1997
Buena Vista Apartments, Ltd. January 16, 1997
Cabell Associates of Lakeview January 28, 1997
California Square Limited Partnership January 11, 1997
California Square II Limited Partnership January 28, 1997
Campbell Heights Associates January 29, 1997
Canterbury Gardens Associates February 5, 1997
Capital Park Limited Partnership January 17, 1997
Caroline Arms Limited Partnership January 17, 1997
Center Square Associates February 5, 1997
Chapel NDP February 4, 1997
Clay Courts Associates January 17, 1997
College Heights February 1, 1997
College Park Apartments February 6, 1997
College Park Associates February 7, 1997
Community Developers of High Point January 23, 1997
Congress Park Associates II February 11, 1997
Copperwood Limited January 20, 1997
Copperwood II Limited January 21, 1997
Cumberland Court Associates February 1, 1997
Darby Townhouses Associates February 5, 1997
Darbytown Development Associates January 24, 1997
Delcar-S, Ltd. January 16, 1997
Delcar-T, Ltd. January 16, 1997
DIP Limited Partnership January 10, 1997
DIP Limited Partnership-II February 13, 1997
DIP Limited Partnership III January 29, 1997
Discovery Limited Partnership January 16, 1997
Doral Gardens Associates February 3, 1997
Page 1
<PAGE>
APPENDIX A-96
PARTNERSHIP REPORT DATE
- ----------- -----------------
Duquesne Associates No. 1 January 15, 1997
Edmond Estates Limited Partnership January 11, 1997
Elden Limited Partnership January 20, 1997
Fairmeadows Limited Partnership January 20, 1997
Fairmont #1 Limited Partnership January 30, 1997
Fairmont #2 Limited Partnership January 30, 1997
Fairview Homes Associates February 3, 1997
Fairwood Associates February 6, 1997
Federal Square Village January 20, 1997
Field Associates January 23, 1997
Forest Green Limited Partnership January 10, 1997
Forest Park Elderly Associates February 12, 1997
Forrester Gardens, Ltd. January 23, 1997
Fort Carson Associates January 21, 1997
Franklin Chapel Hill Associates February 12, 1997
Franklin Eagle Rock Associates February 1, 1997
Franklin Park Limited Partnership February 10, 1997
Franklin Ridgewood Associates Limited Partnership and
NHP Ridgewood Partners Limited Partnership February 15, 1997
Friendset Housing Company February 14, 1997
Frio Housing, Ltd. January 21, 1997
G.W. Carver Limited February 13, 1997
Galion Limited Partnership January 30, 1997
Garfield Hill Associates February 7, 1997
Gateway Village Associates January 17, 1997
Gladys Hampton Houses Associates February 8, 1997
Golden Apartments I February 12, 1997
Golden Apartments II February 14, 1997
Grandview Apartments January 15, 1997
Greater Mount Calvary Terrace, Ltd. January 21, 1997
Greater Richmond Community Development Corp. I
and Associates January 31, 1997
Greater Richmond Community Development Corp. II
and Associates January 30, 1997
H.R.H. Properties, Ltd. January 17, 1997
Hamilton Heights Associates January 28, 1997
Harold House Limited Partnership January 13, 1997
Hatillo Housing Associates February 4, 1997
Hillcrest Green Apartments, Ltd. January 25, 1997
Hillside Village Associates January 25, 1997
Hilltop Apartments Associates February 12, 1997
Hilltop Limited Partnership January 13, 1997
Hudson Terrace Associates January 31, 1997
Hurbell II Limited Partnership January 13, 1997
Hurbell III Limited Partnership January 15, 1997
Indian Valley I Limited Partnership January 30, 1997
Indian Valley II Limited Partnership January 30, 1997
Indian Valley III Limited Partnership January 29, 1997
Ingram Square Apartments, Ltd. February 6, 1997
Jamestown Village Associates January 22, 1997
Page 2
<PAGE>
APPENDIX A-96
PARTNERSHIP REPORT DATE
- ----------- -----------
Jersey Park Associates February 1, 1997
JFK Associates February 3, 1997
Johnston Square Associates January 20, 1997
Kennedy Homes Limited Partnership February 1, 1997
Key Parkway West Associates February 4, 1997
Kimberly Associates Limited Partnership January 11, 1997
La Salle Apartments February 10, 1997
La Vista Associates February 10, 1997
Lafayette Manor Associates February 13, 1997
Lafayette Towne Elderly, Ltd. January 24, 1997
Lafayette Towne Family, Ltd. January 25, 1997
Lake Forest Apartments January 17, 1997
Las Americas Housing Associates February 8, 1997
Lassen Associates January 31, 1997
Laurel Gardens January 27, 1997
Lewisburg Associates January 25, 1997
Lewisburg Elderly Associates January 24, 1997
Lincmar Associates January 29, 1997
Lincoln Park Associates February 5, 1997
Lock Haven Elderly Associates February 11, 1997
Lock Haven Gardens Associates February 11, 1997
Loring Towers Apartments Limited Partnership January 22, 1997
M & P Development Company January 29, 1997
Maple Hill Associates February 9, 1997
Merced Commons I January 10, 1997
Merced Commons II January 27, 1997
Mill Street Associates February 3, 1997
Miramar Housing Associates February 13, 1997
Montblanc Garden Apartments Associates January 30, 1997
Montblanc Housing Associates January 27, 1997
Morrisania Towers Housing Company January 24, 1997
Moss Gardens Ltd. February 5, 1997
Murphy Blair Associates III February 10, 1997
National Housing Partnership RESI Associates I February 26, 1997
New Lake Village Apartments January 18, 1997
New West 111th Street Housing Company January 27, 1997
Newton Hill Limited Partnership January 30, 1997
Northgate Village Limited Partnership January 16, 1997
Northlake Terrace Associates January 27, 1997
Northwest Terrace Associates January 31, 1997
Oakland Village Townhouse Associates February 10, 1997
One Lytle Place January 29, 1997
One West Conway Associates February 4, 1997
Orange Village Associates January 16, 1997
Palm House Limited Partnership January 29, 1997
Park Avenue West I Limited Partnership January 30, 1997
Park Avenue West II Limited Partnership January 30, 1997
Place One Limited Partnership February 7, 1997
Point West Limited Partnership January 28, 1997
Portfolio Properties Five Associates February 21, 1997
Page 3
<PAGE>
APPENDIX A-96
PARTNERSHIP REPORT DATE
- ----------- ------------
Portfolio Properties Twelve Associates February 25, 1997
Portland Plaza Partnership January 31, 1997
Portner Place Associates January 17, 1997
Post Street Associates January 31, 1997
Pueblo Apartments Associates, Ltd. January 23, 1997
PW III Associates February 12, 1997
PW IV Associates February 7, 1997
RI-15 Limited Partnership February 5, 1997
Richlieu Associates February 14, 1997
River Front Apartments Limited Partnership January 22, 1997
River Woods Associates January 30, 1997
Riverview II Associates January 14, 1997
Rolling Meadows Of Ada, Ltd. January 28, 1997
Ruffin Road Associates January 29, 1997
Rutherford Park Townhouses Associates January 10, 1997
San Jose Limited Partnership January 10, 1997
San Juan Del Centro Limited Partnership January 17, 1997
Sencit Towne House Limited Partnership January 27, 1997
Sherman Terrace Associates February 10, 1997
Shoreview Apartments February 10, 1997
Site 10 Community Alliance Associates February 3, 1997
SNI Development Company January 23, 1997
Southmont Apartments February 4, 1997
Southridge Apartments Limited Partnership January 10, 1997
Southward Limited Partnership January 20, 1997
Spruce Limited Partnership January 31, 1997
Spruce Palm Limited Partnership February 26, 1997
Stafford Apartments January 27, 1997
Stock Island Limited Partnership February 18, 1997
Storey Manor Associates February 5, 1997
Strawbridge Square Associates Limited Partnership February 14, 1997
Summersong Townhouses Limited Partnership February 5, 1997
Sunrise Associates February 10, 1997
Sunset Plaza Apartments February 5, 1997
Susquehanna View Limited Partnership January 16, 1997
Timberlake Apartments Limited Partnership February 7, 1997
Timuquana Park Associates January 29, 1997
Town North January 30, 1997
Townview Towers I Partnership, Ltd. February 10, 1997
Treeslope Apartments Associates January 27, 1997
Trinity Towers-14th Street Associates, Ltd. February 7, 1997
United Handicap Federation Apartment Associates February 3, 1997
United House Associates February 11, 1997
United Housing Partners-Carbondale, Ltd. February 7, 1997
United Redevelopment Associates January 27, 1997
University Plaza Associates February 14, 1997
Vantage 78 February 10, 1997
Villa De Guadalupe Associates February 6, 1997
Village Circle Apartments, Ltd. February 5, 1997
Village Green Limited Partnership January 17, 1997
Page 4
<PAGE>
APPENDIX A-96
PARTNERSHIP REPORT DATE
- ----------- -----------
Vistas De San Juan Associates January 31, 1997
Waico Apartments Associates February 3, 1997
Waico Phase II Associates January 16, 1997
Walden Oaks Associates January 16, 1997
Walmsley Terrace Associates January 20, 1997
Walnut Hills Associates, Ltd. February 12, 1997
Wash-West Properties February 7, 1997
Washington Manor Limited Partnership January 14, 1997
Waters Towers Associates January 14, 1997
Whitefield Place, Ltd. February 4, 1997
Wigar, Ltd. January 20, 1997
Woodmark Limited Partnership January 18, 1997
Yadkin Associates February 10, 1997
Page 5
<PAGE>
APPENDIX B-96
PARTNERSHIP REPORT DATE
- ----------- -----------
Central Village Associates January 30, 1997
Cheek Road Limited Partnership January 27, 1997
Darby Townhouses Limited Partnership February 20, 1997
Doral Limited Partnership February 27, 1997
Esbro Limited Partnership January 22, 1997
Franklin Pheasant Ridge Associates January 23, 1997
Franklin Woods Associates Limited Partnership and
Woods Mortgage Associates Limited Partnership February 21, 1997
Green Mountain Manor Limited Partnership February 8, 1997
Griffith Limited Partnership January 20, 1997
Gulfway Limited Partnership January 17, 1997
JVL Limited January 20, 1997
JVL 16 Associates January 14, 1997
JVL 18 Associates January 15, 1997
JVL 19 Associates January 28, 1997
Maple Park East Limited Partnership January 30, 1997
Maple Park West Limited Partnership February 11, 1997
Mayfair Manor Limited Partnership January 21, 1997
Meadowood Apartments-Phase I (Meadowood Associates, Ltd.) January 11, 1997
Meadowood Apartments-Phase II (Meadowood Associates, Ltd.) January 10, 1997
Meadowood Associates III, Ltd. January 10, 1997
Meadowood Townhouses I Limited Partnership February 20, 1997
Meadowood Townhouses III Limited Partnership February 19, 1997
Meadows Apartments Limited Partnership January 10, 1997
Meadows East Apartments Limited Partnership January 16, 1997
Menlo Limited Partnership January 27, 1997
National Housing Partnership Realty Fund IV March 10, 1997
New West 111th Street Two Associates February 3, 1997
Olde Rivertown Venture February 19, 1997
Park Creek Limited Partnership February 13, 1997
Pavilion Associates February 6, 1997
Pershing Waterman Phase I January 30, 1997
Portfolio Properties Two Associates February 21, 1997
Portfolio Properties Three Associates February 22, 1997
Portfolio Properties Six Associates February 24, 1997
Rockwell Limited Partnership January 17, 1997
Royal Towers Limited Partnership February 13, 1997
Spring Meadow Limited Partnership January 28, 1997
Tinker Creek Limited Partnership January 16, 1997
Trinity Apartments January 11, 1997
West Oak Village Limited Partnership January 21, 1997
<PAGE>
APPENDIX C-96
PARTNERSHIP REPORT DATE
- ----------- -----------
National Housing Partnership Realty Fund I February 27, 1997
National Housing Partnership Realty Fund Two March 3, 1997
National Housing Partnership Realty Fund III March 6, 1997
Portfolio Properties Eight Associates March 14, 1997
Portfolio Properties Nine Associates February 27, 1997
Portfolio Properties Ten Associates February 26, 1997
<PAGE>
Consent of Anders, Minkler & Diehl LLP
We consent to the incorporation by reference in this Current Report on Form 8-K,
filed with the Securities and Exchange Commission by Apartment Investment and
Management Company (AIMCO) of our reports dated February 3, 6, 9, 11, 14, 15 and
20, 1995 with respect to the audits of these Partnerships:
Pershing Waterman Phase I (DB I) Caroline Associates I
PW III Associates (DB II) Columbus Square Associates I
PW IV Associates (DB III) Columbus Square Associates II
PW V Associates (DB IV) Savoy Court Associates
PW VI Associates (DB V) Wigar, Ltd. (Winter Garden)
for the year ended December 31, 1994, and to the inclusion in this Current
Report on Form 8-K of our reports dated February 9, 13 and 20, 1996 with respect
to the audits of the above-mentioned Partnerships for the year ended December
31, 1995. We further consent to the incorporation by reference of such reports
in AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3 (No. 333-4546),
AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548),
AIMCO's Registration Statement on Form S-8 (No. 333-14481), and AIMCO's
Registration Statement on Form S-3 (No. 333-20755) all filed with the Securities
and Exchange Commission.
/S/ Anders, Minkler & Diehl LLP
St. Louis, Missouri
June 23, 1997
<PAGE>
Dauby O'Connor & Zaleski
A Limited Liability Company
Certified Public Accountants
Consent of Independent Auditors
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated as referred to
in Schedule I with respect to the audits referred to in Schedule I for the
year ended December 31, 1994, and to the inclusion in this Current Report on
Form 8-K of our reports dated as referred to in Schedule II with respect to
the audits referred to in Schedule II for the year ended December 31, 1995.
We further consent to the incorporation by reference of such reports in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3 (No. 333-4546),
AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's
Registration Statement on Form S-3 (No. 333-17431), AIMCO's Registration
Statement on Form S-8 (No. 333-4550), AIMCO's Registration Statement on Form
S-8 (No. 333-4548), AIMCO's Registration Statement on Form S-8 (No.
333-14481), and AIMCO's Registration Statement on Form S-3 (No. 333-20755)
all filed with the Securities and Exchange Commission.
/s/ Dauby O'Connor & Zaleski, LLC
June 23, 1997 Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Certified Public Accountants
<PAGE>
SCHEDULE I
AUDITS FOR THE YEAR ENDED DECEMBER 31, 1994
Report Date Partnership Name
January 7, 1995 Brookview Apartments Company Limited
March 13, 1995 Clover Ridge East Limited Partnership
January 7, 1995 Colony Apartments Company Limited
January 25, 1995 East Hampton Limited Partnership
January 25, 1995 Edgewood II Associates
January 20, 1995 Fairburn & Gordon Associates, Phase I
January 20, 1995 Fairburn & Gordon Associates, Phase II
January 30, 1995 Laing Village
January 25, 1995 Oakland City/West End Associates, Ltd.
January 30, 1995 Orangeburg Manor
February 6, 1995, except for Note 8
which is dated June 9, 1995 Parkways Associates
January 25, 1995 Pleasant Valley Apartments, Ltd.
January 25, 1995 Sandy Springs Associates, Ltd.
February 8, 1995 The Oak Park Partnership
February 6, 1995, except for Note 8
which is dated June 9, 1995 The Rogers Park Partnership
February 8, 1995 Tiffany Rehab Associates
January 20, 1995 Village Green Apartments Company Limited
January 25, 1995 Vineville Towers Associates, Ltd.
January 20, 1995 Westgate Apartments
<PAGE>
SCHEDULE II
AUDITS FOR THE YEAR ENDED DECEMBER 31, 1995
Report Date Partnership Name
January 19, 1996 Brookview Apartments Company Limited
February 22, 1996 Clover Ridge East Limited Partnership
January 19, 1996 Colony Apartments Company Limited
January 19, 1996 East Hampton Limited Partnership
January 19, 1996 Edgewood II Associates
January 19, 1996 Fairburn & Gordon Associates, Phase I
January 19, 1996 Fairburn & Gordon Associates, Phase II
January 19, 1996 Laing Village
January 19, 1996 Oakland City/West End Associates, Ltd.
January 19, 1996 Orangeburg Manor
January 19, 1996 Pleasant Valley Apartments, Ltd.
January 25, 1996 Sandy Springs Associates, Ltd.
February 22, 1996 Tiffany Rehab Associates
January 19, 1996 Village Green Apartments Company Limited
January 19, 1996 Vineville Towers Associates, Ltd.
January 19, 1996 Westgate Apartments
<PAGE>
[LETTERHEAD]
Consent of Edwards Leap & Sauer
We consent to the incorporation by reference in this Current Report on
Form 8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated February 3,
February 15, and March 15, 1995 with respect to the audits of IDA Tower,
Genesee Gardens Associates, and Buffalo Village Associates, respectively, for
the year ended December 31, 1994, and to the inclusion in this Current Report
on Form 8-K of our reports dated February 14, February 20, and February 23,
1996, with respect to the audits of IDA Tower, Genesee Gardens Associates,
and Buffalo Village Associates, respectively, for the year ended December 31,
1995, and to the inclusion in this Current Report on Form 8-K of our reports
dated February 6, February 8, and February 10, 1997, with respect to the
audits of IDA Tower, Genesee Gardens Associates, and Buffalo Village
Associates, respectively, for the year ended December 31, 1996. We further
consent to the incorporation by reference of such reports in AIMCO's
Registration Statement on Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form
S-3 (333-828), AIMCO's Registration Statement on Form S-3 (No. 333-4542),
AIMCO's Registration Statement on Form S-3 (No. 333-4546), AIMCO's
Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No.
333-4548), AIMCO's Registration Statement on Form S-8 (No. 333-14481), and
AIMCO's Registration Statement on Form S-3 (No. 333-20755), all filed with
the Securities and Exchange Commission.
/s/ Edwards Leap & Sauer
Edwards Leap & Sauer
Hollidaysburg, Pennsylvania
June 23, 1997
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the inclusion in this Current Report on Form 8-K, filed with the
Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our reports dated March 22, 1996 and March 8, 1997 with
respect to the audits of Franklin Housing Associates and our reports dated March
13, 1996 and February 26, 1997 with respect to the audits of Franklin New York
Avenue Associates for the years ended December 31, 1995 and 1996, respectively.
We further consent to the incorporation by reference of such reports in AIMCO's
Registration Statement of Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form S-3
(No. 333-828), AIMCO's Registration Statement on Form S-3 (No. 333-4542),
AIMCO's Registration Statement on Form S-3 (No. 333-4546), AIMCO's Registration
Statement on Form S-3 (No. 333-08997), AIMCO's Registation Statement on Form S-3
(No. 333-17431), AIMCO's Registration Statement on Form S-8 (No. 333-4550),
AIMCO's Registration Statement on Form S-8 (No. 333-4548), AIMCO's Registration
Statement on Form S-8 (No. 333-14481), and AIMCO's Registration Statement on
Form S-3 (No. 333-20755), all filed with the Securities and Exchange Commission.
/s/ Fishbein & Company, P.C.
FISHBEIN & COMPANY, P.C.
Elkins Park, Pennsylvania
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Chateau Gardens
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 7, 1997 with respect to the
audit of Chateau Gardens for the year ended December 31, 1996. We further
consent to the incorporation by reference of such report in AIMCO's
Registration Statement on Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form
S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3 (No. 333-4542),
AIMCO's Registration Statement on Form S-3 (No. 333-4546), AIMCO's
Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No.
333-4548), AIMCO's Registration Statement on Form S-8 (No. 333-14481), and
AIMCO's Registration Statement on Form S-3 (No. 333-20755), all filed with
the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Club Apartment Associates
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 5, 1997 with respect to the
audit of Club Apartment Associates for the year ended December 31, 1996. We
further consent to the incorporation by reference of such report in AIMCO's
Registration Statement on Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form
S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3 (No. 333-4542),
AIMCO's Registration Statement on Form S-3 (No. 333-4546), AIMCO's
Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No.
333-4548), AIMCO's Registration Statement on Form S-8 (No. 333-14481), and
AIMCO's Registration Statement on Form S-3 (No. 333-20755), all filed with
the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Country Villa Associates, L.P.
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 9, 1997 with respect to the
audit of Country Villa Associates, L.P. for the year ended December 31, 1996.
We further consent to the incorporation by reference of such report in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form
S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997),
AIMCO's Registration Statement on Form S-3 (No. 333-17431), AIMCO's
Registration Statement on Form S-8 (No. 333-4550), AIMCO's Registration
Statement on Form S-8 (No. 333-4548), AIMCO's Registration Statement on Form
S-8 (No. 333-14481), and AIMCO's Registration Statement on Form S-3 (No.
333-20755), all filed with the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Countrybrook Associates
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 1, 1997 with respect to the
audit of Countrybrook Associates for the year ended December 31, 1996. We
further consent to the incorporation by reference of such report in AIMCO's
Registration Statement on Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form
S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3 (No. 333-4542),
AIMCO's Registration Statement on Form S-3 (No. 333-4546), AIMCO's
Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No.
333-4548), AIMCO's Registration Statement on Form S-8 (No. 333-14481), and
AIMCO's Registration Statement on Form S-3 (No. 333-20755), all filed with
the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Cross Creek Limited Partnership
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 1, 1997 with respect to the
audit of Cross Creek Limited Partnership for the year ended December 31,
1996. We further consent to the incorporation by reference of such report in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form
S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997),
AIMCO's Registration Statement on Form S-3 (No. 333-17431), AIMCO's
Registration Statement on Form S-8 (No. 333-4550), AIMCO's Registration
Statement on Form S-8 (No. 333-4548), AIMCO's Registration Statement on Form
S-8 (No. 333-14481), and AIMCO's Registration Statement on Form S-3 (No.
333-20755), all filed with the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Grandland Realty Associates, Ltd.
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 4, 1997 with respect to the
audit of Grandland Realty Associates, Ltd. for the year ended December 31,
1996. We further consent to the incorporation by reference of such report in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form
S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997),
AIMCO's Registration Statement on Form S-3 (No. 333-17431), AIMCO's
Registration Statement on Form S-8 (No. 333-4550), AIMCO's Registration
Statement on Form S-8 (No. 333-4548), AIMCO's Registration Statement on Form
S-8 (No. 333-14481), and AIMCO's Registration Statement on Form S-3 (No.
333-20755), all filed with the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Kemar Townhouse Associates, L.P.
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 3, 1997 with respect to the
audit of Kemar Townhouse Associates, L.P. for the year ended December 31,
1996. We further consent to the incorporation by reference of such report in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form
S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997),
AIMCO's Registration Statement on Form S-3 (No. 333-17431), AIMCO's
Registration Statement on Form S-8 (No. 333-4550), AIMCO's Registration
Statement on Form S-8 (No. 333-4548), AIMCO's Registration Statement on Form
S-8 (No. 333-14481), and AIMCO's Registration Statement on Form S-3 (No.
333-20755), all filed with the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Lakeland East Limited Partnership
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 3, 1997 with respect to the
audit of Lakeland East Limited Partnership for the year ended December 31,
1996. We further consent to the incorporation by reference of such report in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form
S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997),
AIMCO's Registration Statement on Form S-3 (No. 333-17431), AIMCO's
Registration Statement on Form S-8 (No. 333-4550), AIMCO's Registration
Statement on Form S-8 (No. 333-4548), AIMCO's Registration Statement on Form
S-8 (No. 333-14481), and AIMCO's Registration Statement on Form S-3 (No.
333-20755), all filed with the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE>
[FREEMAN & VESSILLO, C.P.A., P.C. LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, VA 22182-2738
Re: Marten Manor Realty Associates L.P.
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our report dated February 3, 1997 with respect to the
audit of Marten Manor Realty Associates L.P. for the year ended December 31,
1996. We further consent to the incorporation by reference of such report in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form
S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997),
AIMCO's Registration Statement on Form S-3 (No. 333-17431), AIMCO's
Registration Statement on Form S-8 (No. 333-4550), AIMCO's Registration
Statement on Form S-8 (No. 333-4548), AIMCO's Registration Statement on Form
S-8 (No. 333-14481), and AIMCO's Registration Statement on Form S-3 (No.
333-20755), all filed with the Securities and Exchange Commission.
FREEMAN & VESSILLO, CPA, PC
/s/ Freeman & Vesillo,CPA, PC
New York, NY
June 23, 1997
<PAGE> [LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, Virginia 22182-2738
Re: 62nd Street Limited Partnership
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated February 9,
1997 with respect to the audits of 62nd Street Limited Partnership for the
years ended December 31, 1996 and 1995, and to the inclusion in this Current
Report on Form 8-K of our reports dated February 9, 1997 with respect to the
audits of 62 Street Limited Partnership for the years ended December 31, 1996
and 1995. We further consent to the incorporation by reference of such
reports in AIMCO's Registration Statement on Form S-3 (No. 333-26415),
AIMCO's Registration Statement on AIMCO's Registration Statement on Form S-3
(No. 33-98338), AIMCO's Registration Statement on Form S-3 (No. 333-828),
AIMCO's Registration Statement on Form S-3 (No. 333-4542), AIMCO's
Registration Statement on Form S-3 (No. 333-4546), AIMCO's Registration
Statement on Form S-3 (No. 333-08997), AIMCO's Registration Statement on Form
S-3 (No. 333-17431), AIMCO's Registration Statement on Form S-8 (No.
333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548), AIMCO's
Registration Statement on Form S-8 (No. 333-14481), and AIMCO's Registration
Statement on Form S-3 (No. 333-20755), all filed with the Securities and
Exchange Commission.
/s/ Bruce C. Schiff
Bruce C. Schiff
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
June 23, 1997
<PAGE> [LETTERHEAD]
NHP Incorporated
8065 Leesburg Pike
Suite 400
Vienna, Virginia 22182-2738
Re: Central Woodlawn Limited Partnership
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated March 6, 1997
with respect to the audit of Central Woodlawn Limited Partnership for the
years ended December 31, 1996 and 1995, and to the inclusion in this Current
Report on Form 8-K of our reports dated March 6, 1997 with respect to the
audits of Central Woodlawn Limited Partnership for the years ended December
31, 1996 and 1995. We further consent to the incorporation by reference of
such reports in AIMCO's Registration Statement on Form S-3 (No. 333-26415),
AIMCO's Registration Statement on AIMCO's Registration Statement on Form S-3
(No. 33-98338), AIMCO's Registration Statement on Form S-3 (No. 333-828),
AIMCO's Registration Statement on Form S-3 (No. 333-4542), AIMCO's
Registration Statement on Form S-3 (No. 333-4546), AIMCO's Registration
Statement on Form S-3 (No. 333-08997), AIMCO's Registration Statement on Form
S-3 (No. 333-17431), AIMCO's Registration Statement on Form S-8 (No.
333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548), AIMCO's
Registration Statement on Form S-8 (No. 333-14481), and AIMCO's Registration
Statement on Form S-3 (No. 333-20755), all filed with the Securities and
Exchange Commission.
/s/ Bruce C. Schiff
Bruce C. Schiff
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
June 23, 1997
<PAGE>
[GEORGE A. HIERONYMUS & COMPANY, L.L.C. LETTERHEAD]
Consent of George A. Hieronymus and Company, L.L.C.
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated as shown in
Exhibit A with respect to the audits of those entities as shown in Exhibit A
for the year ended December 31, 1994, and to the inclusion in this current
report on Form 8-K of our reports dated as shown in Exhibit B with respect to
the audits of those entities as shown in Exhibit B for the year ended
December 31, 1995. We further consent to the incorporation by reference of
such reports in AIMCO's Registration Statement in Form S-3 (No. 333-26415),
AIMCO's Registration Statement on Form S-3 (No. 33-98338), AIMCO's
Registration Statement on Form S-3 (No. 333-828), AIMCO's Registration
Statement on Form S-3 (No. 333-4542), AIMCO's Registration Statement on Form
S-3 (No. 333-4546), AIMCO's Registration Statement on Form S-3 (No.
333-08997), AIMCO's Registration Statement on Form S-3 (No. 333-17431),
AIMCO's Registration Statement on Form S-8 (No. 333-4550), AIMCO's
Registration Statement on Form S-8 (No. 333-4548), AIMCO's Registration
Statement on Form S-8 (No. 333-14481), and AIMCO's Registration Statement on
Form S-3 (333-20755), all filed with the Securities and Exchange Commission.
/s/ George A. Hieronymus and Company, L.L.C.
- -------------------------------------
George A. Hieronymus and Company, L.L.C.
Mobile, Alabama
June 23, 1997
<PAGE>
E X H I B I T A
Real Estate Partnership Report Date
- ----------------------- -----------
Athens Arms Associates January 27, 1995
Colonial Terrace I Associates January 27, 1995
Colonial Terrace II Associates January 27, 1995
<PAGE>
E X H I B I T B
Real Estate Partnership Report Date
- ----------------------- -----------
Athens Arms Associates January 26, 1996
Colonial Terrace I Associates January 26, 1996
Colonial Terrace II Associates January 26, 1996
<PAGE>
CONSENT OF GOLDENBERG ROSENTHAL FRIEDLANDER, LLP
We consent to the incorporation by reference in this Current Report on
Form 8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports with respect to the
audits of the Partnerships named below for the year ended December 31, 1994,
and to the inclusion in this Current Report on Form 8-K of our reports with
respect to the audits of the Partnerships named below for the years ended
December 31, 1995 and 1996. We further consent to the incorporation by
reference of such reports in AIMCO's Registration Statement on Form S-3 (No.
333-26415), AIMCO's Registration Statement on Form S-3 (No. 33-98338),
AIMCO's Registration Statement on Form S-3 (No. 333-828), AIMCO's
Registration Statement on Form S-3 (No. 333-4542), AIMCO's Registration
Statement on Form S-3 (No. 333-4546), AIMCO's Registration Statement on Form
S-3 (No. 333-08997), AIMCO's Registration Statement on Form S-3 (No.
333-17431), AIMCO's Registration Statement on Form S-8 (No. 333-4550),
AIMCO's Registration Statement on Form S-8 (No. 333-4548), AIMCO's
Registration Statement on Form S-8 (No. 333-14481) and AIMCO's Registration
Statement on Form S-3 (No. 333-20755), all filed with the Securities and
Exchange Commission.
<TABLE>
<CAPTION>
DATE OF REPORT
YEAR ENDED
NAME OF PARTNERSHIP DECEMBER 31, 1994
- --------------------------------------------------------------------------- -----------------
<S> <C>
Baisley Park Associates (A Limited Partnership)............................ 2/03/95
Brunswick Village Limited Partnership...................................... 1/23/95
Churchview Gardens Limited Partnership..................................... 1/23/95
Harris Gardens Limited Partnership......................................... 1/23/95
Hawksworth Limited Partnership............................................. 1/21/95
Hollows Associates (A Limited Partnership)................................. 2/03/95
Kimberton Apartments Associates (A Limited Partnership).................... 1/18/95
Washington Northgate Limited Partnership................................... 2/03/95
Washington Westgate Limited Partnership.................................... 1/18/95
Windsor Apartments Associates (A Limited Partnership)...................... 1/18/95
</TABLE>
<TABLE>
<CAPTION>
DATE OF REPORT
YEAR ENDED DECEMBER 31
----------------------
<S> <C> <C>
NAME OF PARTNERSHIP 1995 1996
- ------------------------------------------------------------------------- --------- ---------
Academy Gardens Associates (A Limited Partnership)....................... 3/07/96 1/24/97
Brunswick Village Limited Partnership.................................... 1/25/96 1/29/97
Buckingham Hall Associates (A Limited Partnership........................ 3/07/96 1/24/97
Churchview Gardens Associates (A Limited Partnership..................... 2/15/96 1/05/97
Churchview Gardens Limited Partnership................................... 1/31/96 1/15/97
Harris Gardens Associates (A Limited Partnership......................... 2/15/96 N/A
Harris Gardens Limited Partnership....................................... 2/01/96 N/A
Hawksworth Gardens Associates (A Limited Partnership..................... 2/15/96 N/A
Hawksworth Limited Partnership........................................... 1/31/96 N/A
Washington Northgate Associates (A Limited Partnership................... 2/15/96 N/A
Washington Northgate Limited Partnership................................. 1/30/96 N/A
Washington Westgate Associates (A Limited Partnership.................... 2/15/96 N/A
Washington Westgate Limited Partnership.................................. 1/30/96 N/A
</TABLE>
/s/ Goldenberg Rosenthal Friedlander, LLP
Jenkintown, PA
June 23, 1997
<PAGE>
[Letterhead]
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated, January 13,
1995, January 19, 1995, January 13, 1995, January 19, 1995, January 13, 1995,
January 19, 1995, January 11, 1995, January 14, 1995, and January 13, 1995
with respect to the audits of Franklin Chandler Associates, Haines Associates
Limited Partnership, King-Bell Associates, Monmouth Associates Limited
Partnership, Pendleton Riverside Apartments Oreg., Ltd., Penn Hall
Associates, Rodeo Drive Limited Partnership, South Mountain Terrace, Ltd.,
and Woodland Apartments, Oreg., Ltd. for the year ended December 31, 1994,
and to the inclusion in this Current Report on Form 8-K of our reports dated
January 24, 1996, January 19, 1996, January 12, 1996, January 17, 1996,
January 12, 1996, January 19, 1996, January 12, 1996, January 10, 1996,
January 12, 1996 with respect to the audits of Franklin Chandler Associates,
Haines Associates Limited Partnership, King-Bell Associates, Monmouth
Associates Limited Partnership, Pendleton Riverside Apartments Oreg., Ltd.,
Penn Hall Associates, Rodeo Drive Limited Partnership, South Mountain
Terrace, Ltd., and Woodland Apartments, Oreg., Ltd. for the year ended
December 31, 1995, and to the inclusion in this Current Report on Form 8-K of
our reports dated January 24, 1997, January 24, 1997, January 16, 1997,
January 24, 1997, January 17, 1997, January 24, 1997, January 15, 1997,
January 22, 1997, with respect to the audits of Franklin Chandler Associates,
Haines Associates Limited Partnership, King-Bell Associates, Monmouth
Associates Limited Partnership, Pendleton Riverside Apartments Oreg., Ltd.,
Penn Hall Associates, Rodeo Drive Limited Partnership, and South Mountain
Terrace, Ltd., for the year ended December 31, 1996 and our report dated
November 8, 1996 with respect to the audit of Woodland Apartments, Oreg.,
Ltd. for the eight months and nineteen days ended September 19, 1996. We
further consent to the incorporation by reference of such reports in AIMCO's
Registration Statement on Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form
S-3 (333-828), AIMCO's Registration Statement on Form S-3 (333-4542), AIMCO's
Registration Statement on Form S-3 (No. 333-4546), AIMCO's Registration
Statement on Form S-3 (333-08997), AIMCO's Registration Statement on Form S-3
(333-17431), AIMCO's Registration Statement on Form S-8 (No. 333-4550),
AIMCO's Registration Statement on Form S-8 (333-4548), AIMCO's Registration
Statement on Form S-8 (333-14481), and AIMCO's Registration Statement on Form
S-3 (333-20755), all filed with the Securities and Exchange Commission.
/s/ Hanson, Hunter & Kibbee, P.C.
Portland, Oregon
June 23, 1997
<PAGE>
CONSENT OF J. H. COHN LLP
We consent to the incorporation by reference in this Current Report on Form
8-K, which is being filed with the Securities and Exchange Commission by
Apartment Investment and Management Company ("AIMCO"), of our report dated
April 26, 1995 with respect to our audit of the financial statements of
Marlboro Greens Limited Partnership for the years ended December 31, 1994 and
1993, and the incorporation by reference of such report in AIMCO's
Registration Statement on Form S-3 (No. 333-26415), AIMCO's Registration
Statement on Form S-3 (No. 33-98338), AIMCO's Registration Statement on Form
S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3 (No. 333-4542),
AIMCO's Registration Statement on Form S-3 (No. 333-4546), AIMCO's
Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No.
333-4548), AIMCO's Registration Statement on Form S-8 (No. 333-14481) and
AIMCO's Registration Statement on Form S-3 (No. 333-20755), all as previously
filed with the Securities and Exchange Commission.
/s/ J. H. COHN LLP
----------------------
J. H. COHN LLP
Roseland, New Jersey
June 23, 1997
<PAGE>
INDEPENDENT AUDITOR'S CONSENT
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports with respect to the
audits of the partnerships listed in Attachment A for the year ended December
31, 1994, and to the inclusion in this Current Report on Form 8-K of our
reports with respect to the audits of the partnerships listed in Attachment B
and Attachment C for the years ended December 31, 1995 and 1996,
respectively. We further consent to the incorporation by reference of such
reports in AIMCO's Registration Statement on Form S-3 (No. 333-26415),
AIMCO's Registration Statement on Form S-3 (No. 33-98338), AIMCO's
Registration Statement on Form S-3 (No. 333-828), AIMCO's Registration
Statement on Form S-3 (No. 333-4542), AIMCO's Registration Statement on Form
S-3 (No. 333-4546), AIMCO's Registration Statement on Form S-3 (No.
333-08997), AIMCO's Registration Statement on Form S-3 (No. 333-17431),
AIMCO's Registration Statement on Form S-8 (No. 333-4550), AIMCO's
Registration Statement on Form S-8 (No. 333-4548), AIMCO's Registration
Statement on Form S-8 (No. 333-14481), and AIMCO's Registration Statement on
Form S-3 (No. 333-20755), all filed with the Securities and Exchange
Commission.
/s/ J. A. Plumer & Co., P.A.
J. A. PLUMER & CO., P.A.
Bethesda, Maryland
June 23, 1997
<PAGE>
Attachment A
Audit Reports for the Year Ended December 31, 1994
Date of
Partnership Auditor's Report
- ------------------------------------------------- -----------------
630 East Lincoln Avenue Associates January 24, 1995
Aspen Stratford Apartments Company B January 31, 1995
Aspen Stratford Apartments Company C February 1, 1995
Benjamin Banneker Plaza Associates January 31, 1995
Brightwood Limited Partnership January 10, 1995
Cambridge Heights Apartments, Ltd. February 15, 1995
Carter Associates Limited Partnership March 4,1995
Cherry Estates January 18, 1995
Christopher Court Housing Company January 27, 1995
Concord Houses Associates March 7, 1995
Duke Manor Associates February 14, 1995
Elderly Housing Associates Ltd. Partnership January 25, 1995
Forest Apartments Associates February 16, 1995
Gate Manor Apartments, Ltd. January 30, 1995
Greenfield Apartments Limited Partnership January 27, 1995
Greenfield North Apartments Limited Partnership January 23, 1995
Haili Associates February 6, 1995
Houston Aristocrat Apartments, Ltd. January 24, 1995
Kapuna Associates February 6, 1995
Kinloch Urban East Housing February 10, 1995
Koolau Housing Associates February 6, 1995
Lakeview Arms Associates February 2, 1995
Lee-Hy Manor Associates Limited Partnership February 8, 1995
Locust Park Associates February 1, 1995
Loring Towers Associates March 3, 1995
Mahoning Associates January 31, 1995
Milliken Apartments Company February 1, 1995
Monument Street Limited Partnership February 8, 1995
Neighborhoods of the Universities Lock
Street Apartments Company February 3, 1995
Oak Hollow South Associates February 21, 1995
Orchard Mews Associates February 15, 1995
Oxford Place Associates February 8, 1995
Pittsfield Neighborhood Associates March 9, 1995
Prince Street Towers Limited Partnership February 6, 1995
Sencit-Lebanon Company January 20, 1995
St. Nicholas Associates February 20, 1995
Tamarac Pines, Ltd. February 18, 1995
Tamarac Pines II, Ltd. February 9, 1995
Taunton Green Associates March 1, 1995
Taunton II Associates February 24, 1995
Tompkins Terrace Associates February 23, 1995
Waipahu Associates February 6, 1995
Washington Chinatown Associates February 15, 1995
Woodcrest Apartments, Ltd. January 16, 1995
Worcester Episcopal Housing Company February 23, 1995
<PAGE>
Attachment B
Audit Reports for the Year Ended December 31, 1995
Date of
Partnership Auditor's Report
- ------------------------------------------ -----------------
630 East Lincoln Avenue Associates January 16, 1996
Aspen Stratford Apartments Company B February 2, 1996
Aspen Stratford Apartments Company C January 29, 1996
Baisley Park Associates March 29, 1996
Benjamin Banneker Plaza Associates January 24, 1996
Benton Square, Ltd February 18, 1996
Brightwood Limited Partnership January 16, 1996
Carter Associates Limited Partnership March 7, 1996
Cherry Estates February 8, 1996
Christopher Court Housing Company January 30, 1996
Concord Houses Associates March 7, 1996
Duke Manor Associates February 12, 1996
Echelon Towers, Ltd. December 18, 1995
Elderly Housing Associates Ltd. Partnership February 7, 1996
Ferncliff Limited Partnership March 12, 1996
Forest Apartments Associates February 7, 1996
Gate Manor Apartments, Ltd. January 23, 1996
Greenfield Limited Partnership March 11, 1996
Greenfield Apartments Limited Partnership January 22, 1996
Greenfield North Apartments Limited Partnership January 25, 1996
Greenfield North Limited Partnership March 9, 1996
Haili Associates February 6, 1996
Hollows Associates February 22, 1996
Houston Aristocrat Apartments, Ltd. January 25, 1996
Kapuna Associates February 6, 1996
Kimberton Apartments Associates February 22, 1996
Kinloch Urban East Housing September 13, 1995
Koolau Housing Associates February 6, 1996
Lakeview Arms Associates February 14, 1996
Lee-Hy Manor Associates Limited Partnership February 16, 1996
Locust Park Associates February 5, 1996
Loring Towers Associates March 15, 1996
Mahoning Associates February 5, 1996
Milliken Apartments Company January 18, 1996
Monument Street Limited Partnership February 1, 1996
Neighborhoods of the Universities Lock
Street Apartments Company January 26,1996
Oak Hollow South Associates February 19, 1996
Oak Park Limited Partnership March 12, 1996
Orchard Mews Associates February 14, 1996
Oxford Place Associates February 13, 1996
Pittsfield Neighborhood Associates March 16, 1996
Portfolio Properties Fifteen Associates March 12, 1996
Portfolio Properties Four Associates March 11, 1996
Prince Street Towers Limited Partnership February 12, 1996
Registry Square, Ltd. February 16, 1996
Sencit-Atlantic City Company February 26, 1996
Sencit-Lebanon Company January 2, 1996
St. Nicholas Associates February 12, 1996
Tamarac Pines, Ltd. February 13, 1996
Tamarac Pines II, Ltd. February 13, 1996
Taunton Green Associates February 28, 1996
Taunton II Associates February 16, 1996
The National Housing Partnership-II March 14, 1996
Tompkins Terrace Associates February 19, 1996
Waipahu Associates February 6, 1996
Washington Chinatown Associates January 21, 1996
Windsor Apartments Associates February 16, 1996
Woodcrest Apartments, Ltd. January 19, 1996
Worcester Episcopal Housing Company February 15, 1996
<PAGE>
Attachment C
Audit Reports for the Year Ended December 31, 1996
Date of
Partnership Auditor's Report
- -------------------------------------------- -----------------
630 East Lincoln Avenue Associates January 24, 1997
Aspen Stratford Apartments Company B February 24, 1997
Aspen Stratford Apartments Company C February 6, 1997
Athens Arms Associates February 12, 1997
Benjamin Banneker Plaza Associates January 24, 1997
Benton Square, Ltd February 21, 1997
Brightwood Limited Partnership January 31, 1997
Carter Associates Limited Partnership February 12, 1997
Christopher Court Housing Company February 18. 1997
Colonial Terrace I Associates February 12, 1997
Colonial Terrace II Associates February 12, 1997
Concord Houses Associates March 1, 1997
Duke Manor Associates February 12, 1997
Elderly Housing Associates Ltd. Partnership January 24, 1997
Ferncliff Limited Partnership March 11, 1997
Forest Apartments Associates February 17, 1997
Gate Manor Apartments, Ltd. January 31, 1997
Greenfield Limited Partnership March 11, 1997
Greenfield Apartments Limited Partnership January 17, 1997
Greenfield North Apartments Limited Partnership January 27, 1997
Greenfield North Limited Partnership March 11, 1997
Haili Associates January 30, 1997
Hollows Associates February 19, 1997
Houston Aristocrat Apartments, Ltd. January 27, 1997
Kapuna Associates January 30, 1997
Kimberton Apartments Associates February 12, 1997
Koolau Housing Associates January 30, 1997
Lakeview Arms Associates February 24, 1997
Lee-Hy Manor Associates Limited Partnership February 16, 1997
Locust Park Associates February 22, 1997
Loring Towers Associates February 13, 1997
Milliken Apartments Company January 13, 1997
Monument Street Limited Partnership February 7, 1997
Neighborhoods of the Universities Lock
Street Apartments Company February 4, 1997
Oak Hollow South Associates February 14, 1997
Oak Park Limited Partnership March 12, 1997
Orchard Mews Associates January 14, 1997
Oxford Place Associates February 13, 1997
Pittsfield Neighborhood Associates March 7, 1997
Portfolio Four Associates March 11, 1997
Prince Street Towers Limited Partnership February 10, 1997
Registry Square, Ltd. February 21, 1997
Sencit-Lebanon Company January 30, 1997
St. Nicholas Associates January 29, 1997
Tamarac Pines II, Ltd. February 20, 1997
Tamarac Pines, Ltd. February 20, 1997
Taunton Green Associates February 15, 1997
Taunton II Associates February 3, 1997
The National Housing Partnership-II March 22, 1997
Tompkins Terrace Associates February 25, 1997
Waipahu Associates January 30, 1997
Washington Chinatown Associates January 23, 1997
Windsor Apartments Associates February 12, 1997
Woodcrest Apartments, Ltd. January 15, 1997
Worcester Episcopal Housing Company February 5, 1997
<PAGE>
AUDITOR'S CONSENT
We consent to the incorporation by reference in this Current Report on Form 8-K,
filed with the Securities and Exchange Commission by Apartment Investment and
Management Company (AIMCO) of our report dated January 19, 1995 with respect to
the audit of Two Bridges Associates for the year ended December 31, 1994, and to
the inclusion in this Current Report on Form 8-K of our report dated January 25,
1996 with respect to the audit of Two Bridges Associates for the year ended
December 31, 1995. We further consent to the incorporation by reference of such
reports in AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration on Form S-3 (No. 333-4546), AIMCO's
Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548),
AIMCO's Registration Statement on Form S-8 (No. 333-14481), and AIMCO's
Registration Statement on Form S-3 (No. 333-20755), all filed with the
Securities and Exchange Commission.
/s/ Marks Shron & Company, LLP
Marks Shron & Company, LLP
Great Neck, New York
June 23, 1997
<PAGE>
[LETTERHEAD]
CONSENT LETTER
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our reports dated February 8, 1996 and January 16, 1997
with respect to the audits of Crosland Housing Associates, L.P. for the years
ended December 31, 1995 and 1996. We further consent to the incorporation by
reference of such reports in AIMCO's Registration Statement on Form S-3 (No.
333-26415), AIMCO's Registration Statement on Form S-3 (No. 33-98338),
AIMCO's Registration Statement on Form S-3 (333-828), AIMCO's Registration
Statement on Form S-3 (No. 333-4542), AIMCO's Registration Statement on Form
S-3 (No. 333-4546). AIMCO's Registration Statement on Form S-3 (No.
333-08997), AIMCO's Registration Statement on Form S-3 (No. 333-17431),
AIMCO's Registration Statement on Form S-8 (No. 333-4550), AIMCO's
Registration Statement on Form S-8 (No. 333-4548), AIMCO's Registration
Statement on Form S-8 (No. 333-14481), and AIMCO's Registration Statement on
Form S-3 (No. 333-20755), all filed with the Securities and Exchange
Commission.
Very truly yours,
/s/ Andrew P. Prague, CPA
PRAGUE & COMPANY, P.C.
[FORMERLY KNOWN AS PRAGUE & RICHMOND, P.C.]
CERTIFIED PUBLIC ACCOUNTANTS
WELLESLEY, MASSACHUSETTS
JUNE 23, 1997
<PAGE>
CONSENT OF REZNICK FEDDER & SILVERMAN
_____________________________
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated as per the
attached schedule with respect to the audits of the partnerships per the
attached schedule for the year ended December 31, 1994, and to the inclusion
in this Current Report on Form 8-K of our reports dated as per the attached
schedules with respect to the audits of the partnerships per the attached
schedules for the years ended December 31, 1995 and 1996. We further consent
to the incorporation by reference of such report in AIMCO's Registration
Statement on Form S-3 (No. 333-26415), AIMCO's Registration Statement on Form
S-3 (No. 33-98338), AIMCO's Registration Statement on Form S-3 (No. 333-828),
AIMCO's Registration Statement on Form S-3 (No. 333-4542), AIMCO's
Registration Statement on Form S-3 (No. 333-4546), AIMCO's Registration
Statement on Form S-3 (No. 333-08997), AIMCO's Registration Statement on Form
S-3 (No. 333-17431), AIMCO's Registration Statement on Form S-8 (No.
333-4550), AIMCO's Registration Statement on S-8 (No. 333-4548), AIMCO's
Registration Statement on Form S-8 (No. 333-14481), AIMCO's Registration
Statement on Form S-3 (No. 333-20755), all filed with theSecurities and
Exchange Commission.
/s/ Reznick Fedder & Silverman
REZNICK FEDDER & SILVERMAN
Bethesda, Maryland
June 23, 1997
<PAGE>
ATTACHMENT
SCHEDULE OF PARTNERSHIPS
<TABLE>
<CAPTION>
PARTNERSHIP NAME DATED
- ---------------- -----
<S> <C>
Beautiful Village Associates Redevelopment Company February 8, 1995
Branchwood Towers Limited Partnership February 7, 1995
Citrus Park Associates, Ltd. January 31, 1995
Community Circle II Limited January 26, 1995
Copperstone Limited Partnership January 19, 1995
Diakonia Associates Limited Partnership January 31, 1995
Easton Terrace I Associates January 24, 1995
Easton Terrace II Associates February 9, 1995
Eastridge Apartments January 13, 1995
Emory Grove Associates Limited Partnership February 6, 1995
First Alexandria Associates January 20, 1995
Flatbush NSA Associates January 30, 1995
Franklin Square School Associates January 12, 1995
Gates Mill I Limited Partnership February 1, 1995
Grosvenor House Associates Limited Partnership February 10, 1995
Harris Park Limited Partnership February 8, 1995
Hollybush Gardens I January 27, 1995
Hollybush Gardens II January 27, 1995
Intown West Associates Limited Partnership January 27, 1995
Lake Avenue Associates February 6, 1995
Lake Crossing Limited Partnership January 11, 1995
Lakehaven Associates One January 25, 1995
Lakehaven Associates Two January 20, 1995
Linden Court Associates January 30, 1995
Loudoun House Limited Partnership February 13, 1995
Monaco Arms Associates I January 30, 1995
Monaco Arms Associates II January 25, 1995
Muske Limited Partnership February 3, 1995
Natick Associates January 31, 1995
Oakcrest Terrace Apartments February 8, 1995
Oakwood Limited Partnership February 3, 1995
Parkview Associates January 20, 1995
Queenstown Apartments Limited Partnership February 9, 1995
Rancho Townhouse Associates February 3, 1995
Ruscombe Gardens Limited Partnership January 30, 1995
Sencit - Jacksonville Company LTD January 14, 1995
Sheffield Associates February 8, 1995
Snap IV Limited Partnership January 31, 1995
Tara Bridge Limited Partnership January 20, 1995
Twin Towers Associates February 10, 1995
Tyee Associates Limited Partnership January 13, 1995
Urbanization Maria Lopez Housing Company February 3, 1995
Westminster Associates January 31, 1995
Wollaston Manor Associates January 25, 1995
Woodside Village Limited Partnership January 13, 1995
</TABLE>
<PAGE>
ATTACHMENT
SCHEDULE OF PARTNERSHIPS
<TABLE>
<CAPTION>
PARTNERSHIP NAME DATED
- ---------------- -----
<S> <C>
Beautiful Village Associates Redevelopment Company April 3, 1996
Branchwood Towers Limited Partnership January 24, 1996
Citrus Park Associates, Ltd. January 24, 1996
Community Circle II Limited January 25, 1996
Copperstone Limited Partnership January 31, 1996
Country Lakes Associates Two February 9, 1996
Diakonia Associates Limited Partnership August 15, 1995
Easton Terrace I Associates January 27, 1996
Eastridge Apartments January 17, 1996
Emory Grove Associates Limited Partnership February 12, 1996
First Alexandria Associates January 17, 1996
Flatbush NSA Associates January 17, 1996
Franklin Square School Associates January 22, 1996
Gates Mill I Limited Partnership January 30, 1996
Grosvenor House Associates Limited Partnership February 9, 1996
Hollybush Gardens I January 24, 1996
Hollybush Gardens II January 24, 1996
Hollywood Gardens January 22, 1996
Intown West Associates Limited Partnership February 8, 1996
Lake Avenue Associates February 9, 1996
Lake Crossing Limited Partnership January 24, 1996
Lakehaven Associates One January 24, 1996
Lakehaven Associates Two January 27, 1996
Linden Court Associates February 12, 1996
Loudoun House Limited Partnership January 31, 1996
Monaco Arms Associates I January 22, 1996
Monaco Arms Associates II January 22, 1996
Muske Limited Partnership February 20, 1996
Natick Associates January 23, 1996
Oakcrest Terrace Apartments February 16, 1996
Oakwood Limited Partnership February 22, 1996
Parkview Associates January 19, 1996
Queenstown Apartments Limited Partnership February 12, 1996
Rancho Townhouse Associates February 7, 1996
Ruscombe Gardens Limited Partnership January 24, 1996
Sencit - Jacksonville Company LTD January 17, 1996
Sencit F/G Metropolitan Associates February 21, 1996
Sheffield Associates February 7, 1996
Snap IV Limited Partnership February 21, 1996
Twin Towers Associates January 16, 1996
Tyee Associates Limited Partnership January 19, 1996
Urbanization Maria Lopez Housing Company January 27, 1996
Westminster Associates January 31, 1996
Wollaston Manor Associates January 17, 1996
Woodside Village Limited Partnership January 10, 1996
2nd Tier - Copperstone Circle Limited Partnership February 8, 1996
2nd Tier - Eastridge Limited Partnership February 8, 1996
2nd Tier - Emory Grove Associates February 22, 1996
2nd Tier - Oakwood-Muskegon Limited Partnership February 22, 1996
</TABLE>
<PAGE>
ATTACHMENT
SCHEDULE OF PARTNERSHIPS
<TABLE>
<CAPTION>
PARTNERSHIP NAME DATED
- ---------------- -----
<S> <C>
Beautiful Village Associates Redevelopment Company January 29, 1997
Branchwood Towers Limited Partnership January 23, 1997
Brookview Apartments Company Limited January 30, 1997
Citrus Park Associates, Ltd. January 30, 1997
Clover Ridge East Limited Partnership January 21, 1997
Colony Apartments Company Limited January 20, 1997
Community Circle II Limited January 30, 1997
Copperstone Limited Partnership January 27, 1997
Country Lakes Associates Two February 6, 1997
Diakonia Associates Limited Partnership August 13, 1996
East Hampton Limited Partnership February 7, 1997
Easton Terrace I Associates January 15, 1997
Eastridge Apartments January 17, 1997
Edgewood II Associates January 23, 1997
Emory Grove Associates Limited Partnership February 7, 1997
Fairburn and Gordon Associates, Phase I January 23, 1997
Fairburn and Gordon Associates, Phase II January 23, 1997
First Alexandria Associates January 15, 1997
Flatbush NSA Associates January 24, 1997
Franklin Square School Associates January 23, 1997
Gates Mill I Limited Partnership January 23, 1997
Grosvenor House Associates Limited Partnership January 22, 1997
Hollywood Gardens January 28, 1997
Intown West Associates Limited Partnership February 1, 1997
Laing Village A Limited Partnership January 31, 1997
Lake Avenue Associates February 12, 1997
Lake Crossing Limited Partnership February 5, 1997
Lakehaven Associates One January 25, 1997
Lakehaven Associates Two January 30, 1997
Linden Court Associates February 6, 1997
Loudoun House Limited Partnership January 17, 1997
Monaco Arms Associates I January 28, 1997
Monaco Arms Associates II January 28, 1997
Muske Limited Partnership February 7, 1997
Natick Associates January 10, 1997
Oakcrest Terrace Apartments February 10, 1997
Oakland City/West End Associates, Ltd. January 31, 1997
Oakwood Limited Partnership February 8, 1997
Orangeburg Manor January 20, 1997
Parkview Associates January 29, 1997
Pleasant Valley Apartments, Ltd. January 17, 1997
Queenstown Apartments Limited Partnership February 7, 1997
Ruscombe Gardens Limited Partnership January 31, 1997
Sandy Springs Associates, Ltd. January 23, 1997
Sencit - Jacksonville Company LTD January 20, 1997
Sencit F/G Metropolitan Associates February 5, 1997
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Tiffany Rehab Associates January 17, 1997
Twin Towers Associates February 5, 1997
Tyee Associates Limited Partnership January 17, 1997
Urbanization Maria Lopez Housing Company January 22, 1997
Village Green Apartments Company Limited January 18, 1997
Vineville Towers Associates, Ltd. January 24, 1997
Westgate Apartments February 3, 1997
Westminster Associates January 24, 1997
Wollaston Manor Associates January 31, 1997
Woodside Village Limited Partnership January 16, 1997
2nd Tier - Copperston Circle Limited Partnership March 6, 1997
2nd Tier - Eastridge Limited Partnership March 3, 1997
2nd Tier - Emory Grove Associates March 4, 1997
2nd Tier - Oakwood-Muskegon Limited Partnership March 3, 1997
</TABLE>
<PAGE>
[Letterhead]
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the inclusion in this Current Report on Form 8-K, filed with the
Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our reports dated, as listed in Appendix 1, with respect to
the audits of the Partnerships listed in Appendix 1 for the years ended December
31, 1995 and 1996. We further consent to the incorporation by reference of such
reports in AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3 (No. 333-4546),
AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548),
AIMCO's Registration Statement on Form S-8 (No. 333-14481), and AIMCO's
Registration Statement on Form S-3 (No. 333-20755), all filed with the
Securities and Exchange Commission.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
June 23, 1997
<PAGE>
APPENDIX 1
Year Ended December 31, 1995
- ----------------------------
Partnership Report Date
- ----------- ------------
2900 Van Ness Associates March 1, 1996
7400 Roosevelt Investors February 20, 1996
Ivanhoe Associates Limited Partnership and
Monroeville Development Corporation February 23, 1996
Ridge Carlton Associates Limited Partnership and February 27, 1996
Norco Associates
Norco Associates February 27, 1996
Scotch Associates Limited Partnership and February 27, 1996
Scotch Lane Associates
Scotch Lane Associates February 27, 1996
Standart Woods Associates Limited Partnership February 17, 1996
Year Ended December 31, 1996
- ----------------------------
Partnership Report Date
- ----------- ------------
2900 Van Ness Associates February 12, 1997
7400 Roosevelt Investors February 7, 1997
Fairfax Associates Limited Partnership March 3, 1997
Ivanhoe Associates Limited Partnership and February 3, 1997
Monroeville Development Corporation (except as to Note
5, which is as of
March 17, 1997)
Ridge Carlton Associates Limited Partnership and January 28, 1997
Norco Associates
Norco Associates January 28, 1997
River Loft Associates Limited Partnership and February 4, 1997
River Loft Apartments Limited Partnership
River Loft Apartments Limited Partnership February 4, 1997
Scotch Associates Limited Partnership and January 31, 1997
Scotch Lane Associates
Scotch Lane Associates January 31, 1997
Standart Woods Associates Limited Partnership February 18, 1997
Wyntre Brooke Associates February 10, 1997
<PAGE>
[Letterhead]
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the inclusion in this Current Report on Form 8-K, filed with the
Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our reports (each of which expresses an unqualified opinion
and includes an explanatory paragraph relating to the Partnership's ability to
continue as a going concern) dated, as listed in Appendix 2, with respect to the
audits of the Partnerships listed in Appendix 2 for the years ended December 31,
1995 and 1996. We further consent to the incorporation by reference of such
reports in AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3 (No. 333-4546),
AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548),
AIMCO's Registration Statement on Form S-8 (No. 333-14481), and AIMCO's
Registration Statement on Form S-3 (No. 333-20755), all filed with the
Securities and Exchange Commission.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
June 23, 1997
<PAGE>
APPENDIX 2
Year Ended December 31, 1995
- ----------------------------
Partnership Report Date
- ----------- ------------
Fairfax Associates Limited Partnership February 27, 1996
River Loft Associates Limited Partnership and February 25, 1996
River Loft Apartments Limited Partnership
River Loft Apartments Limited Partnership February 25, 1996
West Lake Arms Limited Partnership February 17, 1996
Wyntre Brooke Associates February 17, 1996
(except as to Note
11, which is as of
February 22, 1996)
Year Ended December 31, 1996
- ----------------------------
Partnership Report Date
- ----------- ------------
West Lake Arms Limited Partnership February 28, 1997
Greater Hartford Associates Limited Partnership and February 22, 1997
Connecticut Colony Associates Limited Partnership
Connecticut Colony Associates Limited Partnership February 22, 1997
<PAGE>
[Letterhead]
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the inclusion in this Current Report on Form 8-K, filed with the
Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our reports (each of which expresses an unqualified opinion
and includes an explanatory paragraph noting that the next remarketing date for
the Bonds which finance the Project is to occur on April 1, 1997 at which date a
deferred fee of $925,000 is payable to the issuer of the Letter of Credit that
secures payments on the Bonds) dated, as listed in Appendix 3, with respect to
the audits of the Partnerships listed in Appendix 3 for the year ended December
31, 1995. We further consent to the incorporation by reference of such reports
in AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3 (No. 333-4546),
AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's Registration
Statement on Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (No. 333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548),
AIMCO's Registration Statement on Form S-8 (No. 333-14481), and AIMCO's
Registration Statement on Form S-3 (No. 333-20755), all filed with the
Securities and Exchange Commission.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
June 23, 1997
<PAGE>
APPENDIX 3
Year Ended December 31, 1995
- ----------------------------
Partnership Report Date
- ----------- ------------
Greater Hartford Associates Limited Partnership and February 27, 1996
Connecticut Colony Associates Limited Partnership (except as to Note
6, which is as of
April 12, 1996)
Connecticut Colony Associates Limited Partnership February 27, 1996
(except as to Note
6, which is as of
April 12, 1996)
<PAGE>
[Letterhead]
Consent of Russell, Thompson, Butler & Houston
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated as shown in
Exhibit A with respect to the audit of those entities as shown in Exhibit A
for the year ended December 31, 1994, and to the inclusion in this Current
Report on Form 8-K of our reports dated as shown in Exhibits B and C with
respect to the audits of those entities as shown in Exhibits B and C for the
years ended December 31, 1995 and 1996. We further consent to the
incorporation by reference of such reports in AIMCO's Registration Statement
on Form S-3 (No. 333-26415), AIMCO's Registration Statement on Form S-3 (No.
33-98338), AIMCO's Registration Statement on Form S-3 (333-828), AIMCO's
Registration Statement on Form S-3 (No. 333-4542), AIMCO's Registration
Statement on Form S-3 (No. 333-4546), AIMCO's Registration Statement on Form
S-3 (No. 333-08997), AIMCO's Registration Statement on Form S-3 (No.
333-17431), AIMCO's Registration Statement on Form S-8 (No. 333-4550),
AIMCO's Registration Statement on Form S-8 (No. 333-4548), AIMCO's
Registration Statement on Form S-8 (No. 333-14481), and AIMCO's Registration
Statement on Form S-3 (No. 333-20755), all filed with the Securities and
Exchange Commission.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
June 23, 1997
<PAGE>
E X H I B I T A
REAL ESTATE PARTNERSHIP REPORT DATE
- ---------------------------------------------------- ---------------
Housing Assistance of Mt. Dora, Ltd. January 7, 1995
Housing Assistance of Orange City, Ltd. January 7, 1995
Housing Assistance of Sebring, Ltd. January 7, 1995
Housing Assistance of Vero Beach, Ltd. January 7, 1995
Lakeview Villas, Ltd. January 7, 1995
Orange City Villas II, Ltd. January 7, 1995
Woodside Villas of Arcadia, Ltd. January 7, 1995
Grove Park Villas, Ltd. January 7, 1995
Highlands Village II January 7, 1995
Eustis Apartments, Ltd. January 7, 1995
South Hiawassee Village, Ltd. January 7, 1995
Parkview Arms Associates I January 13, 1995
Parkview Arms Associates II January 13, 1995
Twin Gables Associates January 13, 1995
Miami Elderly Associates January 13, 1995
Crosland Housing Associates January 19, 1995
Parkview Apartments, Ltd. January 19, 1995
Chesterfield Housing Associates January 19, 1995
Hemingway Housing Associates January 19, 1995
McColl Housing Associates January 19, 1995
The Meadows Apartments January 19, 1995
St. George Villas January 19, 1995
Hurbell I Limited Partnership (Holly Oak) January 21, 1995
Hurbell IV Limited Partnership (Talladega Downs) January 21, 1995
Eastcourt Village Partners January 25, 1995
United Housing Partners Cuthbert, Ltd. January 27, 1995
United Housing Partners Elmwood, Ltd. January 27, 1995
United Housing Partners Morristown, Ltd. January 27, 1995
United Housing Partners Welch, Ltd. January 27, 1995
Townview Towers I Partnership, Ltd. January 27, 1995
VOA-Nicollet Towers Associates January 28, 1995
Community Developers of Princeville January 30, 1995
Registry Square, Ltd. February 23, 1995
<PAGE>
E X H I B I T B
REAL ESTATE PARTNERSHIP REPORT DATE
- ----------------------- -----------
United Housing Partners Cuthbert, Ltd. January 13, 1996
United Housing Partners Elmwood, Ltd. January 13, 1996
United Housing Partners Morristown, Ltd. January 13, 1996
United Housing Partners Welch, Ltd. January 13, 1996
Parkview Apartments, Ltd. January 18, 1996
Chesterfield Housing Associates January 18, 1996
Hemingway Housing Associates January 18, 1996
McColl Housing Associates January 18, 1996
The Meadows Apartments January 18, 1996
St. George Villas January 18, 1996
Parkview Arms Associates I January 18, 1996
Parkview Arms Associates II January 18, 1996
Twin Gables Associates January 18, 1996
Miami Elderly Associates January 18, 1996
Hurbell I Limited Partnership (Holly Oak) January 20, 1996
Hurbell IV Limited Partnership (Talladega Downs) January 20, 1996
Community Developers of Princeville January 22, 1996
Eastcourt Village Partners January 23, 1996
VOA-Nicollet Towers Associates January 26, 1996
Lake Wales Villas, Ltd. February 3, 1996
Peppertree Village of Avon Park, Ltd. February 3, 1996
Housing Assistance of Mt. Dora, Ltd. February 3, 1996
Housing Assistance of Orange City, Ltd. February 3, 1996
Housing Assistance of Sebring, Ltd. February 3, 1996
Housing Assistance of Vero Beach, Ltd. February 3, 1996
Lakeview Villas, Ltd. February 3, 1996
Orange City Villas II, Ltd. February 3, 1996
Woodside Villas of Arcadia, Ltd. February 3, 1996
Grove Park Villas, Ltd. February 3, 1996
Highlands Village II February 3, 1996
Eustis Apartments, Ltd. February 3, 1996
South Hiawassee Village, Ltd. February 3, 1996
<PAGE>
E X H I B I T C
REAL ESTATE PARTNERSHIP REPORT DATE
- ---------------------------------------------------- ----------------
United Housing Partners Cuthbert, Ltd. January 10, 1997
United Housing Partners Elmwood, Ltd. January 10, 1997
United Housing Partners Morristown, Ltd. January 10, 1997
United Housing Partners Welch, Ltd. January 10, 1997
Community Developers of Princeville January 13, 1997
Eastcourt Village Partners January 22, 1997
Parkview Apartments, Ltd. January 23, 1997
Chesterfield Housing Associates January 23, 1997
Hemingway Housing Associates January 23, 1997
McColl Housing Associates January 23, 1997
The Meadows Apartments January 23, 1997
St. George Villas January 23, 1997
Hurbell I Limited Partnership (Holly Oak) January 25, 1997
Hurbell IV Limited Partnership (Talladega Downs) January 25, 1997
Lake Wales Villas, Ltd. January 31, 1997
Peppertree Village of Avon Park, Ltd. January 31, 1997
Housing Assistance of Mt. Dora, Ltd. January 31, 1997
Housing Assistance of Orange City, Ltd. January 31, 1997
Housing Assistance of Sebring, Ltd. January 31, 1997
Housing Assistance of Vero Beach, Ltd. January 31, 1997
Lakeview Villas, Ltd. January 31, 1997
Orange City Villas II, Ltd. January 31, 1997
Woodside Villas of Arcadia, Ltd. January 31, 1997
Grove Park Villas, Ltd. January 31, 1997
Highlands Village II January 31, 1997
Eustis Apartments, Ltd. January 31, 1997
South Hiawassee Village, Ltd. January 31, 1997
<PAGE>
Sciarabba Walker & Co., LLP
Certified Public Accountants
- -------------------------------------
200 E. BUFFALO STREET-SUITE 402-ITHACA, NY 14850-(607) 272-5550
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment Investment
and Management Company (AIMCO) of our reports dated January 24, 1995 with
respect to the audit of Abbott Associates for the year ended December 31,
1994, and to the inclusion in this Current Report on Form 8-K of our report
dated February 6, 1997 with respect to the audits of Abbott Associates for
the years ended December 31, 1995 and 1996. We further consent to the
incorporation by reference of such reports in AIMCO's Registration Statement
of Form S-3 (No. 333-26415), AIMCO's Registration Statement on Form S-3 (No.
33-98338), AIMCO's Registration Statement on Form S-3 (333-828), AIMCO's
Registration Statement on Form S-3 (No. 333-4542), AIMCO's Registration
Statement on Form S-3 (No. 333-4546), AIMCO's Registration Statement on Form
S-3 (No. 333-08997), AIMCO's Registration Statement on Form S-3 (No.
333-17431), AIMCO's Registration Statement on Form S-8 (No. 333-4550),
AIMCO's Registration Statement on Form S-8 (No. 333-4548), AIMCO's
Registration Statement on Form S-8 (No. 333-14481), and AIMCO's Registration
Statement on Form S-3 (No. 333-20755), all filed with the Securities and
Exchange Commission.
/s/ Sciarabba Walker & Co. LLP
Sciarabba Walker & Co. LLP
Ithaca, New York
June 23, 1997
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
We consent to the inclusion in this Current Report on Form 8-K, filed with the
Securities and Exchange Commission by Apartment Investment and Management
Company ("AIMCO"), of our reports dated February 14, 1997 with respect to the
audits of the following entities for the period from January 2, 1996 (date of
formation) to December 31, 1996:
NHP Chaparral Associates, L.P.
NHP Country Club Woods Associates, L.P.
NHP Country Club Woods, L.P.
NHP Greenbriar Associates, L.P.
NHP Greenbriar, L.P.
NHP Hessian Hills, L.P.
NHP High River, L.P.
NHP Spring Lake Manor Associates, L.P.
NHP Spring Lake Manor, L.P.
NHP Three Chopt West Associates, L.P.
NHP Town & Country/Country Place Associates, L.P.
NHP Town & Country/Country Place, L.P.
NHP Townhouse Associates, L.P.
NHP Townhouse, L.P.
NHP Twin Gates East, L.P.
NHP Will-O-Wisp Arms, L.P.
We further consent to the incorporation by reference of such reports in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form
S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997),
AIMCO's Registration Statement on Form S-3 (No. 333-17431), AIMCO's
Registration Statement on Form S-8 (No. 333-4550), AIMCO's Registration
Statement on Form S-8 (No. 333-4548), AIMCO's Registration Statement on Form
S-8 (No. 333-14481), and AIMCO's Registration Statement on Form S-3 (No.
333-20755), all filed with the Securities and Exchange Commission.
/s/ Wallace Sanders & Company
WALLACE SANDERS & COMPANY
Dallas, Texas
June 23, 1997
<PAGE>
[LETTERHEAD]
June 23, 1997
We consent to the inclusion in this Current Report on Form 8-K, filed with
the Securities and Exchange Commission by Apartment Investment and Management
Company (AIMCO) of our reports with respect to the audits of the listed
partnerships, as included in the attached schedule, for the years ended December
31, 1995 and 1996. We further consent to the incorporation by reference of such
reports in AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3 (No. 333-4546),
AIMCO's Registration Statement of Form S-3 (No. 333-08997), AIMCO's Registration
Statement of Form S-3 (No. 333-17431), AIMCO's Registration Statement on Form
S-8 (N0. 333-4550), AIMCO's Registration Statement on Form S-8 (No. 333-4548),
AIMCO's Registration Statement on Form S-8 (No. 333-14481), and AIMCO's
Registration Statement on Form S-3 (No. 333-20755).
/S/ Warady & Davis LLP
<PAGE>
SCHEDULE OF AUDIT REPORTS ISSUED
BY WARADY & DAVIS LLP FOR NHP
FOR THE YEARS ENDED DECEMBER 31, 1995 AND 1996
<TABLE>
<CAPTION>
DATE OF YEAR ENDED DATE OF YEAR ENDED
DECEMBER 31, 1995 DECEMBER 31, 1996
NAME OF PARTNERSHIP AUDIT REPORT AUDIT REPORT
- ----------------------------------------------------------------------- -------------------- -------------------
<S> <C> <C>
Church Street Associates January 30, 1996 February 4, 1997
New Vistas Apartments Associates January 22, 1996 January 24, 1997
New Vistas Apartments
Associates--Phase II January 19, 1996 February 3, 1997
North Washington Park Partnership January 26, 1996 January 21, 1997
Palmer Square Apartments Associates January 23, 1996 February 3, 1997
Parkways Associates January 16, 1996 January 28, 1997
Oak Park Partnership February 6, 1996 January 14, 1997
Rogers Park Partnership February 14, 1996 January 27, 1997
MRR L.P. January 20, 1997
Central Woodlawn Rehabilitation
Joint Venture March 6, 1997
</TABLE>
<PAGE>
ZINER & COMPANY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
We consent to the incorporation by reference in this Current Report on
Form 8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our reports dated January 31,
1995 with respect to the audit of United Front Homes for the year ended
December 31, 1994, and to the inclusion in this Current Report on Form 8-K of
our reports dated February 27, 1996, and March 11, 1997 with respect to the
audit of United Front Homes for the years ended December 31, 1995 and 1996.
We further consent to the incorporation by reference of such reports in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3 (No. 333-4546),
AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's
Registration Statement on Form S-3 (No. 333-17431), AIMCO's Registration
Statement on Form S-8 (No. 333-4550), AIMCO's Registration Statement on Form
S-8 (No. 333-4548), AIMCO's Registration Statement on Form S-8 (No.
333-14481), and AIMCO's Registration Statement on Form S-3 (No. 333-20755),
all filed with the Securities and Exchange Commission.
/s/ Ziner & Company, P.C.
June 23, 1997
<PAGE>
[ZINNER & CO. Letterhead]
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our report dated January 12,
1995 with respect to the audit of Vistula Heritage Village for the year ended
December 31, 1994, and to the inclusion in this Current Report on Form 8-K of
our reports dated January 16, 1996 and January 13, 1997 with respect to the
audits of Vistula Heritage Village for the years ended December 31, 1995 and
1996. We further consent to the incorporation by reference of such reports in
AIMCO's Registration Statement on Form S-3 (No. 333-26415), AIMCO's
Registration Statement on Form S-3 (No. 33-98338), AIMCO's Registration
Statement on Form S-3 (333-828), AIMCO's Registration Statement on Form S-3
(No. 333-4542), AIMCO's Registration Statement on Form S-3(No. 333-4546),
AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's
Registration Statement on Form S-3 (No. 333-17431), AIMCO's Registration
Statement on Form S-8 (No. 333-4550), AIMCO's Registration Statement on Form
S-8 (No. 333-4548), AIMCO's Registration Statement on Form S-8 (No.
333-14481), and AIMCO's Registration Statement on Form S-3 (No. 333-20755),
all filed with the Securities and Exchange Commission.
/s/Zinner & Co.
Zinner & Co.
Pepper Pike, Ohio
June 23, 1997
<PAGE>
Exhibit 23.24
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in this Current Report on Form
8-K, filed with the Securities and Exchange Commission by Apartment
Investment and Management Company (AIMCO) of our report dated May 27, 1997
with respect to the audit of The Bay Club at Aventura for the year ended
December 31, 1996. We further consent to the incorporation by reference of
such report in AIMCO's Registration Statement on Form S-3 (No. 333-26415),
AIMCO's Registration Statement on Form S-3 (No. 33-98338), AIMCO's
Registration Statement on Form S-3 (No. 333-828), AIMCO's Registration Statement
on Form S-3 (No. 333-4542), AIMCO's Registration Statement on Form S-3 (No.
333-4546), AIMCO's Registration Statement on Form S-3 (No. 333-08997), AIMCO's
Registration Statement on Form S-3 (No. 333-17431), AIMCO's Registration
Statement on Form S-8 (No. 333-4550), AIMCO's Registration Statement on Form
S-8 (No. 333-4548), AIMCO's Registration Statement on Form S-8 (No.
333-14481), and AIMCO's Registration Statement on Form S-3 (No. 333-20755),
all filed with the Securities and Exchange Commission.
/s/ Ernst & Young LLP
-------------------------------------
Ernst & Young LLP
Chicago, Illinois
June 23, 1997
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
* Anders, Minkler & Diehl LLP
Caroline Associates I
Columbus Square Associates I
Columbus Square Associates II
Pershing Waterman Phase I
PW III Associates
PW IV Associates
PW V Associates
PW VI Associates
Savoy Court Associates
Wigar, Ltd.
Arthur Andersen LLP
NHP Incorporated
* Dauby O'Connor & Zaleski, LLC
Brookview Apartments Company Limited
Clover Ridge East Limited Partnership
Colony Apartments Company Limited
East Hampton Limited Partnership
Edgewood II Associates
Fairburn & Gordon Associates, Phase I
Fairburn & Gordon Associates, Phase II
Laing Village
Oakland City/West End Associates, Ltd.
Orangeburg Manor
Parkways Associates
Pleasant Valley Apartments, Ltd.
Sandy Springs Associates, Ltd.
The Oak Park Partnership
The Rogers Park Partnership
Tiffany Rehab Associates
Village Green Apartments Company Limited
Vineville Towers Associates, Ltd.
Westgate Apartments
* Deloitte & Touche LLP
107-145 West 135th Street Associates
Algonquin Tower Limited Partnership
All Hallows Associates
Allentown Towne House Limited Partnership
Anglers Manor Associates
Antioch Apartments, Ltd.
Arvada House
Audobon Park Associates
Baldwin Oaks Elderly, Ltd.
Baldwin Towers Associates
Basswood Manor Limited Partnership
Bayview Hunters Point Apartments
Bensalem Gardens Associates
Berkley Limited Partnership
Bloomsburg Elderly Associates
Boynton Beach Limited Partnership
Briarwood Apartments
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-1
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
Brightwood Manor Associates
Brinton Manor No. 1 Associates
Brinton Towers Associates
Brookside Apartments Associates
Buena Vista Apartments, Ltd.
Cabell Associates of Lakeview
California Square Limited Partnership
California Square II Limited Partnership
Campbell Heights Associates
Canterbury Gardens Associates
Capital Park Limited Partnership
Caroline Arms Limited Partnership
Center Square Associates
Central Village Associates
Chapel NDP
Cheek Road Limited Partnership
Cheyenne Village Apartments, Ltd.
Clay Courts Associates
College Heights
College Park Apartments
College Park Associates
Community Developers of High Point
Congress Park Associates II
Copperwood Limited
Copperwood II Limited
Cottonwood Apartments
Cumberland Court Associates
Cypress Gardens, Limited
Darby Townhouses Associates
Darbytown Development Associates
Delcar-S, Ltd.
Delcar-T, Ltd.
DIP Limited Partnership
DIP Limited Partnership - II
DIP Limited Partnership - III
Discovery Limited Partnership
Doral Gardens Associates
Duquesne Associates No. 1
Eastman Associates
Edmond Estates Limited Partnership
Elden Limited Partnership
Elm Creek Limited Partnership
Esbro Limited Partnership
Fairmeadows Limited Partnership
Fairmont #1 Limited Partnership
Fairmont #2 Limited Partnership
Fairview Homes Associates
Fairwood Associates
Federal Square Village
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-2
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
Field Associates
Forest Green Limited Partnership
Forest Park Elderly Associates
Forrester Gardens, Ltd.
Fort Carson Associates
Foxwood Manor Associates
Franklin Chapel Hill Associates
Franklin Eagle Rock Associates
Franklin Northwoods Associates
Franklin Park Limited Partnership
Franklin Pheasant Ridge Associates
Franklin Ridgewood Associates
Franklin Woods Associates
Friendset Housing Company
Frio Housing, Ltd.
G. W. Carver Limited
Galion Limited Partnership
Garfield Hill Associates
Gateway Village Associates
Gladys Hampton Houses Associates
Golden Apartments I
Golden Apartments II
Grandview Apartments
Greater Mount Calvary Terrace, Ltd.
Greater Richmond Community Development Corp. I and Associates
Greater Richmond Community Development Corp. II and Associates
Green Mountain Manor Limited Partnership
Griffith Limited Partnership
Gulfway Limited Partnership
H.R.H. Properties, Ltd.
Hamilton Gardens, Ltd.
Hamilton Heights Associates
Harold House Limited Partnership
Hatillo Housing Associates
Hickory Ridge Associates, Ltd.
Hillcrest Green Apartments, Ltd.
Hillside Village Associates
Hilltop Apartments Associates
Hilltop Limited Partnership
Hopkins Renaissance Associates
Hudson Terrace Associates
Hurbell II Limited Partnership
Indian Valley I Limited Partnership
Indian Valley II Limited Partnership
Indian Valley III Limited Partnership
Ingram Square Apartments, Ltd.
Jamestown Village Associates
Jersey Park Associates
JFK Associates
Johnston Square Associates
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-3
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
JVL Limited
JVL 16 Associates
JVL 18 Associates
JVL 19 Associates
Kennedy Homes Limited Partnership
Kenneth Arms Apartments
Key Parkway West Associates
Kimberly Associates Limited Partnership
Knollcrest Apartments
La Salle Apartments
La Vista Associates
Lafayette Manor Associates
Lafayette Towne Elderly, Ltd.
Lafayette Towne Family, Ltd.
Lake Forest Apartments
Langenheim Associates
Las Americas Housing Associates
Lassen Associates
Laurel Gardens
Lewisburg Associates
Lewisburg Elderly Associates
Leyden Limited Partnership
Lincmar Associates
Lincoln Park Associates
Lock Haven Elderly Associates
Lock Haven Gardens Associates
Loring Towers Apartments Limited Partnership
M & P Development Company
Madison Hill Limited Partnership
Manzanita Arms Apartments
Maple Hill Associates
Maple Park East Limited Partnership
Maple Park West Limited Partnership
Mayfair Manor Limited Partnership
Meadowood Apartments - Phase I (Meadowood Associates)
Meadowood Apartments - Phase II (Meadowood Associates)
Meadowood Associates III, Ltd.
Meadows Apartments Limited Partnership
Meadows East Apartments Limited Partnership
Menlo Limited Partnership
Merced Commons I
Merced Commons II
Mill Street Associates
Miramar Housing Associates
Montblanc Garden Apartments Associates
Montblanc Housing Associates
Morrisania Towers Housing Company
Moss Gardens Ltd.
Murphy Blair Associates III
New Lake Village Apartments
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-4
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
New West 111th Street Housing Company
New West 111th Street Two Associates
Newton Hill Limited Partnership
Northgate Village Limited Partnership
Northlake Terrace Associates
Northwest Terrace Associates
Oakland Village Townhouse Associates
Ocala Place, Ltd.
Olde Rivertowne Venture
One Lytle Place
One West Conway Associates
Orange Village Associates
Overbrook Park, Ltd.
Palm House Limited Partnership
Park Avenue West I Limited Partnership
Park Avenue West II Limited Partnership
Park Creek Limited Partnership
Pavillion Associates
Place One Limited Partnership
Portland Plaza Partnership
Portner Place Associates
Post Street Associates
Pride Gardens Limited Partnership
Pueblo Apartments Associates, Ltd.
Rancho Arms Apartments
Retirement Manor Associates
RI-15 Limited Partnership
Richlieu Associates
River Front Apartments Limited Partnership
River Woods Associates
Riverview II Associates
Rockwell Limited Partnership
Rolling Meadows Of Ada, Ltd.
Royal Towers Limited Partnership
Ruffin Road Associates
Rutherford Park Townhouses Associates
San Jose Limited Partnership
San Juan Apartments
San Juan Del Centro Limited Partnership
Sencit Towne House Limited Partnership
Sherman Terrace Associates
Shoreview Apartments
Site 10 Community Alliance Associates
Sleepy Hollow Apartments
SNI Development Company
Southmont Apartments
Southridge Apartments Limited Partnership
Southward Limited Partnership
Spring Meadow Limited Partnership
Springfield Limited Partnership
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-5
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
Spruce Limited Partnership
Stafford Apartments
Stock Island Limited Partnership
Storey Manor Associates
Strawbridge Square Associates Limited Partnership
Summersong Townhouses Limited Partnership
Sunrise Associates
Sunset Plaza Apartments
Susquehanna View Limited Partnership
Timberlake Apartments Limited Partnership
Timuquana Park Associates
Tinker Creek Limited Partnership
Town North
Treeslope Apartments Associates
Trinity Apartments
Trinity Hills Village Apartments
Trinity Towers - 14th Street Associates, Ltd.
Tumast Associates
United Handicap Federation Apartment Associates
United House Associates
United Housing Partners - Carbondale, Ltd.
United Redevelopment Associates
University Plaza Associates
Vantage 78
Verdes Del Oriente
Villa De Guadalupe Associates
Village Circle Apartments, Ltd.
Village Green Limited Partnership
Village Park II
Vistas De San Juan Associates
Waico Apartments Associates
Waico Phase II Associates
Walden Oaks Associates
Walmsley Terrace Associates
Walnut Hills Associates, Ltd.
Wash-West Properties
Washington Manor Limited Partnership
Waterman Limited Partnership
Waters Towers Associates
West Oak Village Limited Partnership
Whitefield Place, Ltd.
Woodmark Limited Partnership
Yadkin Associates
* Edwards Leap & Sauer
Buffalo Village Associates
Genessee Gardens Associates
Ida Tower
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-6
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
* George A. Hieronymus & Company, LLC
Athen Arms Associates
Colonial Terrace I Associates
Colonial Terrace II Associates
* Goldenberg Rosenthal Friedlander, LLP
Baisley Park Associates
Brunswick Village Limited Partnership
Churchview Gardens Limited Partnership
Harris Gardens Limited Partnership
Hawksworth Limited Partnership
Hollows Associates
Kimberton Apartments Associates
Washington Northgate Limited Partnership
Washington Westgate Limited Partnership
Windsor Apartments Associates
* Hansen, Hunter & Kibbee, P.C.
Haines Associates Limited Partnership
King-Bell Associates
Monmouth Associates Limited Partnership
Pendleton Riverside Apartments, Oreg., Ltd.
Penn Hall Associates Limited Partnership
Rodeo Drive Limited Partnership
South Mountain Terrace, Ltd.
Woodland Apartments, Oreg., Ltd.
* J.H. Cohn, LLP
Marlboro Greens Limited Partnership
* J.A. Plumer & Co., P.A.
630 East Lincoln Avenue Associates
Aspen Stratford Apartments Company B
Aspen Stratford Apartments Company C
Benjamin Banneker Plaza Associates
Brightwood Limited Partnership
Cambridge Heights Apartments, Ltd.
Carter Associates Limited Partnership
Cherry Estates
Christopher Court Housing Company
Concord House Associates
Duke Manor Associates
Elderly Housing Associates Ltd. Partnership
Forest Apartments Associates
Gate Manor Apartments, Ltd.
Greenfield Apartments Limited Partnership
Greenfield North Apartments Limited Partnership
Haili Associates
Houston Aristocrat Apartments, Ltd.
Kapuna Associates
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-7
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
Kinloch Urban East Housing
Koolau Housing Associates
Lakeview Arms Associates
Lee-Hy Manor Associates Limited Partnership
Locust Park Associates
Loring Towers Associates
Mahoning Associates
Milliken Apartments Company
Monument Street Limited Partnership
Neighborhoods of the Universities Lock Street Apartments Company
Oak Hollow South Associates
Orchard Mews Associates
Oxford Place Associates
Pittsfield Neighborhood Associates
Prince Street Towers Limited Partnership
Sencit-Lebanon Company
St. Nicholas Associates
Tamarac Pines, Ltd.
Tamarac Pines II, Ltd.
Taunton Green Associates
Taunton II Associates
Tompkins Terrace Associates
Waipahu Associates
Washington Chinatown Associates
Woodcrest Apartments, Ltd.
Worchester Episcopal Housing Company
* Marks Shron & Company, LLP
Two Bridges Associates
* Reznick Fedder & Silverman
Beautiful Village Associates Redevelopment Company
Branchwood Towers Limited Partnership
Citrus Park Associates, Ltd.
Community Circle II Limited
Copperstone Limited Partnership
Diakonia Associates Limited Partnership
Easton Terrace I Associates
Easton Terrace II Associates
Eastridge Apartments
Emory Grove Associates Limited Partnership
First Alexandria Associates
Flatbush NSA Associates
Franklin Square School Associates
Gates Mill I Limited Partnership
Grosvenor House Associates Limited Partnership
Harris Park Limited Partnership
Hollybush Gardens I
Hollybush Gardens II
Intown West Associates Limited Partnership
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-8
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
Lake Avenue Associates
Lake Crossing Limited Partnership
Lakehaven Associates One
Lakehaven Associates Two
Linden Court Associates
Loudoun House Limited Partnership
Monaco Arms Associates I
Monaco Arms Associates II
Muske Limited Partnership
Natick Associates
Oakcrest Terrace Apartments
Oakwood Limited Partnership
Parkview Associates
Queenstown Apartments Limited Partnership
Rancho Townhouse Associates
Ruscombe Gardens Limited Partnership
Sencit-Jacksonville Company LTD
Sheffield Associates
Snap IV Limited Partnership
Tara Bridge Limited Partnership
Twin Towers Associates
Tyee Associates Limited Partnership
Urbanization Maria Lopez Housing Company
Westminster Associates
Wollaston Manor Associates
Woodside Village Limited Partnership
* Russell Thompson Butler & Houston
Chesterfield Housing Associates
Community Developers Of Princeville
Crosland Housing Associates
Eastcourt Village Partners
Eustis Apartments, Ltd.
Grove Park Villas, Ltd.
Hemingway Housing Associates
Highlands Village II
Housing Assistance of Mt. Dora, Ltd.
Housing Assistance of Orange City, Ltd.
Housing Assistance of Sebring, Ltd.
Housing Assistance of Vero Beach, Ltd.
Hurbell I Limited Partnership
Hurbell IV Limited Partnership
Lakeview Villas, Ltd.
Mccoll Housing Associates
Miami Elderly Associates
Orange City Villas II, Ltd.
Parkview Apartments, Ltd.
Parkview Arms Associates I
Parkview Arms Associates II
Registry Square, Ltd.
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-9
<PAGE>
INDEX OF 1994 AUDITORS' REPORTS
South Hiawassee Village, Ltd.
St. George Villas
The Meadows Apartments
Townview Towers I Partnership, Ltd.
Twin Gables Associates
United Housing Partners Cuthbert, Ltd.
United Housing Partners Elmwood, Ltd.
United Housing Partners Morristown, Ltd.
United Housing Partners Welch, Ltd.
VOA-Nicollet Towers Associates
Woodside Villas of Arcadia, Ltd.
- --------------------
* Incorporated by reference to Exhibit 99 to the Registration Statement on
Form S-1 (File No. 33-93110) of NHP Incorporated.
F-10
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
Anders, Minkler & Diehl
CAROLINE ASSOCIATES I
COLUMBUS SQUARE ASSOCIATES I
COLUMBUS SQUARE ASSOCIATES II
PERSHING WATERMAN PHASE I
PW III ASSOCIATES
PW IV ASSOCIATES
PW V ASSOCIATES
PW VI ASSOCIATES
SAVOY COURT ASSOCIATES
WIGAR, LTD.
Dauby, O'Connor, and Zaleski
BROOKVIEW APARTMENTS COMPANY LIMITED
CLOVER RIDGE EAST LIMITED PARTNERSHIP
COLONY APARTMENTS COMPANY LIMITED
EAST HAMPTON LIMITED PARTNERSHIP
EDGEWOOD II ASSOCIATES
FAIRBURN & GORDON ASSOCIATES, PHASE I
FAIRBURN & GORDON ASSOCIATES, PHASE II
LAING VILLAGE
OAKLAND CITY/WEST END ASSOCIATES, LTD.
ORANGEBURG MANOR
PLEASANT VALLEY APARTMENTS, LTD.
SANDY SPRINGS ASSOCIATES, LTD.
TIFFANY REHAB ASSOCIATES
VILLAGE GREEN APARTMENTS COMPANY LIMITED
VINEVILLE TOWERS ASSOCIATES, LTD.
WESTGATE APARTMENTS
Deloitte and Touche LLP
107-145 WEST 135TH STREET ASSOCIATES
ALGONQUIN TOWER LIMITED PARTNERSHIP
ALL HALLOWS ASSOCIATES
ALLENTOWN TOWNE HOUSE LIMITED PARTNERSHIP
ANGLERS MANOR ASSOCIATES
ANTIOCH APARTMENTS, LTD.
ARVADA HOUSE ASSOCIATES
AUDOBON PARK ASSOCIATES
BALDWIN OAKS ELDERLY, LTD.
BALDWIN TOWERS ASSOCIATES
BASSWOOD MANOR LIMITED PARTNERSHIP
BAYVIEW HUNTERS POINT APARTMENTS
BENSALEM GARDENS ASSOCIATES
BERKLEY LIMITED PARTNERSHIP
BLOOMSBURG ELDERLY ASSOCIATES
BRIARWOOD APARTMENTS
BRIGHTWOOD MANOR ASSOCIATES
BRINTON MANOR NO. 1 ASSOCIATES
BRINTON TOWERS ASSOCIATES
BROOKSIDE APARTMENTS ASSOCIATES
BUENA VISTA APARTMENTS, LTD.
CABELL ASSOCIATES OF LAKEVIEW
CALIFORNIA SQUARE II LIMITED PARTNERSHIP
CALIFORNIA SQUARE LIMITED PARTNERSHIP
CAMPBELL HEIGHTS ASSOCIATES
CANTERBURY GARDENS ASSOCIATES
CAPITAL PARK LIMITED PARTNERSHIP
CAROLINE ARMS LIMITED PARTNERSHIP
CENTER SQUARE ASSOCIATES
CENTRAL VILLAGE ASSOCIATES
CHAPEL NDP
Page 1
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
CHEEK ROAD LIMITED PARTNERSHIP
CLAY COURTS ASSOCIATES
COLLEGE HEIGHTS
COLLEGE PARK APARTMENTS
COLLEGE PARK ASSOCIATES
COMMUNITY DEVELOPERS OF HIGH POINT
CONGRESS PARK ASSOCIATES II
COPPERWOOD II LIMITED
COPPERWOOD LIMITED
CUMBERLAND COURT ASSOCIATES
CYPRESS GARDENS, LIMITED
DARBY TOWNHOUSES ASSOCIATES
DARBY TOWNHOUSES LIMITED PARTNERSHIP
DARBYTOWN DEVELOPMENT ASSOCIATES
DELCAR-S, LTD.
DELCAR-T, LTD.
DIP LIMITED PARTNERSHIP
DIP LIMITED PARTNERSHIP--II
DIP LIMITED PARTNERSHIP--III
DISCOVERY LIMITED PARTNERSHIP
DORAL GARDENS ASSOCIATES
DORAL LIMITED PARTNERSHIP
DUQUESNE ASSOCIATES NO. 1
EASTMAN ASSOCIATES
EDMOND ESTATES LIMITED PARTNERSHIP
ELDEN LIMITED PARTNERSHIP
ESBRO LIMITED PARTNERSHIP
FAIRMEADOWS LIMITED PARTNERSHIP
FAIRMONT #1 LIMITED PARTNERSHIP
FAIRMONT #2 LIMITED PARTNERSHIP
FAIRVIEW HOMES ASSOCIATES
FAIRWOOD ASSOCIATES
FEDERAL SQUARE VILLAGE
FIELD ASSOCIATES
FOREST GREEN LIMITED PARTNERSHIP
FOREST PARK ELDERLY ASSOCIATES
FORRESTER GARDENS, LTD.
FORT CARSON ASSOCIATES
FOXWOOD MANOR ASSOCIATES
FRANKLIN CHAPEL HILL ASSOCIATES
FRANKLIN EAGLE ROCK ASSOCIATES
FRANKLIN PARK LIMITED PARTNERSHIP
FRANKLIN PHEASANT RIDGE ASSOCIATES
FRANKLIN RIDGEWOOD ASSOCIATES
FRANKLIN WOODS ASSOCIATES
FRIENDSET HOUSING COMPANY
FRIO HOUSING, LTD.
G.W. CARVER LIMITED
GALION LIMITED PARTNERSHIP
GARFIELD HILL ASSOCIATES
GATEWAY VILLAGE ASSOCIATES
GLADYS HAMPTON HOUSES ASSOCIATES
GOLDEN APARTMENTS I
GOLDEN APARTMENTS II
GRANDVIEW APARTMENTS
GREATER MOUNT CALVARY TERRACE, LTD.
GREATER RICHMOND COMMUNITY DEVELOPMENT
CORP. I AND ASSOCIATES
GREATER RICHMOND COMMUNITY DEVELOPMENT
CORP. II AND ASSOCIATES
GREEN MOUNTAIN MANOR LIMITED PARTNERSHIP
GRIFFITH LIMITED PARTNERSHIP
GULFWAY LIMITED PARTNERSHIP
H.R.H. PROPERTIES, LTD.
HAMILTON GARDENS, LTD.
HAMILTON HEIGHTS ASSOCIATES
HAROLD HOUSE LIMITED PARTNERSHIP
Page 2
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
HATILLO HOUSING ASSOCIATES
HICKORY RIDGE ASSOCIATES, LTD.
HILLCREST GREEN APARTMENTS, LTD.
HILLSIDE VILLAGE ASSOCIATES
HILLTOP APARTMENTS ASSOCIATES
HILLTOP LIMITED PARTNERSHIP
HOPKINS RENAISSANCE ASSOCIATES
HUDSON TERRACE ASSOCIATES
HURBELL II LIMITED PARTNERSHIP
HURBELL III LIMITED PARTNERSHIP
INDIAN VALLEY I LIMITED PARTNERSHIP
INDIAN VALLEY II LIMITED PARTNERSHIP
INDIAN VALLEY III LIMITED PARTNERSHIP
INGRAM SQUARE APARTMENTS, LTD.
JAMESTOWN VILLAGE ASSOCIATES
JERSEY PARK ASSOCIATES
JFK ASSOCIATES
JOHNSTON SQUARE ASSOCIATES
JVL 16 ASSOCIATES
JVL 18 ASSOCIATES
JVL 19 ASSOCIATES
JVL LIMITED
KENNEDY HOMES LIMITED PARTNERSHIP
KEY PARKWAY WEST ASSOCIATES
KIMBERLY ASSOCIATES LIMITED PARTNERSHIP
LA SALLE APARTMENTS
LA VISTA ASSOCIATES
LAFAYETTE MANOR ASSOCIATES
LAFAYETTE TOWNE ELDERLY, LTD.
LAFAYETTE TOWNE FAMILY, LTD.
LAKE FOREST APARTMENTS
LANGENHEIM ASSOCIATES
LAS AMERICAS HOUSING ASSOCIATES
LASSEN ASSOCIATES
LAUREL GARDENS
LEWISBURG ASSOCIATES
LEWISBURG ELDERLY ASSOCIATES
LEYDEN LIMITED PARTNERSHIP
LINCMAR ASSOCIATES
LINCOLN PARK ASSOCIATES
LOCK HAVEN ELDERLY ASSOCIATES
LOCK HAVEN GARDENS ASSOCIATES
LORING TOWERS APARTMENTS LIMITED PARTNERSHIP
M&P DEVELOPMENT COMPANY
MAPLE HILL ASSOCIATES
MAPLE PARK EAST LIMITED PARTNERSHIP
MAPLE PARK WEST LIMITED PARTNERSHIP
MAYFAIR MANOR LIMITED PARTNERSHIP
MEADOWOOD APARTMENTS--PHASE I
(MEADOWOOD ASSOCIATES)
MEADOWOOD APARTMENTS--PHASE II
(MEADOWOOD ASSOCIATES)
MEADOWOOD ASSOCIATES III, LTD.
MEADOWOOD TOWNHOUSES I LIMITED PARTNERSHIP
MEADOWOOD TOWNHOUSES III LIMITED PARTNERSHIP
MEADOWS APARTMENTS LIMITED PARTNERSHIP
MEADOWS EAST APARTMENTS LIMITED PARTNERSHIP
MENLO LIMITED PARTNERSHIP
MERCED COMMONS I
MERCED COMMONS II
MILL STREET ASSOCIATES
MIRAMAR HOUSING ASSOCIATES
MONTBLANC GARDEN APARTMENTS ASSOCIATES
MONTBLANC HOUSING ASSOCIATES
MORRISANIA TOWERS HOUSING COMPANY
MOSS GARDENS LTD.
Page 3
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
MURPHY BLAIR ASSOCIATES III
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
NATIONAL HOUSING PARTNERSHIP REALTY FUND III
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
NATIONAL HOUSING PARTNERSHIP REALTY FUND TWO
NATIONAL HOUSING PARTNERSHIP RESI
ASSOCIATES I
NEW LAKE VILLAGE APARTMENTS
NEW WEST 111TH STREET HOUSING COMPANY
NEW WEST 111TH STREET TWO ASSOCIATES
NEWTON HILL LIMITED PARTNERSHIP
NORTHGATE VILLAGE LIMITED PARTNERSHIP
NORTHLAKE TERRACE ASSOCIATES
NORTHWEST TERRACE ASSOCIATES
OAKLAND VILLAGE TOWNHOUSE ASSOCIATES
OCALA PLACE, LTD.
OLDE RIVERTOWN VENTURE
ONE LYTLE PLACE
ONE WEST CONWAY ASSOCIATES
ORANGE VILLAGE ASSOCIATES
PALM HOUSE LIMITED PARTNERSHIP
PARK AVENUE WEST I LIMITED PARTNERSHIP
PARK AVENUE WEST II LIMITED PARTNERSHIP
PARK CREEK LIMITED PARTNERSHIP
PAVILION ASSOCIATES
PLACE ONE LIMITED PARTNERSHIP
POINT WEST LIMITED PARTNERSHIP
PORTFOLIO PROPERTIES EIGHT ASSOCIATES
PORTFOLIO PROPERTIES FIVE ASSOCIATES
PORTFOLIO PROPERTIES NINE ASSOCIATES
PORTFOLIO PROPERTIES SEVEN ASSOCIATES
PORTFOLIO PROPERTIES SIX ASSOCIATES
PORTFOLIO PROPERTIES TEN ASSOCIATES
PORTFOLIO PROPERTIES THREE ASSOCIATES
PORTFOLIO PROPERTIES TWELVE ASSOCIATES
PORTFOLIO PROPERTIES TWO ASSOCIATES
PORTLAND PLAZA PARTNERSHIP
PORTNER PLACE ASSOCIATES
POST STREET ASSOCIATES
PUEBLO APARTMENTS ASSOCIATES, LTD.
RETIREMENT MANOR ASSOCIATES
RI-15 LIMITED PARTNERSHIP
RICHLIEU ASSOCIATES
RIVER FRONT APARTMENTS LIMITED PARTNERSHIP
RIVER WOODS ASSOCIATES
RIVERVIEW II ASSOCIATES
ROCKWELL LIMITED PARTNERSHIP
ROLLING MEADOWS OF ADA, LTD.
ROYAL TOWERS LIMITED PARTNERSHIP
RUFFIN ROAD ASSOCIATES
RUTHERFORD PARK TOWNHOUSES ASSOCIATES
SAN JOSE LIMITED PARTNERSHIP
SAN JUAN DEL CENTRO LIMITED PARTNERSHIP
SENCIT TOWNE HOUSE LIMITED PARTNERSHIP
SHERMAN TERRACE ASSOCIATES
SHOREVIEW APARTMENTS
SITE 10 COMMUNITY ALLIANCE ASSOCIATES
SNI DEVELOPMENT COMPANY
SOUTHMONT APARTMENTS
SOUTHRIDGE APARTMENTS LIMITED PARTNERSHIP
SOUTHWARD LIMITED PARTNERSHIP
SPRING BRIGHT LIMITED PARTNERSHIP
SPRING MEADOW LIMITED PARTNERSHIP
SPRUCE LIMITED PARTNERSHIP
SPRUCE PALM LIMITED PARTNERSHIP
STAFFORD APARTMENTS
Page 4
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
STOCK ISLAND LIMITED PARTNERSHIP
STOREY MANOR ASSOCIATES
STRAWBRIDGE SQUARE ASSOCIATES LIMITED
PARTNERSHIP
SUMMERSONG TOWNHOUSES LIMITED PARTNERSHIP
SUNRISE ASSOCIATES
SUNSET PLAZA APARTMENTS
SUSQUEHANNA VIEW LIMITED PARTNERSHIP
TIMBERLAKE APARTMENTS LIMITED PARTNERSHIP
TIMUQUANA PARK ASSOCIATES
TINKER CREEK LIMITED PARTNERSHIP
TOWN NORTH
TOWNVIEW TOWERS I PARTNERSHIP, LTD.
TREESLOPE APARTMENTS ASSOCIATES
TRINITY APARTMENTS
TRINITY TOWERS-14TH STREET ASSOCIATES, LTD.
UNITED HANDICAP FEDERATION APARTMENT
ASSOCIATES
UNITED HOUSE ASSOCIATES
UNITED HOUSING PARTNERS--CARBONDALE, LTD.
UNITED REDEVELOPMENT ASSOCIATES
UNIVERSITY PLAZA ASSOCIATES
VANTAGE '78
VILLA DE GUADALUPE ASSOCIATES
VILLAGE CIRCLE APARTMENTS, LTD.
VILLAGE GREEN LIMITED PARTNERSHIP
VILLAGE PARK II
VISTAS DE SAN JUAN ASSOCIATES
WAICO APARTMENTS ASSOCIATES
WAICO PHASE II ASSOCIATES
WALDEN OAKS ASSOCIATES
WALMSLEY TERRACE ASSOCIATES
WALNUT HILLS ASSOCIATES, LTD.
WASH-WEST PROPERTIES
WASHINGTON MANOR LIMITED PARTNERSHIP
WATERS TOWERS ASSOCIATES
WEST OAK VILLAGE LIMITED PARTNERSHIP
WHITEFIELD PLACE, LTD.
WOODMARK LIMITED PARTNERSHIP
YADKIN ASSOCIATES
Edwards Leap & Sauer
BUFFALO VILLAGE ASSOCIATES
GENESSEE GARDENS ASSOCIATES
IDA TOWER
Fishbein & Company, P.C
FRANKLIN HOUSING ASSOCIATES
FRANKLIN NEW YORK AVENUE ASSOCIATES
Friduss, Lukee, Schiff &
Co., P.C.
62ND STREET LIMITED PARTNERSHIP
CENTRAL WOODLAWN LIMITED PARTNERSHIP
George A. Hieronymus & Company
ATHEN ARMS ASSOCIATES
COLONIAL TERRACE I ASSOCIATES
COLONIAL TERRACE II ASSOCIATES
Goldenberg Rosenthal
Friedlander
ACADEMY GARDEN ASSOCIATES
BRUNSWICK VILLAGE LIMITED PARTNERSHIP
BUCKINGHAM HALL ASSOCIATES
CHURCHVIEW GARDENS ASSOCIATES
CHURCHVIEW GARDENS LIMITED PARTNERSHIP
HARRIS GARDENS ASSOCIATES
HARRIS GARDENS LIMITED PARTNERSHIP
Page 5
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
HAWKSWORTH GARDENS ASSOCIATES
HAWKSWORTH LIMITED PARTNERSHIP
WASHINGTON NORTHGATE ASSOCIATES
WASHINGTON NORTHGATE LIMITED PARTNERSHIP
WASHINGTON WESTGATE ASSOCIATES
WASHINGTON WESTGATE LIMITED PARTNERSHIP
Hansen, Hunter & Kibbee, P.C.
FRANKLIN CHANDLER ASSOCIATES
HAINES ASSOCIATES LIMITED PARTNERSHIP
KING-BELL ASSOCIATES
MONMOUTH ASSOCIATES LIMITED PARTNERSHIP
PENDLETON RIVERSIDE APARTMENTS OREG., LTD.
PENN HALL ASSOCIATES LIMITED PARTNERSHIP
RODEO DRIVE LIMITED PARTNERSHIP
SOUTH MOUNTAIN TERRACE, LTD.
WOODLAND APARTMENTS, OREG., LTD.
J.A. Plumer & Co.
630 EAST LINCOLN AVENUE ASSOCIATES
ASPEN STRATFORD APARTMENTS COMPANY B
ASPEN STRATFORD APARTMENTS COMPANY C
BENJAMIN BANNEKER PLAZA ASSOCIATES
BENTON SQUARE, LTD.
BRIGHTWOOD LIMITED PARTNERSHIP
CARTER ASSOCIATES LIMITED PARTNERSHIP
CHERRY ESTATES
CHRISTOPHER COURT HOUSING COMPANY
CONCORD HOUSES ASSOCIATES
DUKE MANOR ASSOCIATES
ELDERLY HOUSING ASSOCIATES LTD. PARTNERSHIP
FERNCLIFF LIMITED PARTNERSHIP
FOREST APARTMENTS ASSOCIATES
GATE MANOR APARTMENTS, LTD.
GREENFIELD APARTMENTS LIMITED PARTNERSHIP
GREENFIELD LIMITED PARTNERSHIP
GREENFIELD NORTH APARTMENTS LIMITED
PARTNERSHIP
GREENFIELD NORTH LIMITED PARTNERSHIP
HAILI ASSOCIATES
HOLLOWS ASSOCIATES
HOUSTON ARISTOCRAT APARTMENTS, LTD.
KAPUNA ASSOCIATES
KIMBERTON APARTMENTS ASSOCIATES
KOOLAU HOUSING ASSOCIATES
LAKEVIEW ARMS ASSOCIATES
LEE-HY MANOR ASSOCIATES LIMITED PARTNERSHIP
LOCUST PARK ASSOCIATES
LORING TOWERS ASSOCIATES
MAHONING ASSOCIATES
MILLIKEN APARTMENTS COMPANY
MONUMENT STREET LIMITED PARTNERSHIP
NEIGHBORHOODS OF THE UNIVERSITIES LOCK
STREET APARTMENTS COMPANY
OAK HOLLOW SOUTH ASSOCIATES
OAK PARK LIMITED PARTNERSHIP
ORCHARD MEWS ASSOCIATES
OXFORD PLACE ASSOCIATES
PITTSFIELD NEIGHBORHOOD ASSOCIATES
PORTFOLIO PROPERTIES FIFTEEN ASSOCIATES
PORTFOLIO PROPERTIES FOUR ASSOCIATES
PRINCE STREET TOWERS LIMITED PARTNERSHIP
REGISTRY SQUARE, LTD.
Page 6
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
SENCIT-LEBANON COMPANY
ST. NICHOLAS ASSOCIATES
TAMARAC PINES, LTD.
TAMARAC PINES II, LTD.
TAUNTON GREEN ASSOCIATES
TAUNTON II ASSOCIATES
THE NATIONAL HOUSING PARTNERSHIP--II
TOMPKINS TERRACE ASSOCIATES
WAIPAHU ASSOCIATES
WASHINGTON CHINATOWN ASSOCIATES
WINDSOR APARTMENTS ASSOCIATES
WOODCREST APARTMENTS, LTD.
WORCHESTER EPISCOPAL HOUSING COMPANY
Marks Shron & Company, LLP
TWO BRIDGES ASSOCIATES
Prague & Richmond
CROSLAND HOUSING ASSOCIATES
Reznick, Fedder & Silverman
BEAUTIFUL VILLAGE ASSOCIATES REDEVELOPMENT
COMPANY
BRANCHWOOD TOWERS LIMITED PARTNERSHIP
CITRUS PARK ASSOCIATES, LTD.
COMMUNITY CIRCLE II, LIMITED
COPPERSTONE CIRCLE LIMITED PARTNERSHIP
COPPERSTONE LIMITED PARTNERSHIP
COUNTRY LAKES ASSOCIATES TWO
DIAKONIA ASSOCIATES LIMITED PARTNERSHIP
EASTON TERRACE I ASSOCIATES
EASTRIDGE APARTMENTS
EASTRIDGE APARTMENTS ASSOCIATES
EMORY GROVE ASSOCIATES LIMITED PARTNERSHIP
EMORY GROVE LIMITED PARTNERSHIP
FIRST ALEXANDRIA ASSOCIATES
FLATBUSH NSA ASSOCIATES
FRANKLIN SQUARE SCHOOL ASSOCIATES
GATES MILL I LIMITED PARTNERSHIP
GROSVENOR HOUSE ASSOCIATES LIMITED
PARTNERSHIP
HOLLYBUSH GARDENS ASSOCIATES, I
HOLLYBUSH GARDENS ASSOCIATES, II
INTOWN WEST ASSOCIATES LIMITED PARTNERSHIP
LAKE AVENUE ASSOCIATES
LAKE CROSSING LIMITED PARTNERSHIP
LAKEHAVEN ASSOCIATES ONE
LAKEHAVEN ASSOCIATES TWO
LINDEN COURT ASSOCIATES
LOUDOUN HOUSE LIMITED PARTNERSHIP
MONACO ARMS ASSOCIATES I
MONACO ARMS ASSOCIATES II
MUSKE LIMITED PARTNERSHIP
NATICK ASSOCIATES
OAKCREST TERRACE APARTMENTS
OAKWOOD LIMITED PARTNERSHIP
OAKWOOD MUSKEGON ASSOCIATES
PARKVIEW ASSOCIATES
QUEENSTOWN APARTMENTS LIMITED PARTNERSHIP
RUSCOMBE GARDENS LIMITED PARTNERSHIP
SENCIT-JACKSONVILLE COMPANY, LTD.
SHEFFIELD ASSOCIATES
SNAP IV LIMITED PARTNERSHIP
TWIN TOWERS ASSOCIATES
Page 7
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
TYEE ASSOCIATES LIMITED PARTNERSHIP
URBANIZACION MARIA LOPEZ HOUSING COMPANY
WESTMINSTER ASSOCIATES
WOLLASTON MANOR ASSOCIATES
WOODSIDE VILLAGE LIMITED PARTNERSHIP
Robert Ercolini & Company
2900 VAN NESS ASSOCIATES
7400 ROOSEVELT INVESTORS
CONNECTICUT COLONY ASSOCIATES LIMITED
PARTNERSHIP
FAIRFAX ASSOCIATES LIMITED PARTNERSHIP
GREATER HARTFORD ASSOCIATES LIMITED
PARTNERSHIP
IVANHOE ASSOCIATES LIMITED PARTNERSHIP
NORCO ASSOCIATES
RIDGE CARLTON ASSOCIATES LIMITED PARTNERSHIP
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP
RIVER LOFT ASSOCIATES LIMITED PARTNERSHIP
SCOTCH ASSOCIATES LIMITED PARTNERSHIP
SCOTCH LANE ASSOCIATES
STANDART WOODS ASSOCIATES LIMITED PARTNERSHIP
WEST LAKE ARMS LIMITED PARTNERSHIP
WYNTRE BROOK ASSOCIATES
Russell, Thompson,
Butler & Houston
CHESTERFIELD HOUSING ASSOCIATES
COMMUNITY DEVELOPERS OF PRINCEVILLE
EASTCOURT VILLAGE PARTNERS
EUSTIS APARTMENTS, LTD
GROVE PARK VILLAS LTD
HEMINGWAY HOUSING ASSOCIATES
HIGHLANDS VILLAGE II
HOUSING ASSISTANCE OF MOUNT DORA, LTD.
HOUSING ASSISTANCE OF ORANGE CITY, LTD.
HOUSING ASSISTANCE OF SEBRING, LTD.
HOUSING ASSISTANCE OF VERO BEACH, LTD.
HURBELL I LIMITED PARTNERSHIP
HURBELL IV LIMITED PARTNERSHIP
LAKE WALES VILLAS LTD
LAKEVIEW VILLAS, LTD.
MCCOLL HOUSING ASSOCIATES
MIAMI ELDERLY ASSOCIATES LIMITED
PARTNERSHIP
ORANGE CITY VILLAS II, LTD.
PARKVIEW APARTMENTS
PARKVIEW ARMS ASSOCIATES I LIMITED
PARTNERSHIP
PARKVIEW ARMS ASSOCIATES II LIMITED
PARTNERSHIP
PEPPERTREE VILLAGE OF AVON PARK, LTD.
SOUTH HIAWASSEE VILLAGE, LTD.
ST. GEORGE VILLAS
THE MEADOWS APARTMENTS, LTD.
TWIN GABLES ASSOCIATES LIMITED PARTNERSHIP
UNITED HOUSING PARTNERS--CUTHBERT, LTD.
UNITED HOUSING PARTNERS--ELMWOOD, LTD.
UNITED HOUSING PARTNERS--MORRISTOWN, LTD.
UNITED HOUSING PARTNERS--WELCH,LTD.
VOA--NICOLLET TOWERS ASSOCIATES
WOODSIDE VILLAS OF ARCADIA, LTD.
Sciarabba Walker & Co. LLP
ABBOTT ASSOCIATES
Warady and Davis
CHURCH STREET ASSOCIATES
NEW VISTAS APARTMENTS ASSOCIATES
NEW VISTAS APARTMENTS ASSOCIATES--PHASE II
PALMER SQUARE APARTMENTS ASSOCIATES
Page 8
<PAGE>
INDEX OF 1995 AUDITORS' REPORTS
PARKWAYS ASSOCIATES
THE NORTH WASHINGTON PARK PARTNERSHIP
THE OAK PARK PARTNERSHIP
THE ROGERS PARK PARTNERSHIP
Ziner and Company, P.C.
UNITED FRONT HOMES
Zinner & Co
VISTULA HERITAGE VILLAGE
Page 9
<PAGE>
Independent Auditors' Report
Partners
Caroline Associates I
St. Louis, Missouri
We have audited the accompanying statement of financial position of CAROLINE
ASSOCIATES I, A Limited Partnership, FHA Project No. 085-35310, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of CAROLINE ASSOCIATES I, A
Limited Partnership, FHA Project No. 085-35310, as of December 31, 1995, and
the results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note G to the
financial statements, the Partnership has suffered recurring losses from
operations and in January 1993, the Partnership defaulted on its mortgage
obligation. The Partnership is currently operating under a provisional
workout arrangement with the Department of Housing and Urban Development.
These conditions raise substantial doubt about the Partnership's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 9, 1996
<PAGE>
Independent Auditors' Report
Partners
Columbus Square Associates I
St. Louis, Missouri
We have audited the accompanying statement of financial position of COLUMBUS
SQUARE ASSOCIATES I, A Limited Partnership, FHA Project No. 085-35313, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of COLUMBUS SQUARE ASSOCIATES
I, A Limited Partnership, FHA Project No. 085-35313, as of December 31, 1995,
and the results of its operations and its cash flows for the year then ended,
in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note F to the
financial statements, the Partnership has suffered recurring losses from
operations and in February 1993, the Partnership defaulted on its mortgage
obligation. The Partnership is currently operating under a provisional
workout arrangement with the Department of Housing and Urban Development.
These conditions raise substantial doubt about the Partnership's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 13, 1996
<PAGE>
Independent Auditors' Report
Partners
Columbus Square Associates II
St. Louis, Missouri
We have audited the accompanying statement of financial position of COLUMBUS
SQUARE ASSOCIATES II, A Limited Partnership, FHA Project No. 085-35337, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Columbus Square Associates
II, A Limited Partnership, FHA Project No. 085-35337, as of December 31,
1995, and the results of its operations and its cash flows for the year then
ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note H to the
financial statements, the Partnership has suffered recurring losses from
operations and in January 1993, the Partnership defaulted on its mortgage
obligation. The Partnership is currently operating under a provisional
workout arrangement with the Department of Housing and Urban Development.
These conditions raise substantial doubt about the Partnership's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 13, 1996
<PAGE>
Independent Auditors' Report
Partners
Pershing Waterman Phase I
St. Louis, Missouri
We have audited the accompanying statement of financial position of PERSHING
WATERMAN PHASE I, A Limited Partnership, FHA Project No. 085-35259, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PERSHING WATERMAN PHASE I, A
Limited Partnership, FHA Project No. 085-35259, as of December 31, 1995, and
the results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note F to the
financial statements, the Partnership has suffered recurring losses from
operations and in January 1993, the Partnership defaulted on its mortgage
obligation. The Partnership is currently operating under a provisional
workout arrangement with the Department of Housing and Urban Development.
These conditions raise substantial doubt about the Partnership's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 9, 1996
<PAGE>
Independent Auditors' Report
Partners
PW III Associates
St. Louis, Missouri
We have audited the accompanying statement of financial position of PW III
ASSOCIATES, A Limited Partnership, FHA Project No. 085-35291, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No.
92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PW III ASSOCIATES, A Limited
Partnership, FHA Project No. 085-35291, as of December 31, 1995, and the
results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
/s/ Anders, Minkler & Diehl LLP
February 9, 1996
<PAGE>
Independent Auditors' Report
Partners
PW IV Associates
St. Louis, Missouri
We have audited the accompanying statement of financial position of PW IV
ASSOCIATES, A Limited Partnership, FHA Project No. 085-35307, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No.
92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PW IV ASSOCIATES, A Limited
Partnership, FHA Project No. 085-35307, as of December 31, 1995, and the
results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note G to the
financial statements, the Partnership has suffered recurring losses from
operations and total liabilities exceed total assets by $613,931 at December
31, 1995. These conditions raise substantial doubt about the Partnership's
ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 13, 1996
<PAGE>
Independent Auditors' Report
Partners
PW V Associates
St. Louis, Missouri
We have audited the accompanying statement of financial position of PW V
ASSOCIATES, A Limited Partnership, FHA Project No. 085-35324, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No.
92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PW V ASSOCIATES, A Limited
Partnership, FHA Project No. 085-35324, as of December 31, 1995, and the
results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note H to the
financial statements, the Partnership has suffered recurring losses from
operations and in January 1990, the Partnership defaulted on its mortgage
obligation. The Partnership is currently operating under a provisional
workout arrangement with the Department of Housing and Urban Development.
These conditions raise substantial doubt about the Partnership's ability to
continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 13, 1996
<PAGE>
Independent Auditors' Report
Partners
PW VI Associates
St. Louis, Missouri
We have audited the accompanying balance sheet of PW VI ASSOCIATES, A Limited
Partnership, as of December 31, 1995, and the related statements of
operations, partners' capital (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PW VI ASSOCIATES, A Limited
Partnership, as of December 31, 1995, and the results of its operations and
its cash flows for the year then ended, in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note I to the
financial statements, the Partnership has suffered recurring losses from
operations and total liabilities exceed total assets by $7,845,164 at
December 31, 1995. These conditions raise substantial doubt about the
Partnership's ability to continue as a going concern. The financial
statements do not include any adjustments that might result from the outcome
of this uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 20, 1996
<PAGE>
Independent Auditors' Report
Partners
Savoy Court Associates
St. Louis, Missouri
We have audited the accompanying statement of financial position of SAVOY
COURT ASSOCIATES, A Limited Partnership, FHA Project No. 085-35353, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of SAVOY COURT ASSOCIATES, A
Limited Partnership, FHA Project No. 085-35353, as of December 31, 1995, and
the results of its operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming the
Partnership will continue as a going concern. As discussed in Notes B and H
to the financial statements, the Partnership has suffered recurring losses
from operations and in August 1988, the Partnership defaulted on its mortgage
obligation. The Partnership is operating without an alternative mortgage
arrangement with the Department of Housing and Urban Development and
therefore the entire mortgage obligation of $2,199,318 has been classified in
current liabilities as of December 31, 1995. These conditions raise
substantial doubt about the Partnership's ability to continue as a going
concern. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
/s/ Anders, Minkler & Diehl LLP
February 9, 1996
<PAGE>
Independent Auditors' Report
Partners
Wigar, Ltd.
St. Louis, Missouri
We have audited the accompanying statement of financial position of WIGAR,
LTD., A Limited Partnership, FHA Project No. 085-35275, as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of WIGAR, LTD., A Limited
Partnership, FHA Project No. 085-35275, as of December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Anders, Minkler & Diehl LLP
February 9, 1996
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Brookview Apartments Company Limited 15 South 20th Street
Washington, D.C. Daniel Building
Birmingham, AL
We have audited the accompanying balance sheet of Brookview Apartments
Company Limited (a Limited Partnership), FHA Project No. 062-44044-LD, as of
December 31, 1995, and the related statements of profit and loss (HUD Form
92410), partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Brookview Apartments Company Limited as of
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Brookview Apartments Company Limited's internal
control structure, and reports dated January 19, 1996, on its compliance with
specific requirements applicable to major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
<PAGE>
Brookview Apartments Company Limited
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
As required by the U.S. Department of Housing and Urban Development, we
confirm to you that our firm meets the licensing requirements imposed by the
State of Alabama on firms practicing in that state as certified public
accountants.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of
Clover Ridge East Limited Partnership
We have audited the accompanying statements of financial position of
Clover Ridge East Limited Partnership (an Illinois Limited Partnership) as of
December 31, 1995 and 1994, and the related statements of profit and loss,
partners' equity (deficit) and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards, among other items, require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Clover Ridge East
Limited Partnership at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
February 22, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Colony Apartments Company Limited 15 South 20th Street
Washington, D.C. Daniel Building
Birmingham, AL
We have audited the accompanying balance sheet of Colony Apartments
Company Limited (a Limited Partnership), FHA Project No. 062-44049-LD, as of
December 31, 1995, and the related statements of profit and loss (HUD Form
92410), partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Colony Apartments Company Limited as of
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Colony Apartments Company Limited's internal
control structure, and reports dated January 19, 1996, on its compliance with
specific requirements applicable to major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
<PAGE>
Colony Apartments Company Limited
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
As required by the U.S. Department of Housing and Urban Development, we
confirm to you that our firm meets the licensing requirements imposed by the
State of Alabama on firms practicing in that state as certified public
accountants.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
East Hampton Limited Partnership Atlanta Regional Office
Washington, D.C. 75 Spring Street, S.W.
Atlanta, Georgia
We have audited the accompanying balance sheet of East Hampton Limited
Partnership (a Limited Partnership), FHA Project No. 061-44122-LDP, as of
December 31, 1995, and the related statements of profit and loss (HUD Form
92410), partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of East Hampton Limited Partnership as of
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of East Hampton Limited Partnership's internal
control structure, and reports dated January 19, 1996, on its compliance with
specific requirements applicable to major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
<PAGE>
East Hampton Limited Partnership
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Edgewood II Associates 75 Spring Street, S.W.
Washington, D.C. Atlanta, Georgia
We have audited the accompanying balance sheet of Edgewood II Associates
(a Limited Partnership), FHA Project No. 061-35371-PM-SR-L8, as of December
31, 1995, and the related statements of profit and loss (HUD Form 92410),
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Edgewood II Associates as of December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Edgewood II Associates's internal control
structure, and reports dated January 19, 1996, on its compliance with
specific requirements applicable to major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
<PAGE>
Edgewood II Associates
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Fairburn and Gordon Associates, Phase I 75 Spring Street, S.W.
Washington, D.C. Atlanta, Georgia
We have audited the accompanying balance sheet of Fairburn and Gordon
Associates, Phase I (a Limited Partnership), FHA Project No. 061-44005-LDP,
as of December 31, 1995, and the related statements of profit and loss (HUD
Form 92410), partners' equity (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Fairburn and Gordon Associates, Phase I as
of December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Fairburn and Gordon Associates, Phase I's
internal control structure, and reports dated January 19, 1996, on its
compliance with specific requirements applicable to major HUD programs,
specific requirements applicable to Affirmative Fair Housing and specific
requirements applicable to nonmajor HUD program transactions.
<PAGE>
Fairburn and Gordon Associates, Phase I
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Fairburn and Gordon Associates, Phase II 75 Spring Street, S.W.
Washington, D.C. Atlanta, Georgia
We have audited the accompanying balance sheet of Fairburn and Gordon
Associates, Phase II (a Limited Partnership), FHA Project No. 061-44092-LDP,
as of December 31, 1995, and the related statements of profit and loss (HUD
Form 92410), partners' equity (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Fairburn and Gordon Associates, Phase II
as of December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Fairburn and Gordon Associates, Phase II's
internal control structure, and reports dated January 19, 1996, on its
compliance with specific requirements applicable to major HUD programs,
specific requirements applicable to Affirmative Fair Housing and specific
requirements applicable to nonmajor HUD program transactions.
<PAGE>
Fairburn and Gordon Associates, Phase II
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Laing Village Strom Thurmond Building
Washington, D.C. 1835-45 Assembly Street
Columbia, South Carolina
We have audited the accompanying balance sheet of Laing Village (a
Limited Partnership), FHA Project No. 054-35339-L8, as of December 31, 1995,
and the related statements of profit and loss (HUD Form 92410), partners'
equity (deficit) and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Laing Village as of December 31, 1995, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Laing Village's internal control structure, and
reports dated January 19, 1996, on its compliance with specific requirements
applicable to major HUD programs and specific requirements applicable to
Affirmative Fair Housing.
<PAGE>
Laing Village
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Oakland City/West End Associates, Ltd. 75 Spring Street, S.W.
Washington, D.C. Atlanta, Georgia
We have audited the accompanying balance sheet of Oakland City/West End
Associates, Ltd. (a Limited Partnership), FHA Project No. 061-35285-PM-SR-L8,
as of December 31, 1995, and the related statements of profit and loss (HUD
Form 92410), partners' equity (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Oakland City/West End Associates, Ltd. as
of December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Oakland City/West End Associates, Ltd.'s
internal control structure, and reports dated January 19, 1996, on its
compliance with specific requirements applicable to major HUD programs and
specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Oakland City/West End Associates, Ltd.
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Orangeburg Manor Strom Thurmond Building
Washington, D.C. 1835-45 Assembly Street
Columbia, South Carolina
We have audited the accompanying balance sheet of Orangeburg Manor (a
Limited Partnership), FHA Project No. 054-35347-PM-L8, as of December 31,
1995, and the related statements of profit and loss (HUD Form 92410),
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Orangeburg Manor as of December 31, 1995,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Orangeburg Manor's internal control structure,
and reports dated January 19, 1996, on its compliance with specific
requirements applicable to major HUD programs and specific requirements
applicable to Affirmative Fair Housing.
<PAGE>
Orangeburg Manor
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Pleasant Valley Apartments, Ltd. P.O. Box 9163
Washington, D.C. San Antonio, Texas
We have audited the accompanying balance sheet of Pleasant Valley
Apartments, Ltd. (a Limited Partnership), FHA Project No. 115-35225-PM-L8, as
of December 31, 1995, and the related statements of profit and loss (HUD Form
92410), partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Pleasant Valley Apartments, Ltd. as of
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Pleasant Valley Apartments, Ltd.'s internal
control structure, and reports dated January 19, 1996, on its compliance with
specific requirements applicable to major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
<PAGE>
Pleasant Valley Apartments, Ltd.
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Sandy Springs Associates, Ltd. 75 Spring Street, S.W.
Washington, D.C. Atlanta, Georgia
We have audited the accompanying balance sheet of Sandy Springs
Associates, Ltd. (a Limited Partnership), FHA Project No. 061-35250-PM-L8, as
of December 31, 1995, and the related statements of profit and loss (HUD Form
92410), partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Sandy Springs Associates, Ltd. as of
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Sandy Springs Associates, Ltd.'s internal
control structure, and reports dated January 19, 1996, on its compliance with
specific requirements applicable to major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
<PAGE>
Sandy Springs Associates, Ltd.
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 25, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Tiffany Rehab Associates St. Louis, Missouri
St. Louis, Missouri
We have audited the accompanying balance sheet of Tiffany Rehab
Associates (a Missouri Limited Partnership), FHA Project No.
085-35297-PM-SR-PR-L8, as of December 31, 1995, and the related statements of
profit and loss (HUD Form 92410), partners' equity (deficit) and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Tiffany Rehab
Associates as of December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated February
22, 1996, on our consideration of Tiffany Rehab Associates's internal control
structure, and reports dated February 22, 1996, on its compliance with
specific requirements applicable to major HUD programs and specific
requirements applicable to Affirmative Fair Housing.
<PAGE>
Tiffany Rehab Associates
Page Two
Our audit was made for the purpose of forming an opinion on the financial
statements taken as a whole. The supporting data, as referred to in the
table of contents, is presented for the purposes of additional analysis and
is not a required part of the financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements, and, in our opinion, the additional information is
fairly stated, in all material respects, in relation to the financial
statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLP
February 22, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Village Green Apartments Company Limited Daniel Building
Washington, D.C. 15 South 20th Street
Birmingham, AL
We have audited the accompanying balance sheet of Village Green
Apartments Company Limited (a Limited Partnership), FHA Project No.
062-44057-LD, as of December 31, 1995, and the related statements of profit
and loss (HUD Form 92410), partners' equity (deficit) and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Village Green Apartments Company Limited
as of December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Village Green Apartments Company Limited's
internal control structure, and reports dated January 19, 1996, on its
compliance with specific requirements applicable to major HUD programs,
specific requirements applicable to Affirmative Fair Housing and specific
requirements applicable to nonmajor HUD program transactions.
<PAGE>
Village Green Apartments Company Limited
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
As required by the U.S. Department of Housing and Urban Development, we
confirm to you that our firm meets the licensing requirements imposed by the
State of Alabama on firms practicing in that state as certified public
accountants.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Vineville Towers Associates, Ltd. 75 Spring Street, S.W.
Washington, D.C. Atlanta, Georgia
We have audited the accompanying balance sheet position of position
Vineville Towers Associates, Ltd. (a Limited Partnership), FHA Project No.
061-35248-PM-WAH-L8, as of December 31, 1995, and the related statements of
profit and loss (HUD Form 92410), partners' equity (deficit) and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards, among other items, require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Vineville Towers Associates, Ltd. as of
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of
Housing and Urban Development, we have also issued a report dated January 19,
1996, on our consideration of Vineville Towers Associates, Ltd.'s internal
control structure, and reports dated January 19, 1996, on its compliance with
specific requirements applicable to major HUD programs, specific requirements
applicable to Affirmative Fair Housing and specific requirements applicable
to nonmajor HUD program transactions.
<PAGE>
Vineville Towers Associates, Ltd.
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements,
and, in our opinion, the additional information is fairly stated in all
material respects in relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
[Letterhead]
Independent Auditors' Report
To the Partners of HUD Field Office Director
Westgate Apartments 75 Spring Street, S.W.
Washington, D.C. Atlanta, Georgia
We have audited the accompanying balance sheet of Westgate Apartments (a
Limited Partnership), FHA Project No. 061-33349-PM-PAH-L8, as of December 31,
1995, and the related statements of profit and loss (HUD Form 92410), partners'
equity (deficit) and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards, among other items, require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly in all material
respects the financial position of Westgate Apartments as of December 31, 1995,
and the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs" issued by the U.S. Department of Housing
and Urban Development, we have also issued a report dated January 19, 1996, on
our consideration of Westgate Apartments's internal control structure, and
reports dated January 19, 1996, on its compliance with specific requirements
applicable to major HUD programs and specific requirements applicable to
Affirmative Fair Housing.
<PAGE>
Westgate Apartments
Page Two
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying information, as
referred to in the table of contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements, and, in our
opinion, the additional information is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Dauby O'Connor & Zaleski, LLC
Indianapolis, Indiana Dauby O'Connor & Zaleski, LLC
January 19, 1996 Certified Public Accountants
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Partnerships listed in Appendix 1-95
We have audited the accompanying statement of financial position (or balance
sheet) of each Partnership listed in Appendix 1-95, as of December 31, 1995,
and each of the related statements of profit and loss (or statements of
operations), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of each of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of each Partnership listed in Appendix 1-95,
at December 31, 1995, and the results of each of their operations and their
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
(See Appendix 1-95 for date of
each Partnership's report)
<PAGE>
Appendix 1-95
Partnership Report Date
- ----------- -----------
107-145 West 135th Street Associates February 7, 1996
Algonquin Tower Limited Partnership February 5, 1996
All Hallows Associates January 31, 1996
Anglers Manor Associates February 8, 1996
Antioch Apartments, Ltd. February 5, 1996
Arvada House Associates January 30, 1996
Audobon Park Associates January 24, 1996
Baldwin Oaks Elderly, Ltd. February 12, 1996
Basswood Manor Limited Partnership January 25, 1996
Bayview Hunters Point Apartments January 30, 1996
Bensalem Gardens Associates February 11, 1996
Berkley Limited Partnership February 7, 1996
Bloomsburg Elderly Associates February 3, 1996
Briarwood Apartments January 31, 1996
Brightwood Manor Associates January 31, 1996
Brinton Manor No. 1 Associates January 16, 1996
Brinton Towers Associates February 6, 1996
Brookside Apartments Associates January 31, 1996
Buena Vista Apartments, Ltd. January 20, 1996
Cabell Associates of Lakeview January 25, 1996
California Square Limited Partnership January 22, 1996
California Square II Limited Partnership January 23, 1996
Campbell Heights Associates February 5, 1996
Canterbury Gardens Associates February 6, 1996
Capital Park Limited Partnership January 18, 1996
Caroline Arms Limited Partnership January 31, 1996
Center Square Associates January 25, 1996
Chapel NDP February 6, 1996
Clay Courts Associates January 10, 1996
College Heights January 22, 1996
College Park Apartments February 15, 1996
College Park Associates February 13, 1996
Community Developers of High Point January 27, 1996
Congress Park Associates II January 15, 1996
Copperwood Limited February 2, 1996
Copperwood II Limited February 7, 1996
Cypress Gardens, Limited January 22, 1996
Darby Townhouses Associates January 22, 1996
Darbytown Development Associates January 22, 1996
Delcar - S, Ltd. January 16, 1996
Delcar - T, Ltd. January 25, 1996
DIP Limited Partnership January 19, 1996
DIP Limited Partnership - II January 30, 1996
DIP Limited Partnership III January 31, 1996
Discovery Limited Partnership February 1, 1996
Doral Gardens Associates February 9, 1996
Duquesne Associates No. 1 January 12, 1996
Edmond Estates Limited Partnership January 17, 1996
Elden Limited Partnership January 30, 1996
Page 1
<PAGE>
Apppendix 1-95
Partnership Report Date
- ----------- -----------
Esbro Limited Partnership January 14, 1996
Fairmont #1 Limited Partnership January 26, 1996
Fairmont #2 Limited Partnership February 8, 1996
Fairview Homes Associates January 23, 1996
Federal Square Village January 31, 1996
Field Associates February 3, 1996
Forest Green Limited Partnership January 24, 1996
Forest Park Elderly Associates February 7, 1996
Forrester Gardens, Ltd. January 10, 1996
Fort Carson Associates January 15, 1996
Foxwood Manor Associates February 15, 1996
Franklin Chapel Hill Associates February 5, 1996
Franklin Eagle Rock Associates February 15, 1996
Franklin Park Limited Partnership January 30, 1996
Franklin Pheasant Ridge Associates February 14, 1996
Friendset Housing Company February 21, 1996
Frio Housing, Ltd. February 2, 1996
G.W. Carver Limited January 24, 1996
Galion Limited Partnership January 25, 1996
Garfield Hill Associates February 6, 1996
Gateway Village Associates January 18, 1996
Gladys Hampton Houses Associates February 6, 1996
Golden Apartments I January 31, 1996
Golden Apartments II February 8, 1996
Grandview Apartments January 16, 1996
Greater Mount Calvary Terrace, Ltd. January 15, 1996
Greater Richmond Community Development Corp. I
and Associates February 5, 1996
Greater Richmond Community Development Corp. II
and Associates January 26, 1996
Griffith Limited Partnership January 17, 1996
Gulfway Limited Partnership January 18, 1996
H.R.H. Properties, Ltd. February 5, 1996
Hamilton Heights Associates February 14, 1996
Harold House Limited Partnership January 30, 1996
Hickory Ridge Associates, Ltd. February 2, 1996
Hillcrest Green Apartments, Ltd. January 11, 1996
Hilltop Limited Partnership January 19, 1996
Hudson Terrace Associates January 31, 1996
Hurbell II Limited Partnership January 20, 1996
Hurbell III Limited Partnership January 20, 1996
Indian Valley I Limited Partnership January 24, 1996
Indian Valley II Limited Partnership January 26, 1996
Indian Valley III Limited Partnership January 25, 1996
Ingram Square Apartments, Ltd. January 25, 1996
Jamestown Village Associates January 25, 1996
Jersey Park Associates January 17, 1996
JFK Associates February 15, 1996
Johnston Square Associates January 15, 1996
Page 2
<PAGE>
Appendix 1-95
Partnership Report Date
- ----------- -----------
JVL 16 Associates January 18, 1996
Kennedy Homes Limited Partnership January 17, 1996
Key Parkway West Associates January 24, 1996
Kimberly Associates Limited Partnership January 15, 1996
La Salle Apartments February 5, 1996
Lafayette Manor Associates February 9, 1996
Lafayette Towne Elderly, Ltd. January 17, 1996
Lafayette Towne Family, Ltd. January 25, 1996
Lake Forest Apartments January 19, 1996
Las Americas Housing Associates January 30, 1996
Lassen Associates February 2, 1996
Laurel Gardens January 31, 1996
Lewisburg Associates January 29, 1996
Lewisburg Elderly Associates February 6, 1996
Lincmar Associates January 26, 1996
Lincoln Park Associates February 7, 1996
Lock Haven Elderly Associates February 12, 1996
Lock Haven Gardens Associates January 29, 1996
Loring Towers Apartments Limited Partnership January 18, 1996
M & P Development Company January 31, 1996
Mayfair Manor Limited Partnership January 16, 1996
Meadowood Associates III, Ltd. January 18, 1996
Meadows Apartments Limited Partnership February 5, 1996
Meadows East Apartments Limited Partnership January 29, 1996
Menlo Limited Partnership January 11, 1996
Mill Street Associates February 1, 1996
Miramar Housing Associates January 29, 1996
Montblanc Housing Associates January 31, 1996
Morrisania Towers Housing Company January 31, 1996
Moss Gardens Ltd. February 1, 1996
Murphy Blair Associates III February 7, 1996
National Housing Partnership RESI Associates I March 18, 1996
New Lake Village Apartments January 26, 1996
New West 111th Street Housing Company February 12, 1996
Newton Hill Limited Partnership January 24, 1996
Northgate Village Limited Partnership January 19, 1996
Northlake Terrace Associates January 26, 1996
Northwest Terrace Associates February 19, 1996
Oakland Village Townhouse Associates February 12, 1996
Ocala Place, Ltd. January 31, 1996
One Lytle Place February 20, 1996
One West Conway Associates February 7, 1996
Orange Village Associates January 31, 1996
Palm House Limited Partnership January 30, 1996
Park Avenue West I Limited Partnership January 31, 1996
Park Avenue West II Limited Partnership January 26, 1996
Place One Limited Partnership February 13, 1996
Point West Limited Partnership January 31, 1996
Portfolio Properties Two Associates March 2, 1996
Page 3
<PAGE>
Appendix 1-95
Partnership Report Date
- ----------- -----------
Portfolio Properties Five Associates March 4, 1996
Portfolio Properties Six Associates March 6, 1996
Portfolio Properties Twelve Associates March 22, 1996
Portland Plaza Partnership January 24, 1996
Portner Place Associates January 25, 1996
Post Street Associates February 6, 1996
Pueblo Apartments Associates, Ltd. January 22, 1996
RI-15 Limited Partnership February 9, 1996
Richlieu Associates February 20, 1996
Riverview II Associates January 17, 1996
Rockwell Limited Partnership January 17, 1996
Rolling Meadows Of Ada, Ltd. January 15, 1996
Ruffin Road Associates February 7, 1996
Rutherford Park Townhouses Associates February 1, 1996
San Jose Limited Partnership January 13, 1996
San Juan Del Centro Limited Partnership January 24, 1996
Sherman Terrace Associates January 31, 1996
Shoreview Apartments February 1, 1996
Site 10 Community Alliance Associates January 26, 1996
SNI Development Company February 5, 1996
Southmont Apartments February 5, 1996
Southward Limited Partnership January 19, 1996
Spruce Limited Partnership February 10, 1996
Spruce Palm Limited Partnership March 11, 1996
Stafford Apartments January 26, 1996
Stock Island Limited Partnership February 16, 1996
Storey Manor Associates January 30, 1996
Strawbridge Square Associates Limited Partnership February 7, 1996
Summersong Townhouses Limited Partnership January 25, 1996
Sunset Plaza Apartments January 18, 1996
Timuquana Park Associates January 18, 1996
Tinker Creek Limited Partnership January 15, 1996
Town North January 17, 1996
Townview Towers I Partnership, Ltd. February 11, 1996
Treeslope Apartments Associates January 26, 1996
Trinity Towers - 14th Street Associates, Ltd. February 18, 1996
United House Associates February 9, 1996
United Housing Partners - Carbondale, Ltd. February 10, 1996
United Redevelopment Associates January 27, 1996
University Plaza Associates February 14, 1996
Vantage 78 February 16, 1996
Villa De Guadalupe Associates January 11, 1996
Village Circle Apartments, Ltd. February 1, 1996
Village Green Limited Partnership January 19, 1996
Vistas De San Juan Associates January 25, 1996
Waico Apartments Associates January 17, 1996
Waico Phase II Associates January 30, 1996
Walden Oaks Associates February 10, 1996
Walmsley Terrace Associates January 20, 1996
Page 4
<PAGE>
Appendix 1-95
Partnership Report Date
- ----------- -----------
Walnut Hills Associates, Ltd. January 26, 1996
Washington Manor Limited Partnership February 5, 1996
Waters Towers Associates January 15, 1996
Whitefield Place, Ltd. January 26, 1996
Woodmark Limited Partnership January 24, 1996
Yadkin Associates January 15, 1996
Page 5
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Partnerships listed in Appendix 2-95
We have audited the accompanying statements of financial position (or balance
sheet) of each Partnership listed in Appendix 2-95, as of December 31, 1995
and 1994, and each of the related statements of operations (or statements of
profit and loss or statements of revenue and expenses), partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of each of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of each Partnership listed in Appendix 2-95,
at December 31, 1995 and 1994, and the results of each of their operations
and their cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
(See Appendix 2-95 for date of
each Partnership's report)
<PAGE>
Appendix 2-95
Partnership Report Date
- ----------- ------------
Allentown Towne House Limited Partnership January 25, 1996
Baldwin Towers Associates January 31, 1996
Cumberland Court Associates January 31, 1996
Fairwood Associates February 7, 1996
Hillside Village Associates February 8, 1996
Hilltop Apartments Associates January 23, 1996
Hopkins Renaissance Associates February 14, 1996
La Vista Associates February 8, 1996
Maple Hill Associates February 3, 1996
Merced Commons I January 30, 1996
Merced Commons II January 23, 1996
Montblanc Garden Apartments Associates February 9, 1996
River Front Apartments Limited Partnership January 31, 1996
River Woods Associates January 30, 1996
Sencit Towne House Limited Partnership January 25, 1996
Sunrise Associates January 27, 1996
Susquehanna View Limited Partnership January 17, 1996
United Handicap Federation Apartment Associates February 8, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Central Village Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Central
Village Associates, A Limited Partnership, FHA Project No. 112-55037-LDP, as
of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Central Village Associates at December
31, 1995, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
Central Village Associates will continue as a going concern. As discussed in
Note 10, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Additionally, the Partnership has not made any of its required monthly debt
service payments since September, 1991. The general partners' plans in
regard to these matters are described in Note 10. The financial statements
referred to above do not include any adjustments that might result from the
outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 17, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Cheek Road Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Cheek
Road Limited Partnership, A Limited Partnership, FHA Project No.
053-44059-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Cheek Road Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Cheek
Road Limited Partnership will continue as a going concern. As discussed in
Note 11, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 11.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 15, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Darby Townhouses Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Darby
Townhouses Limited Partnership, A Limited Partnership, as of December 31,
1995, and the related statements of operations, partners' equity, and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Darby Townhouses Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain,
through distributions from its Local Partnership or other financing sources,
sufficient cash flows to meet its obligations and sustain its operations.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 6, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Doral Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Doral
Limited Partnership, A Limited Partnership, as of December 31, 1995, and the
related statements of operations, partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Doral Limited Partnership at December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain,
through distributions from its Local Partnerships or other financing sources,
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regards to these matters are also described in Note 7.
These financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 12, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Eastman Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Eastman
Associates, A Limited Partnership, FHA Project No. 033-32009-PM-L8, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Eastman Associates at December 31, 1995,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Eastman Associates will continue as a going concern. As discussed in Note
10, conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations, maintain long-term financing,
and sustain its operations. Management's plans in regard to these matters
are also described in Note 10. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 29, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Fairmeadows Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Fairmeadows Limited Partnership, A Limited Partnership, FHA Project No.
112-44006-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Fairmeadows Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Fairmeadows Limited Partnership will continue as a going concern. As
discussed in Note 5, a condition exists which raises substantial doubt about
the ability of the Partnership to continue as a going concern unless the
Partnership is able to pay principal and interest obligations under its
deferred acquisition note or negotiate further amendments of the terms of the
note. Management's plans in regard to this matter are also described in Note
5. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 20, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Franklin Ridgewood Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Franklin
Ridgewood Associates, A Limited Partnership, as of December 31, 1995, and the
related statements of profit and loss, partners' equity (deficit) and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Franklin Ridgewood
Associates at December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that
Franklin Ridgewood Associates will continue as a going concern. As discussed
in Note 8, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern. Management's plans in
regard to these matters are also described in Note 8. The financial
statements do not include any adjustments that might result from the outcome
of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 15, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Franklin Woods Associates
Washington, D.C.
We have audited the accompanying combined statement of financial position of
Franklin Woods Associates, A Limited Partnership, and controlled entity as of
December 31, 1995, and the related combined statements of profit and loss,
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the combined financial statements referred to above present
fairly, in all material respects, the financial position of Franklin Woods
Associates and controlled entity at December 31, 1995, and the results of
their operations and their cash flows for the year then ended in conformity
with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 23, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Green Mountain Manor Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Green
Mountain Manor Limited Partnership, A Limited Partnership, FHA Project No.
101-44003-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Green Mountain Manor Limited Partnership
at December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Green
Mountain Manor Limited Partnership will continue as a going concern. As
discussed in Note 5, a condition exists which raises substantial doubt about
the ability of the Partnership to continue as a going concern unless the
Partnership is able to pay the principal and interest obligations under its
<PAGE>
Green Mountain Manor Limited Partnership
Page 2
deferred acquisition note or negotiate further amendments of the terms of the
note. Managements' plans in regard to this matter are described in Note 5.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 19, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Hamilton Gardens, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Hamilton
Gardens, Ltd., A Limited Partnership, FHA Project No. FL-29-0042-001, as of
August 7, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the period from
January 1, 1995 to August 7, 1995. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Hamilton Gardens, Ltd. at August 7, 1995,
and the results of its operations and its cash flows for the period from
January 1, 1995 to August 7, 1995 in conformity with generally accepted
accounting principles.
As discussed in Note 5, the property owned by the Partnership was sold by
court order, pursuant to foreclosure proceedings. Title passed to the new
owners on August 8, 1995. The financial statements referred to above do not
include any adjustments relating to this event.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
September 7, 1995
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Hatillo Housing Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Hatillo
Housing Associates, A Limited Partnership, FHA Project No. 056-35092-LD-L8,
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Hatillo Housing Associates at December
31, 1995, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming Hatillo
Housing Associates will continue as a going concern. As discussed in Note
11, conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 11.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
San Juan, Puerto Rico
February 28, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
JVL Limited
Washington, D.C.
We have audited the accompanying statement of financial position of JVL
Limited, A Limited Partnership, FHA Project No. 085-35197-PM-SR-PR-L8, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of JVL Limited at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
JVL Limited will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to respond
positively on its HUD Physical Inspection report and to generate sufficient
cash flows to meet its obligations and sustain its operations. The financial
statements referred to above do not include any adjustments that might result
from the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 15, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
JVL 18 Associates
Washington, D.C.
We have audited the accompanying statement of financial position of JVL 18
Associates, A Limited Partnership, FHA Project No. 085-35279-PM-SR-L8, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of JVL 18 Associates at December 31, 1995,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
JVL 18 Associates will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to respond
positively on their HUD Physical Inspection report and to generate sufficient
cash flows to meet its obligations and sustain its operations. The financial
statements referred to above do not include any adjustments that might result
from the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 20, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
JVL 19 Associates
Washington, D.C.
We have audited the accompanying statement of financial position of JVL 19
Associates, A Limited Partnership, FHA Project No. 085-35293-PM-L8, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of JVL 19 Associates at December 31, 1995,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
JVL 19 Associates will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Additionally, the Partnership has not made any of its required monthly debt
service payments since September 1, 1990. The general partner's plans in
regard to these matters are described in Note 8. The financial statements
referred to above do not include any adjustments that might result from the
outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 23, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Langenheim Associates
Washington, D.C.
We have audited the accompanying statement of financial position of
Langenheim Associates, A Limited Partnership, FHA Project No. 033-32008
NP-EC-R-PAH-L8, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Langenheim Associates at December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Langenheim Associates will continue as a going concern. As discussed in Note
10, conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 10.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 31, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Leyden Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Leyden
Limited Partnership, A Limited Partnership, FHA Project No. 023-44091-LDC, as
of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Leyden Limited Partnership at December
31, 1995, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that Leyden
Limited Partnership will continue as a going concern. As discussed in Note
8, conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are described in Note 8. The
financial statements do not include any adjustments that might result from
the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 14, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Maple Park East Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Maple
Park East Limited Partnership, A Limited Partnership, FHA Project No.
101-44063-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Maple Park East Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Maple
Park East Limited Partnership will continue as a going concern. As discussed
in Note 5, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless the Partnership is
able to pay the principal and interest obligations under its deferred
acquisition note or negotiate further amendments of the terms of the note.
Managements' plans in regard to these matters are described in Note 5. The
financial statements do not include any adjustments that might result from
the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 1, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Maple Park West Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Maple
Park West Limited Partnership, A Limited Partnership, FHA Project No.
101-44062-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Maple Park West Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Maple
Park West Limited Partnership will continue as a going concern. As discussed
in Note 5, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless the Partnership is
able to pay the principal and interest obligations under its deferred
acquisition note or negotiate further amendments of the terms of the note.
Managements' plans in regard to this matter is described in Note 5. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 1, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Associates, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Apartments - Phase I, FHA Project No. 052-44019-LDP (a project owned by
Meadowood Associates, Ltd., A Limited Partnership), as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Apartments - Phase I at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Meadowood Apartments - Phase I will continue as a going concern. As
discussed in Note 6, conditions exist which raise substantial doubt about the
ability of Meadowood Apartments - Phase I to continue as a going concern
unless the Partners are able to pay the principal and interest obligations
under a deferred acquisition note owed by the Partners or negotiate further
amendments of the terms of the note and a related option to purchase the
Partnership's project held by the Project's former owner. Management's plans
in regard to these matters are described in Note 6. The financial statements
do not include any adjustments that might result from the outcome of these
uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 16, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Associates, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Apartments - Phase II, FHA Project No. 052-44081-LDP, (a project owned by
Meadowood Associates, Ltd., A Limited Partnership), as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Apartments - Phase II ( a
project owned by Meadowood Associates, Ltd., A Limited Partnership) at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Meadowood Apartments - Phase II will continue as a going concern. As
discussed in Note 6, conditions exist which raise substantial doubt about the
ability of Meadowood Apartments - Phase II to continue as a going concern
unless the Partners are able to pay the principal and interest obligations
under a deferred acquisition note owed by the Partners or negotiate further
amendments of the terms of the note and a related option to purchase the
Partnership's project held by the Project's former owner. Managements' plans
in regard to these matters are also described in Note 6. The financial
statements do not include any adjustments that might result from the outcome
of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 14, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Townhouses I Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Meadowood Townhouses I Limited Partnership, A Limited Partnership, as of
December 31, 1995, and the related statements of operations, partners'
deficit, and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Townhouses I Limited
Partnership at December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Notes 3 and 8,
the Partnership has deferred acquisition notes payable totaling $2,764,623,
plus accrued interest of $3,088,491, which are due on April 15, 1996 and the
Partnership's operations generate negative cash flows. These conditions
raise substantial doubt as to the ability of the Partnership to continue as a
going concern. Management's plans in regard to these matters are also
described in Notes 3 and 8. These financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 27, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Townhouses III
Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Townhouses III Limited Partnership, A Limited Partnership, as of December 31,
1995, and the related statements of operations, partners' deficit, and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Townhouses III Limited
Partnership at December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 8.
These financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 29, 1996
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund I
Washington, D.C.
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund I (the Partnership) as of December 31, 1995
and 1994, and the related statements of operations, partners' equity
(deficit), and cash flows for each of the three years in the period ended
December 31, 1995, and the supporting schedule listed in the Index at Item
14. These financial statements and schedule are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements and schedule based on our audits. We did not audit
the financial statements of Hurbell IV Limited Partnership and Gates Mills I
Limited Partnership (investees of the Partnership) for the years ended
December 31, 1995, 1994 and 1993. The Partnership's equity in the net assets
of these investees has been reduced to zero in accordance with the equity
method of accounting. The accompanying statement of operations includes
$29,506 of revenue from distributions in excess of investment for these two
investees for the year ended December 31, 1995. The financial statements do
not include any equity, earnings or losses from these investees for the years
ended December 31, 1994 and 1993. The financial statements of these investees
were audited by other auditors whose reports thereon have been furnished to
us, and our opinion, insofar as it relates to amounts included for these
investees, is based solely upon the reports of the other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, such
financial statements present fairly, in all material respects, the financial
position of the Partnership as of December 31, 1995 and 1994, and the results
of its operations and cash flows for each of the three years in the period
ended December 31, 1995 in conformity with generally accepted accounting
principles, and the schedule referred to above presents fairly, in all
material respects, when read in conjunction with the related financial
statements, the information therein set forth.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
March 11, 1996
Washington, D.C.
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund Two
Washington, D.C.
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund Two (the Partnership) as of December 31, 1995
and 1994, and the related statements of operations, partners' deficit, and
cash flows for each of the three years in the period ended December 31, 1995,
and the supporting schedule listed in the Index at Item 14. These financial
statements and schedule are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits. We did not audit the financial
statements of Hurbell I Limited Partnership, Kimberton Apartments Associates,
Rodeo Drive Limited Partnership, and Windsor Apartments Associates Limited
Partnership (investees of the Partnership) for the years ended December 31,
1995, 1994 and 1993, and we did not audit the financial statements for Park
Avenue West I Limited Partnership and Park Avenue West II Limited Partnership
for the year ended December 31, 1993. The Partnership's equity of $4,227,334
and $3,985,024 in the net assets of these investees as of December 31, 1995
and 1994, respectively, and of $257,939, $134,558 and $64,689 in the net
income of these investees for the years ended December 31, 1995, 1994 and
1993, are included in the accompanying financial statements. The financial
statements of these investees were audited by other auditors whose reports
thereon have been furnished to us, and our opinion, insofar as it relates to
amounts included for these investees, is based solely upon the reports of the
other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, such
financial statements present fairly, in all material respects, the financial
position of National Housing Partnership Realty Fund Two as of December 31,
1995 and 1994, and the results of its operations and cash flows for each of
the three years in the period ended December 31, 1995 in conformity with
generally accepted accounting principles, and the schedule referred to above
presents fairly, in all material respects, when read in conjunction with the
related financial statements, the information therein set forth.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
March 13, 1996
Washington, D.C.
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund III
Washington, D.C.
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund III (the Partnership) as of December 31, 1995
and 1994, and the related statements of operations, partners' deficit, and
cash flows for each of the three years in the period ended December 31, 1995,
and the supporting schedule listed in the Index at Item 14. These financial
statements and schedule are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits. We did not audit the financial
statements of Brunswick Village Limited Partnership for the years ended
December 31, 1995 and 1994, and Brunswick Village Limited Partnership, Galion
Limited Partnership, Indian Valley I Limited Partnership, Indian Valley II
Limited Partnership, Indian Valley III Limited Partnership, and Newton Hill
Limited Partnership (investees of the Partnership) for the year ended
December 31, 1993. The Partnership's equity in the net assets of these
investees has been reduced to zero at December 31, 1995 and 1994 in
accordance with the equity method of accounting. The Partnership's share of
net losses of these investees in the amounts of $13,066 and $47,504 for the
years ended December 31, 1994 and 1993, respectively, are included in the
accompanying financial statements. The financial statements of these
investees were audited by other auditors whose reports thereon have been
furnished to us, and our opinion, insofar as it relates to amounts included
for these investees, is based solely upon the reports of the other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the reports
of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, such
financial statements present fairly, in all material respects, the financial
position of the Partnership as of December 31, 1995 and 1994, and the results
of its operations and its cash flows for each of the three years in the
period ended December 31, 1995, in conformity with generally accepted
accounting principles, and the schedule referred to above presents fairly, in
all material respects, when read in conjunction with the related financial
statements, the information therein set forth.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
March 15, 1996
Washington, D. C.
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund IV
Washington, D.C.
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund IV (the Partnership) as of December 31, 1995
and 1994, and the related statements of operations, partners' equity
(deficit), and cash flows for each of the three years in the period ended
December 31, 1995, and the supporting schedule listed in the Index at Item
14. These financial statements and schedule are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements and schedule based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of National Housing Partnership Realty Fund
IV as of December 31, 1995 and 1994, and the results of its operations and
its cash flows for each of the three years in the period ended December 31,
1995 in conformity with generally accepted accounting principles, and the
schedule referred to above presents fairly, in all material respects, when
read in conjunction with the related financial statements, the information
therein set forth.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
March 19, 1996
Washington, D.C.
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
New West 111th Street Two Associates
Washington, D.C.
We have audited the accompanying statement of financial position of New West
111th Street Two Associates, A Limited Partnership, FHA Project No.
012-57202-LD-EC-220-L8, as of December 31, 1995, and the related statements
of profit and loss (on HUD Form No. 92410), partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of New West 111th Street Two Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that New
West 111th Street Two Associates will continue as a going concern. As
discussed in Note 8, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to generate sufficient cash flows to meet its obligations and sustain its
operations. Management's plans in regard to these matters are also described
in Note 8. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 22, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Olde Rivertown Venture
Washington, D.C.
We have audited the accompanying statement of financial position of Olde
Rivertown Venture, A Limited Partnership, FHA Project No. 073-35082-PM, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Olde Rivertown Venture at December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that Olde
Rivertown Venture will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
The Partnership defaulted on its mortgage, which was assigned to HUD on April
14, 1992, and has not made any of its required monthly deposits for insurance
escrows or replacement reserves since August 1, 1990. The general partner's
plans in regard to these matters are described in Note 8. The financial
statements do not include any adjustments that might result from the outcome
of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 19, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Park Creek Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Park
Creek Limited Partnership, A Limited Partnership, FHA Project No.
101-44111-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Park Creek Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Park
Creek Limited Partnership will continue as a going concern. As discussed in
Note 2, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to renew or
replace the Housing Assistance Contract which expires during 1996.
Management's plans in regard to these matters are also described in Note 2.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 15, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Pavilion Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Pavilion
Associates, A Limited Partnership, FHA Project No. 034-44159-LDP, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Pavilion Associates at December 31, 1995,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Pavilion Associates will continue as a going concern. As discussed in Note
4, conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless the Partnership is able to
pay the principal and interest obligations under its deferred acquisition
note or negotiate further amendments of the terms of the note. Management's
plans in regard to this matter are described in Note 4. The financial
statements do not include any adjustments that might result from the outcome
of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 18, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Three Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Three Associates, A Limited Partnership, as of December 31, 1995,
and the related statements of operations, partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Portfolio Properties Three Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain
sufficient cash flows to meet its obligations and sustain its operations.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 4, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Seven Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Seven Associates, A Limited Partnership, as of December 31, 1995
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We did not audit the
financial statements of Milliken Apartments Company, an investee of Portfolio
Properties Seven Associates, which is accounted for by use of the equity
method. The Partnership's equity of $1,159,000 in the net assets of Milliken
Apartments Company at December 31, 1995, and of $91,000 of that entity's net
income for the year ended December 31, 1995, are included in the accompanying
financial statements. Those financial statements were audited by other
auditors whose reports thereon have been furnished to us, and our opinion,
insofar as it relates to amounts included for Milliken Apartments Company, is
based solely upon the report of the other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the report of the other auditors, such
financial statements present fairly, in all material respects, the financial
position of Portfolio Properties Seven Associates at December 31, 1995, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 6, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Eight Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Eight Associates, A Limited Partnership, as of December 31, 1995,
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We did not audit the
financial statements of Brookview Apartments Company Limited, Colony
Apartments Company Limited, and Village Green Apartments Company Limited,
investees of Portfolio Properties Eight Associates (collectively referred to
as "these entities"), which are accounted for by use of the equity method.
The Partnership's equity of $1,447,000 in the net assets of these entities at
December 31, 1995, and of $48,000 of these entities' net income for the year
ended December 31, 1995, are included in the accompanying financial
statements. The financial statements of these entities were audited by other
auditors whose reports have been furnished to us, and our opinion, insofar as
it relates to amounts included for these entities, is based solely upon the
reports of the other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, based on our audit and the reports of the other auditors,
such financial statements present fairly, in all material respects, the
financial position of Portfolio Properties Eight Associates at December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 12, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Nine Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Nine Associates, A Limited Partnership, as of December 31, 1995,
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We did not audit the
financial statements of Penn Hall Associates Limited Partnership, Haines
Associates Limited Partnership, and Monmouth Associates Limited Partnership,
(collectively referred to as "these entities") investees of Portfolio
Properties Nine Associates, which are accounted for by use of the equity
method. The Partnership's equity of $776,000 in the net assets of these
entities at December 31, 1995, and $16,000 of these entities' net loss for
the year ended December 31, 1995, are included in the accompanying financial
statements. The financial statements of these entities were audited by other
auditors whose reports have been furnished to us, and our opinion, insofar as
it relates to amounts included for these entities is based solely upon the
report of the other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the reports of the other auditors,
such financial statements present fairly, in all material respects, the
financial position of Portfolio Properties Nine Associates at December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 13, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Ten Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Ten Associates, A Limited Partnership, as of December 31, 1995,
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We did not audit the
financial statements of Pendleton Riverside Apartments, Oreg. Ltd., an
investee of Portfolio Properties Ten Associates which is accounted for by use
of the equity method. The Partnership's equity of $256,000 in the net assets
of Pendleton Riverside Apartment, Oreg. Ltd. at December 31, 1995, and
$29,934 of that entity's net income for the year ended December 31, 1995, are
included in the accompanying financial statements. The financial statements
of Pendleton Riverside Apartments, Oreg. Ltd. were audited by other auditors
whose report has been furnished to us, and our opinion, insofar as it relates
to the amounts included for such entity is based solely upon the report of
such other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the report of
other auditors provides a reasonable basis for our opinion.
In our opinion, based on our audit and the report of the other auditors, such
financial statements present fairly, in all material respects, the financial
position of Portfolio Properties Ten Associates at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 7, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Retirement Manor Associates
Washington, D.C.
We have audited the accompanying statement of financial position of
Retirement Manor Associates, A Limited Partnership, FHA Project No.
125-35074-PM, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Retirement Manor Associates at December
31, 1995, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Retirement Manor Associates will continue as a going concern. As discussed
in Note 9, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless it is able to
generate sufficient cash flows to meet its obligations and sustain its
operations. Management's plans in regard to these matters are also described
in Note 9. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 2, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Royal Towers Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Royal
Towers Limited Partnership, A Limited Partnership, FHA Project No. 084-44088,
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Royal Towers Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Royal
Towers Limited Partnership will continue as a going concern. As discussed in
Note 11, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 11.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 23, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Southridge Apartments Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Southridge Apartments Limited Partnership, A Limited Partnership, FHA Project
No. 115-44017-LDP-SUP, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Southridge Apartments Limited Partnership
at December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Southridge Apartments Limited Partnership will continue as a going concern.
As discussed in Note 5, conditions exist which raise substantial doubt about
the ability of the Partnership to continue as a going concern unless the
Partnership is able to pay principal and interest obligations under its
deferred acquisition note or negotiate further amendments of the terms of the
note. Management's plans in regard to these matters are also discussed in
Note 5. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 15, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Bright Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Spring
Bright Limited Partnership, A Limited Partnership, as of December 31, 1995,
and the related statements of operations, partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit. We did
not audit the financial statements of Brightwood Limited Partnership, an
investee of Spring Bright Limited Partnership, which is accounted for by use
of the equity method. The Partnership's share of Brightwood Limited
Partnership's deficit is $627,875 at December 31, 1995, and it's share of
that entity's net loss is $150,695 for the year ended December 31, 1995.
However, as a result of the equity method of accounting for Brightwood
Limited Partnership's operations, the Partnership's investment balance is
carried at zero and its share of the loss for the year ended December 31,
1995 has not been recorded in the Partnership's statement of operations. The
financial statements of Brightwood Limited Partnership were audited by other
auditors whose report has been furnished to us, and our opinion, insofar as
it relates to amounts included for such entity, is based solely upon the
report of such other auditor.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, based on our audit and the report of the other auditors, such
financial statements present fairly, in all material respects, the financial
position of Spring Bright Limited Partnership at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 5,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 5.
These financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 11, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Meadow Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Spring
Meadow Limited Partnership, A Limited Partnership, FHA Project No.
023-44087-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Spring Meadow Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Spring
Meadow Limited Partnership will continue as a going concern. As discussed in
Note 11, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 11.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 15, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Timberlake Apartments Limited
Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Timberlake Apartments Limited Partnership, A Limited Partnership, FHA Project
No. 113-44018, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Timberlake Apartments Limited Partnership
at December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Timberlake Apartments Limited Partnership will continue as a going concern.
As discussed in Note 5, conditions exist which raise substantial doubt about
the ability of the Partnership to continue as a going concern unless the
Partnership is able to pay the principal and interest obligations under its
deferred acquisition note or negotiate further amendments of the terms of the
note. Managements' plan in regard to this matter is described in Note 5. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 23, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Owner of
Trinity Apartments
Washington, D.C.
We have audited the accompanying statement of financial position of Trinity
Apartments, a project wholly owned by National Housing Partnership Realty
Fund IV, as of December 31, 1995, and the related statements of operations
and owner's equity (deficit), and cash flows for the year then ended. These
financial statements are the responsibility of the Project's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Trinity Apartments at December 31, 1995,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Trinity Apartments will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt about the ability of the
project to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
The owners' plans in regard to these matters are described in Note 8. The
financial statements do not include any adjustments that might result from
the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 18, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Village Park II
Washington, D.C.
We have audited the accompanying statement of financial position of Village
Park II, A Limited Partnership, FHA Project No. 114-35213-PM, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No.
92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Village Park II at December 31, 1995, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Village Park II will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to arrange a
workout arrangement with HUD for its mortgage delinquencies. The general
partner's plans in regard to these matters are described in Note 8. The
financial statements referred to above do not include any adjustments that
might result from the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 19, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Wash-West Properties
Washington, D.C.
We have audited the accompanying statement of financial position of Wash-West
Properties, A Limited Partnership, FHA Project No. 034-35217-PM-LD, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Wash-West Properties at December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
As discussed in Note 2 to the financial statements, effective January 1,
1995, the Partnership corrected its method of computing accrued interest on
the Redevelopment Authority promissory note.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 6, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
West Oak Village Limited
Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of West Oak
Village Limited Partnership, A Limited Partnership, FHA Project No.
118-44023, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for
the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of West Oak Village Limited Partnership at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that West
Oak Limited Partnership will continue as a going concern. As discussed in
Note 5, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless the Partnership is able
to pay principal and interest obligations under its deferred acquisition note
or negotiate further amendments of the terms of the note. Management's plans
in regard to these matters are also described in Note 5. The financial
statements do not include any adjustments that might result from the outcome
of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 31, 1996
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Partners
Buffalo Village Associates
Reston, VA
We have audited the accompanying statement of financial position of Buffalo
Village Associates, FHA Project No. 014-44035-LDP, (A Limited Partnership), as
of December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Buffalo Village Associates, as
of December 31, 1995, and the results of its operations, changes in partners'
equity, and cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated February 23, 1996, on our
consideration of the Partnership's internal control structure, and reports dated
February 23, 1996, on its compliance with laws and regulations, specific
requirements applicable to major and nonmajor HUD programs, and specific
requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 13 to 19 is presented for purposes of additional analysis
and is not a required part of the basic financial statements of Buffalo Village
Associates. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Edwards Leap & Sauer
Hollidaysburg, Pennsylvania
February 23, 1996
-1-
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Partners
Genesee Gardens Associates (A Limited Partnership)
Reston, VA
We have audited the accompanying statement of financial position of Genesee
Gardens Associates, FHA Project No. 012-55079-LDC-R, (A Limited Partnership), as
of December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Genesee Gardens Associates, as
of December 31, 1995, and the results of its operations, changes in partners
equity (deficit), and cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated February 20, 1996, on our
consideration of the Partnership's internal control structure, and reports dated
February 20, 1996, on its compliance with laws and regulations, specific
requirements applicable to major and nonmajor HUD programs, and specific
requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 13 to 19 is presented for purposes of additional analysis
and is not a required part of the basic financial statements of Genesee Gardens
Associates. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Edwards Leap & Sauer
Hollidaysburg, Pennsylvania
February 20, 1996
-1-
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Partners
IDA Tower (A Limited Partnership)
Washington, DC
We have audited the accompanying statement of financial position of IDA Tower,
FHA Project No. 033-44805-LD-R-WAH, (A Limited Partnership), as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity (deficit) and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of IDA Tower, as of December 31,
1995, and the results of its operations, changes in partners equity (deficit),
and cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated February 14, 1996, on our
consideration of the Partnership's internal control structure, and reports dated
February 14, 1996, on its compliance with laws and regulations, specific
requirements applicable to major and nonmajor HUD programs, and specific
requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 13 to 19 is presented for purposes of additional analysis
and is not a required part of the basic financial statements of IDA Tower. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Edwards Leap & Sauer
Hollidaysburg, Pennsylvania
February 14, 1996
-1-
<PAGE>
INDEPENDENT AUDITORS' REPORT
Partners
Franklin Housing Associates
We have audited the accompanying consolidated balance sheet of FRANKLIN
HOUSING ASSOCIATES AND SUBSIDIARIES as of December 31, 1995, and the related
consolidated statements of income, partners' equity and cash flows for the
year then ended. These consolidated financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Franklin Housing Associates and subsidiaries as of December 31, 1995, and
the consolidated results of their operations and their consolidated cash
flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Fishbein & Company, P.C.
FISHBEIN & COMPANY, P.C.
Elkins Park, Pennsylvania
March 22, 1996
<PAGE>
INDEPENDENT AUDITORS' REPORT
Partners
Franklin New York Avenue Associates
We have audited the accompanying consolidated balance sheet of FRANKLIN NEW
YORK AVENUE ASSOCIATES AND SUBSIDIARIES as of December 31, 1995, and the
related consolidated statements of income, partners' equity (deficiency) and
cash flows for the year then ended. These consolidated financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Franklin New York Avenue Associates and subsidiary as of December 31, 1994,
and the consolidated results of their operations and their consolidated cash
flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Fishbein & Company, P.C.
FISHBEIN & COMPANY, P.C.
Elkins Park, Pennsylvania
March 13, 1996
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To The Partners
62ND STREET LIMITED PARTNERSHIP
We have audited the accompanying balance sheets of 62ND STREET LIMITED
PARTNERSHIP as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 62ND STREET LIMITED PARTNERSHIP
as of December 31, 1996 and 1995, and the results of its operations and its cash
flows for the years then ended, in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The information on Schedule I is
presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Friduss, Lukee, Schiff & Co., P.C.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
February 9, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To The Partners
CENTRAL WOODLAWN LIMITED PARTNERSHIP
We have audited the accompanying balance sheets of CENTRAL WOODLAWN LIMITED
PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1996 and 1995,
and the related statements of operations, partners' equity and cash flows for
the years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of CENTRAL WOODLAWN LIMITED
PARTNERSHIP as of December 31, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended, in conformity with generally
accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The information on Schedule I provides
additional analysis which is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Friduss, Lukee, Schiff & Co., P.C.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
March 6, 1997
<PAGE>
GEORGE A. HIERONYMUS & COMPANY, L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
GEORGE A. HIERONYMUS, JR. 2651 CAMERON STREET 36607 MEMBER AMERICAN
MARK E. HIERONYMUS P.O. BOX 7503 INSTITUTE OF CERTIFIED
PATRICIA M. BESSONEN MOBILE, ALABAMA 36670 PUBLIC ACCOUNTANTS
---------------
EVA M. HODGE MEMBER ALABAMA SOCIETY
JOHN J. SHELDON OF CERTIFIED PUBLIC
JOHN W. JEFFRIES ACCOUNTANTS
ELIZABETH O. TRICE
WALTER F. D'OLIVE FACSIMILE (334) 471-5100
--------------- TELEPHONE (334) 471-1112
STEPHEN W. MIXON
OF COUNSEL
Independent Auditor's Report
Partners HUD Field Office Director
Athens Arms Associates 75 Spring Street, S.W.
Reston, VA Atlanta, Georgia
We have audited the accompanying statement of financial position of Athens
Arms Associates, A Limited Partnership, FHA Project No. 061-55068-LDI, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), changes in partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Athens Arms Associates, A
Limited Partnership, at December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 26, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD program, and the nonmajor HUD
program.
/s/ GEORGE A. HIERONYMUS & COMPANY, L.L.C.
Mobile, Alabama
January 26, 1996
<PAGE>
GEORGE A. HIERONYMUS & COMPANY, L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
GEORGE A. HIERONYMUS, JR. 2651 CAMERON STREET 36607 MEMBER AMERICAN
MARK E. HIERONYMUS P.O. BOX 7503 INSTITUTE OF CERTIFIED
PATRICIA M. BESSONEN MOBILE, ALABAMA 36670 PUBLIC ACCOUNTANTS
---------------
EVA M. HODGE MEMBER ALABAMA SOCIETY
JOHN J. SHELDON OF CERTIFIED PUBLIC
JOHN W. JEFFRIES ACCOUNTANTS
ELIZABETH O. TRICE
WALTER F. D'OLIVE FACSIMILE (334) 471-5100
--------------- TELEPHONE (334) 471-1112
STEPHEN W. MIXON
OF COUNSEL
Independent Auditor's Report
Partners HUD Field Office Director
Colonial Terrace I Associates 75 Spring Street, S.W.
Reston, VA Atlanta, Georgia
We have audited the accompanying statement of financial position of Colonial
Terrace I Associates, A Limited Partnership, FHA Project No. 061-55011-LD, as
of December 31, 1995, and the related statements of profit and loss (on HUD)
Form No. 92410), changes in partners' equity (deficit), and cash flows for
the year then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audio provides a reasonable basis for our opinion.
In our opinion, the financial statemenets referred to above present fairly,
in all material respects, the financial position of Colonial Terrace I
Associates, A Limited Partnership, at December 31, 1995, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in Note C to the
financial statements, the deferred acquisition note and accrued interest are
due December 2, 1996. The possibility that the partnership will be unable to
satisfy the debt raises substantial doubt about its ability to continue as a
going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
In accordance with Government Auditing Standards, we have also issued reports
dated January 26, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD program, and Affirmative Fair
Housing.
/s/ GEORGE A. HIERONYMUS & COMPANY, L.L.C.
Mobile, Alabama
January 26, 1996
<PAGE>
GEORGE A. HIERONYMUS & COMPANY, L.L.C.
CERTIFIED PUBLIC ACCOUNTANTS
GEORGE A. HIERONYMUS, JR. 2651 CAMERON STREET 36607 MEMBER AMERICAN
MARK E. HIERONYMUS P.O. BOX 7503 INSTITUTE OF CERTIFIED
PATRICIA M. BESSONEN MOBILE, ALABAMA 36670 PUBLIC ACCOUNTANTS
---------------
EVA M. HODGE MEMBER ALABAMA SOCIETY
JOHN J. SHELDON OF CERTIFIED PUBLIC
JOHN W. JEFFRIES ACCOUNTANTS
ELIZABETH O. TRICE
WALTER F. D'OLIVE FACSIMILE (334) 471-5100
--------------- TELEPHONE (334) 471-1112
STEPHEN W. MIXON
OF COUNSEL
Independent Auditor's Report
Partners HUD Field Office Director
Colonial Terrace II Associates 75 Spring Street, S.W.
Reston, VA Atlanta, Georgia
We have audited the accompanying statement of financial position of Colonial
Terrace II Associates, A Limited Partnership, FHA Project No. 061-55017-LD,
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), changes in partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Colonial Terrace II
Associates, A Limited Partnership, at December 31, 1995, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in Note C to the
financial statements, the deferred acquisition note and accrued interest are
due December 2, 1996. The possibility that the partnership will be unable to
satisfy the debt raises substantial doubt about its ability to continue as a
going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
In accordance with Government Auditing Standards, we have also issued reports
dated January 26, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, and the nonmajor HUD program.
/s/ GEORGE A. HIERONYMUS & COMPANY, L.L.C.
Mobile, Alabama
January 26, 1996
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
March 7, 1996
The Partners HUD Field Office Director
Academy Gardens Associates New York, New York
Washington, D.C.
We have audited the accompanying balance sheet of ACADEMY GARDENS
ASSOCIATES (A Limited Partnership), HUD Project No.
012-57138-PM-EC-221(d)(4)-L8, as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), of partners' equity
and of cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of ACADEMY GARDENS
ASSOCIATES as of December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated March 7, 1996, on our consideration of ACADEMY GARDENS ASSOCIATES'
internal control structure and reports dated March 7, 1996, on its compliance
with specific requirements applicable to major HUD programs, and specific
requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 15 to 23 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 25, 1996
The Partners HUD Field Office Director
Brunswick Village Limited Partnership Newark, New Jersey
Washington, D.C.
We have audited the accompanying balance sheet of BRUNSWICK VILLAGE
LIMITED PARTNERSHIP, HUD Project No. 031-55075-LDP, as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410), of
partners' equity deficiency and of cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of BRUNSWICK VILLAGE
LIMITED PARTNERSHIP as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 25, 1996, on our consideration of BRUNSWICK VILLAGE LIMITED
PARTNERSHIP'S internal control structure and reports dated January 25, 1996,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 21 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, L.L.P.
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
March 7, 1996
The Partners HUD Field Office Director
Buckingham Hall Associates New York, New York
Washington, D.C.
We have audited the accompanying balance sheet of BUCKINGHAM HALL
ASSOCIATES (A Limited Partnership), HUD Project No.
012-57190-PM-EC-221(d)(4)-L8, as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), of partners' equity
deficiency and of cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of BUCKINGHAM HALL
ASSOCIATES as of December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated March 7, 1996, on our consideration of BUCKINGHAM HALL ASSOCIATES'
internal control structure and reports dated March 7, 1996, on its compliance
with specific requirements applicable to major HUD programs, and specific
requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 20 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
February 15, 1996
The Partners
Churchview Gardens Associates
Washington, D.C.
We have audited the accompanying balance sheet of CHURCHVIEW GARDENS
ASSOCIATES (A Limited Partnership), as of December 31, 1995, and the related
statements of operations, of partners' equity deficiency and of cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of CHURCHVIEW
GARGENS ASSOCIATES (A Limited Partnership), as of December 31, 1995, and its
results of operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 31, 1996
The Partners
Churchview Gardens Limited Partnership
Washington, D.C.
We have audited the accompanying balance sheet of CHURCHVIEW GARDENS
LIMITED PARTNERSHIP, HUD Project No. 033-44090-LD, as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410), of
partners' equity (deficiency) and of cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of CHURCHVIEW
GARDENS LIMITED PARTNERSHIP as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 31, 1996, on our consideration of CHURCHVIEW GARDENS LIMITED
PARTNERSHIP'S internal control structure and reports dated January 31, 1996,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 21 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
February 15, 1996
The Partners
Harris Gardens Associates
Washington, D.C.
We have audited the accompanying balance sheet of HARRIS GARDENS
ASSOCIATES (A Limited Partnership), as of December 31, 1995, and the related
statements of operations, of partners' equity deficiency and of cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of HARRIS GARDENS
ASSOCIATES (A Limited Partnership), as of December 31, 1995, and its results
of operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
February 1, 1996
The Partners HUD Field Office Director
Harris Gardens Limited Partnership Pittsburgh, Pennsylvania
Washington, D.C.
We have audited the accompanying balance sheet of HARRIS GARDENS
LIMITED PARTNERSHIP, HUD Project No. 033-44054-LD-SUP, as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
of partners' equity (deficiency) and of cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of HARRIS GARDENS
LIMITED PARTNERSHIP as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated February 1, 1996, on our consideration of HARRIS GARDENS LIMITED
PARTNERSHIP'S internal control structure and reports dated February 1, 1996,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 15 to 23 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
February 15, 1996
The Partners
Hawksworth Gardens Associates
Washington, D.C.
We have audited the accompanying balance sheet of HAWKSWORTH GARDENS
ASSOCIATES (A Limited Partnership) as of December 31, 1995, and the related
statements of operations, of partners' equity and of cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of HAWKSWORTH
GARDENS ASSOCIATES (A Limited Partnership) as of December 31, 1995, and its
results of operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 31, 1996
The Partners HUD Field Office Director
Hawksworth Limited Partnership Pittsburgh, Pennsylvania
Washington, D.C.
We have audited the accompanying balance sheet of HAWKSWORTH LIMITED
PARTNERSHIP, HUD Project No. 033-44092-LDP, as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), of partners'
equity (deficiency) and of cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of HAWKSWORTH
LIMITED PARTNERSHIP as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 31, 1996, on our consideration of HAWKSWORTH LIMITED
PARTNERSHIP'S internal control structure and reports dated January 31, 1996,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 21 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
February 15, 1996
The Partners
Washington Northgate Associates
Washington, D.C.
We have audited the accompanying balance sheet of WASHINGTON
NORTHGATE ASSOCIATES (A Limited Partnership), as of December 31, 1995, and
the related statements of operations, of partners' equity deficiency and of
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of WASHINGTON
NORTHGATE ASSOCIATES (A Limited Partnership) as of December 31, 1995, and its
results of operations and its cash flows for the year then ended, in
conformity with generally accepted accounting principles.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 30, 1996
The Partners HUD Field Office Director
Washington Northgate Limited Partnership Pittsburgh, Pennsylvania
Washington, D.C.
We have audited the accompanying balance sheet of WASHINGTON
NORTHGATE LIMITED PARTNERSHIP, HUD Project No. 033-55031-LDP, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No.
92410), of partners' equity and of cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of WASHINGTON
NORTHGATE LIMITED PARTNERSHIP as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 30, 1996, on our consideration of WASHINGTON NORTHGATE LIMITED
PARTNERSHIP'S internal control structure and reports dated January 30, 1996,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 20 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
February 15, 1996
The Partners
Washington Westgate Associates
Washington, D.C.
We have audited the accompanying balance sheet of WASHINGTON
WESTGATE ASSOCIATES (A Limited Partnership), as of December 31, 1995, and the
related statements of operations, of partners' equity (deficiency) and of
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of WASHINGTON
WESTGATE ASSOCIATES (A Limited Partnership) as of December 31, 1995, and its
results of operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 30, 1996
The Partners HUD Field Office Director
Washington Westgate Limited Partnership Pittsburgh, Pennsylvania
Washington, D.C.
We have audited the accompanying balance sheet of WASHINGTON
WESTGATE LIMITED PARTNERSHIP, HUD Project No. 033-55024-LDP, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No.
92410), of partners' equity and of cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of WASHINGTON
WESTGATE LIMITED PARTNERSHIP as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 30, 1996, on our consideration of WASHINGTON WESTGATE LIMITED
PARTNERSHIP'S internal control structure and reports dated January 30, 1996,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 13 to 20 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander LLP
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Franklin Chandler Associates
Scottsdale, Arizona
We have audited the accompanying consolidated balance sheet of Franklin
Chandler Associates, and its Venture, as of December 31, 1995, and the
related consolidated statements of operations, partners' equity (deficit) and
cash flows for the year then ended. These consolidated financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as the overall consolidated financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Franklin
Chandler Associates and its Venture as of December 31, 1995, and the results
of its operations, changes in partners' equity (deficit) and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
consolidated financial statements taken as a whole. The supplemental
schedules, as referred to in the Table of Contents, are presented for the
purposes of additional analysis and are not a required part of the basic
consolidated financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic consolidated financial
statements and, in our opinion, the additional information is fairly stated
in all material respects, in relation to the consolidated financial
statements taken as a whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 24, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Haines Associates Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Haines
Associates Limited Partnership, (a Washington limited partnership), FHA
Project No. 127-35140, as of December 31, 1995 and the related statements of
profit and loss (on HUD Form 92410), partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Haines Associates Limited
Partnership as of December 31, 1995 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 19, 1996 on our consideration of Haines' internal
control structure.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, the additional information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 19, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
King-Bell Associates
Washington, D.C.
We have audited the accompanying statement of financial position of King-Bell
Associates, (an Oregon limited partnership), FHA Project No. 126-35190-PM-L8,
as of December 31, 1995 and the related statements of profit and loss (on HUD
Form 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of King-Bell Associates as of
December 31, 1995 and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 12, 1996 on our consideration of King-Bell's internal
control structure.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, the additional information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 12, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Monmouth Associates Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Monmouth
Associates Limited Partnership, (a Washington limited partnership), FHA Project
No. 127-35157, as of December 31, 1995 and the related statements of profit and
loss (on HUD Form 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Monmouth Associates Limited
Partnership as of December 31, 1995 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 17, 1996 on our consideration of Monmouth's internal control
structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purposes of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 17, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Pendleton Riverside Apartments, Oreg., Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Pendleton
Riverside Apartments, Oreg., Ltd., (an Oregon limited partnership), FHA Project
No. 126-44093-LD-SUP, as of December 31, 1995 and the related statements of
profit and loss (on HUD Form 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, and Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pendleton Riverside Apartments,
Oreg., Ltd. as of December 31, 1995 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 12, 1996 on our consideration of Pendleton Riverside's internal
control structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purposes of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 12, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Penn Hall Associates Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Penn Hall
Associates Limited Partnership, (a Washington limited partnership), FHA Project
No. 127-35159, as of December 31, 1995 and the related statements of profit and
loss (on HUD Form 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Penn Hall Associates Limited
Partnership as of December 31, 1995 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 19, 1996 on our consideration of Penn Hall's internal control
structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purposes of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 19, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Rodeo Drive Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Rodeo Drive
Limited Partnership, (a California limited partnership), FHA Project No.
122-44452-LDP, as of December 31, 1995 and the related statements of profit and
loss (on HUD Form 92410), partners' deficit, and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Rodeo Drive Limited Partnership
as of December 31, 1995 and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 12, 1996 on our consideration of Rodeo Drive Limited Partnership's
internal control structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purposes of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 12, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
South Mountain Terrace, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of South
Mountain Terrace, Ltd., (an Arizona limited partnership), FHA Project No.
123-35139, as of December 31, 1995 and the related statements of profit and loss
(on HUD Form 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of South Mountain Terrace, Ltd. as
of December 31, 1995 and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 10, 1996 on our consideration of South Mountain Terrace Ltd.'s
internal control structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purposes of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 10, 1996
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Woodland Apartments, Oreg., Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Woodland
Apartments, Oreg., Ltd., (an Oregon limited partnership), FHA Project No.
126-44118-LDP-SUP, as of December 31, 1995 and the related statements of profit
and loss (on HUD Form 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Woodland Apartments, Oreg.,
Ltd. as of December 31, 1995 and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 12, 1996 on our consideration of Woodland's internal control
structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purposes of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Hansen, Hunter & Kibbee, P.C.
January 12, 1996
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 16, 1996
Partners
630 East Lincoln Avenue Associates
Washington, D.C.
We have audited the accompanying statement of financial position of 630 East
Lincoln Avenue Associates, FHA Project No. 012-57139-PM-EC, A Limited
Partnership, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 630 East Lincoln Avenue
Associates at December 31, 1995, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 2, 1996
Partners
Aspen Stratford Apartments Company B
Washington, D.C.
We have audited the accompanying statement of financial position of Aspen
Stratford Apartments Company B, FHA Project No. 031-35194-LD-SR, A Limited
Partnership, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Aspen Stratford Apartments
Company B at December 31, 1995, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 29, 1996
Partners
Aspen Stratford Apartments Company C
Washington, D.C.
We have audited the accompanying statement of financial position of Aspen
Stratford Apartments Company C, FHA Project No. 031-35195-LD-SR, A Limited
Partnership, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Aspen Stratford Apartments
Company C at December 31, 1995, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 24, 1995
Partners
Benjamin Banneker Plaza Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Benjamin
Banneker Plaza Associates, FHA Project No. 034-44108-NP, A Limited Partnership,
as of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Benjamin Banneker Plaza
Associates at December 31, 1995, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 18, 1996
Partners
Benton Square, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Benton
Square, Ltd., FHA Project No. 084-35236-L8-PM-SR, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Benton Square, Ltd. at December
31, 1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note I to the
financial statements, the Partnership has a net capital deficiency that raises
substantial doubt about its' ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note I. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 16, 1996
Partners
Brightwood Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Brightwood
Limited Partnership, FHA Project No. 051-55001-LD, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Brightwood Limited Partnership
at December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 7, 1996
Partners
Carter Associates Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Carter
Associates Limited Partnership, MHFA Project No. 71-171-N, A Limited
Partnership, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Carter Associates Limited
Partnership, A Limited Partnership, at December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 8, 1996
Partners
Cherry Estates
Washington, D.C.
We have audited the accompanying statement of financial position of Cherry
Estates, FHA Project No. 042-35109-LDP, A Limited Partnership, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity (deficit), and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cherry Estates at December 31,
1995, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated February 8, 1996 on our consideration of Cherry Estates' internal control
structure and a report dated February 8, 1996 on its compliance with laws and
regulations.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 30, 1996
Partners
Christopher Court Housing Company
Washington, D.C.
We have audited the accompanying statement of financial position of Christopher
Court Housing Company, FHA Project No. 012-57097-LD-220-L8, A Limited
Partnership, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Christopher Court Housing
Company at December 31, 1995, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 7, 1996
Partners
Concord Houses Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Concord
Houses Associates, MHFA Project No. 73-106-N, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Concord Houses Associates, A
Limited Partnership, at December 31, 1995, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1996
Partners
Duke Manor Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Duke Manor
Associates, FHA Project No. 034-35149-LD, A Limited Partnership, as of December
31, 1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Duke Manor Associates at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 7, 1996
Partners
Elderly Housing Associates Ltd. Partnership
Washington, D.C.
We have audited the statements of financial position of Elderly Housing
Associates Ltd. Partnership, FmHA Project No. 24-11-133-3698, A Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
profit and loss, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Elderly Housing Associates Ltd.
Partnership as of December 31, 1995 and 1994, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 12, 1996
Partners
Ferncliff Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Ferncliff
Limited Partnership, A Limited Partnership, as of December 31, 1995, and the
related statements of operations, partners' equity (deficit), and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ferncliff Limited Partnership,
A Limited Partnership, as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 7, 1996
Partners
Forest Apartments Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Forest
Apartments Associates, FHA Project No. 044-35493-PM-L8, A Limited Partnership,
as of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Forest Apartments Associates at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 23, 1996
Partners
Gate Manor Apartments, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Gate Manor
Apartments, Ltd., FHA Project No. 087-35144-PM-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Gate Manor Apartments, Ltd. at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 22, 1996
Partners
Greenfield Apartments Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Greenfield
Apartments Limited Partnership, FHA Project No. 051-55018-LDP, A Limited
Partnership, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield Apartments Limited
Partnership at December 31, 1995, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 11, 1996
Partners
Greenfield Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Greenfield
Limited Partnership, A Limited Partnership, as of December 31, 1995, and the
related statements of operations, partners' equity (deficit), and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield Limited Partnership,
A Limited Partnership, as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 25, 1996
Partners
Greenfield North Apartments Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Greenfield
North Apartments Limited Partnership, FHA Project No. 051-44030-LDP, A Limited
Partnership, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield North Apartments
Limited Partnership at December 31, 1995, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 9, 1996
Partners
Greenfield North Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Greenfield North Limited Partnership, A Limited Partnership, as of December
31, 1995, and the related statements of operations, partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield North Limited
Partnership, A Limited Partnership, as of December 31, 1995, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 6, 1996
Partners
Haili Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Haili
Associates, FHA Project No. 140-35089-LDP-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Haili Associates at December
31, 1995, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 22, 1996
Partners
Hollows Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Hollows
Associates, FHA Project No. 012-32191-LD-WAH-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hollows Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 25, 1996
Partners
Houston Aristocrat Apartments, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Houston
Aristocrat Apartments, Ltd., FHA Project No. 114-44031-LDP, A Limited
Partnership, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Houston Aristocrat
Apartments, Ltd. at December 31, 1995, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 6, 1996
Partners
Kapuna Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Kapuna
Associates, FHA Project No. 140-38005-PM-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kapuna Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 22, 1996
Partners
Kimberton Apartments Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Kimberton
Apartments Associates, FHA Project No. 032-44013-LD, A Limited Partnership,
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kimberton Apartments
Associates at December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 6, 1996
Partners
Koolau Housing Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Koolau
Housing Associates, FHA Project No. 140-35091-LDP-L8, A Limited Partnership,
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Koolau Housing Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 14, 1996
Partners
Lakeview Arms Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Lakeview
Arms Associates, FHA Project No. 012-35474-PM-L8, A Limited Partnership, as
of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lakeview Arms Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 16, 1996
Partners
Lee-Hy Manor Associates Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Lee-Hy
Manor Associates Limited Partnership, FHA Project No. 051-35326-PM-L8, A
Limited Partnership, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lee-Hy Manor Associates
Limited Partnership at December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 5, 1996
Partners
Locust Park Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Locust
Park Associates, FHA Project No. 052-44124-LDP-SUP, A Limited Partnership, as
of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Locust Park Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 15, 1996
Partners
Loring Towers Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Loring
Towers Associates, MHFA Project No. 70-003-N, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Loring Towers Associates, A
Limited Partnership, at December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 5, 1996
Partners
Mahoning Associates
Washington, D.C.
We have audited the statements of financial position of Mahoning Associates,
FmHA Project No. 44-47-133-1470, A Limited Partnership, as of December 31,
1995 and 1994, and the related statements of profit and loss, partner's
equity, and cash flows for the years then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Mahoning Associates as of
December 31, 1995 and 1994, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 18, 1996
Partners
Milliken Apartments Company
Washington, D.C.
We have audited the accompanying statement of financial position of Milliken
Apartments Company, FHA Project No. 023-44122-LD, A Limited Partnership, as
of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Milliken Apartments Company
at December 31, 1995, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 1, 1996
Partners
Monument Street Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Monument
Street Limited Partnership, FHA Project No. 052-44094-LD, A Limited
Partnership, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Monument Street Limited
Partnership at December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 26, 1996
Partners
Neighborhoods of the Universities
Lock Street Apartments Company
Washington, D.C.
We have audited the accompanying statement of financial position of
Neighborhoods of the Universities Lock Street Apartments Company, FHA Project
No. 031-35213-LD-L8, A Limited Partnership, as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity (deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Neighborhoods of the
Universities Lock Street Apartments Company, at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 19, 1996
Partners
Oak Hollow South Associates
Washington, D.C.
We have audited the accompanying statements of financial position of Oak
Hollow South Associates, PHFA Project No. R-650-8F, A Limited Partnership, as
of December 31, 1995 and 1994, and the related statements of profit and loss
(on HUD Form No. 92410), changes in partners' equity, and cash flows for the
years then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Oak Hollow South Associates,
A Limited Partnership, as of December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 12, 1996
Partners
Oak Park Limited Partnership
Washington, DC
We have audited the accompanying statements of financial position of Oak Park
Limited Partnership, A Limited Partnership, as of December 31, 1995, and the
related statements of operations, partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Oak Park Limited
Partnership, A Limited Partnership, as of December 31, 1995, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 14, 1996
Partners
Orchard Mews Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Orchard
Mews Associates, FHA Project No. 052-44200-LD-SUP-R, A Limited Partnership,
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Orchard Mews Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 13, 1996
Partners
Oxford Place Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Oxford Place
Associates, A Limited Partnership, FHA Project No. 016-57004WAH-LDP-231-L8 , as
of December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Oxford Place Associates at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 16, 1996
Partners
Pittsfield Neighborhood Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Pittsfield
Neighborhood Associates, MHFA Project No. 79-093-R, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pittsfield Neighborhood
Associates, A Limited Partnership, at December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 12, 1996
Partners
Portfolio Properties Fifteen Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Fifteen Associates, A Limited Partnership, as of December 31, 1995,
and the related statements of operations, partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Portfolio Properties Fifteen
Associates, A Limited Partnership, as of December 31, 1995, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 11, 1996
Partners
Portfolio Properties Four Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Four Associates, A Limited Partnership, as of December 31, 1995, and
the related statements of operations, partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Portfolio Properties Four
Associates, A Limited Partnership, as of December 31, 1995, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1996
Partners
Prince Street Towers Limited Partnership
Washington, D.C.
We have audited the accompanying statements of financial position of Prince
Street Towers Limited Partnership, PHFA Project No. R-414-8E, A Limited
Partnership, as of December 31, 1995 and 1994, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Prince Street Towers Limited
Partnership at December 31, 1995 and 1994, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 16, 1996
Partners
Registry Square, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Registry
Square, Ltd., FHA Project No. 084-35237-L8-PM-SR, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Registry Square, Ltd. at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note J to the
financial statements, the Partnership has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note J. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 22, 1996
Partners
Sencit-Lebanon Company
Washington, D.C.
We have audited the accompanying statement of financial position of
Sencit-Lebanon Company, FHA Project No. 034-35094-PM, A Limited Partnership, as
of December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sencit-Lebanon Company at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1996
Partners
St. Nicholas Associates
Washington, D.C.
We have audited the accompanying statement of financial position of St. Nicholas
Associates, FHA Project No. 012-57199-PM-EC-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of St. Nicholas Associates at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 13, 1996
Partners
Tamarac Pines, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Tamarac
Pines, Ltd., FHA Project No. 114-35233-PM-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tamarac Pines, Ltd. at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 13, 1996
Partners
Tamarac Pines II, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Tamarac
Pines II, Ltd., FHA Project No. 114-35270-PM-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tamarac Pines II, Ltd. at
December 31, 1995, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 28, 1996
Partners
Taunton Green Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Taunton
Green Associates, MHFA Project No. 79-096-R, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Taunton Green Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 16, 1996
Partners
Taunton II Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Taunton
II Associates, MHFA Project No. 81-056-N, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Taunton II Associates, A
Limited Partnership, at December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 14, 1996
Partners
The National Housing Partnership-II
Washington, DC
We have audited the accompanying statement of financial position of The
National Housing Partnership-II, A Limited Partnership, as of December 31,
1995, and the related statements of operations, partners' equity (deficit),
and cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of The National Housing
Partnership-II, A Limited Partnership, as of December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 19, 1996
Partners Commissioner of Housing
Tompkins Terrace Associates and Community Renewal
Washington, D.C. of the State of New York
Bronx, New York
We have audited the accompanying comparative balance sheet of Tompkins
Terrace Associates, UDC Project No. 35, A Limited Partnership, as of December
31, 1995 and 1994 and the related summary and statement of income and
expenses, analysis of income sufficiency and statement of cash flows for the
year ended December 31, 1995 included in the Certified Annual Financial and
Operating Report to the Commissioner of Housing and Community Renewal
Executive Department of the State of New York. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tompkins Terrace Associates
at December 31, 1995 and 1994, and the results of its operations, its
analysis of income sufficiency and its cash flows for the year ended December
31, 1995 in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 19, 1996 on our consideration of Tompkins Terrace
Associates' internal control structure and a report dated February 19, 1996
on its compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information on pages
14 through 29 is presented for purposes of additional anaylsis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, the additional information is
fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 6, 1996
Partners
Waipahu Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Waipahu
Associates, FHA Project No. 140-35087-LDP-L8, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Waipahu Associates at
December 31, 1995, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 21, 1996
Partners
Washington Chinatown Associates
Washington, D.C.
We have audited the accompanying statement of financial position of
Washington Chinatown Associates, FHA Project No. 32023-PM-L8, A Limited
Partnership, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Washington Chinatown
Associates at December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 16, 1996
Partners
Windsor Apartments Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Windsor
Apartments Associates, FHA Project No. 032-44012-LD-WAH-SUP, A Limited
Partnership, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Windsor Apartments
Associates at December 31, 1995, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 19, 1996
Partners
Woodcrest Apartments, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Woodcrest
Apartments, Ltd., FHA Project No. 133-44034-LD-SUP, A Limited Partnership, as
of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material aspects, the financial position of Woodcrest Apartments, Ltd., A
Limited Partnership, at December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 15, 1996
Partners
Worcester Episcopal Housing Company
Washington, D.C.
We have audited the accompanying statement of financial position of Worcester
Episcopal Housing Company, MHFA Project No. 71-216-N, A Limited Partnership,
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Worcester Episcopal Housing
Company, A Limited Partnership, at December 31, 1995, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners
of Two Bridges Associates
We have audited the accompanying balance sheet of Two Bridges Associates as
of December 31, 1995, and the related statements of income, changes in
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Two Bridges Associates as of
December 31, 1995 and the results of its operations, changes in partners'
capital, and cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, Office of Inspector General in July 1993, we have also
issued reports dated January 25, 1996 on our consideration of the
Partnership's internal control structure, on its compliance with specific
requirements applicable to major HUD programs and on its compliance with
specific requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information shown on pages 15 to 25 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Marks Shron & Company LLP
January 25, 1996
<PAGE>
PRAGUE & RICHMOND, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
- -------------------------------------------------------------------------------
Twenty Walnut Street, Suite 215
Wellesley, Massachusetts 02181
(617) 237-5555 FAX (617) 237-7779
INDEPENDENT AUDITOR'S REPORT
To the Partners of Crosland Housing Associates, L.P.
We have audited the accompanying balance sheet of Crosland Housing Associates,
L.P. (a limited partnership), HUD Project No. 054-35480-PM-L8, for the year
ended December 31, 1995, and the related statements of income and expense,
changes in partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Project's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crosland Housing Associates,
L.P., HUD Project No. 054-35480-PM-L8 as of December 31, 1995 and the results
of its operations and its cash flows and its analysis of owners' equity for
the year then ended in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting information included in
the report (shown on pages 12 to 17) are presented for the purposes of
additional analysis and are not a required part of the basic financial
statements of Crosland Housing Associates, L.P., HUD Project
No. 054-35480-PM-L8. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
This report is intended for management and the U.S. Department of Housing and
Urban Development. This restriction is not intended to limit the distribution
of this report, which is a matter of public record.
/s/ Andrew P. Prague, CPA
Prague & Richmond, P.C.
Certified Public Accountants
Wellesley, Massachusetts
February 8, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Beautiful Village Associates
Redevelopment Company
We have audited the accompanying statement of financial position of
Beautiful Village Associates Redevelopment Company, A Limited Partnership as
of December 31, 1995, and the related statements of profit and loss (on HUD
Form No. 92410), partners' deficit and cash flows for the year then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Beautiful Village
Associates Redevelopment Company, A Limited Partnership as of December 31,
1995, and the results of its operations, the changes in partners' deficit and
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated February 17, 1996 on our consideration of Beautiful Village
Associates Redevelopment Company's internal control structure and on its
compliance with specific requirements applicable to major HUD programs,
affirmative fair housing and laws and regulations applicable to the financial
statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
April 3, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Branchwood Towers Limited Partnership
We have audited the accompanying statement of financial position of
Branchwood Towers Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Branchwood Towers
Limited Partnership as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 24, 1996 on our consideration of Branchwood Towers
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Citrus Park Associates, Ltd.
We have audited the accompanying statement of financial position of
Citrus Park Associates, Ltd., A Limited Partnership as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Citrus Park
Associates, Ltd., A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 24, 1996 on our consideration of Citrus Park
Associates, Ltd.'s internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Community Circle II Limited
We have audited the accompanying statement of financial position of
Community Circle II Limited, A Limited Partnership as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Community Circle
II Limited, A Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information shown on
pages 18 through 26 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 25, 1996 on our consideration of Community Circle II
Limited's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 25, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Copperstone Circle Limited Partnership
We have audited the accompanying balance sheet of Copperstone Circle
Limited Partnership as of December 31, 1995, and the related statements of
operations, partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Copperstone
Circle Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, the partnership's major asset is an investment in a
Local Partnership. That entity has a contract for rental subsidies
representing a significant portion of its revenue, which is due to expire
during 1996. Accordingly, the partnership may not be able to realize the
carrying value of its investment in the Local Partnership which raises
substantial doubt about the partnership's ability to continue as a going
concern. Management's plans in regard to this matter are also described in
note B. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 8, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Copperstone Limited Partnership
We have audited the accompanying statement of financial position of
Copperstone Limited Partnership as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Copperstone
Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, the partnership's housing assistance payment
contract with the Federal Housing Administration expires during 1996 which
raises substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also described
in note B. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 31, 1996 on our consideration of Copperstone Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 31, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Country Lakes Associates Two,
A Limited Partnership
We have audited the accompanying statement of financial position of
Country Lakes Associates Two, A Limited Partnership as of December 31, 1995,
and the related statements of profit and loss, partners' deficit and cash
flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Country Lakes
Associates Two, A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 9, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Diakonia Associates Limited Partnership
We have audited the accompanying statement of financial position of
Diakonia Associates Limited Partnership, R.I.H.M.F.C. Project No.:
RI43-H023-022, as of June 30, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity and cash flows for the year
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Diakonia
Associates Limited Partnership, R.I.H.M.F.C. Project No.: RI43-H023-022, as
of June 30, 1995, and the results of its operations and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
16 through 23 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated August 15, 1995 on our consideration of Diakonia Associates
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major RIHMFC and HUD programs,
affirmative fair housing, and laws and regulations applicable to the
financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
August 15, 1995 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Easton Terrace I Associates
A Limited Partnership
We have audited the accompanying statement of financial position of
Easton Terrace I Associates as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), partners' deficit and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Easton Terrace I
Associates, A Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 27, 1996 on our consideration of Easton Terrace I
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 27, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Eastridge Apartments,
A Limited Partnership
We have audited the accompanying statement of financial position of
Eastridge Apartments, A Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners' equity
and cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Eastridge Apartments, A
Limited Partnership as of December 31, 1995, and the results of its operations,
changes in partners' equity and cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in note B to the
financial statements, one of the partnership's housing assistance payment
contracts with the Federal Housing Administration expires during 1996 which
raises substantial doubt about the partnership's ability to continue as a going
concern. Management's plans in regard to this matter are also described in
note B. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 17, 1996 on our consideration of Eastridge Apartments,
A Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Eastridge Apartments Associates
We have audited the accompanying balance sheet of Eastridge Apartments
Associates, A Limited Partnership, as of December 31, 1995, and the related
statements of operations, partners' deficit and cash flows for the year then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Eastridge Apartments
Associates as of December 31, 1995, and the results of its operations, changes
in partners' deficit and cash flows for the year then ended, in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. AS discussed in note B to the
financial statements, the partnership's major asset is an investment in a Local
Partnership. That entity has a contract for rental subsidies representing a
significant portion of its revenue, which is due to expire during 1996.
Accordingly, the partnership may not be able to realize the carrying value of
its investment in the Local Partnership, which raises substantial doubt about
the partnership's ability to continue as a going concern. Management's plans in
regard to this matter are also described in note B. The financial statements do
note include any adjustments that might result from the outcome of this
uncertainty.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 8, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Emory Grove Associates Limited Partnership
We have audited the accompanying balance sheet of Emory Grove Associates
Limited Partnership as of December 31, 1995, and the related statements of
operations, partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Emory Grove
Associates Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 22, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Emory Grove Limited Partnership
We have audited the accompanying statement of financial position of Emory
Grove Limited Partnership as of December 31, 1995, and the related statements
of profit and loss (on HUD Form No. 92410), partners' equity and cash flows
for the year then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Emory Grove
Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
As discussed in note G to the financial statements, the partnership
entered into an agreement, subsequent to year-end, to sell the project.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
20 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated February 12, 1996 on our consideration of Emory Grove Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 12, 1996 Identification Number:
52-1088612
Audit Principal: Jeffrey D. Barsky
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
First Alexandria Associates
We have audited the accompanying statement of financial position of First
Alexandria Associates, A Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of First Alexandria
Associates, A Limited Partnership at December 31, 1995, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except
for that portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 17, 1996 on our consideration of First Alexandria
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Flatbush NSA Associates
We have audited the accompanying statement of financial position of
Flatbush NSA Associates, A Limited Partnership as of December 31, 1995, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Flatbush NSA
Associates, A Limited Partnership as of December 31, 1995, and the results of
its operations, the changes in partners' equity and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 17, 1996 on our consideration of Flatbush NSA
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Franklin Square School Associates
We have audited the accompanying statement of financial position of
Franklin Square School Associates, A Limited Partnership as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Franklin Square
School Associates, A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on page
19 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relations to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 22, 1996 on our consideration of Franklin Square School
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 22, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
Partners HUD Field Office Director
Gates Mill I Limited Partnership The Renaissance on Playhouse Square #500
Washington, D.C. Cleveland, Ohio 44115-1815
We have audited the accompanying statement of financial position of Gates
Mills I Limited Partnership, An Ohio Limited Partnership, F.H.A. Project No.:
042-44062-LDP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No.92410), partners' deficit and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Gates Mills I Limited
Partnership as of December 31, 1995, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the audit procedures applied in the audit
of the basic financial statements and, in our opinion, the supplemental
information is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued reports
dated January 30, 1996, on our consideration of Gates Mills I Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD Programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 30, 1996 Identification Number
Lead Auditor: David H. Lavine 52-1088612
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Grosvenor House Associates
Limited Partnership
We have audited the accompanying statement of financial position of
Grosvenor House Associates Limited Partnership, A Limited Partnership, as of
December 31, 1995, and the related statements of profit and loss, partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Grosvenor House
Associates Limited Partnership, A Limited Partnership, as of December 31,
1995, and the results of its operations, changes in partners' deficit and
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
17 through 24 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued a
report dated February 9, 1996 on our consideration of Grosvenor House
Associates Limited Partnership's internal control structure.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 9, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Hollybush Gardens I
We have audited the accompanying statement of assets and liabilities of
Hollybush Gardens I, F.H.A. Project No.: 035-55005-LD, as of December 31,
1995, and the related statements of revenue and expenses (on HUD Form No.
92410), project deficit and cash flows for the year then ended. These
financial statements were prepared from the records maintained by the
project. These financial statements are the responsibility of the project's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the assets and liabilities of Hollybush
Gardens I, F.H.A. Project No.: 035-55005-LD, as of December 31, 1995, and its
revenue and expenses, changes in project deficit and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the project will continue as a going concern. As discussed in note B to the
financial statements, the project's housing assistance payment contract with
the Federal Housing Administration expires during 1996 which raises
substantial doubt about the project's ability to continue as a going concern.
Management's plans in regard to this matter are also described in note B. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
<PAGE>
The accompanying financial statements reflect only the accounts of the
project, Hollybush Gardens I, and do not represent the total assets and
liabilities, results of operations, changes in partners' deficit and cash
flows of the partnership, Hollybush Gardens Associates.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 24, 1996 on our consideration of Hollybush Garden I's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Hollybush Gardens II
We have audited the accompanying statement of assets and liabilities of
Hollybush Gardens II as of December 31, 1995, and the related statements of
revenue and expenses (on HUD Form No. 92410), project deficit and cash flows
for the year then ended. These financial statements were prepared from the
records maintained by the project. These financial statements are the
responsibility of the project's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the assets and liabilities of Hollybush Gardens II as
of December 31, 1995, and its revenue and expenses and its cash flows for the
year then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
project will continue as a going concern. As discussed in note B to the
financial statements, one of the project's housing assistance payment contracts
with the Federal Housing Administration expires during 1996 which raises
substantial doubt about the project's ability to continue as a going concern.
Management's plans in regard to this matter are also described in note B. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
<PAGE>
The accompanying financial statements reflect only the accounts of the
project, Hollybush Gardens II, and do not represent the total assets and
liabilities, results of operations, changes in partners' deficit and cash flows
of the partnership, Hollybush Gardens Associates.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 19
through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 24, 1996 on our consideration of Hollybush Gardens II's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1996 Identification Number:
52-1088612
Audit Principal: Renee Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Intown West Associates Limited Partnership
A Limited Partnership
We have audited the accompanying statement of financial position of Intown
West Associates Limited Partnership, A Limited Partnership as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Intown West Associates
Limited Partnership, A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for the
year then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 20
through 30 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated February 8, 1996 on our consideration of Intown West Associates
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 8, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lake Avenue Associates
We have audited the accompanying balance sheet of Lake Avenue Associates
as of December 31, 1995, and the related statements of profit and loss (on
HUD Form No. 92410), partners' deficit and cash flows for the year then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lake Avenue
Associates as of December 31, 1995, and the results of its operations, the
changes in partners' deficit and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated February 9, 1996 on our consideration of Lake Avenue
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 9, 1995 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lake Crossing Limited Partnership,
A Limited Partnership
We have audited the accompanying statement of financial position of Lake
Crossing Limited Partnership, A Limited Partnership as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lake Crossing
Limited Partnership, A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supple-mental information on
pages 19 through 28 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 24, 1996 on our consideration of Lake Crossing Limited
Partnership, A Limited Partnership's internal control structure and on its
compliance with specific requirements applicable to major HUD programs,
affirmative fair housing, and laws and regulations applicable to the
financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lakehaven Associates One
We have audited the accompanying statement of financial position of
Lakehaven Associates One, A Limited Partnership as of December 31, 1995, and
the related statements of operations, partners' deficit and cash flows for
the year then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lakehaven
Associates One, A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
January 24, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lakehaven Associates Two
We have audited the accompanying statement of financial position of
Lakehaven Associates Two, A Limited Partnership as of December 31, 1995, and
the related statements of operations, partners' deficit and cash flows for
the year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lakehaven
Associates Two, A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
January 27, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Linden Court Associates
We have audited the accompanying statement of financial position of
Linden Court Associates, A Limited Partnership as of December 31, 1995, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Linden Court
Associates, A Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated February 12, 1996 on our consideration of Linden Court
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 12, 1996 Identification Number
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Loudoun House Limited Partnership
We have audited the accompanying statement of financial position of
Loudoun House Limited Partnership, A Limited Partnership as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Loudoun House
Limited Partnership, A Limited Partnership as of December 31, 1995, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, one of the partnership's Housing Assistance Payment
contracts with the Federal Housing Administration expires during 1996 which
raises substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also described
in note B. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 31, 1996 on our consideration of Loudoun House Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 31, 1996 Identification Number
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Monaco Arms Associates I
We have audited the accompanying statement of financial position of
Monaco Arms Associates I, A Limited Partnership as of December 31, 1995, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the respon-sibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Monaco Arms
Associates I, A Limited Partnership as of December 31, 1995, and the results
of its operations, changes in partners' deficit and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, one of the partnership's housing assistance payment
contracts with the Federal Housing Administration expires during 1996 which
raises substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also
described in note B. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for the purposes of additional analysis and is not
a required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 22, 1996 on our consideration of Monaco Arms Associates
I's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 22, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Monaco Arms Associates II
We have audited the accompanying statement of financial position of Monaco
Arms Associates II, A Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners' deficit
and cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Monaco Arms Associates II, A
Limited Partnership as of December 31, 1995, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in note B to the
financial statements, the partnership's housing assistance payment contract with
the Federal Housing Administration expires during 1996 which raises substantial
doubt about the partnership's ability to continue as a going concern.
Management's plans in regard to this matter are also described in note B. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 19
through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 22, 1996, on our consideration of Monaco Arms Associates
II's internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 22, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Muske Limited Partnership
We have audited the accompanying statement of financial position of Muske
Limited Partnership, A Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Muske Limited
Partnership, A Limited Partnership as of December 31, 1995, and the results
of its operations, changes in partners' deficit and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
As discussed in note C to the financial statements, the deferred
acquisition note payable in the amount of $2,842,024 and accrued interest in
the amount of $2,743,369 mature in December, 1996.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated February 20, 1996 on our consideration of Muske Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 20, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Natick Associates
We have audited the accompanying statement of financial position of Natick
Associates as of November 30, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity and cash flows for the year then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Natick Associates as of
November 30, 1995, and the results of its operations, changes in partners'
equity and cash flows for the year then ended, in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 23, 1996 on our consideration of Natick Associates'
internal control structure and on its compliance with specific requirements
applicable to major Rhode Island Housing and Mortgage Finance Corporation
programs, affirmative fair housing, and laws and regulations applicable to the
financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
January 23, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Oakcrest Terrace Apartments
We have audited the accompanying statement of financial position of
Oakcrest Terrace Apartments, A Limited Partnership as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the re- sponsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Oakcrest Terrace
Apartments, A Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, the partnership has defaulted on its mortgage and
has experienced recurring operating deficits which raises substantial doubt
about the partnership's ability to continue as a going concern. Management's
plans in regard to these matters are also described in note B. The financial
statements do not include any adjustments that might result from the outcome
of this uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated February 16, 1996 on our consideration of Oakcrest Terrace
Apartments' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 16, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Oakwood Limited Partnership
We have audited the accompanying statement of financial position of
Oakwood Limited Partnership, A Limited Partnership as of December 31, 1995,
and the related statements of profit and loss (on HUD Form No.
92410),partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Oakwood Limited
Partnership, A Limited Partnership as of December 31, 1995, and the results
of its operations, changes in partners' deficit and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
As disclosed in note D to the financial statements, the deferred
acquisition note payable in the amount of $2,111,676 and accrued interest in
the amount of $1,914,188 mature in December 1996.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated February 22, 1996 on our consideration of Oakwood Limited
Partnership internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 22, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Oakwood Muskegon Associates
We have audited the accompanying balance sheet of Oakwood Muskegon
Associates as of December 31, 1995, and the related statements of operations,
partners' deficit and cash flows for the year then ended. These financial
statements are the respon-sibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Oakwood Muskegon
Associates as of December 31, 1995, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 22, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Parkview Associates, A Limited Partnership
We have audited the accompanying statement of financial position of
Parkview Associates, A Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners' equity
and cash flows for the year then ended. These financial statements are the
respon-sibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Parkview Associates, A
Limited Partnership as of December 31, 1995, and the results of its operations,
the changes in partners' equity and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except
for the portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 19, 1996 on our consideration of Parkview Associates'
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 19, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Queenstown Apartments Limited Partnership
We have audited the accompanying statement of financial position of
Queenstown Apartments Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners' equity
and cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Queenstown Apartments
Limited Partnership as of December 31, 1995, and the results of its operations,
the changes in partners' equity and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 18
through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated, in all material respects, in
relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated February 12, 1996 on our consideration of Queenstown Apartments
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 12, 1996 Identification Number:
52-1088612
Audit Principal: Jeffrey D. Barsky
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Ruscombe Gardens Limited Partnership
We have audited the accompanying statement of financial position of
Ruscombe Gardens Limited Partnership, A Limited Partnership as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Ruscombe Gardens Limited
Partnership, A Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 19
through 30 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except for
that portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 24, 1996 on our consideration of Ruscombe Gardens Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to CDA programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1996 Identification number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Sencit-Jacksonville Company, Ltd.
We have audited the accompanying statement of financial position of
Sencit-Jacksonville Company, Ltd., A Limited Partnership as of December 31,
1995, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sencit-Jacksonville Company,
Ltd., A Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' deficit and cash flows for the year then ended,
in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 19
through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except for
the portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 17, 1996, on our consideration of Sencit-Jacksonville
Company, Ltd.'s internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1996 Identification Number:
52-1088612
Audit Principal: Renee Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Sheffield Associates
We have audited the accompanying statement of financial position of
Sheffield Associates as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), partners' deficit and cash flows for
the year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Sheffield Associates as of
December 31, 1995, and the results of its operations, the changes in partners'
deficit and cash flows for the year then ended, in conformity with generally
accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in note B to the
financial statements, the partnership has sustained continued operating losses
and is in default on its mortgage, which raise substantial doubt about the
partnership's ability to continue as a going concern. Management's plans in
regard to these matters are also described in note B. The financial statements
do not include any adjustments that might result from the outcome of this
uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 20
through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated February 7, 1996 on our consideration of Sheffield Associates
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 7, 1996, except for Note I Identification Number:
as to which the date is February 26, 52-1088612
1996
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Snap IV Limited Partnership
We have audited the accompanying statement of financial position of Snap IV
Limited Partnership as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity and cash flows for the
year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Snap IV Limited Partnership
as of December 31, 1995, and the results of its operations, changes in partners'
equity and cash flows for the year then ended, in conformity with generally
accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As discussed in note B to the
financial statements, the partnership has defaulted on its mortgage and has
experienced recurring operating deficits which raise substantial doubt about the
partnership's ability to continue as a going concern. Management's plans in
regard to these matters are also described in note B. The financial statements
do not include any adjustments that might result from the outcome of this
uncertainty.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 21, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Twin Towers Associates, A Limited Partnership
We have audited the accompanying statement of financial position of Twin
Towers Associates, A Limited Partnership as of December 31, 1995, and the
related statements of profit and loss (on HUD Form No. 92410), partners' deficit
and cash flows for the year then ended. These financial statements are the
respon-sibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Twin Towers Associates, A
Limited Partnership as of December 31, 1995, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 19
through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 16, 1996 on our consideration of Twin Towers Associates, A
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 16, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Tyee Associates Limited Partnership
We have audited the accompanying statement of financial position of Tyee
Associates Limited Partnership as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Tyee Associates
Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 19, 1996 on our consideration of Tyee Associates
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 19, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Urbanizacion Maria Lopez Housing Company
We have audited the accompanying statement of financial position of
Urbanizacion Maria Lopez Housing Company, A Limited Partnership as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Urbanizacion
Maria Lopez Housing Company, A Limited Partnership as of December 31, 1995,
and the results of its operations, changes in partners' equity and cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
Fax: (770) 844-7363
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 27, 1996 on our consideration of Urbanizacion Maria
Lopez Housing Company's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 27, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Westminster Associates
We have audited the accompanying statement of financial position of
Westminster Associates, A Limited Partnership as of December 31, 1995, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Westminster
Associates, A Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued
reports dated January 31, 1996 on our consideration of Westminister
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 31, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Wollaston Manor Associates
We have audited the accompanying statement of financial position of
Wollaston Manor Associates as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Wollaston Manor
Associates as of December 31, 1995, and the results of its operations, the
changes in partners' equity and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 42 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE> In accordance with Government Auditing Standards, we have also
issued reports dated January 17, 1996 on our consideration of Wollaston Manor
Associates' internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Woodside Village Limited Partnership
We have audited the accompanying statement of financial position of
Woodside Village Limited Partnership as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Woodside Village
Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 10, 1996 on our consideration of Woodside Village
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 10, 1996 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
2900 Van Ness Associates
Reston, Virginia
We have audited the accompanying balance sheet of 2900 Van Ness Associates (a
District of Columbia Limited Partnership) as of December 31, 1995, and the
related statements of income, partners' capital, and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 2900 Van Ness Associates as
of December 31, 1995, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
March 1, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
7400 Roosevelt Investors
Reston, Virginia
We have audited the accompanying balance sheet of 7400 Roosevelt Investors (a
Pennsylvania Limited Partnership) as of December 31, 1995, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 7400 Roosevelt Investors as
of December 31, 1995, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 20, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Connecticut Colony Associates Limited Partnership
Reston, Virginia
We have audited the accompanying balance sheet of Connecticut Colony
Associates Limited Partnership as of December 31, 1995, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Connecticut Colony
Associates Limited Partnership as of December 31, 1995, and the results of
its operations, changes in partners' capital, and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
As discussed in Note 6, the next remarketing date for the Partnership's Bonds
is to occur on April 1, 1997. At this date, the interest rate on the Bonds
will be adjusted to the interest rate necessary to reoffer the Bonds for sale
at par. In addition, at this time, a deferred fee in the amount of $925,000
is payable to the existing issuer of the Letter of Credit ("Bank") that
secures payments on the Bonds. Pursuant to the Letter of Credit Agreement,
the Partnership is setting aside excess cash flow of the Partnership, as
defined, in a reserve account at the bank to fund this fee. If additional
amounts are required to fund this fee, then such amounts are to come from
other funds of the Partnership.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 27, 1996
(April 12, 1996
as to Note 6)
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Fairfax Associates Limited Partnership
Reston, Virginia
We have audited the accompanying balance sheet of Fairfax Associates Limited
Partnership as of December 31, 1995, and the related statements of income,
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Fairfax Associates Limited
Partnership as of December 31, 1995, and the results of its operations,
changes in partners' capital, and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 7, the
Letter of Credit that secures payments of principal and interest on the Bonds
issued to finance the Project expires on December 20, 1996. Accordingly, the
Partnership's mortgage note, although by its terms is due December 1, 2006,
must be repaid upon expiration of the Letter of Credit, unless alternate
security, as defined, is provided to the Bond Trustee. This condition raises
substantial doubt about the Partnership's ability to continue as a going
concern. Management's plans regarding this matter are also described in Note
7. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 27, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Greater Hartford Associates Limited Partnership
Reston, Virginia
We have audited the accompanying consolidated balance sheet of Greater
Hartford Associates Limited Partnership and Connecticut Colony Associates
Limited Partnership as of December 31, 1995, and the related consolidated
statements of operations, partners' capital, and cash flows for the year then
ended. These consolidated financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these consolidated financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Greater Hartford Associates Limited Partnership and Connecticut Colony
Associates Limited Partnership as of December 31, 1995, and the consolidated
results of their operations, changes in partners' capital, and their cash
flows for the year then ended in conformity with generally accepted
accounting principles.
As discussed in Note 6, the next remarketing date for Connecticut Colony's
Bonds is to occur on April 1, 1997. At this date, the interest rate on the
Bonds will be adjusted to the interest rate necessary to reoffer the Bonds
for sale at par. In addition, at this time, a deferred fee in the amount of
$925,000 is payable to the existing issuer of the Letter of Credit ("Bank")
that secures payments on the Bonds. Pursuant to the Letter of Credit
Agreement, Connecticut Colony is setting aside its excess cash flow, as
defined, in a reserve account at the bank to fund this fee. If additional
amounts are required to fund this fee, then such amounts are to come from
other funds of the partnership.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 27, 1996
(April 12, 1996
as to Note 6)
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Ivanhoe Associates Limited Partnership
Reston, Virginia
We have audited the accompanying consolidated balance sheet of Ivanhoe
Associates Limited Partnership and Monroeville Development Corporation as of
December 31, 1995, and the related consolidated statements of operations,
partners' capital, and cash flows for the year then ended. These
consolidated financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Ivanhoe Associates Limited Partnership and Monroeville Development
Corporation as of December 31, 1995, and the consolidated results of their
operations, changes in partners' capital, and their cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 23, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Norco Associates
Reston, Virginia
We have audited the accompanying balance sheet of Norco Associates (a
Pennsylvania General Partnership) as of December 31, 1995, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Norco Associates as of
December 31, 1995, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 27, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Ridge Carlton Associates Limited Partnership
Reston, Virginia
We have audited the accompanying consolidated balance sheet of Ridge Carlton
Associates Limited Partnership and Norco Associates as of December 31, 1995,
and the related consolidated statements of operations, partners' capital, and
cash flows for the year then ended. These consolidated financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these consolidated financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Ridge Carlton Associates Limited Partnership and Norco Associates as of
December 31, 1995, and the consolidated results of their operations, changes
in partners' capital, and their cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 27, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
River Loft Apartments Limited Partnership
Reston, Virginia
We have audited the accompanying balance sheet of River Loft Apartments
Limited Partnership as of December 31, 1995, and the related statements of
income, partners' capital, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of River Loft Apartments
Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' capital, and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that River
Loft Apartments Limited Partnership will continue as a going concern. As
discussed in Note 6, the Partnership's mortgage note matures on August 1,
1996. This condition raises substantial doubt about the Partnership's ability
to continue as a going concern. Management's plans regarding this matter are
also described in Note 6. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 25, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
River Loft Associates Limited Partnership
Reston, Virginia
We have audited the accompanying consolidated balance sheet of River Loft
Associates Limited Partnership and River Loft Apartments Limited Partnership
as of December 31, 1995, and the related consolidated statements of income,
partners' capital, and cash flows for the year then ended. These
consolidated financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of River Loft Associates Limited Partnership and River Loft Apartments
Limited Partnership as of December 31, 1995, and the consolidated results of
their operations, changes in partners' capital, and their cash flows for the
year then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that River
Loft Associates Limited Partnership and River Loft Apartments Limited
Partnership will continue as going concerns. As discussed in Note 6, the
mortgage note of River Loft Apartments Limited Partnership matures on August
1, 1996. This condition raises substantial doubt about the ability of the
partnerships to continue as going concerns. Management's plans regarding
this matter are also described in Note 6. The financial statements do not
include any adjustments that might result from the outcome of this
uncertainty.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 25, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Scotch Associates Limited Partnership
Reston, Virginia
We have audited the accompanying consolidated balance sheet of Scotch
Associates Limited Partnership and Scotch Lane Associates as of December 31,
1995, and the related consolidated statements of operations, partners'
capital, and cash flows for the year then ended. These consolidated
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these consolidated financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Scotch Associates Limited Partnership and Scotch Lane Associates as of
December 31, 1995, and the consolidated results of their operations, changes
in partners' capital, and their cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 27, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Scotch Lane Associates
Reston, Virginia
We have audited the accompanying balance sheet of Scotch Lane Associates (a
Pennsylvania General Partnership) as of December 31, 1995, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Scotch Lane Associates as of
December 31, 1995, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 27, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Standart Woods Associates Limited Partnership
Reston, Virginia
We have audited the accompanying balance sheet of Standart Woods Associates
Limited Partnership, HUD Project No. 014-10511 as of December 31, 1995, and
the related statements of operations (on HUD Form No. 92410), partners'
capital, and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Standart Woods Associates
Limited Partnership as of December 31, 1995, and the results of its
operations, changes in partners' capital, and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 17, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
West Lake Arms Limited Partnership
Reston, Virginia
We have audited the accompanying balance sheet of West Lake Arms Limited
Partnership as of December 31, 1995, and the related statements of
operations, partners' capital, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of West Lake Arms Limited
Partnership as of December 31, 1995, and the results of its operations,
changes in partners' capital, and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 6, the
Partnership received a notice of events of default under its mortgage note
obligation from the mortgage lender in December, 1995. This condition raises
substantial doubt about the Partnership's ability to continue as a going
concern. Management's plans regarding this matter are also described in Note
6. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 17, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Wyntre Brooke Associates
Reston, Virginia
We have audited the accompanying balance sheet of Wyntre Brooke Associates (a
Pennsylvania Limited Partnership) as of December 31, 1995, and the related
statements of operations, partners' deficiency, and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Wyntre Brooke Associates as
of December 31, 1995, and the results of its operations, changes in partners'
deficiency, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 7, the
Partnership is incurring liquidity problems which raise substantial doubt
about its ability to continue as a going concern. Management's plans
regarding this matter are also described in Note 7. The financial statements
do not include any adjustments that might result from the outcome of this
uncertainty.
/s/ ROBERT ERCOLINI & COMPANY
Boston, Massachusetts
February 17, 1996
(February 22, 1996
as to Note 11)
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Chesterfield Housing Associates P. O. Drawer 1259
Reston, VA Camden, South Carolina
We have audited the accompanying statement of financial position of Chesterfield
Housing Associates, A Limited Partnership, RECD Project No. 46-13-570523932, as
of December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Chesterfield Housing
Associates, A Limited Partnership, at December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners HUD Field Office Director
Community Developers of Princeville, Federal Office Building
A Limited Partnership Greensboro, North Carolina
Reston, VA
We have audited the accompanying statement of financial position of Community
Developers of Princeville, A Limited Partnership, Project No.
053-35383-PM-WAH-L8, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity, and cash flows for
the year then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Community Developers of
Princeville, A Limited Partnership, at December 31, 1995, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 22, 1996 on our consideration of the partnership's
internal control structure, on its compliance with laws and regulations
applicable to the basic financial statements, the major HUD program and the
nonmajor HUD program.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 22, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Illinois Housing Development Authority
Eastcourt Village Partners 401 N. Michigan Avenue
Reston, VA Chicago, Illinois
We have audited the accompanying statement of financial position of Eastcourt
Village Partners, A Limited Partnership, Illinois Housing Development
Authority, Project No. ML-029, as of December 31, 1995 and 1994, and the
related statements of operations, partners' equity (deficit), and cash flows
for the years then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Eastcourt Village Partners,
A Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued reports
dated January 23, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major Illinois Housing Development
Authority program and the nonmajor HUD program.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
As required by the Illinois Housing Development Authority, we confirm to you
that our firm meets the licensing requirements imposed by the State of
Illinois on firms practicing in that state as certified public accountants.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 23, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Eustis Apartments, Ltd. 1137 Old 441, Suite 2
Reston, VA Eustis, Florida
We have audited the accompanying statement of financial position of Eustis
Apartments, Ltd., A Limited Partnership, RECD Project No. 09-35-133-3579, as
of December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Eustis Apartments, Ltd., A
Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Grove Park Villas, Ltd. P. O. Box 3767
Reston, VA West Palm Beach, Florida
We have audited the accompanying statement of financial position of Grove
Park Villas, Ltd., A Limited Partnership, RECD Project No. 09-58-133-5545 as
of December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Grove Park Villas, Ltd., A
Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Hemingway Housing Associates P. O. Box 644
Reston, VA St. George, South Carolina
We have audited the accompanying statement of financial position of Hemingway
Housing Associates, A Limited Partnership, RECD Project No. 46-45-13337584 as
of December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hemingway Housing
Associates, A Limited Partnership, at December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor HUD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Highlands Village II P. O. Box 3767
Reston, VA West Palm Beach, Florida
We have audited the accompanying statement of financial position of Highlands
Village II, A Limited Partnership, RECD Project No. 09-28-133-7604 as of
December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Highlands Village II, Ltd.,
A Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3 , 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of Mt. Dora, Ltd. 1137 Old Highway 441, Suite 2
Reston, VA Mt. Dora, Florida
We have audited the accompanying statement of financial position of Housing
Assistance of Mt. Dora, Ltd., A Limited Partnership, Project No.
09-35-133-1449, as of December 31, 1995 and 1994, and the related statements
of operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Mt.
Dora, Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3 , 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of Orange Federal Building - Room 248
City, Ltd. 207 N.W. Second Street
Reston, VA Ocala, Florida
We have audited the accompanying statement of financial position of Housing
Assistance of Orange City, Ltd., A Limited Partnership, RECD Project No.
09-64-133-1452 as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Orange
City, Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of P. O. Box 3767
Sebring, Ltd. West Palm Beach, Florida
Reston, VA
We have audited the accompanying statement of financial position of Housing
Assistance of Sebring, Ltd., A Limited Partnership, RECD Project No.
09-20-133-1439 as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Sebring,
Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of P. O. Box 3767
Vero Beach, Ltd. West Palm Beach, Florida
Reston, VA
We have audited the accompanying statement of financial position of Housing
Assistance of Vero Beach, Ltd., A Limited Partnership, RECD Project No.
09-31-133-0514, as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Vero
Beach, Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3 , 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
Hurbell I Limited Partnership - Greensboro Office
Holly Oak Park Apartments 415 North Edgeworth Street
Reston, VA Greensboro, NC
We have audited the accompanying statement of financial position of Hurbell I
Limited Partnership (Holly Oak Park Apartments), A Limited Partnership, FHA
Project No. 053-44202-LDP-SUP, as of December 31, 1995, and the related
statements of profit and loss (on HUD Form No. 92410), changes in partners'
equity (deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the Consolidated Audit Guide for Audits of HUD Programs, issued by
the U.S. Department of Housing and Urban Development, Office of Inspector
General, in July 1993. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hurbell I Limited Partnership
(Holly Oak Apartments), A Limited Partnership, at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 20, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major HUD programs, and Affirmative Fair
Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 20, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
Hurbell IV Limited Partnership - Daniel Building
Talladega Downs 15 South 20th Street
Reston, VA Birmingham, Alabama
We have audited the accompanying statement of financial position of Hurbell IV
Limited Partnership (Talladega Downs), A Limited Partnership, FHA Project No.
062-44054-LD, as of December 31, 1995, and the related statements of profit and
loss (on HUD Form No. 92410), changes in partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the Consolidated Audit Guide for Audits of HUD Programs, issued by
the U.S. Department of Housing and Urban Development, Office of Inspector
General, in July 1993. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hurbell IV Limited Partnership
(Talladega Downs), A Limited Partnership, at December 31, 1995, and the results
of its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 20, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major HUD programs, and Affirmative Fair
Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 20, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Lake Wales Villas, Ltd. 1137 Old Highway 441, Suite 2
Reston, VA Mt. Dora, Florida
We have audited the accompanying statement of financial position of Lake Wales
Villas, Ltd., A Limited Partnership, RECD Project No. 09-53-133-3513 as of
December 31, 1995 and 1994, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lake Wales Villas, Ltd., A
Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Lakeview Villas, Ltd. 1137 Old 441, Suite 2
Reston, VA Mount Dora, Florida
We have audited the accompanying statement of financial position of Lakeview
Villas, Ltd., A Limited Partnership, RECD Project No. 09-35-133-5580 as of
December 31, 1995 and 1994, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lakeview Villas, Ltd., A
Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
McColl Housing Associates McMillan Federal Building - Room 235
Reston, VA Florence, SC
We have audited the accompanying statement of financial position of McColl
Housing Associates, A Limited Partnership, RECD Project No. 46-35-1334074, as
of December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of McColl Housing Associates, A
Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners HUD Field Office Director
Miami Elderly Associates Federal Office Building
Limited Partnership Cincinnati, OH
Reston, VA
We have audited the accompanying statement of financial position of Miami
Elderly Associates Limited Partnership, A Limited Partnership, FHA Project No.
046-44100-EC-LDP-SUP, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity (deficit),
and cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the Consolidated Audit Guide for Audits of HUD Programs, issued by
the U.S. Department of Housing and Urban Development, Office of Inspector
General, in July 1993. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Miami Elderly Associates, A
Limited Partnership, at December 31, 1995, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major HUD program and the nonmajor HUD program.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Orange City Villas II, Ltd. Federal Building - Room 248
Reston, Virginia 207 N.W. 2nd Street
Ocala, Florida
We have audited the accompanying statement of financial position of Orange
City Villas II, Ltd., A Limited Partnership, RECD Project No. 09-64-133-8444,
as of December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Orange City Villas II, Ltd.,
A Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, and the major RECD program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners HUD Field Office Director
Parkview Apartments Columbia, S.C.
Reston, VA
We have audited the accompanying statement of financial position of Parkview
Apartments, A Limited Partnership, FHA Project No. 054-35484-PM-PAH-L8, as of
December 31, 1995, and the related statements of profit and loss (on HUD Form
No. 92410), changes in partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Parkview Apartments, A
Limited Partnership, at December 31, 1995, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD program, and the nonmajor HUD
program.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners HUD Field Office Director
Parkview Arms Associates I Federal Office Building
Limited Partnership Cincinnati, OH
Reston, VA
We have audited the accompanying statement of financial position of Parkview
Arms Associates I Limited Partnership, A Limited Partnership, FHA Project No.
046-35046-LDP-SUP, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Parkview Arms Associates I
Limited Partnership, A Limited Partnership, at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD program and the nonmajor HUD
program.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners HUD Field Office Director
Parkview Arms Associates II Federal Office Building
Limited Partnership Cincinnati, OH
Reston, VA
We have audited the accompanying statement of financial position of Parkview
Arms Associates II Limited Partnership, A Limited Partnership, FHA Project
No. 046-35388-LDP-SUP, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Parkview Arms Associates II
Limited Partnership, A Limited Partnership, at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, and the nonmajor HUD programs.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Peppertree Village of Avon P. O. Box 3767
Park, Ltd. West Palm Beach, Florida
Reston, VA
We have audited the accompanying statement of financial position of Peppertree
Village of Avon Park, Ltd., A Limited Partnership, RECD Project No.
09-28-133-5409, as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Peppertree Village of Avon
Park, Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3 , 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
South Hiawassee Village, Ltd. 1137 Old Highway 441, Suite 2
Reston, VA Mt. Dora, Florida
We have audited the accompanying statement of financial position of South
Hiawassee Village, Ltd., A Limited Partnership, RECD Project No.
09-48-133-512 as of December 31, 1995 and 1994, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of South Hiawassee Village,
Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the results
of its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3 , 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
St. George Villas P. O. Box 644
Reston, VA St. George, SC
We have audited the accompanying statement of financial position of St. George
Villas, A Limited Partnership, RECD Project No. 46-18-570734543, as of December
31, 1995 and 1994, and the related statements of operations, partners' equity,
and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all
material respects, the financial position of St. George Villas, A Limited
Partnership, at December 31, 1995 and 1994, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
The Meadows Apartments, Ltd. P. O. Drawer 2477
Reston, VA Aiken, South Carolina
We have audited the accompanying statement of financial position of The
Meadows Apartments, Ltd., A Limited Partnership, RECD Project No.
46-03-8248-52581 as of December 31, 1995 and 1994, and the related statements
of operations, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of The Meadows Apartments,
Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the results
of its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major RECD program, and the nonmajor RECD
program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[letterhead]
Independent Auditor's Report
Partners HUD Field Office Director
Twin Gables Associates Federal Office Building
Limited Partnership Cincinnati, OH
Reston, VA
We have audited the accompanying statement of financial position of Parkview
Arms Associates I Limited Partnership, A Limited Partnership, FHA Project No.
046-35046-LDP-SUP, as of December 31, 1995, and the related statements of profit
and loss (on HUD Form No. 92410), changes in partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards,
Government Auditing Standards, issued by the Comptroller General of the United
States, and the Consolidated Audit Guide for Audits of HUD Programs, issued by
the U.S. Department of Housing and Urban Development, Office of Inspector
General, in July 1993. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Parkview Arms Associates I
Limited Partnership, A Limited Partnership, at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 18, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major HUD program and the nonmajor HUD program.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 18, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Cuthbert, Ltd. Atlanta, Georgia
Reston, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Cuthbert, Ltd., A Limited Partnership, FHA Project No.
061-35312-PM-WAH-L8, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Cuthbert Ltd., A Limited Partnership, at December 31, 1995, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued reports
dated January 13, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD program, and the nonmajor HUD
program.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 13, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Elmwood, Ltd. Birmingham, Alabama
Reston, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Elmwood, Ltd., A Limited Partnership, FHA Project No.
062-35330-PM-L8, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Elmwood, Ltd., A Limited Partnership, at December 31, 1995, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued reports
dated January 13, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD programs and Affirmative Fair
Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 13, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Morristown, Ltd. Knoxville, Tennessee
Reston, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Morristown, Ltd., A Limited Partnership, FHA Project No.
087-35091-PMR-WAH-L8, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity, and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Morristown, Ltd., A Limited Partnership, at December 31, 1995, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued reports
dated January 13, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD program, and the nonmajor HUD
program.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 13, 1996
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Welch, Ltd. Charleston, West Virginia
Reston, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Welch, Ltd., A Limited Partnership, FHA Project No.
045-35130-PM-WAH-L8, as of December 31, 1995, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General
of the United States, and the Consolidated Audit Guide for Audits of HUD
Programs, issued by the U.S. Department of Housing and Urban Development,
Office of Inspector General, in July 1993. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Welch, Ltd., A Limited Partnership, at December 31, 1995, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards, we have also issued reports
dated January 13, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to
the basic financial statements, the major HUD programs and Affirmative Fair
Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 13, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
To the Partners Minnesota Housing Finance Agency
VOA-Nicollet Towers Associates 400 Sibley Street, Suite 300
Reston, VA St. Paul, Minnesota
We have audited the accompanying balance sheet of VOA-Nicollet Towers
Associates, A Limited Partnership, Minnesota Housing Finance Agency Project No.
75-040, as of December 31, 1995 and 1994, and the related statements of revenues
and expenses, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the Consolidated Audit Guide for Audits of HUD Programs,
issued by the U.S. Department of Housing and Urban Development, Office of
Inspector General, in July 1993. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of VOA-Nicollet Towers Associates,
A Limited Partnership, at December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
<PAGE>
VOA-Nicollet Towers Associates
Page 2
In accordance with Government Auditing Standards, we have also issued reports
dated January 26, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements, the major Minnesota Housing Finance Agency and HUD
programs, and Affirmative Fair Housing.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 26, 1996
<PAGE>
[Letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Woodside Villas of Arcadia, Ltd. P. O. Box 3767
Reston, VA West Palm Beach, Florida
We have audited the accompanying statement of financial position of Woodside
Villas of Arcadia, Ltd., A Limited Partnership, RECD Project No. 09-14-133-9529,
as of December 31, 1995 and 1994, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards, Government Auditing Standards, issued by the Comptroller General of
the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program Handbook, dated December 1989. Those standards
require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Woodside Villas of Arcadia,
Ltd., A Limited Partnership, at December 31, 1995 and 1994, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated February 3, 1996 on our consideration of the partnership's internal
control structure, on its compliance with laws and regulations applicable to the
basic financial statements and the major RECD program.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
February 3, 1996
<PAGE>
[letterhead]
INDEPENDENT AUDITOR'S REPORT
February 6, 1997
Partners
Abbott Associates West Village - Maple (NY)
Ithaca, New York 14850 #014-4-N-I
We have audited the accompanying balance sheets of Abbott Associates (a
limited partnership) as of December 31, 1996 and 1995, and the related
statements of income, partners' deficit, and cash flows for the years then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the financial audit standards contained in Government Auditing
Standards (1994 Revision), issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Abbott Associates
(a limited partnership) at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 6, 1997 on our consideration of Abbott Associates
internal control structure and a report dated February 6, 1997 on its
compliance with laws and regulations.
/s/ Sciarabba Walker & Co., LLP
Certified Public Accountants
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
Church Street Associates
We have audited the accompanying balance sheet of CHURCH STREET ASSOCIATES (a
Limited Partnership) as of December 31, 1995, and the related statements of
operations, changes in partners' capital and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on the
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of CHURCH STREET ASSOCIATES as
of December 31, 1995, and the results of its operations and its cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional financial data listed
in the accompanying table of contents is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Warady & Davis LLP
January 30, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
New Vistas Apartments Associates
We have audited the accompanying balance sheets of NEW VISTAS APARTMENTS
ASSOCIATES (an Illinois Limited Partnership), Illinois Housing Development
Authority (IHDA) PROJECT NO. ML-61, as of December 31, 1995 and 1994, and the
related statements of income, changes in partners' deficit and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NEW VISTAS APARTMENTS
ASSOCIATES as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
/s/ Warady & Davis LLP
January 22, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
New Vistas Apartments Associates - Phase II
We have audited the accompanying balance sheets of NEW VISTAS APARTMENTS
ASSOCIATES - PHASE II (an Illinois Limited Partnership), Illinois Housing
Development Authority (IHDA) PROJECT NO. ML-101, as of December 31, 1995 and
1994, and the related statements of income, changes in partners' deficit and
cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NEW VISTAS APARTMENTS
ASSOCIATES - PHASE II as of December 31, 1995 and 1994 and the results of its
operations, changes in partners' capital and cash flows for the years then
ended, in conformity with generally accepted accounting principles.
/s/ Warady & Davis LLP
January 19, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
Palmer Square Apartments Associates
We have audited the accompanying balance sheets of PALMER SQUARE APARTMENTS
ASSOCIATES (an Illinois Limited Partnership), Illinois Housing Development
Authority (IHDA) PROJECT NO. ML-123, as of December 31, 1995 and 1994, and
the related statements of operations, changes in partners' deficit and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PALMER SQUARE APARTMENTS
ASSOCIATES as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
/s/ Warady & Davis, LLP
January 23, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
Parkways Associates
d/b/a The Parkways
We have audited the accompanying balance sheet of PARKWAYS ASSOCIATES D/B/A
THE PARKWAYS (an Illinois Limited Partnership), Illinois Housing Development
Authority (IHDA) PROJECT NO. ML-148, as of December 31, 1995, and the related
statements of income, changes in partners' deficit and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements of
PARKWAYS ASSOCIATES D/B/A THE PARKWAYS as of December 31, 1994, and for the
year then ended, were audited by other auditors, whose report dated February
6, 1995, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards and the Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PARKWAYS ASSOCIATES D/B/A
THE PARKWAYS as of December 31, 1995, and the results of its operations,
changes in partners capital and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
/s/ Warady & Davis LLP
January 16, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
The North Washington Park Partnership
We have audited the accompanying balance sheets of THE NORTH WASHINGTON PARK
PARTNERSHIP (an Illinois Limited Partnership) (HUD PROJECT NO. 071-35544) as
of December 31, 1995 and 1994, and the related statements of operations,
changes in partners' deficit and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of THE NORTH WASHINGTON PARK
PARTNERSHIP as of December 31, 1995 and 1994, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
/s/ Warady & Davis LLP
January 26, 1996
<PAGE>
[co:]
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Oak Park Partnership
We have audited the accompanying balance sheets of THE OAK PARK PARTNERSHIP
(an Illinois Limited Partnership) as of December 31, 1995 and 1994, and the
related statements of operations, changes in partners' deficit and cash flows
for the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of THE OAK PARK PARTNERSHIP as
of December 31, 1995, and the results of its operations and its cash flows for
the years then ended, in conformity with generally accepted accounting
principles.
/s/ Warady & Davis LLP
February 6, 1996
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Rogers Park Partnership
Washington, D.C.
We have audited the accompanying balance sheet of THE ROGERS PARK PARTNERSHIP
D/B/A NORTHPOINT APARTMENTS (an Illinois Limited Partnership), Illinois Housing
Development Authority (IHDA) PROJECT NO. ML-163, as of December 31, 1995, and
the related statements of income, changes in partners' deficit and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements of THE
ROGERS PARK PARTNERSHIP D/B/A NORTHPOINT APARTMENTS as of December 31, 1994 and
for the year then ended were audited by other auditors, whose report dated
February 6, 1995, expressed an unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing standards
and the Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of THE ROGERS PARK PARTNERSHIP
D/B/A NORTHPOINT APARTMENTS as of December 31, 1995, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
/s/ WARADY & DAVIS LLP
February 14, 1996
<PAGE>
ZINER & COMPANY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
United Front Homes
We have audited the accompanying balance sheet (MHFA Forms F.C.-3A & -3B)
of United Front Homes (a Massachusetts limited partnership) (Project No.
71-156-N) as of December 31, 1995, and the related statements of changes in
partners' equity (deficiency) (MHFA Form F.C.-3C), operations (MHFA Form
F.C.-2A) and cash flows (MHFA Forms F.C.-4A, -4B & -4C) for the year then ended.
These financial statements are the responsibility of the general partners. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by the general partners, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of United Front Homes as of
December 31, 1995, and the results of its operations, its cash flows and changes
in partners' equity (deficiency) for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 27, 1996 on our consideration of United Front Homes'
internal control structure and a report dated February 27, 1996 on its
compliance with laws and regulations.
/s/ Ziner & Company, P.C.
February 27, 1996
-1-
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners
Vistula Heritage Village
Toledo, Ohio
We have audited the accompanying balance sheet of Vistula Heritage Village,
FHA Project No. 042 35298 PM L8 R, (an Ohio Limited Partnership) as of
December 31, 1995, and the related statements of operations, partners'
deficit, and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Vistula Heritage Village as
of December, 31, 1995, and the results of its operations and its cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated January 16, 1996, on
our consideration of Vistula Heritage Village's internal control structure,
and reports date January 16, 1996, on its compliance with specific
requirements applicable to major and nonmajor HUD programs and specific
requirements applicable to Affirmative Fair Housing.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental data, as referred to
in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the same auditing procedures applied in the
audit of the basic financial statements and, in our opinion, discussed
above, the supplemental data is fairly stated, in all material respects, in
relation to the basic financial statements taken as a whole.
/s/ Zinner & Co.
January 16, 1996
Lead Auditor: Sidney Brode
Telephone No.: (216) 831-0733
Federal Tax
Identification No.: 34-1663731
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
Deloitte and Touche LLP
107-145 WEST 135TH STREET ASSOCIATES
ALGONQUIN TOWER LIMITED PARTNERSHIP
ALL HALLOWS ASSOCIATES
ALLENTOWN TOWNE HOUSE LIMITED PARTNERSHIP
ANGLERS MANOR ASSOCIATES
ANTIOCH APARTMENTS, LTD.
ARVADA HOUSE ASSOCIATES
AUDOBON PARK ASSOCIATES
BALDWIN OAKS ELDERLY, LTD.
BALDWIN TOWERS ASSOCIATES
BASSWOOD MANOR LIMITED PARTNERSHIP
BAYVIEW HUNTERS POINT APARTMENTS
BENSALEM GARDENS ASSOCIATES
BERKLEY LIMITED PARTNERSHIP
BLOOMSBURG ELDERLY ASSOCIATES
BRIARWOOD APARTMENTS
BRIGHTWOOD MANOR ASSOCIATES
BRINTON MANOR NO. 1 ASSOCIATES
BRINTON TOWERS ASSOCIATES
BROOKSIDE APARTMENTS ASSOCIATES
BUENA VISTA APARTMENTS, LTD.
CABELL ASSOCIATES OF LAKEVIEW
CALIFORNIA SQUARE II LIMITED PARTNERSHIP
CALIFORNIA SQUARE LIMITED PARTNERSHIP
CAMPBELL HEIGHTS ASSOCIATES
CANTERBURY GARDENS ASSOCIATES
CAPITAL PARK LIMITED PARTNERSHIP
CAROLINE ARMS LIMITED PARTNERSHIP
CENTER SQUARE ASSOCIATES
CENTRAL VILLAGE ASSOCIATES
CHAPEL NDP
CHEEK ROAD LIMITED PARTNERSHIP
CLAY COURTS ASSOCIATES
COLLEGE HEIGHTS
COLLEGE PARK APARTMENTS
COLLEGE PARK ASSOCIATES
COMMUNITY DEVELOPERS OF HIGH POINT
CONGRESS PARK ASSOCIATES II
COPPERWOOD II LIMITED
COPPERWOOD LIMITED
CUMBERLAND COURT ASSOCIATES
DARBY TOWNHOUSES ASSOCIATES
DARBY TOWNHOUSES LIMITED PARTNERSHIP
DARBYTOWN DEVELOPMENT ASSOCIATES
DELCAR-S, LTD.
DELCAR-T, LTD.
DIP LIMITED PARTNERSHIP
DIP LIMITED PARTNERSHIP--II
DIP LIMITED PARTNERSHIP--III
DISCOVERY LIMITED PARTNERSHIP
DORAL GARDENS ASSOCIATES
DORAL LIMITED PARTNERSHIP
DUQUESNE ASSOCIATES NO. 1
EDMOND ESTATES LIMITED PARTNERSHIP
ELDEN LIMITED PARTNERSHIP
ESBRO LIMITED PARTNERSHIP
FAIRMEADOWS LIMITED PARTNERSHIP
FAIRMONT #1 LIMITED PARTNERSHIP
FAIRMONT #2 LIMITED PARTNERSHIP
FAIRVIEW HOMES ASSOCIATES
FAIRWOOD ASSOCIATES
PAGE 1
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
FEDERAL SQUARE VILLAGE
FIELD ASSOCIATES
FOREST GREEN LIMITED PARTNERSHIP
FOREST PARK ELDERLY ASSOCIATES
FORRESTER GARDENS, LTD.
FORT CARSON ASSOCIATES
FOXWOOD MANOR ASSOCIATES
FRANKLIN CHAPEL HILL ASSOCIATES
FRANKLIN EAGLE ROCK ASSOCIATES
FRANKLIN PARK LIMITED PARTNERSHIP
FRANKLIN PHEASANT RIDGE ASSOCIATES
FRANKLIN RIDGEWOOD ASSOCIATES
FRANKLIN WOODS ASSOCIATES
FRIENDSET HOUSING COMPANY
FRIO HOUSING, LTD.
G.W. CARVER LIMITED
GALION LIMITED PARTNERSHIP
GARFIELD HILL ASSOCIATES
GATEWAY VILLAGE ASSOCIATES
GLADYS HAMPTON HOUSES ASSOCIATES
GOLDEN APARTMENTS I
GOLDEN APARTMENTS II
GRANDVIEW APARTMENTS
GREATER MOUNT CALVARY TERRACE, LTD.
GREATER RICHMOND COMMUNITY DEVELOPMENT
CORP. I AND ASSOCIATES
GREATER RICHMOND COMMUNITY DEVELOPMENT
CORP. II AND ASSOCIATES
GREEN MOUNTAIN MANOR LIMITED PARTNERSHIP
GRIFFITH LIMITED PARTNERSHIP
GULFWAY LIMITED PARTNERSHIP
H.R.H. PROPERTIES, LTD.
HAMILTON HEIGHTS ASSOCIATES
HAROLD HOUSE LIMITED PARTNERSHIP
HATILLO HOUSING ASSOCIATES
HICKORY RIDGE ASSOCIATES, LTD.
HILLCREST GREEN APARTMENTS, LTD.
HILLSIDE VILLAGE ASSOCIATES
HILLTOP APARTMENTS ASSOCIATES
HILLTOP LIMITED PARTNERSHIP
HUDSON TERRACE ASSOCIATES
HURBELL II LIMITED PARTNERSHIP
HURBELL III LIMITED PARTNERSHIP
INDIAN VALLEY I LIMITED PARTNERSHIP
INDIAN VALLEY II LIMITED PARTNERSHIP
INDIAN VALLEY III LIMITED PARTNERSHIP
INGRAM SQUARE APARTMENTS, LTD.
JAMESTOWN VILLAGE ASSOCIATES
JERSEY PARK ASSOCIATES
JFK ASSOCIATES
JOHNSTON SQUARE ASSOCIATES
JVL 16 ASSOCIATES
JVL 18 ASSOCIATES
JVL 19 ASSOCIATES
JVL LIMITED
KENNEDY HOMES LIMITED PARTNERSHIP
KEY PARKWAY WEST ASSOCIATES
KIMBERLY ASSOCIATES LIMITED PARTNERSHIP
LA SALLE APARTMENTS
LA VISTA ASSOCIATES
LAFAYETTE MANOR ASSOCIATES
LAFAYETTE TOWNE ELDERLY, LTD.
LAFAYETTE TOWNE FAMILY, LTD.
LAKE FOREST APARTMENTS
LAS AMERICAS HOUSING ASSOCIATES
LASSEN ASSOCIATES
PAGE 2
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
LAUREL GARDENS
LEWISBURG ASSOCIATES
LEWISBURG ELDERLY ASSOCIATES
LINCMAR ASSOCIATES
LINCOLN PARK ASSOCIATES
LOCK HAVEN ELDERLY ASSOCIATES
LOCK HAVEN GARDENS ASSOCIATES
LORING TOWERS APARTMENTS LIMITED PARTNERSHIP
M&P DEVELOPMENT COMPANY
MAPLE HILL ASSOCIATES
MAPLE PARK EAST LIMITED PARTNERSHIP
MAPLE PARK WEST LIMITED PARTNERSHIP
MAYFAIR MANOR LIMITED PARTNERSHIP
MEADOWOOD APARTMENTS--PHASE I
(MEADOWOOD ASSOCIATES)
MEADOWOOD APARTMENTS--PHASE II
(MEADOWOOD ASSOCIATES)
MEADOWOOD ASSOCIATES III, LTD.
MEADOWOOD TOWNHOUSES I LIMITED PARTNERSHIP
MEADOWOOD TOWNHOUSES III LIMITED PARTNERSHIP
MEADOWS APARTMENTS LIMITED PARTNERSHIP
MEADOWS EAST APARTMENTS LIMITED PARTNERSHIP
MENLO LIMITED PARTNERSHIP
MERCED COMMONS I
MERCED COMMONS II
MILL STREET ASSOCIATES
MIRAMAR HOUSING ASSOCIATES
MONTBLANC GARDEN APARTMENTS ASSOCIATES
MONTBLANC HOUSING ASSOCIATES
MORRISANIA TOWERS HOUSING COMPANY
MOSS GARDENS LTD.
MURPHY BLAIR ASSOCIATES III
NATIONAL HOUSING PARTNERSHIP REALTY FUND I
NATIONAL HOUSING PARTNERSHIP REALTY FUND III
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV
NATIONAL HOUSING PARTNERSHIP REALTY FUND TWO
NATIONAL HOUSING PARTNERSHIP RESI ASSOCIATES I
NEW LAKE VILLAGE APARTMENTS
NEW WEST 111TH STREET HOUSING COMPANY
NEW WEST 111TH STREET TWO ASSOCIATES
NEWTON HILL LIMITED PARTNERSHIP
NORTHGATE VILLAGE LIMITED PARTNERSHIP
NORTHLAKE TERRACE ASSOCIATES
NORTHWEST TERRACE ASSOCIATES
OAKLAND VILLAGE TOWNHOUSE ASSOCIATES
OCALA PLACE, LTD.
OLDE RIVERTOWN VENTURE
ONE LYTLE PLACE
ONE WEST CONWAY ASSOCIATES
ORANGE VILLAGE ASSOCIATES
PALM HOUSE LIMITED PARTNERSHIP
PARK AVENUE WEST I LIMITED PARTNERSHIP
PARK AVENUE WEST II LIMITED PARTNERSHIP
PARK CREEK LIMITED PARTNERSHIP
PAVILION ASSOCIATES
PERSHING WATERMAN PHASE I
PLACE ONE LIMITED PARTNERSHIP
POINT WEST LIMITED PARTNERSHIP
PORTFOLIO PROPERTIES EIGHT ASSOCIATES
PORTFOLIO PROPERTIES FIVE ASSOCIATES
PORTFOLIO PROPERTIES NINE ASSOCIATES
PORTFOLIO PROPERTIES SEVEN ASSOCIATES
PORTFOLIO PROPERTIES SIX ASSOCIATES
PORTFOLIO PROPERTIES TEN ASSOCIATES
PORTFOLIO PROPERTIES THREE ASSOCIATES
PORTFOLIO PROPERTIES TWELVE ASSOCIATES
PORTFOLIO PROPERTIES TWO ASSOCIATES
PAGE 3
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
PORTLAND PLAZA PARTNERSHIP
PORTNER PLACE ASSOCIATES
POST STREET ASSOCIATES
PUEBLO APARTMENTS ASSOCIATES, LTD.
PW III ASSOCIATES LIMITED PARTNERSHIP
PW IV ASSOCIATES LIMITED PARTNERSHIP
RI-15 LIMITED PARTNERSHIP
RICHLIEU ASSOCIATES
RIVER FRONT APARTMENTS LIMITED PARTNERSHIP
RIVER WOODS ASSOCIATES
RIVERVIEW II ASSOCIATES
ROCKWELL LIMITED PARTNERSHIP
ROLLING MEADOWS OF ADA, LTD.
ROYAL TOWERS LIMITED PARTNERSHIP
RUFFIN ROAD ASSOCIATES
RUTHERFORD PARK TOWNHOUSES ASSOCIATES
SAN JOSE LIMITED PARTNERSHIP
SAN JUAN DEL CENTRO LIMITED PARTNERSHIP
SENCIT TOWNE HOUSE LIMITED PARTNERSHIP
SHERMAN TERRACE ASSOCIATES
SHOREVIEW APARTMENTS
SITE 10 COMMUNITY ALLIANCE ASSOCIATES
SNI DEVELOPMENT COMPANY
SOUTHMONT APARTMENTS
SOUTHRIDGE APARTMENTS LIMITED PARTNERSHIP
SOUTHWARD LIMITED PARTNERSHIP
SPRING BRIGHT LIMITED PARTNERSHIP
SPRING MEADOW LIMITED PARTNERSHIP
SPRUCE LIMITED PARTNERSHIP
SPRUCE PALM LIMITED PARTNERSHIP
STAFFORD APARTMENTS
STOCK ISLAND LIMITED PARTNERSHIP
STOREY MANOR ASSOCIATES
STRAWBRIDGE SQUARE ASSOCIATES LIMITED PARTNERSHIP
SUMMERSONG TOWNHOUSES LIMITED PARTNERSHIP
SUNRISE ASSOCIATES
SUNSET PLAZA APARTMENTS
SUSQUEHANNA VIEW LIMITED PARTNERSHIP
TIMBERLAKE APARTMENTS LIMITED PARTNERSHIP
TIMUQUANA PARK ASSOCIATES
TINKER CREEK LIMITED PARTNERSHIP
TOWN NORTH
TOWNVIEW TOWERS I PARTNERSHIP, LTD.
TREESLOPE APARTMENTS ASSOCIATES
TRINITY APARTMENTS
TRINITY TOWERS-14TH STREET ASSOCIATES, LTD.
UNITED HANDICAP FEDERATION APARTMENT ASSOCIATES
UNITED HOUSE ASSOCIATES
UNITED HOUSING PARTNERS-CARBONDALE, LTD.
UNITED REDEVELOPMENT ASSOCIATES
UNIVERSITY PLAZA ASSOCIATES
VANTAGE '78
VILLA DE GUADALUPE ASSOCIATES
VILLAGE CIRCLE APARTMENTS, LTD.
VILLAGE GREEN LIMITED PARTNERSHIP
VILLAGE PARK II
VISTAS DE SAN JUAN ASSOCIATES
WAICO APARTMENTS ASSOCIATES
WAICO PHASE II ASSOCIATES
WALDEN OAKS ASSOCIATES
WALMSLEY TERRACE ASSOCIATES
WALNUT HILLS ASSOCIATES, LTD.
WASH-WEST PROPERTIES
WASHINGTON MANOR LIMITED PARTNERSHIP
WATERS TOWERS ASSOCIATES
PAGE 4
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
WEST OAK VILLAGE LIMITED PARTNERSHIP
WHITEFIELD PLACE, LTD.
WIGAR LIMITED PARTNERSHIP
WOODMARK LIMITED PARTNERSHIP
YADKIN ASSOCIATES
Edwards Leap & Sauer
BUFFALO VILLAGE ASSOCIATES
GENESSEE GARDENS ASSOCIATES
IDA TOWER
Fishbein & Company, P.C.
FRANKLIN HOUSING ASSOCIATES
FRANKLIN NEW YORK AVENUE ASSOCIATES
Freeman and Vessillo
CHATEAU GARDENS
CLUB APARTMENT ASSOCIATES
COUNTRY VILLA ASSOCIATES, L.P.
COUNTRYBROOK ASSOCIATES
CROSS CREEK LIMITED PARTNERSHIP
GRANDLAND REALTY ASSOCIATES, LTD.
KEMAR TOWNHOUSE ASSOCIATES, L.P.
LAKELAND EAST LIMITED PARTNERSHIP
MARTEN MANOR REALTY ASSOCIATES L.P.
Friduss, Lukee, Schiff &
Co., P.C.
62ND STREET LIMITED PARTNERSHIP
CENTRAL WOODLAWN LIMITED PARTNERSHIP
Goldenberg Rosenthal
Friedlander
ACADEMY GARDEN ASSOCIATES
BRUNSWICK VILLAGE LIMITED PARTNERSHIP
BUCKINGHAM HALL ASSOCIATES
CHURCHVIEW GARDENS ASSOCIATES
CHURCHVIEW GARDENS LIMITED PARTNERSHIP
Hansen, Hunter & Kibbee, P.C.
FRANKLIN CHANDLER ASSOCIATES
HAINES ASSOCIATES LIMITED PARTNERSHIP
KING-BELL ASSOCIATES
MONMOUTH ASSOCIATES LIMITED PARTNERSHIP
PENDLETON RIVERSIDE APARTMENTS OREG., LTD.
PENN HALL ASSOCIATES LIMITED PARTNERSHIP
RODEO DRIVE LIMITED PARTNERSHIP
SOUTH MOUNTAIN TERRACE, LTD.
J.A. Plumer & Co.
630 EAST LINCOLN AVENUE ASSOCIATES
ASPEN STRATFORD APARTMENTS COMPANY B
ASPEN STRATFORD APARTMENTS COMPANY C
ATHENS ARMS ASSOCIATES
BENJAMIN BANNEKER PLAZA ASSOCIATES
BENTON SQUARE, LTD.
BRIGHTWOOD LIMITED PARTNERSHIP
CARTER ASSOCIATES LIMITED PARTNERSHIP
CHRISTOPHER COURT HOUSING COMPANY
COLONIAL TERRACE I ASSOCIATES
COLONIAL TERRACE II ASSOCIATES
CONCORD HOUSES ASSOCIATES
DUKE MANOR ASSOCIATES
ELDERLY HOUSING ASSOCIATES LTD. PARTNERSHIP
FERNCLIFF LIMITED PARTNERSHIP
FOREST APARTMENTS ASSOCIATES
PAGE 5
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
GATE MANOR APARTMENTS, LTD.
GREENFIELD APARTMENTS LIMITED PARTNERSHIP
GREENFIELD LIMITED PARTNERSHIP
GREENFIELD NORTH APARTMENTS LIMITED PARTNERSHIP
GREENFIELD NORTH LIMITED PARTNERSHIP
HAILI ASSOCIATES
HOLLOWS ASSOCIATES
HOUSTON ARISTOCRAT APARTMENTS, LTD.
KAPUNA ASSOCIATES
KIMBERTON APARTMENTS ASSOCIATES
KOOLAU HOUSING ASSOCIATES
LAKEVIEW ARMS ASSOCIATES
LEE-HY MANOR ASSOCIATES LIMITED PARTNERSHIP
LOCUST PARK ASSOCIATES
LORING TOWERS ASSOCIATES
MILLIKEN APARTMENTS COMPANY
MONUMENT STREET LIMITED PARTNERSHIP
NEIGHBORHOODS OF THE UNIVERSITIES LOCK STREET
APARTMENTS COMPANY
OAK HOLLOW SOUTH ASSOCIATES
OAK PARK LIMITED PARTNERSHIP
ORCHARD MEWS ASSOCIATES
OXFORD PLACE ASSOCIATES
PITTSFIELD NEIGHBORHOOD ASSOCIATES
PORTFOLIO PROPERTIES FOUR ASSOCIATES
PRINCE STREET TOWERS LIMITED PARTNERSHIP
REGISTRY SQUARE, LTD.
SENCIT-LEBANON COMPANY
ST. NICHOLAS ASSOCIATES
TAMARAC PINES, LTD.
TAMARAC PINES II, LTD.
TAUNTON GREEN ASSOCIATES
TAUNTON II ASSOCIATES
THE NATIONAL HOUSING PARTNERSHIP--II
TOMPKINS TERRACE ASSOCIATES
WAIPAHU ASSOCIATES
WASHINGTON CHINATOWN ASSOCIATES
WINDSOR APARTMENTS ASSOCIATES
WOODCREST APARTMENTS, LTD.
WORCHESTER EPISCOPAL HOUSING COMPANY
Prague & Richmond
CROSLAND HOUSING ASSOCIATES
Reznick, Fedder &
Silverman
BEAUTIFUL VILLAGE ASSOCIATES REDEVELOPMENT COMPANY
BRANCHWOOD TOWERS LIMITED PARTNERSHIP
BROOKVIEW APARTMENTS COMPANY LIMITED
CITRUS PARK ASSOCIATES, LTD.
CLOVER RIDGE EAST LIMITED PARTNERSHIP
COLONY APARTMENTS COMPANY LIMITED
COMMUNITY CIRCLE II, LIMITED
COPPERSTONE CIRCLE LIMITED PARTNERSHIP
COPPERSTONE LIMITED PARTNERSHIP
COUNTRY LAKES ASSOCIATES TWO
DIAKONIA ASSOCIATES LIMITED PARTNERSHIP
EAST HAMPTON LIMITED PARTNERSHIP
EASTON TERRACE I ASSOCIATES
EASTRIDGE APARTMENTS
EASTRIDGE APARTMENTS ASSOCIATES
EDGEWOOD II ASSOCIATES
EMORY GROVE ASSOCIATES LIMITED PARTNERSHIP
EMORY GROVE LIMITED PARTNERSHIP
FAIRBURN & GORDON ASSOCIATES, PHASE I
FAIRBURN & GORDON ASSOCIATES, PHASE II
FIRST ALEXANDRIA ASSOCIATES
PAGE 6
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
FLATBUSH NSA ASSOCIATES
FRANKLIN SQUARE SCHOOL ASSOCIATES
GATES MILL I LIMITED PARTNERSHIP
GROSVENOR HOUSE ASSOCIATES LIMITED PARTNERSHIP
INTOWN WEST ASSOCIATES LIMITED PARTNERSHIP
LAING VILLAGE
LAKE AVENUE ASSOCIATES
LAKE CROSSING LIMITED PARTNERSHIP
LAKEHAVEN ASSOCIATES ONE
LAKEHAVEN ASSOCIATES TWO
LINDEN COURT ASSOCIATES
LOUDOUN HOUSE LIMITED PARTNERSHIP
MONACO ARMS ASSOCIATES I
MONACO ARMS ASSOCIATES II
MUSKE LIMITED PARTNERSHIP
NATICK ASSOCIATES
OAKCREST TERRACE APARTMENTS
OAKLAND CITY/WEST END ASSOCIATES, LTD.
OAKWOOD LIMITED PARTNERSHIP
OAKWOOD MUSKEGON ASSOCIATES
ORANGEBURG MANOR
PARKVIEW ASSOCIATES
PLEASANT VALLEY APARTMENTS, LTD.
QUEENSTOWN APARTMENTS LIMITED PARTNERSHIP
RUSCOMBE GARDENS LIMITED PARTNERSHIP
SANDY SPRINGS ASSOCIATES, LTD.
SENCIT-JACKSONVILLE COMPANY, LTD.
TIFFANY REHAB ASSOCIATES
TWIN TOWERS ASSOCIATES
TYEE ASSOCIATES LIMITED PARTNERSHIP
URBANIZACION MARIA LOPEZ HOUSING COMPANY
VILLAGE GREEN APARTMENTS COMPANY LIMITED
VINEVILLE TOWERS ASSOCIATES, LTD.
WESTGATE APARTMENTS
WESTMINSTER ASSOCIATES
WOLLASTON MANOR ASSOCIATES
WOODSIDE VILLAGE LIMITED PARTNERSHIP
Robert Ercolini & Company
2900 VAN NESS ASSOCIATES
7400 ROOSEVELT INVESTORS
CONNECTICUT COLONY ASSOCIATES LIMITED PARTNERSHIP
FAIRFAX ASSOCIATES LIMITED PARTNERSHIP
GREATER HARTFORD ASSOCIATES LIMITED PARTNERSHIP
IVANHOE ASSOCIATES LIMITED PARTNERSHIP
NORCO ASSOCIATES
RIDGE CARLTON ASSOCIATES LIMITED PARTNERSHIP
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP
SCOTCH ASSOCIATES LIMITED PARTNERSHIP
SCOTCH LANE ASSOCIATES
STANDART WOODS ASSOCIATES LIMITED PARTNERSHIP
WEST LAKE ARMS LIMITED PARTNERSHIP
WYNTRE BROOK ASSOCIATES
Russell, Thompson, Butler
& Houston
CHESTERFIELD HOUSING ASSOCIATES
COMMUNITY DEVELOPERS OF PRINCEVILLE
EASTCOURT VILLAGE PARTNERS
EUSTIS APARTMENTS, LTD
GROVE PARK VILLAS LTD
HEMINGWAY HOUSING ASSOCIATES
PAGE 7
<PAGE>
INDEX OF 1996 AUDITORS' REPORTS
HIGHLANDS VILLAGE II
HOUSING ASSISTANCE OF MOUNT DORA, LTD.
HOUSING ASSISTANCE OF ORANGE CITY, LTD.
HOUSING ASSISTANCE OF SEBRING, LTD.
HOUSING ASSISTANCE OF VERO BEACH, LTD.
HURBELL I LIMITED PARTNERSHIP
HURBELL IV LIMITED PARTNERSHIP
LAKE WALES VILLAS LTD
LAKEVIEW VILLAS, LTD.
MCCOLL HOUSING ASSOCIATES
ORANGE CITY VILLAS II, LTD.
PARKVIEW APARTMENTS
PEPPERTREE VILLAGE OF AVON PARK, LTD.
SOUTH HIAWASSEE VILLAGE, LTD.
ST. GEORGE VILLAS
THE MEADOWS APARTMENTS, LTD.
UNITED HOUSING PARTNERS--CUTHBERT, LTD.
UNITED HOUSING PARTNERS--ELMWOOD, LTD.
UNITED HOUSING PARTNERS--MORRISTOWN, LTD.
UNITED HOUSING PARTNERS--WELCH, LTD.
WOODSIDE VILLAS OF ARCADIA, LTD.
Sciarabba Walker & Co.
LLP
ABBOTT ASSOCIATES
Wallace Sanders & Company
NHP CHAPPARAL ASSOCIATES, L.P.
NHP COUNTRY CLUB WOODS ASSOCIATES, L.P.
NHP COUNTRY CLUB WOODS, L.P.
NHP GREENBRIAR ASSOCIATES, L.P.
NHP GREENBRIAR, L.P.
NHP HESSIAN HILLS, L.P.
NHP HIGH RIVER, L.P.
NHP SPRING LAKE MANOR ASSOCIATES, L.P.
NHP SPRING LAKE MANOR, L.P.
NHP TOWN & COUNTRY/COUNTRY PLACE ASSOCIATES, L.P.
NHP TOWN & COUNTRY/COUNTRY PLACE, L.P.
NHP TOWNHOUSE ASSOCIATES, L.P.
NHP TOWNHOUSE, L.P.
NHP TWIN GATES EAST, L.P.
NHP WILL-O-WISP ARMS, L.P.
Warady and Davis
CENTRAL WOODLAWN REHAB JOINT VENTURE
CHURCH STREET ASSOCIATES
MRR LIMITED PARTNERSHIP
NEW VISTAS APARTMENTS ASSOCIATES
NEW VISTAS APARTMENTS ASSOCIATES--PHASE II
PALMER SQUARE APARTMENTS ASSOCIATES
PARKWAYS ASSOCIATES
THE NORTH WASHINGTON PARK PARTNERSHIP
THE OAK PARK PARTNERSHIP
THE ROGERS PARK PARTNERSHIP
Ziner and Company, P.C.
UNITED FRONT HOMES
Zinner & Co.
VISTULA HERITAGE VILLAGE
PAGE 8
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Partnerships listed in Appendix 1-96
We have audited the accompanying statement of financial position (or balance
sheet) of each Partnership listed in Appendix 1-96, as of December 31, 1996, and
each of the related statements of profit and loss (or statements of
operations), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of each of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of each Partnership listed in Appendix 1-96, at
December 31, 1996, and the results of each of their operations and their cash
flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
(See Appendix 1-96 for date of
each Partnership's report)
<PAGE>
Appendix 1-96
Partnership Report Date
- ----------- -----------
107-145 West 135th Street Associates February 14, 1997
Algonquin Tower Limited Partnership February 12, 1997
All Hallows Associates February 6, 1997
Anglers Manor Associates January 31, 1997
Antioch Apartments, Ltd. February 4, 1997
Arvada House Associates February 7, 1997
Audobon Park Associates January 28, 1997
Baldwin Oaks Elderly, Ltd. January 17, 1997
Basswood Manor Limited Partnership January 31, 1997
Bayview Hunters Point Apartments January 17, 1997
Bensalem Gardens Associates February 3, 1997
Berkley Limited Partnership February 8, 1997
Bloomsburg Elderly Associates January 13, 1997
Briarwood Apartments January 20, 1997
Brightwood Manor Associates January 24, 1997
Brinton Manor No. 1 Associates January 20, 1997
Brinton Towers Associates January 31, 1997
Brookside Apartments Associates January 15, 1997
Buena Vista Apartments, Ltd. January 16, 1997
Cabell Associates of Lakeview January 28, 1997
California Square Limited Partnership January 11, 1997
California Square II Limited Partnership January 28, 1997
Campbell Heights Associates January 29, 1997
Canterbury Gardens Associates February 5, 1997
Capital Park Limited Partnership January 17, 1997
Caroline Arms Limited Partnership January 17, 1997
Center Square Associates February 5, 1997
Chapel NDP February 4, 1997
Clay Courts Associates January 17, 1997
College Heights February 1, 1997
College Park Apartments February 6, 1997
College Park Associates February 7, 1997
Community Developers of High Point January 23, 1997
Congress Park Associates II February 11, 1997
Copperwood Limited January 20, 1997
Copperwood II Limited January 21, 1997
Darby Townhouses Associates February 5, 1997
Darbytown Development Associates January 24, 1997
Delcar - S, Ltd. January 16, 1997
Delcar - T, Ltd. January 16, 1997
DIP Limited Partnership January 10, 1997
DIP Limited Partnership - II February 13, 1997
DIP Limited Partnership III January 29, 1997
Discovery Limited Partnership January 16, 1997
Doral Gardens Associates February 3, 1997
Duquesne Associates No. 1 January 15, 1997
Edmond Estates Limited Partnership January 11, 1997
Elden Limited Partnership January 20, 1997
Fairmeadows Limited Partnership January 20, 1997
Page 1
<PAGE>
Appendix 1-96
Partnership Report Date
- ----------- -----------
Fairmont #1 Limited Partnership January 30, 1997
Fairmont #2 Limited Partnership January 30, 1997
Fairview Homes Associates February 3, 1997
Federal Square Village January 20, 1997
Field Associates January 23, 1997
Forest Green Limited Partnership January 10, 1997
Forest Park Elderly Associates February 12, 1997
Forrester Gardens, Ltd. January 23, 1997
Fort Carson Associates January 21, 1997
Franklin Chapel Hill Associates February 12, 1997
Franklin Eagle Rock Associates February 1, 1997
Franklin Park Limited Partnership February 10, 1997
Friendset Housing Company February 14, 1997
Frio Housing, Ltd. January 21, 1997
G.W. Carver Limited February 13, 1997
Galion Limited Partnership January 30, 1997
Garfield Hill Associates February 7, 1997
Gateway Village Associates January 17, 1997
Gladys Hampton Houses Associates February 8, 1997
Golden Apartments I February 12, 1997
Golden Apartments II February 14, 1997
Grandview Apartments January 15, 1997
Greater Mount Calvary Terrace, Ltd. January 21, 1997
Greater Richmond Community Development Corp. I
and Associates January 31, 1997
Greater Richmond Community Development Corp. II
and Associates January 30, 1997
H.R.H. Properties, Ltd. January 17, 1997
Hamilton Heights Associates January 28, 1997
Harold House Limited Partnership January 13, 1997
Hatillo Housing Associates February 4, 1997
Hillcrest Green Apartments, Ltd. January 25, 1997
Hilltop Limited Partnership January 13, 1997
Hudson Terrace Associates January 31, 1997
Hurbell II Limited Partnership January 13, 1997
Hurbell III Limited Partnership January 15, 1997
Indian Valley I Limited Partnership January 30, 1997
Indian Valley II Limited Partnership January 30, 1997
Indian Valley III Limited Partnership January 29, 1997
Ingram Square Apartments, Ltd. February 6, 1997
Jamestown Village Associates January 22, 1997
Jersey Park Associates February 1, 1997
JFK Associates February 3, 1997
Johnston Square Associates January 20, 1997
Kennedy Homes Limited Partnership February 1, 1997
Key Parkway West Associates February 4, 1997
Kimberly Associates Limited Partnership January 11, 1997
La Salle Apartments February 10, 1997
Lafayette Manor Associates February 13, 1997
Lafayette Towne Elderly, Ltd. January 24, 1997
Lafayette Towne Family, Ltd. January 25, 1997
Page 2
<PAGE>
Appendix 1-96
Partnership Report Date
- ----------- -----------
Lake Forest Apartments January 17, 1997
Las Americas Housing Associates February 8, 1997
Lassen Associates January 31, 1997
Laurel Gardens January 27, 1997
Lewisburg Associates January 25, 1997
Lewisburg Elderly Associates January 24, 1997
Lincmar Associates January 29, 1997
Lincoln Park Associates February 5, 1997
Lock Haven Elderly Associates February 11, 1997
Lock Haven Gardens Associates February 11, 1997
Loring Towers Apartments Limited Partnership January 22, 1997
M & P Development Company January 29, 1997
Mill Street Associates February 3, 1997
Miramar Housing Associates February 13, 1997
Montblanc Housing Associates January 27, 1997
Morrisania Towers Housing Company January 24, 1997
Moss Gardens Ltd. February 5, 1997
Murphy Blair Associates III February 10, 1997
National Housing Partnership RESI Associates I February 26, 1997
New Lake Village Apartments January 18, 1997
New West 111th Street Housing Company January 27, 1997
Newton Hill Limited Partnership January 30, 1997
Northgate Village Limited Partnership January 16, 1997
Northlake Terrace Associates January 27, 1997
Northwest Terrace Associates January 31, 1997
Oakland Village Townhouse Associates February 10, 1997
One Lytle Place January 29, 1997
One West Conway Associates February 4, 1997
Orange Village Associates January 16, 1997
Palm House Limited Partnership January 29, 1997
Park Avenue West I Limited Partnership January 30, 1997
Park Avenue West II Limited Partnership January 30, 1997
Place One Limited Partnership February 7, 1997
Point West Limited Partnership January 28, 1997
Portfolio Properties Five Associates February 21, 1997
Portfolio Properties Twelve Associates February 25, 1997
Portland Plaza Partnership January 31, 1997
Portner Place Associates January 17, 1997
Post Street Associates January 31, 1997
Pueblo Apartments Associates, Ltd. January 23, 1997
PW III Associates February 12, 1997
PW IV Associates February 7, 1997
RI-15 Limited Partnership February 5, 1997
Richlieu Associates February 14, 1997
Riverview II Associates January 14, 1997
Rolling Meadows Of Ada, Ltd. January 28, 1997
Ruffin Road Associates January 29, 1997
Rutherford Park Townhouses Associates January 10, 1997
San Jose Limited Partnership January 10, 1997
San Juan Del Centro Limited Partnership January 17, 1997
Sherman Terrace Associates February 10, 1997
Page 3
<PAGE>
Appendix 1-96
Partnership Report Date
- ----------- -----------
Shoreview Apartments February 10, 1997
Site 10 Community Alliance Associates February 3, 1997
SNI Development Company January 23, 1997
Southmont Apartments February 4, 1997
Southridge Apartments Limited Partnership January 10, 1997
Southward Limited Partnership January 20, 1997
Spruce Limited Partnership January 31, 1997
Spruce Palm Limited Partnership February 26, 1997
Stafford Apartments January 27, 1997
Stock Island Limited Partnership February 18, 1997
Storey Manor Associates February 5, 1997
Strawbridge Square Associates Limited Partnership February 14, 1997
Summersong Townhouses Limited Partnership February 5, 1997
Sunset Plaza Apartments February 5, 1997
Timberlake Apartments Limited Partnership February 7, 1997
Timuquana Park Associates January 29, 1997
Town North January 30, 1997
Townview Towers I Partnership, Ltd. February 10, 1997
Treeslope Apartments Associates January 27, 1997
Trinity Towers - 14th Street Associates, Ltd. February 7, 1997
United House Associates February 11, 1997
United Housing Partners - Carbondale, Ltd. February 7, 1997
United Redevelopment Associates January 27, 1997
University Plaza Associates February 14, 1997
Vantage 78 February 10, 1997
Villa De Guadalupe Associates February 6, 1997
Village Circle Apartments, Ltd. February 5, 1997
Village Green Limited Partnership January 17, 1997
Vistas De San Juan Associates January 31, 1997
Waico Apartments Associates February 3, 1997
Waico Phase II Associates January 16, 1997
Walden Oaks Associates January 16, 1997
Walmsley Terrace Associates January 20, 1997
Walnut Hills Associates, Ltd. February 12, 1997
Wash-West Properties February 7, 1997
Washington Manor Limited Partnership January 14, 1997
Waters Towers Associates January 14, 1997
Whitefield Place, Ltd. February 4, 1997
Wigar, Ltd. January 20, 1997
Woodmark Limited Partnership January 18, 1997
Yadkin Associates February 10, 1997
Page 4
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Partnerships listed in Appendix 2-96
We have audited the accompanying statements of financial position (or balance
sheet) of each Partnership listed in Appendix 2-96, as of December 31, 1996 and
1995, and each of the related statements of operations (or statements of
profit and loss or statements of revenue and expenses), partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of each of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of each Partnership listed in Appendix 2-96, at
December 31, 1996 and 1995, and the results of each of their operations and
their cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
(See Appendix 2-96 for date of
each Partnership's report)
<PAGE>
Appendix 2-96
Partnership Report Date
- ----------- -----------
Allentown Towne House Limited Partnership January 19, 1997
Baldwin Towers Associates January 23, 1997
Cumberland Court Associates February 1, 1997
Fairwood Associates February 6, 1997
Hillside Village Associates January 25, 1997
Hilltop Apartments Associates February 12, 1997
La Vista Associates February 10, 1997
Maple Hill Associates February 9, 1997
Merced Commons I January 10, 1997
Merced Commons II January 27, 1997
Montblanc Garden Apartments Associates January 30, 1997
River Front Apartments Limited Partnership January 22, 1997
River Woods Associates January 30, 1997
Sencit Towne House Limited Partnership January 27, 1997
Sunrise Associates February 10, 1997
Susquehanna View Limited Partnership January 16, 1997
United Handicap Federation Apartment Associates February 3, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Central Village Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Central
Village Associates, A Limited Partnership, FHA Project No. 112-55037-LDP, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Central Village Associates at December
31, 1996, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
Central Village Associates will continue as a going concern. As discussed in
Note 10, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Additionally, the Partnership has not made any of its required monthly debt
service payments since September, 1991. The general partners' plans in
regard to these matters are described in Note 10. The financial statements
referred to above do not include any adjustments that might result from the
outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 30, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Cheek Road Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Cheek
Road Limited Partnership, A Limited Partnership, FHA Project No.
053-44059-LDP, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Cheek Road Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Cheek
Road Limited Partnership will continue as a going concern. As discussed in
Note 10, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 10.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 27, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Darby Townhouses Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Darby
Townhouses Limited Partnership, A Limited Partnership, as of December 31,
1996, and the related statements of operations, partners' equity, and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Darby Townhouses Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 6,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain,
through distributions from its Local Partnership or other financing sources,
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to this matter are described Note 6.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 20, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Doral Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Doral
Limited Partnership, A Limited Partnership, as of December 31, 1996, and the
related statements of operations, partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Doral Limited Partnership at December 31,
1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 6,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain,
through distributions from its Local Partnerships or other financing sources,
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regards to these matters are also described in Note 6.
These financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 27, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Esbro Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Esbro
Limited Partnership, A Limited Partnership, FHA Project No. 123-44038-LDP, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Esbro Limited Partnership at December 31,
1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
Esbro Limited Partnership will continue as a going concern. As discussed in
Note 10, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to repay,
refinance, or restructure its deferred acquisition payable which is due on
October 25, 1997. The general partner's plans in regard to this matter are
described in Note 10. The financial statements referred to above do not
include any adjustments that might result from the outcome of this
uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 22, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Foxwood Manor Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Foxwood
Manor Associates, A Limited Partnership, FHA Project No. 034-44095-LDI, as of
July 15, 1996, and the related statements of profit and loss (on HUD Form No.
92410), partners' equity (deficit), and cash flows for the period from
January 1, 1996 to July 15, 1996. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Foxwood Manor Associates at July 15,
1996, and the results of its operations and its cash flows for the period
from January 1, 1996 to July 15, 1996 in conformity with generally accepted
accounting principles.
As discussed in Note 9, the Partnership sold the land, rental property and
substantially all of its assets and liabilities on July 16, 1996. The
financial statements referred to above do not include any adjustments
relating to this event.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
September 30, 1996
(December 31, 1996 as to Note 8)
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Franklin Pheasant Ridge Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Franklin
Pheasant Ridge Associates, A Limited Partnership, as of December 31, 1996,
and the related statements of profit and loss, partners' equity (deficit) and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Franklin Pheasant Ridge
Associates at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that
Franklin Pheasant Ridge Associates will continue as a going concern. As
discussed in Note 10, the Partnership has a $300,000 note payable, due on
demand which raises substantial doubt about the ability of the Partnership to
continue as a going concern. Management's plans in regard to these matters
are also described in Note 10. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 23, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Franklin Ridgewood Associates Limited Partnership
and NHP Ridgewood Partners Limited Partnership
Washington, D.C.
We have audited the accompanying combined statement of financial position of
Franklin Ridgewood Associates Limited Partnership and NHP Ridgewood Partners
Limited Partnership, as of December 31, 1996, and the related combined
statements of profit and loss, partners' equity (deficit) and cash flows for
the year then ended. These combined financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these combined financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the combined financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the combined
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the combined financial statements referred to above present
fairly, in all material respects, the financial position of Franklin
Ridgewood Associates Limited Partnership and NHP Ridgewood Partners Limited
Partnership at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 15, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Franklin Woods Associates Limited Partnership and
Woods Mortgage Associates Limited Partnership
Washington, D.C.
We have audited the accompanying combined statement of financial position of
Franklin Woods Associates Limited Partnership and Woods Mortgage Associates
Limited Partnership as of December 31, 1996, and the related combined
statements of profit and loss, partners' equity (deficit) and cash flows for
the year then ended. These combined financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these combined financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the combined financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the combined
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the combined financial statements referred to above present
fairly, in all material respects, the financial position of Franklin Woods
Associates Limited Partnership and Woods Mortgage Associates Limited
Partnership at December 31, 1996, and the results of their operations and
their cash flows for the year then ended in conformity with generally
accepted accounting principles.
The accompanying combined financial statements have been prepared assuming
that Franklin Woods Associates Limited Partnership and Woods Mortgage
Associates Limited Partnership will continue as a going concern. As
discussed in Note 11, conditions exist which raise substantial doubt about
the ability of the Partnership to continue as a going concern unless it is
able to repay, refinance or restructure its mortgage note payable which is
due June 30, 1997. Management's plans in regard to these matters are also
described in Note 11. The combined financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 21, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Green Mountain Manor Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Green
Mountain Manor Limited Partnership, A Limited Partnership, FHA Project No.
101-44003-LDP, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Green Mountain Manor Limited Partnership
at December 31, 1996, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Green
Mountain Manor Limited Partnership will continue as a going concern. As
discussed in Note 5, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to repay, refinance, or restructure its deferred acquisition note. The
general partner's plans in regard to this matter are described in Note 5.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 8, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Griffith Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Griffith
Limited Partnership, A Limited Partnership, FHA Project No. 121-44383-LDP, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Griffith Limited Partnership at December
31, 1996, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
Griffith Limited Partnership will continue as a going concern. As discussed
in Note 11, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless it is able to repay,
refinance, or restructure its deferred acquisition payable which is due on
October 31, 1997. The general partner's plans in regard to this matter are
described in Note 11. The financial statements referred to above do not
include any adjustments that might result from the outcome of this
uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 20, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Gulfway Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Gulfway
Limited Partnership, A Limited Partnership, FHA Project No. 115-44009-LDP, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The financial statements referred to above have been prepared assuming that
Gulfway Limited Partnership will continue as a going concern. As discussed
in Note 10, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless it is able to repay,
refinance, or restructure its deferred acquisition note payable which is due
on November 7, 1997. The general partners' plans in regard to this matter
are described in Note 10. The financial statements referred to above do not
include any adjustment that might result from the outcome of this uncertainty.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Gulfway Limited Partnership at December
31, 1996, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 17, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Hickory Ridge Associates, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Hickory
Ridge Associates, Ltd., A Limited Partnership, FHA Project No. 063-44041-LDP,
as of December 31, 1996, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Hickory Ridge Associates, Ltd. at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
As discussed in Note 11, the Partnership has suffered a financial loss due to
the alleged misappropriation of funds by former employees and falsifications
of documents to the Department of Housing and Urban Development.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 13, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
JVL Limited
Washington, D.C.
We have audited the accompanying statement of financial position of JVL
Limited, A Limited Partnership, FHA Project No. 085-35197-PM-SR-PR-L8, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of JVL Limited at December 31, 1996, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
JVL Limited will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to respond
positively on its HUD Physical Inspection report and to generate sufficient
cash flows to meet its obligations and sustain its operations. The financial
statements referred to above do not include any adjustments that might result
from the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 20, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
JVL 16 Associates
Washington, D.C.
We have audited the accompanying statement of financial position of JVL 16
Associates, A Limited Partnership, FHA Project No. 085-35262-PM-L8, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The financial statements referred to above have been prepared assuming that
JVL 16 Associates will continue as a going concern. As discussed in Note 9,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations, and sustain its operations.
Management's plans with respect to this matter are also discussed in Note 9.
The financial statements referred to above do not include any adjustments
that might result from the outcome of this uncertainty.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of JVL 16 Associates at December 31, 1996,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
JVL 18 Associates
Washington, D.C.
We have audited the accompanying statement of financial position of JVL 18
Associates, A Limited Partnership, FHA Project No. 085-35279-PM-SR-L8, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of JVL 18 Associates at December 31, 1996,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
JVL 18 Associates will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to respond
positively on their HUD Physical Inspection report and to generate sufficient
cash flows to meet its obligations and sustain its operations. The financial
statements referred to above do not include any adjustments that might result
from the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 15, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
JVL 19 Associates
Washington, D.C.
We have audited the accompanying statement of financial position of JVL 19
Associates, A Limited Partnership, FHA Project No. 085-35293-PM-L8, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of JVL 19 Associates at December 31, 1996,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
JVL 19 Associates will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Additionally, the Partnership has not made any of its required monthly debt
service payments since September 1, 1990. The general partner's plans in
regard to these matters are described in Note 7. The financial statements
referred to above do not include any adjustments that might result from the
outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 28, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Maple Park East Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Maple
Park East Limited Partnership, A Limited Partnership, FHA Project No.
101-44063-LDP, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Maple Park East Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Maple
Park East Limited Partnership will continue as a going concern. As discussed
in Note 6, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless the Partnership is
able to pay the principal and interest obligations under its deferred
acquisition note or negotiate further amendments of the terms of the note.
Management's plans in regard to this matter is described in Note 6. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 30, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Maple Park West Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Maple
Park West Limited Partnership, A Limited Partnership, FHA Project No.
101-44062-LDP, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Maple Park West Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Maple
Park West Limited Partnership will continue as a going concern. As discussed
in Note 6, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless the Partnership is
<PAGE>
Maple Park West Limited Partnership
Page 2
able to pay the principal and interest obligations under its deferred
acquisition note or negotiate further amendments of the terms of the note.
Management's plans in regard to this matter is described in Note 6. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 11, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Mayfair Manor Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Mayfair
Manor Limited Partnership, A Limited Partnership, FHA Project No.
123-44022-LDP, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Mayfair Manor Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The financial statements referred to above have been prepared assuming that
Mayfair Manor Limited Partnership will continue as a going concern. As
discussed in Note 10, conditions exist which raise substantial doubt about
the ability of the Partnership to continue as a going concern unless it is
able to repay, refinance, or restructure its deferred acquisition note
payable which is due on October 25, 1997. The general partner's plans in
regard to this matter are described in Note 10. The financial statements
referred to above do not include any adjustments that might result from the
outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 21, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Associates, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Apartments - Phase I, FHA Project No. 052-44019-LDP (a project owned by
Meadowood Associates, Ltd., A Limited Partnership), as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Apartments - Phase I at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Meadowood Apartments - Phase I will continue as a going concern. As
discussed in Note 7, conditions exist which raise substantial doubt about the
ability of Meadowood Apartments - Phase I to continue as a going concern
unless the settlement of the sale of the property is completed, or its
limited partner is able to pay the principal and interest obligations under a
deferred acquisition note owed by the limited partner, or negotiate further
amendments of the terms of the note and the related sale and forbearance
agreements. The financial statements referred to above do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 11, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Associates, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Apartments - Phase II, FHA Project No. 052-44081-LDP, (a project owned by
Meadowood Associates, Ltd., A Limited Partnership), as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Apartments - Phase II ( a
project owned by Meadowood Associates, Ltd., A Limited Partnership) at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Meadowood Apartments - Phase II will continue as a going concern. As
discussed in Note 7, conditions exist which raise substantial doubt about the
ability of Meadowood Apartments - Phase II to continue as a going concern
unless the settlement of the sale of the property is completed, or its
limited partner is able to pay the principal and interest obligations under a
deferred acquisition note owed by the limited partner, or negotiate further
amendments of the terms of the note and the related sale and forbearance
agreements. The financial statements referred to above do not include any
adjustments that might result from the outcome of this certainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 10, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Associates III, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Associates III, Ltd., A Limited Partnership, FHA Project No. 052-44145-LDP,
as of December 31, 1996, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Associates III, Ltd. at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Meadowood Associates III, Ltd. will continue as a going concern. As
discussed in Note 6, conditions exist which raise substantial doubt about the
ability of Meadowood Associates III, Ltd. to continue as a going concern
unless the settlement of the sale of the property is completed, or its
limited partner is able to pay the principal and interest obligations under a
deferred acquisition note owed by the limited partner, or negotiate further
amendments of the terms of the note and the related sale and forbearance
agreements. The financial statements referred to above do not include any
adjustments that might result from the outcome of this certainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 10, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Townhouses I Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Townhouses I Limited Partnership, A Limited Partnership, as of December 31,
1996, and the related statements of operations, partners' deficit, and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Townhouses I Limited
Partnership at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Notes 3 and 6,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to successfully
complete the sale of its Local Partnerships, or to negotiate further
amendments of the terms of its deferred acquisition note and related sale and
forbearance documents and improve its negative cash flows. Management's
plans in regard to these matters are also described in Notes 3 and 6. These
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 20, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadowood Townhouses III
Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Meadowood
Townhouses III Limited Partnership, A Limited Partnership, as of December 31,
1996, and the related statements of operations, partners' deficit, and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadowood Townhouses III Limited
Partnership at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Notes 3 and 6,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to successfully
complete the sale of its Local Partnership, or to negotiate further
amendments of the terms of its deferred acquisition note and related sale and
forbearance documents and improve its negative cash flows. Management's
plans in regard to these matters are also described in Notes 3 and 6. These
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 19, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadows Apartments Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Meadows
Apartments Limited Partnership, A Limited Partnership, FHA Project No.
125-55010-LD, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The accompanying financial statements have been prepared assuming that
Meadows Apartments Limited Partnership will continue as a going concern. As
discussed in Note 9, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to pay the principal and interest obligations under its deferred acquisition
note or negotiate further amendments of the terms of the note. Management's
plans in regard to this matter are described in Note 9. The financial
statements do not include any adjustments that might result from the outcome
of this uncertainty.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadows Apartments Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 10, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Meadows East Apartments
Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Meadows
East Apartments Limited Partnership, A Limited Partnership, FHA Project No.
125-44030-LD, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The financial statements referred to above have been prepared assuming that
Meadows East Apartments Limited Partnership will continue as a going concern.
As discussed in Notes 6 and 13, conditions exist which raise substantial
doubt about the ability of the Partnership to continue as a going concern
unless the Partnership is able to repay, refinance, or restructure its
deferred acquisition note payable which is due on December 12, 1997. The
General Partner's plans in regard to this matter are described in Notes 6 and
13. The financial statements referred to above do not include any
adjustments that might result from the outcome of this uncertainty.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Meadows East Apartments Limited
Partnership at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 16, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Menlo Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Menlo
Limited Partnership, A Limited Partnership, FHA Project No. 123-44014-LD, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Menlo Limited Partnership at December 31,
1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
Menlo Limited Partnership will continue as a going concern. As discussed in
Note 11, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to repay,
refinance, or restructure its deferred acquisition note payable which is due
on October 31, 1997. The general partner's plans in regard to this matter
are described in Note 11. The financial statements referred to above do not
include any adjustments that might result from the outcome of this
uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 27, 1997
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund I
Vienna, VA
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund I (the Partnership) as of December 31, 1996
and 1995, and the related statements of operations, partners' equity
(deficit), and cash flows for each of the three years in the period ended
December 31, 1996, and the financial statement schedule listed in the Index
at Item 14. These financial statements and schedule are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements and schedule based on our audits. We did not audit
the financial statements of Hurbell IV Limited Partnership and Gates Mills I
Limited Partnership (investees of the Partnership) for the years ended
December 31, 1996, 1995 and 1994. The Partnership's equity in the net assets
of these investees has been reduced to zero in accordance with the equity
method of accounting. The accompanying statement of operations includes
$21,342 and $29,506 of revenue from distributions in excess of investment for
these two investees for the years ended December 31, 1996 and 1995,
respectively. The financial statements do not include any equity, or other
earnings or losses from these investees for the years ended December 31,
1996, 1995 and 1994. The financial statements of these investees were audited
by other auditors whose reports thereon have been furnished to us, and our
opinion, insofar as it relates to amounts included for these investees, is
based solely upon the reports of the other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, such
financial statements present fairly, in all material respects, the financial
position of the Partnership as of December 31, 1996 and 1995, and the results
of its operations and cash flows for each of the three years in the period
ended December 31, 1996 in conformity with generally accepted accounting
principles. Also, in our opinion, based on our audits and the reports of
other auditors, such financial statement schedule, when considered in
relation to the basic financial statements taken as a whole, present fairly
in all material respects the information set forth therein.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Washington, D.C.
February 27, 1997
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund Two
Vienna, VA
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund Two (the Partnership) as of December 31, 1996
and 1995, and the related statements of operations, partners' deficit, and
cash flows for each of the three years in the period ended December 31, 1996,
and the supporting schedule listed in the Index at Item 14. These financial
statements and schedule are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits. We did not audit the financial
statements of Hurbell I Limited Partnership and Rodeo Drive Limited
Partnership (investees of the Partnership) for the years ended December 31,
1996, 1995 and 1994 and did not audit Kimberton Apartments Associates Limited
Partnership and Windsor Apartments Associates Limited Partnership for the
years ended December 31, 1995 and 1994. The Partnership's investment of zero
and $4,227,334 in the net assets of these investees as of December 31, 1996
and 1995, respectively, and of zero, $257,939 and $134,558 in the net income
of these investees for the years ended December 31, 1996, 1995 and 1994, are
included in the accompanying financial statements. The financial statements
of these investees were audited by other auditors whose reports thereon have
been furnished to us, and our opinion, insofar as it relates to amounts
included for these investees, is based solely upon the reports of the other
auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of other auditors, such
financial statements present fairly, in all material respects, the financial
position of National Housing Partnership Realty Fund Two as of December 31,
1996 and 1995, and the results of its operations and cash flows for each of
the three years in the period ended December 31, 1996 in conformity with
generally accepted accounting principles. Also, in our opinion, based on our
audits and the reports of other auditors, such financial statement schedule,
when considered in relation to the financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Washington, D.C.
March 3, 1997
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund III
Vienna, VA
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund III (the Partnership) as of December 31, 1996
and 1995, and the related statements of operations, partners' deficit, and
cash flows for each of the three years in the period ended December 31, 1996,
and the financial statement schedule listed in the Index at Item 14. These
financial statements and schedule are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits. We did not audit the financial
statements of Brunswick Village Limited Partnership for the years ended
December 31, 1996, 1995 and 1994. The Partnership's equity in the net assets
of this investee has been reduced to zero at December 31, 1996 and 1995 in
accordance with the equity method of accounting. The financial statements of
this investee were audited by other auditors whose reports thereon have been
furnished to us, and our opinion, insofar as it relates to amounts included
for this investee, is based solely upon the report of the other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits and the report
of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the report of other auditors, such
financial statements present fairly, in all material respects, the financial
position of the Partnership as of December 31, 1996 and 1995, and the results
of its operations and its cash flows for each of the three years in the
period ended December 31, 1996, in conformity with generally accepted
accounting principles. Also, in our opinion, based on our audits and the
report of other auditors, such financial statement schedule, when considered
in relation to the basic financial statements taken as a whole, present
fairly in all material respects the information set forth therein.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Washington, D.C.
March 6, 1997
<PAGE>
Independent Auditors' Report
To The Partners of
National Housing Partnership Realty Fund IV
Vienna, VA
We have audited the accompanying statements of financial position of National
Housing Partnership Realty Fund IV (the Partnership) as of December 31, 1996
and 1995, and the related statements of operations, partners' deficit, and
cash flows for each of the three years in the period ended December 31, 1996,
and the financial statement schedule listed in the Index at Item 14. These
financial statements and schedule are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements and schedule based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of National Housing Partnership Realty Fund
IV as of December 31, 1996 and 1995, and the results of its operations and
its cash flows for each of the three years in the period ended December 31,
1996 in conformity with generally accepted accounting principles. Also, in
our opinion, such financial statement schedule, when considered in relation
to the basic financial statements taken as a whole, present fairly in all
material respects, the information set forth therein.
The accompanying financial statements have been prepared assuming that
Trinity Apartments will continue as a going concern. As discussed in Note 8,
conditions exist which raise substantial doubt about the ability of the
project to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are described in Note 8. The
financial statements do not include any adjustments that might result from
the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
Washington, D.C.
March 10, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
New West 111th Street Two Associates
Washington, D.C.
We have audited the accompanying statement of financial position of New West
111th Street Two Associates, A Limited Partnership, FHA Project No.
012-57202-LD-EC-220-L8, as of December 31, 1996, and the related statements
of profit and loss (on HUD Form No. 92410), partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of New West 111th Street Two Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that New
West 111th Street Two Associates will continue as a going concern. As
discussed in Note 7, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to generate sufficient cash flows to meet its obligations and sustain its
operations. Management's plans in regard to these matters are also described
in Note 7. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 3, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Ocala Place, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Ocala
Place, Ltd., A Limited Partnership, FHA Project No. 063-35173-PM-L8, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Ocala Place, Ltd. at December 31, 1996,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
As discussed in Note 7, the Partnership has suffered a financial loss due to
the alleged misappropriation of funds by former employees and falsification
of documents to the Department of Housing and Urban Development.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 23, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Olde Rivertown Venture
Washington, D.C.
We have audited the accompanying statement of financial position of Olde
Rivertown Venture, A Limited Partnership, as of December 31, 1996, and the
related statements of profit and loss, partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Olde Rivertown Venture at December 31,
1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that Olde
Rivertown Venture will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt about the ability of the
Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
The Partnership defaulted on its mortgage and is currently operating under a
workout arrangement. The general partner's plans in regard to these matters
are described in Note 7. The financial statements do not include any
adjustments that might result from the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 19, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Park Creek Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Park
Creek Limited Partnership, A Limited Partnership, FHA Project No.
101-44111-LDP, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Park Creek Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Park
Creek Limited Partnership will continue as a going concern. As discussed in
Note 6, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless the Partnership is able
to pay the principal and interest obligation under its deferred acquisition
notes or negotiate further amendments of the terms of the notes.
Management's plans in regard to this matter are described in Note 6. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 13, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Pavilion Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Pavilion
Associates, A Limited Partnership, FHA Project No. 034-44159-LDP, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Pavilion Associates at December 31, 1996,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Pavilion Associates will continue as a going concern. As discussed in Note 6
and Note 7, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless the Partnership is
able to pay the principal and interest obligations under its deferred
acquisition note and real estate tax notes payable or negotiate further
amendments of the terms of the notes. Management's plans in regard to these
matters are described in Note 6 and Note 7. The financial statements do not
include any adjustments that might result from the outcome of these
uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 6, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Pershing Waterman Phase I
Washington, D.C.
We have audited the accompanying statement of financial position of Pershing
Waterman Phase I, A Limited Partnership, FHA Project No. 085-35259, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Pershing Waterman Phase I at December 31,
1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Pershing Waterman Phase I will continue as a going concern. As discussed in
Note 7, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations. In
addition, the Partnership has not complied with the requirements of its
workout arrangement which allows the mortgagee to commence foreclosure
actions. Management's plans in regard to these matters are also described in
Note 7. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 30, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Two Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Two Associates, A Limited Partnership, as of December 31, 1996,
and the related statements of operations, partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Portfolio Properties Two Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Portfolio Properties Two Associates will continue as a going concern. As
discussed in Note 8, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to pay the principal and interest obligations under its deferred acquisition
notes or negotiate amendments of the terms of the notes which are due and
payable June 7, 1997. Management's plans in regard to this matter are
described in Note 8. The financial statements do not include any adjustments
which might result from the outcome of this matter.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 21, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Three Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Three Associates, A Limited Partnership, as of December 31, 1996,
and the related statements of operations, partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Portfolio Properties Three Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 6,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain
sufficient cash flows to meet its obligations and sustain its operations, and
to pay the principal and interest obligations under its deferred acquisition
notes or negotiate amendments of the terms of the notes. Management's plans
in regard to these matters are described in Note 6. The financial statements
do not include any adjustments which might result from the outcome of these
matters.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 22, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Six Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Six Associates, A Limited Partnership, as of December 31, 1996,
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Portfolio Properties Six Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
Portfolio Properties Six Associates will continue as a going concern. As
discussed in Note 7, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to pay the principal and interest obligations under its deferred acquisition
notes or negotiate amendments of the terms of the notes. Management's plans
in regard to this matter are discussed in Note 7. The financial statements
do not include any adjustments which might result from the outcome of this
matter.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 24, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Seven Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Seven Associates, A Limited Partnership, as of December 31, 1996
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We did not audit the
financial statements of Milliken Apartments Company, an investee of Portfolio
Properties Seven Associates, which is accounted for by use of the equity
method. The Partnership's equity of $1,198,000 in the net assets of Milliken
Apartments Company at December 31, 1996 and of $39,000 of that entity's net
income for the year ended December 31, 1996 are included in the accompanying
financial statements. Those financial statements were audited by other
auditors whose reports thereon have been furnished to us, and our opinion,
insofar as it relates to amounts included for Milliken Apartments Company, is
based solely upon the report of the other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the report of the other auditors, such
financial statements present fairly, in all material respects, the financial
position of Portfolio Properties Seven Associates at December 31, 1996 and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Portfolio Properties Seven Associates will continue as a going concern. As
discussed in Note 6, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to pay the principal and interest obligations under its deferred acquisition
notes or negotiate amendments of the terms of the notes. Management's plans
in regard to this matter are described in Note 6. The financial statements
do not include any adjustments which might result from the outcome of this
matter.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 24, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Eight Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Eight Associates, A Limited Partnership, as of December 31, 1996,
and the related statements of operations, partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit. We did
not audit the financial statements of Brookview Apartments Company Limited,
Colony Apartments Company Limited, and Village Green Apartments Company
Limited, investees of Portfolio Properties Eight Associates (collectively
referred to as "these entities"), which are accounted for by use of the
equity method. The Partnership's equity of $1,534,000 in the net assets of
these entities at December 31, 1996, and of $87,000 of these entities' net
income for the year ended December 31, 1996, are included in the accompanying
financial statements. The financial statements of these entities were
audited by other auditors whose reports have been furnished to us, and our
opinion, insofar as it relates to amounts included for these entities, is
based solely upon the reports of the other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the reports of other auditors, such
financial statements present fairly, in all material respects, the financial
position of Portfolio Properties Eight Associates at December 31, 1996, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Nine Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Nine Associates, A Limited Partnership, as of December 31, 1996,
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We did not audit the
financial statements of Penn Hall Associates Limited Partnership, Haines
Associates Limited Partnership, and Monmouth Associates Limited Partnership,
(collectively referred to as "these entities") investees of Portfolio
Properties Nine Associates, which are accounted for by use of the equity
method. The Partnership's equity of $734,000 in the net assets of these
entities at December 31, 1996, and $42,300 of these entities' net loss for
the year ended December 31, 1996, are included in the accompanying financial
statements. The financial statements of these entities were audited by other
auditors whose reports have been furnished to us, and our opinion, insofar as
it relates to amounts included for these entities is based solely upon the
report of the other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the reports
of other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the reports of the other auditors,
such financial statements present fairly, in all material respects, the
financial position of Portfolio Properties Nine Associates at December 31,
1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 27, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Portfolio Properties Ten Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Ten Associates, A Limited Partnership, as of December 31, 1996,
and the related statements of operations, partners' deficit, and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit. We did not audit the
financial statements of Pendleton Riverside Apartments, Oreg. Ltd., an
investee of Portfolio Properties Ten Associates which is accounted for by use
of the equity method. The Partnership's equity of $297,533 in the net assets
of Pendleton Riverside Apartment, Oreg. Ltd. at December 31, 1996, and
$38,510 of that entity's net income for the year ended December 31, 1996, are
included in the accompanying financial statements. The financial statements
of Pendleton Riverside Apartments, Oreg. Ltd. were audited by other auditors
whose report has been furnished to us, and our opinion, insofar as it relates
to the amounts included for such entity is based solely upon the report of
such other auditors.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the report of
other auditors provides a reasonable basis for our opinion.
In our opinion, based on our audit and the report of the other auditors, such
financial statements present fairly, in all material respects, the financial
position of Portfolio Properties Ten Associates at December 31, 1996, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 26, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Rockwell Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Rockwell
Limited Partnership, A Limited Partnership, FHA Project No. 115-44039-LDP, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Rockwell Limited Partnership at December
31, 1996, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming that
Rockwell Limited Partnership will continue as a going concern. As discussed
in Note 11, conditions exist which raise substantial doubt about the ability
of the Partnership to continue as a going concern unless it is able to repay,
refinance, or restructure its deferred acquisition payable which is due on
November 7, 1997. The general partner's plans in regard to this matter are
described in Note 11. The financial statements referred to above do not
include any adjustments that might result from the outcome of this
uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 17, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Royal Towers Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Royal
Towers Limited Partnership, A Limited Partnership, FHA Project No. 084-44088,
as of December 31, 1996, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The accompanying financial statements have been prepared assuming that Royal
Towers Limited Partnership will continue as a going concern. As discussed in
Notes 2 and 12, conditions exist which raise substantial doubt about the
ability of the Partnership to continue as a going concern unless it is able
to both generate sufficient cash flows to meet its obligations and sustain
its operations and renew or replace the Housing Assistance contract which
expires in October, 1997. Management's plans in regard to these matters are
also described in Notes 2 and 12. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Royal Towers Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 13, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Bright Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Spring
Bright Limited Partnership, A Limited Partnership, as of December 31, 1996,
and the related statements of operations, partners' equity (deficit), and
cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit. We did
not audit the financial statements of Brightwood Limited Partnership, an
investee of Spring Bright Limited Partnership, which is accounted for by use
of the equity method. The Partnership's share of Brightwood Limited
Partnership's deficit is $735,649 at December 31, 1996, and it's share of
that entity's net loss is $107,774 for the year ended December 31, 1996.
However, as a result of the equity method of accounting for Brightwood
Limited Partnership's operations, the Partnership's investment balance is
carried at zero and its share of the loss for the year ended December 31,
1996 has not been recorded in the Partnership's statement of operations. The
financial statements of Brightwood Limited Partnership were audited by other
auditors whose report has been furnished to us, and our opinion, insofar as
it relates to amounts included for such entity, is based solely upon the
report of such other auditor.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit and the report of
the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audit and the report of the other auditors, such
financial statements present fairly, in all material respects, the financial
position of Spring Bright Limited Partnership at December 31, 1996, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 5,
conditions exist which raise substantial doubt as to the ability of the
Partnership to continue as a going concern unless it is able to obtain
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 5.
These financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
February 22, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Spring Meadow Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Spring
Meadow Limited Partnership, A Limited Partnership, FHA Project No.
023-44087-LDP, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Spring Meadow Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that Spring
Meadow Limited Partnership will continue as a going concern. As discussed in
Note 10, conditions exist which raise substantial doubt about the ability of
the Partnership to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
Management's plans in regard to these matters are also described in Note 10.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 28, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Tinker Creek Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Tinker
Creek Limited Partnership, A Limited Partnership, FHA Project No. 051-44034,
as of December 31, 1996, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity (deficit), and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The financial statements referred to above have been prepared assuming that
Tinker Creek Limited Partnership will continue as a going concern. As
discussed in Note 10, conditions exist which raise substantial doubt about
the ability of the Partnership to continue as a going concern unless it is
able to repay, refinance, or restructure its deferred acquisition note
payable which is due on November 11, 1997. The general partner's plans in
regard to this matter are described in Note 10. The financial statements
referred to above do not include any adjustments that might result from the
outcome of this uncertainty.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Tinker Creek Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 16, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Owner of
Trinity Apartments
Washington, D.C.
We have audited the accompanying statement of financial position of Trinity
Apartments, a project wholly owned by National Housing Partnership Realty
Fund IV, as of December 31, 1996, and the related statements of operations
and owner's equity (deficit), and cash flows for the year then ended. These
financial statements are the responsibility of the Project's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Trinity Apartments at December 31, 1996,
and the results of its operations and its cash flows for the year then ended
in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
Trinity Apartments will continue as a going concern. As discussed in Note 7,
conditions exist which raise substantial doubt about the ability of the
project to continue as a going concern unless it is able to generate
sufficient cash flows to meet its obligations and sustain its operations.
The owners' plans in regard to these matters are described in Note 7. The
financial statements do not include any adjustments that might result from
the outcome of these uncertainties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 11, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
Village Park II
Washington, D.C.
We have audited the accompanying statement of financial position of Village
Park II, A Limited Partnership, FHA Project No. 114-35213-PM, as of December
31, 1996, and the related statements of profit and loss (on HUD Form No.
92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Village Park II at December 31, 1996, and
the results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
As discussed in Note 1, the Partnership has filed for reorganization under
Chapter 11 of the United States Bankruptcy Code. The accompanying financial
statements do not purport to reflect or provide for the consequences of the
bankruptcy proceedings. In particular, such financial statements do not
purport to show (a) as to assets, their realizable value on a liquidation
basis or their availability to satisfy liabilities; (b) as to prepetition
liabilities, the amounts that may be allowed for claims or contingencies, or
the status and priority thereof; (c) as to partner accounts, the effect of
any changes that may be made in the capitalization of the Partnership; or (d)
as to operations, the effect of any changes that may be made in its business.
As discussed in Note 9 to the financial statements, the Partnership deeded
its land, rental property and substantially all of its assets to the
mortgagee in lieu of foreclosure on March 21, 1997. The financial statements
do not include any adjustments that might result from the foreclosure
proceedings.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
March 21, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
West Oak Village Limited
Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of West Oak
Village Limited Partnership, A Limited Partnership, FHA Project No.
118-44023, as of December 31, 1996, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for
the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of West Oak Village Limited Partnership at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The financial statements referred to above have been prepared assuming that
West Oak Village Limited Partnership will continue as a going concern. As
discussed in Notes 5 and 11, conditions exist which raise substantial doubt
about the ability of the Partnership to continue as a going concern unless it
is able to repay, refinance, or restructure its deferred acquisition note
payable which was due on November 30, 1996. The General Partner's plans in
regard to this matter are described in Notes 5 and 11. The financial
statements referred to above do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
McLean, Virginia
January 21, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners
Buffalo Village Associates
Vienna, VA
We have audited the accompanying statement of financial position of Buffalo
Village Associates, FHA Project No. 014-44035-LDP, (A Limited Partnership), as
of December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Buffalo Village Associates, as
of December 31, 1996, and the results of its operations, changes in partners'
equity, and cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated February 10, 1997, on our
consideration of the Partnership's internal control structure, and reports dated
February 10, 1997, on its compliance with laws and regulations, specific
requirements applicable to major and nonmajor HUD programs, and specific
requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 13 to 19 is presented for purposes of additional analysis
and is not a required part of the basic financial statements of Buffalo Village
Associates. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/Edwards Leap & Sauer
Hollidaysburg, Pennsylvania
February 10, 1997
-1-
[Letterhead footnote]
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners
Genesee Gardens Associates (A Limited Partnership)
Vienna, VA
We have audited the accompanying statement of financial position of Genesee
Gardens Associates, FHA Project No. 012-55079-LDC-R, (A Limited Partnership), as
of December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit) and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Genesee Gardens Associates, as
of December 31, 1996, and the results of its operations, changes in partners
equity (deficit), and cash flows for the year then ended in conformity with
generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note E to the
financial statements, the Partnership is in default on its deferred acquisition
note payable at December 31, 1996. This condition raises substantial doubt
about the Partnership's ability to continue as a going concern. Management's
plan in regard to this matter is also described in Note E. The financial
statements do not include any adjustments that might result from the outcome of
this uncertainty.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated February 8, 1997, on our
consideration of the Partnership's internal control structure, and reports dated
February 8, 1997, on its compliance with laws and regulations, specific
requirements applicable to major and nonmajor HUD programs, and specific
requirements applicable to Affirmative Fair Housing.
[Letterhead footnote] -1-
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 13 to 19 is presented for purposes of additional analysis
and is not a required part of the basic financial statements of Genesee Gardens
Associates. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is
fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/Edwards Leap & Sauer
Hollidaysburg, Pennsylvania
February 8, 1997
-2-
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners
IDA Tower (A Limited Partnership)
Vienna, VA
We have audited the accompanying statement of financial position of IDA
Tower, FHA Project No. 033-44805-LD-R-WAH, (A Limited Partnership), as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit) and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of IDA Tower, as of December
31, 1996, and the results of its operations, changes in partners equity
(deficit), and cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated February 6, 1997, on
our consideration of the Partnership's internal control structure, and
reports dated February 6, 1997, on its compliance with laws and regulations,
specific requirements applicable to major and nonmajor HUD programs, and
specific requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The accompanying supplementary
information on pages 13 to 19 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of IDA
Tower. Such information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ Edwards Leap & Sauer
Hollidaysburg, Pennsylvania
February 6, 1997
-1-
<PAGE>
INDEPENDENT AUDITORS' REPORT
Partners
Franklin Housing Associates
We have audited the accompanying consolidated balance sheet of FRANKLIN
HOUSING ASSOCIATES AND SUBSIDIARIES as of December 31, 1996, and the related
consolidated statements of income, partners' equity and cash flows for the
year then ended. These consolidated financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Franklin Housing Associates and subsidiaries as of December 31, 1996, and
the consolidated results of their operations and their consolidated cash
flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ FISHBEIN & COMPANY, P.C.
FISHBEIN & COMPANY, P.C.
Elkins Park, Pennsylvania
March 8, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
Partners
Franklin New York Avenue Associates
We have audited the accompanying consolidated balance sheet of FRANKLIN
NEW YORK AVENUE ASSOCIATES AND SUBSIDIARY as of December 31, 1996, and the
related consolidated statements of income, partners' equity and cash flows
for the year then ended. These consolidated financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Franklin New York Avenue Associates and subsidiary as of December 31,
1996, and the consolidated results of their operations and their consolidated
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ FISHBEIN & COMPANY, P.C.
FISHBEIN & COMPANY, P.C.
Elkins Park, Pennsylvania
February 26, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To The Partners
Chateau Gardens HUD Project # 075-44041LDP
We have audited the accompanying balance sheet of Chateau Gardens, (a
Limited Partnership) as of December 31, 1996 and the related statements
of income, partners' deficit and cash flows for the year then ended.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Chateau Gardens as
of December 31, 1996 and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 7, 1997 on our consideration of Chateau Garden's
internal control structure and a report dated February 7, 1997 on its
compliance with laws and regulations.
The accompanying supplementary information included in the report (shown
on pages 11 to 23) is presented for the purpose of additional analysis and is
not a required part of the financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 7, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To The Partners
Club Apartment Associates Project # 053-44079LDP
(A North Carolina Limited Partnership)
Director, HUD Area Office
Greensboro, N.C.
We have audited the accompanying balance sheet of Club Apartment
Associates,(a Limited Partnership) as of December 31, 1996 and the related
statements of income, partners' deficit and cash flows for the year then
ended. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Club Apartment
Associates as of December 31, 1996 and the results of its operations and its
cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 5, 1997 on our consideration of Club Apartment
Associate's internal control structure and a report dated February 5,
1997 on its compliance with laws and regulations.
The accompanying supplementary information included in the report (shown
on pages 11 to 22) is presented for the purpose of additional analysis and is
not a required part of the financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the financial statements taken as a whole.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 5, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To The Partners
Country Villa Associates, L.P. HUD Project # 073-44416
(An Indiana Limited Partnership)
We have audited the accompanying balance sheet of Country Villa Associates,
L.P., (a Limited Partnership) as of December 31, 1996 and the related
statements of income, partners' deficit and cash flows for the year then
ended. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing and
Government Auditing Standards issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Country Villa Associates,
L.P., as of December 31, 1996 and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As described in Note 1 to the
financial statements, the Partnership's ability to continue as a going
concern is dependent on attaining future profitable operations and a positive
cash flow.
In accordance with Government Auditing Standards, we have also issued a
report dated February 9, 1997 on our consideration of Country Villa
Associate's internal control structure and a report dated February 9, 1997 on
its compliance with laws and regulations.
The accompanying supplementary information included in the report (shown on
pages 11 to 23) is presented for the purpose of additional analysis and is
not a required part of the financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 9, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To The Partners
Countrybrook Associates HUD Project # 043-44077
(An Ohio Limited Partnership)
We have audited the accompanying balance sheet of Countrybrook Associates,
(an Ohio Limited Partnership) as of December 31, 1996 and the related
statements of income, partners' deficit, and cash flows for the year then
ended. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing and
Government Auditing Standards issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Countrybrook Associates, as
of December 31, 1996 and the results of its operations, and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 1, 1997 on our consideration of Countrybrook
Associate's internal control structure and a report dated February 1, 1997 on
its compliance with laws and regulations.
The accompanying supplementary information included in the report (shown on
pages 12 to 23) is presented for the purpose of additional analysis and is
not a required part of the financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 1, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
- ---------------------------
To the Partners
Cross Creek Limited Partnership
We have audited the accompanying balance sheet of Cross Creek Limited
Partnership, (a Limited Partnership) as of December 31, 1996 and the related
statements of income and loss, partners' capital (deficit) and cash flows for
the year then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The accompanying financial statements have been prepared assuming that the
partnership will continue as a going concern. As described in Note 1 to the
financial statements, the Partnership's ability to continue as a going
concern is dependent on attaining future profitable operations and a positive
cash flow.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Cross Creek Limited
Partnership, as of December 31, 1996, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 1, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
- ----------------------------
To the Partners
Grandland Realty Associates, Ltd.
We have audited the accompanying balance sheet of Grandland Realty
Associates, Ltd, (a Georgia Limited Partnership) as of December 31, 1996 and
the related statements of income and loss, partners' capital (deficit) and
cash flows for the year then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Grandland Realty Associates,
Ltd., as of December 31, 1996, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 4, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To The Partners
Kemar Townhouse Associates, L.P.
We have audited the accompanying balance sheet of Kemar Townhouse Associates,
L.P., (a Limited Partnership) as of December 31, 1996 and the related
statements of income, partners' deficit and cash flows for the year then
ended. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing and
Government Auditing Standards issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kemar Townhouse Associates,
L.P., as of December 31, 1996 and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 3, 1997 on our consideration of Kemar Townhouse
Associate's internal control structure and a report dated February 3, 1997 on
its compliance with laws and regulations.
The accompanying supplementary information included in the report (shown on
pages 11 to 22) is presented for the purpose of additional analysis and is
not a required part of the financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 3, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners
Lakeland East Limited Partnership
We have audited the accompanying balance sheet of Lakeland East Limited
Partnership (a Limited Partnership) as of December 31, 1996 and the related
statements of income and loss, partners' capital (deficit) and cash flows for
the year then ended. These financial statements are the responsibility of the
Company's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lakeland East Limited
Partnership, as of December 31, 1996, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 3, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITOR'S REPORT
To the Partners
Marten Manor Realty Associates L.P.
We have audited the accompanying balance sheet of Marten Manor Realty
Associates L.P., (a Limited Partnership) as of December 31, 1996 and the
related statements of income and loss, partners' capital (deficit) and cash
flows for the year then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Marten Manor Realty
Associates L.P., as of December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ Freeman & Vessillo, C.P.A., P.C.
New York, New York
February 3, 1997
<PAGE>
[letterhead]
INDEPENDENT AUDITOR'S REPORT
To The Partners
62ND STREET LIMITED PARTNERSHIP
We have audited the accompanying balance sheets of 62ND STREET LIMITED
PARTNERSHIP as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 62ND STREET LIMITED
PARTNERSHIP as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The information on Schedule I is
presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
/s/ Friduss, Lukee, Schiff & Co., P.C.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
February 9, 1997
<PAGE>
[letterhead]
INDEPENDENT AUDITOR'S REPORT
To The Partners
CENTRAL WOODLAWN LIMITED PARTNERSHIP
We have audited the accompanying balance sheets of CENTRAL WOODLAWN LIMITED
PARTNERSHIP (An Illinois Limited Partnership) as of December 31, 1996 and
1995, and the related statements of operations, partners' equity and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of CENTRAL WOODLAWN LIMITED
PARTNERSHIP as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The information on Schedule I
provides additional analysis which is not a required part of the basic
financial statements. Such information has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in
our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Friduss, Lukee, Schiff & Co., P.C.
FRIDUSS, LUKEE, SCHIFF & CO., P.C.
Certified Public Accountants
Chicago, Illinois
March 6, 1997
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 24, 1996
The Partners HUD Field Office Director
Academy Gardens Associates New York, New York
Washington, D.C.
We have audited the accompanying balance sheet of ACADEMY GARDENS
ASSOCIATES (A Limited Partnership), HUD Project No.
012-57138-PM-EC-221(d)(4)-L8, as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), of partners' equity
and of cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of ACADEMY GARDENS
ASSOCIATES as of December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 24, 1997, on our consideration of ACADEMY GARDENS ASSOCIATES'
internal control structure and reports dated January 24, 1997, on its
compliance with specific requirements applicable to major HUD programs, and
specific requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 15 to 24 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 29, 1997
The Partners HUD Field Office Director
Brunswick Village Limited Partnership Newark, New Jersey
Washington, D.C.
We have audited the accompanying balance sheet of BRUNSWICK VILLAGE
LIMITED PARTNERSHIP, HUD Project No. 031-55075-LDP, as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410), of
partners' equity and of cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of BRUNSWICK VILLAGE
LIMITED PARTNERSHIP as of December 31, 1996, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 29, 1997, on our consideration of BRUNSWICK VILLAGE LIMITED
PARTNERSHIP'S internal control structure and reports dated January 29, 1997,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 21 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditor's Report
January 24, 1997
The Partners HUD Field Office Director
Buckingham Hall Associates New York, New York
Vienna, VA
We have audited the accompanying balance sheet of BUCKINGHAM HALL
ASSOCIATES (A Limited Partnership), HUD Project No.
012-57190-PM-EC-221(d)(4)-L8, as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), of partners' equity
deficiency and of cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of BUCKINGHAM HALL
ASSOCIATES as of December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
(continued)
<PAGE>
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 24, 1997, on our consideration of BUCKINGHAM HALL ASSOCIATES
internal control structure and reports dated January 24, 1997, on its
compliance with specific requirements applicable to major HUD programs, and
specific requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 14 to 22 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion,
is fairly stated in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
2
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 5, 1997
The Partners
Churchview Gardens Associates
Vienna, Virginia
We have audited the accompanying balance sheet of CHURCHVIEW GARDENS
ASSOCIATES (A Limited Partnership), as of December 31, 1996, and the related
statements of operations, of partners' equity and of cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of CHURCHVIEW
GARDENS ASSOCIATES as of December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
GOLDENBERG LOCATED IN METROPOLITAN PHILADELPHIA
101 West Avenue
ROSENTHAL PO Box 458
Jenkintown, PA 19046-0458
FRIEDLANDER, LLP
---------------- (215) 881-8800
Certified Public Accountants (609) 354-6054
Management Consultants (215) 881-8801 FAX
Independent Auditors' Report
January 15, 1997
The Partners
Churchview Gardens Limited Partnership
Vienna, VA
We have audited the accompanying balance sheet of CHURCHVIEW GARDENS
LIMITED PARTNERSHIP, HUD Project No. 033-44090-LD, as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410), of
partners' equity deficiency and of cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards and Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by the Partnership's
management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
As set forth in Note 7, Notes to Financial Statements, the
Partnership has recognized a loss of $2,213,881 attributable to the
impairment in value of its principal real estate asset in accordance with
SFAS No. 121.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of CHURCHVIEW
GARDENS LIMITED PARTNERSHIP as of December 31, 1996, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the
Consolidated Audit Guide for Audits of HUD Programs issued by the U.S.
Department of Housing and Urban Development, we have also issued a report
dated January 15, 1997, on our consideration of CHURCHVIEW GARDENS LIMITED
PARTNERSHIP'S internal control structure and reports dated January 15, 1997,
on its compliance with specific requirements applicable to major HUD
programs, and specific requirements applicable to Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. The accompanying supplementary
information shown on pages 13 to 20 is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the
Partnership. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
/s/ Goldenberg Rosenthal Friedlander, LLP
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
SUITE 1150
PORTLAND, OREGON 97223
TELEPHONE FACSIMILE
(503) 244-2134 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Franklin Chandler Associates
Vienna, Virginia
We have audited the accompanying consolidated balance sheet of Franklin
Chandler Associates, and its Venture, as of December 31, 1996, and the
related consolidated statements of operations, partners' equity (deficit) and
cash flows for the year then ended. These consolidated financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Franklin
Chandler Associates and its Venture as of December 31, 1996, and the results
of its operations, changes in partners' equity (deficit) and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
consolidated financial statements taken as a whole. The supplemental
schedules, as referred to in the Table of Contents, are presented for the
purpose of additional analysis and are not a required part of the basic
consolidated financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic consolidated financial
statements and, in our opinion, the additional information is fairly stated in
all material respects, in relation to the consolidated financial statements
taken as a whole.
January 24, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Haines Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying statement of financial position of Haines
Associates Limited Partnership, (a Washington limited partnership), FHA
Project No. 127-35140, as of December 31, 1996 and the related statements of
profit and loss (on HUD Form 92410), partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Haines Associates Limited
Partnership as of December 31, 1996 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 24, 1997 on our consideration of Haines' internal control
structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purpose of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.
January 24, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
King-Bell Associates
Vienna, Virginia
We have audited the accompanying statement of financial position of King-Bell
Associates, (an Oregon limited partnership), FHA Project No. 126-35190-PM-L8,
as of December 31, 1996 and the related statements of profit and loss (on HUD
Form 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of King-Bell Associates as of
December 31, 1996 and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a report
dated January 16, 1997 on our consideration of King-Bell's internal control
structure.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information, as referred to in the
Table of Contents, is presented for the purpose of additional analysis and is
not a required part of the basic financial statements. This additional
information is the responsibility of the Partnership's management. Such
information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and, in our opinion, the additional
information is fairly stated, in all material respects, in relation to the
basic financial statements taken as a whole.
January 16, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Monmouth Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying statement of financial position of Monmouth
Associates Limited Partnership, (a Washington limited partnership), FHA
Project No. 127-35157, as of December 31, 1996 and the related statements of
profit and loss (on HUD Form 92410), partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Monmouth Associates Limited
Partnership as of December 31, 1996 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 1997 on our consideration of Monmouth's internal
control structure.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, the additional information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
January 24, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Pendleton Riverside Apartments, Oreg., Ltd.
Vienna, Virginia
We have audited the accompanying statement of financial position of Pendleton
Riverside Apartments, Oreg., Ltd., (an Oregon limited partnership), FHA
Project No. 126-44093-LD-SUP, as of December 31, 1996 and the related
statements of profit and loss (on HUD Form 92410), partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pendleton Riverside
Apartments, Oreg., Ltd. as of December 31, 1996 and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 17, 1997 on our consideration of Pendleton Riverside's
internal control structure.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, the additional information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
January 17, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Penn Hall Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying statement of financial position of Penn Hall
Associates Limited Partnership, (a Washington limited partnership), FHA
Project No. 127-35159, as of December 31, 1996 and the related statements of
profit and loss (on HUD Form 92410), partners' equity, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Penn Hall Associates Limited
Partnership as of December 31, 1996 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 24, 1997 on our consideration of Penn Hall's internal
control structure.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, the additional information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
January 24, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
Rodeo Drive Limited Partnership
Vienna, Virginia
We have audited the accompanying statement of financial position of Rodeo
Drive Limited Partnership, (a California limited partnership), FHA Project
No. 122-44452-LDP, as of December 31, 1996 and the related statements of
profit and loss (on HUD Form 92410), partners' deficit, and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Rodeo Drive Limited
Partnership as of December 31, 1996 and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 15, 1997 on our consideration of Rodeo Drive Limited
Partnership's internal control structure.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, the additional information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
January 15, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
HANSEN, HUNTER & KIBBEE, P.C.
Certified Public Accountants
10260 S.W. GREENBURG ROAD
TELEPHONE SUITE 1150 FACSIMILE
(503) 244-2134 PORTLAND, OREGON 97223 (503) 244-9754
INDEPENDENT AUDITORS' REPORT
To the Partners
South Mountain Terrace, Ltd.
Vienna, Virginia
We have audited the accompanying statement of financial position of South
Mountain Terrace, Ltd., (an Arizona limited partnership), FHA Project No.
123-35139, as of December 31, 1996 and the related statements of profit and
loss (on HUD Form 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of South Mountain Terrace, Ltd.
as of December 31, 1996 and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards, we have also issued a
report dated January 22, 1997 on our consideration of South Mountain Terrace
Ltd.'s internal control structure.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for the purposes of
additional analysis and is not a required part of the basic financial
statements. This additional information is the responsibility of the
Partnership's management. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements
and, in our opinion, the additional information is fairly stated, in all
material respects, in relation to the basic financial statements taken as a
whole.
January 22, 1997
/s/ Hansen, Hunter & Kibbee, P.C.
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 24, 1997
Partners
630 East Lincoln Avenue Associates
Washington, D.C.
We have audited the accompanying statement of financial position of 630 East
Lincoln Avenue Associates, FHA Project No. 012-57139-PM-EC, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 630 East Lincoln Avenue
Associates at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 4, 1997
Partners
Aspen Stratford Apartments Company B
Washington, D.C.
We have audited the accompanying statement of financial position of Aspen
Stratford Apartments Company B, FHA Project No. 031-35194-LD-SR, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Aspen Stratford Apartments
Company B at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 6, 1997
Partners
Aspen Stratford Apartments Company C
Washington, D.C.
We have audited the accompanying statement of financial position of Aspen
Stratford Apartments Company C, FHA Project No. 031-35195-LD-SR, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Aspen Stratford Apartments
Company C at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1997
Partners
Athens Arms Associates
Washington, DC
We have audited the accompanying statement of financial position of Athens
Arms Associates, FHA Project No. 061-55068-LDI, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards required that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material aspects, the financial position of Athens Arms Associates, A
Limited Partnership, at December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
The financial statements referred to above have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note I to the
financial statements, the Partnership has a net capital deficiency that
raises substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note I.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 24, 1997
Partners
Benjamin Banneker Plaza Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Benjamin
Banneker Plaza Associates, FHA Project No. 034-44108-NP, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Benjamin Banneker Plaza
Associates at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 21, 1997
Partners
Benton Square, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Benton
Square, Ltd., FHA Project No. 084-35236-L8-PM-SR, A Limited Partnership, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Benton Square, Ltd. at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
The financial statements referred to above have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note I to the
financial statements, the Partnership has a net capital deficiency that
raises substantial doubt about its' ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note I.
The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 31, 1997
Partners
Brightwood Limited Partnership
Washington, DC
We have audited the accompanying statement of financial position of
Brightwood Limited Partnership, FHA Project No. 051-55001-LD, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Brightwood Limited
Partnership at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1997
Partners
Carter Associates Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Carter
Associates Limited Partnership, MHFA Project No. 71-171-N, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Carter Associates Limited
Partnership, A Limited Partnership, at December 31, 1996, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 18, 1997
Partners
Christopher Court Housing Company
Washington, D.C.
We have audited the accompanying statement of financial position of
Christopher Court Housing Company, FHA Project No. 012-57097-LD-220-L8, A
Limited Partnership, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Christopher Court Housing
Company at December 31, 1996, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1997
Partners
Colonial Terrace I Associates
Washington, DC
We have audited the accompanying statement of financial position of Colonial
Terrace I Associates, FHA Project No. 061-55011-LD, A Limited Partnership, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards required that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material aspects, the financial position of Colonial Terrace I
Associates, A Limited Partnership, at December 31, 1996, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The financial statements referred to above have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note C to the
financial statements, a deferred acquisition note, which was issued in
conjunction with purchase of the rental property, was due on December 2,
1996. The Partnership's inability to satisfy this obligation raises
substantial doubts about the ability of the Partnership to continue as a
going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1997
Partners
Colonial Terrace II Associates
Vienna, Virginia
We have audited the accompanying statement of financial position of Colonial
Terrace II Associates, FHA Project No. 061-55017-LD, as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity (deficit), and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Colonial Terrace II
Associates, A Limited Partnership, at December 31, 1996, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
The financial statements referred to above have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note C to the
financial statements, a deferred acquisition note, which was issued in
conjunction with purchase of the rental property, was due on December 2,
1996. The Partnership's inability to satisfy this obligation raises
substantial doubts about the ability of the Partnership to continue as a
going concern. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 1, 1997
Partners
Concord Houses Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Concord
Houses Associates, MHFA Project No. 73-106-N, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Concord Houses Associates, A
Limited Partnership, at December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1997
Partners
Duke Manor Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Duke
Manor Associates, FHA Project No. 034-35149-LD, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Duke Manor Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 24, 1997
Partners
Elderly Housing Associates Ltd. Partnership
Washington, DC
We have audited the statement of financial position of Elderly Housing
Associates Ltd. Partnership, FmHA Project No. 24-11-133-3698, A Limited
Partnership, as of December 31, 1996 and 1995, and the related statements of
profit and loss, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Elderly Housing Associates
Ltd. Partnership as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 11, 1997
Partners
Ferncliff Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Ferncliff
Limited Partnership, A Limited Partnership, as of December 31, 1996, and the
related statements of operations, partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ferncliff Limited
Partnership, A Limited Partnership, as of December 31, 1996, and the results
of its operations and its cash flows for the year then ended, in conformity
with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 17, 1997
Partners
Forest Apartments Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Forest
Apartments Associates, FHA Project No. 044-35493-PM-L8, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity, and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Forest Apartments Associates
at December 31, 1996, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 31, 1997
Partners
Gate Manor Apartments, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Gate
Manor Apartments, Ltd., FHA Project No. 087-35144-PM-L8, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Gate Manor Apartments, Ltd.
at December 31, 1996, and the results of its operations and its cash flows
for the year then ended in conformity with generally accepted accounting
principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 17, 1997
Partners
Greenfield Apartments Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Greenfield Apartments Limited Partnership, FHA Project No. 051-55018-LDP, A
Limited Partnership, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity, and cash flows for
the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield Apartments
Limited Partnership at December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 11, 1997
Partners
Greenfield Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Greenfield Limited Partnership, A Limited Partnership, as of December 31,
1996, and the related statements of operations, partners' equity (deficit),
and cash flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield Limited
Partnership, A Limited Partnership, as of December 31, 1996, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 27, 1997
Partners
Greenfield North Apartments Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Greenfield North Apartments Limited Partnership, FHA Project No.
051-44030-LDP, A Limited Partnership, as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity, and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield North Apartments
Limited Partnership at December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 11, 1997
Partners
Greenfield North Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of
Greenfield North Limited Partnership, A Limited Partnership, as of December
31, 1996, and the related statements of operations, partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Greenfield North Limited
Partnership, A Limited Partnership, as of December 31, 1996, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 30, 1997
Partners
Haili Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Haili
Associates, FHA Project No. 140-35089-LDP-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Haili Associates at December
31, 1996, and the results of its operations and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 19, 1997
Partners
Hollows Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Hollows
Associates, FHA Project No. 012-32191-LD-WAH-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hollows Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 27, 1997
Partners
Houston Aristocrat Apartments, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Houston
Aristocrat Apartments, Ltd., FHA Project No. 114-44031-LDP, A Limited
Partnership, as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards required that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Houston Aristocrat
Apartments, Ltd. at December 31, 1996, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 30, 1997
Partners
Kapuna Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Kapuna
Associates, FHA Project No. 140-38005-PM-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kapuna Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1997
Partners
Kimberton Apartments Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Kimberton
Apartments Associates, FHA Project No. 032-44013-LD, A Limited Partnership,
as of December 31, 1996, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Kimberton Apartments
Associates at December 31, 1996, and the results of its operations and its
cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 30, 1997
Partners
Koolau Housing Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Koolau
Housing Associates, FHA Project No. 140-35091-LDP-L8, A Limited Partnership,
as of December 31, 1996, and the related statements of profit and loss (on
HUD Form No. 92410), partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Koolau Housing Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 24, 1997
Partners
Lakeview Arms Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Lakeview
Arms Associates, FHA Project No. 012-35474-PM-L8, A Limited Partnership, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity, and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lakeview Arms Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 16, 1997
Partners
Lee-Hy Manor Associates Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Lee-Hy
Manor Associates Limited Partnership, FHA Project No. 051-35326-PM-L8, A
Limited Partnership, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lee-Hy Manor Associates
Limited Partnership at December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 22, 1997
Partners
Locust Park Associates
Washington, DC
We have audited the accompanying statement of financial position of Locust
Park Associates, FHA Project No. 052-44124-LDP-SUP, A Limited Partnership, as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Locust Park Associates at
December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 13, 1997
Partners
Loring Towers Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Loring
Towers Associates, MHFA Project No. 70-003-N, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Loring Towers Associates, A
Limited Partnership, at December 31, 1996, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 13, 1997
Partners
Milliken Apartments Company
Washington, D.C.
We have audited the accompanying statement of financial position of Milliken
Apartments Company, FHA Project No. 023-44122-LD, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Milliken Apartments Company at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 7, 1997
Partners
Monument Street Limited Partnership
Washington, D.C.
We have audited the accompanying statement of financial position of Monument
Street Limited Partnership, FHA Project No. 052-44094-LD, A Limited Partnership,
as of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' equity (deficit), and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Monument Street Limited
Partnership at December 31, 1996, and the results of its operations and its cash
flows for the year then ended in conformity with generally accepted accounting
principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 4, 1997
Partners
Neighborhoods of the Universities
Lock Street Apartments Company
Washington, DC
We have audited the accompanying statement of financial position of
Neighborhoods of the Universities Lock Street Apartments Company, FHA Project
No. 031-35213-LD-L8, A Limited Partnership, as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners' equity
(deficit), and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Neighborhoods of the
Universities Lock Street Apartments Company at December 31, 1996, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 14, 1997
Partners
Oak Hollow South Associates
Washington, D.C.
We have audited the accompanying statements of financial position of Oak Hollow
South Associates, PHFA Project No. R-650-8F, A Limited Partnership, as of
December 31, 1996 and 1995, and the related statements of profit and loss (on
HUD Form No. 92410), changes in partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Oak Hollow South Associates, A
Limited Partnership, as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 12, 1997
Partners
Oak Park Limited Partnership
Washington, DC
We have audited the accompanying statements of financial position of Oak Park
Limited Partnership, A Limited Partnership, as of December 31, 1996, and the
related statements of operations, partners' equity (deficit), and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Oak Park Limited Partnership, A
Limited Partnership, as of December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 14, 1997
Partners
Orchard Mews Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Orchard Mews
Associates, FHA Project No. 052-44200-LD-SUP-R, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Orchard Mews Associates at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 13, 1997
Partners
Oxford Place Associates
Washington, DC
We have audited the accompanying statement of financial position of Oxford Place
Associates, A Limited Partnership, FHA Project No. 016-57004WAH-LDP-231-L8, as
of December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Oxford Place Associates at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 7, 1997
Partners
Pittsfield Neighborhood Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Pittsfield
Neighborhood Associates, MHFA Project No. 79-093-R, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Pittsfield Neighborhood
Associates, A Limited Partnership, at December 31, 1996, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 11, 1997
Partners
Portfolio Properties Four Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Portfolio
Properties Four Associates, A Limited Partnership, as of December 31, 1996, and
the related statements of operations, partners' equity (deficit), and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Portfolio Properties Four
Associates, A Limited Partnership, as of December 31, 1996, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J.A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 10, 1997
Partners
Prince Street Towers Limited Partnership
Washington, D.C.
We have audited the accompanying statements of financial position of Prince
Street Towers Limited Partnership, PHFA Project No. R-414-8E, A Limited
Partnership, as of December 31, 1996 and 1995, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity (deficit), and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Prince Street Towers Limited
Partnership at December 31, 1996 and 1995, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 21, 1997
Partners
Registry Square, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Registry
Square, Ltd., FHA Project No. 084-35237-L8-PM-SR, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Registry Square, Ltd. at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
The financial statements referred to above have been prepared assuming the
Partnership will continue as a going concern. As discussed in Note I to the
financial statements, the Partnership has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note I. The
financial statements do not include any adjustments that might result from the
outcome of this uncertainty.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 30, 1997
Partners
Sencit-Lebanon Company
Washington, D.C.
We have audited the accompanying statement of financial position of
Sencit-Lebanon Company, FHA Project No. 034-35094-PM, A Limited Partnership, as
of December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Sencit-Lebanon Company at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 29, 1997
Partners
St. Nicholas Associates
Washington, D.C.
We have audited the accompanying statement of financial position of St. Nicholas
Associates, FHA Project No. 012-57199-PM-EC-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of St. Nicholas Associates at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 20, 1997
Partners
Tamarac Pines, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Tamarac
Pines, Ltd., FHA Project No. 114-35233-PM-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tamarac Pines, Ltd. at December
31, 1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 20, 1997
Partners
Tamarac Pines II, Ltd.
Washington, D.C.
We have audited the accompanying statement of financial position of Tamarac
Pines II, Ltd., FHA Project No. 114-35270-PM-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tamarac Pines II, Ltd. at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 15, 1997
Partners
Taunton Green Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Taunton
Green Associates, MHFA Project No. 79-096-R, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Taunton Green Associates at
December 31, 1996, and the results of its operations and its cash flows for the
year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 3, 1997
Partners
Taunton II Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Taunton II
Associates, MHFA Project No. 81-056-N, A Limited Partnership, as of December 31,
1996, and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity (deficit), and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Taunton II Associates, A
Limited Partnership, at December 31, 1996, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
March 22, 1997
Partners
The National Housing Partnership-II
Washington, DC
We have audited the accompanying statement of financial position of The National
Housing Partnership-II, A Limited Partnership, as of December 31, 1996, and the
related statements of operations, partners' equity (deficit), and cash flows for
the year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of The National Housing
Partnership-II, A Limited Partnership, as of December 31, 1996, and the results
of its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 25, 1997
Partners Commissioner of Housing
Tompkins Terrace Associates and Community Renewal
Washington, D.C. of the State of New York
Bronx, New York
We have audited the accompanying comparative balance sheet of Tompkins Terrace
Associates, UDC Project No. 35, A Limited Partnership, as of December 31, 1996
and 1995 and the related summary and statement of income and expenses, analysis
of income sufficiency and statement of cash flows for the year ended December
31, 1996 included in the Certified Annual Financial and Operating Report to the
Commissioner of Housing and Community Renewal Executive Department of the State
of New York. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Tompkins Terrace Associates at
December 31, 1996 and 1995, and the results of its operations, its analysis of
income sufficiency and its cash flows for the year ended December 31, 1996 in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note K to the
financial statements, the Partnership has insufficient funds with which to pay
its current liabilities at December 31, 1996. This condition raises substantial
doubt about the Partnership's ability to continue as a going concern.
Management's plan regarding this matter is described in Note K. The financial
statements do not include any adjustments that might be necessary if the
Partnership is unable to continue as a going concern.
In accordance with Government Auditing Standards, we have also issued a report
dated February 25, 1997 on our consideration of Tompkins Terrace Associates'
internal control structure and a report dated February 25, 1997 on its
compliance with laws and regulations.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The additional information on pages 14 through 29
is presented for purposes of additional analysis and is not a required part of
the basic financial statements. Such information has been subjected to the
auditing procedures applied in the audit of the basic financial statements and,
in our opinion, the additional information is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ J. A. Plumer & Co., P. A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 30, 1997
Partners
Waipahu Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Waipahu
Associates, FHA Project No. 140-35087-LDP-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Waipahu Associates at December
31, 1996, and the results of its operations and its cash flows for the year then
ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 23, 1997
Partners
Washington Chinatown Associates
Washington, D.C.
We have audited the accompanying statement of financial position of Washington
Chinatown Associates, FHA Project No. 32023-PM-L8, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Washington Chinatown Associates
at December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 12, 1997
Partners
Windsor Apartments Associates
Washington, DC
We have audited the accompanying statement of financial position of Windsor
Apartments Associates, FHA Project No. 032-44012-LD-WAH-SUP, A Limited
Partnership, as of December 31, 1996, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Windsor Apartments Associates
at December 31, 1996, and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
January 15, 1997
Partners
Woodcrest Apartments, Ltd.
Washington, DC
We have audited the accompanying statement of financial position of Woodcrest
Apartments, Ltd., FHA Project No. 133-44034-LD-SUP, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards required that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material aspects, the financial position of Woodcrest Apartments, Ltd., A
Limited Partnership, at December 31, 1996, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted
accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
J. A. PLUMER & CO., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
4909 CORDELL AVENUE
BETHESDA, MARYLAND 20814
(301) 986-5760
Fax (301) 986-4940
INDEPENDENT AUDITOR'S REPORT
February 5, 1997
Partners
Worcester Episcopal Housing Company
Washington, D.C.
We have audited the accompanying statement of financial position of Worcester
Episcopal Housing Company, MHFA Project No. 71-216-N, A Limited Partnership, as
of December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' equity (deficit), and cash flows for the year then ended.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Worcester Episcopal Housing
Company, A Limited Partnership, at December 31, 1996, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ J. A. Plumer & Co., P.A.
CERTIFIED PUBLIC ACCOUNTANTS
<PAGE>
PRAGUE & RICHMOND, P.C
CERTIFIED PUBLIC ACCOUNTANTS
- ------------------------------------------------------------------------------
Twenty Walnut Street, Suite 215
Wellesley, Massachusetts 02181
(617) 237-5555 FAX (617) 237-7779
INDEPENDENT AUDITOR'S REPORT
To the Partners of Crosland Housing Associates, L.P.
We have audited the accompanying balance sheet of Crosland Housing
Associates, L.P., (a limited partnership), HUD Project No. 054-35480-PM-L8,
for the Year Ended December 31, 1996, and the related statements of income
and expense, changes in partners' equity, and cash flows for the year then
ended. These financial statements are the responsibility of the Project's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Crosland Housing Associates,
L.P., HUD Project No. 054-35480-PM-L8 as of December 31, 1996 and the results
of its operations and its cash flows and its analysis of owners' equity for
the year ended in conformity with generally accepted accounting principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting information included in
the report (shown on pages 12 to 17) are presented for the purposes of
additional analysis and are not a required part of the basic financial
statements of Crosland Housing Associates, L.P., HUD Project No.
054-35480-PM-L8. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in our
opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.
This report is intended for management and the U.S. Department of Housing and
Urban Development. This restriction is not intended to limit the distribution
of this report, which is a matter of public record.
/s/ Andrew P. Prague, CPA
Prague & Richmond, P.C.
Certified Public Accountants
Wellesley, Massachusetts
January 16, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Beautiful Village Associates
Redevelopment Company
We have audited the accompanying statement of financial position of
Beautiful Village Associates Redevelopment Company, A Limited Partnership as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' deficit and cash flows for the year then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Beautiful Village
Associates Redevelopment Company, A Limited Partnership as of December 31,
1996, and the results of its operations, the changes in partners' deficit and
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 29, 1997 on our consideration of Beautiful Village Associates
Redevelopment Company's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 29, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Branchwood Towers Limited Partnership
We have audited the accompanying statement of financial position of
Branchwood Towers Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Branchwood Towers
Limited Partnership as of December 31, 1996, and the results of its
operations and its cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
20 through 29 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 23, 1997 on our consideration of Branchwood Towers Limited Partnership's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 23, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Brookview Apartments Company Limited
We have audited the accompanying statement of financial position of
Brookview Apartments Company Limited as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Brookview
Apartments Company Limited as of December 31, 1996, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 30, 1997 on our consideration of Brookview Apartments Company
Limited's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 30, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Citrus Park Associates, Ltd.
We have audited the accompanying statement of financial position of
Citrus Park Associates, Ltd. as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' deficit and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Citrus Park
Associates, Ltd. as of December 31, 1996, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 30, 1997 on our consideration of Citrus Park Associates, Ltd.'s
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 30, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners
Clover Ridge East Limited Partnership
We have audited the accompanying statement of financial position of
Clover Ridge East Limited Partnership, as of December 31, 1996, and the
related statements of profit and loss, partners' deficit and cash flows for
the year then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit. The financial statements of
Clover Ridge East Limited Partnership as of December 31, 1995 were audited by
other auditors, whose report dated February 22, 1996, expressed an
unqualified opinion on those statements.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the 1996 financial statements referred to above present
fairly, in all material respects, the financial position of Clover Ridge East
Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
February 21, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Colony Apartments Company Limited
We have audited the accompanying statement of financial position of
Colony Apartments Company Limited, A Limited Partnership, as of December 31,
1996, and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Colony Apartments
Company Limited, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' equity and cash flows for the
year then ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
17 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 20, 1997 on our consideration of Colony Apartments Company Limited's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 20, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Community Circle II Limited
We have audited the accompanying statement of financial position of
Community Circle II Limited, A Limited Partnership as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Community Circle
II Limited, A Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information shown on
pages 18 through 26 is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 30, 1997 on our consideration of Community Circle II Limited's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 30, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Copperstone Circle Limited Partnership
We have audited the accompanying balance sheet of Copperstone Circle
Limited Partnership as of December 31, 1996, and the related statements of
operations, partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Copperstone
Circle Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Bethesda, Maryland /s/ Reznick Fedder & Silverman
March 6, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Copperstone Limited Partnership
We have audited the accompanying statement of financial position of
Copperstone Limited Partnership as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
As described in note A, the partnership's financial statements have been
prepared on the basis of accounting and reporting practices prescribed by the
Department of Housing and Urban Development (HUD). These prescribed
prescribed practices are a comprehensive basis of accounting other than
generally accepted accounting principles.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Copperstone
Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended, on the basis of accounting described in note A.
During 1996, the partnership entered into an agreement to sell the project.
As of the date of this report the sale has not been finalized.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 27, 1997 on our consideration of Copperstone Limited Partnership's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
This report is intended solely for filing with HUD and is note
intended for any other purposes.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 27, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Country Lakes Associates Two,
A Limited Partnership
We have audited the accompanying statement of financial position of
Country Lakes Associates Two, A Limited Partnership as of December 31, 1996,
and the related statements of profit and loss, partners' deficit and cash
flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Country Lakes
Associates Two, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Bethesda, Maryland /s/ Reznick Fedder & Silverman
February 6, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Diakonia Associates Limited Partnership
We have audited the accompanying statement of financial position of
Diakonia Associates Limited Partnership, R.I.H.M.F.C. Project No.:
RI43-H023-022, as of June 30, 1996, and the related statements of profit and
loss (on HUD Form No. 92410), partners' equity and cash flows for the year
then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Diakonia
Associates Limited Partnership, R.I.H.M.F.C. Project No.: RI43-H023-022, as
of June 30, 1996, and the results of its operations and its cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
17 through 24 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated August 13, 1996 on our consideration of Diakonia Associates
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major RIHMFC-assisted programs,
affirmative fair housing, and laws and regulations applicable to the
financial statements.
Bethesda, Maryland /s/ Reznick Fedder & Silverman
August 13, 1996
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
East Hampton Limited Partnership
We have audited the accompanying statement of financial position of East
Hampton Limited Partnership as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' deficit and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of East Hampton
Limited Partnership, as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 7, 1997 on our consideration of East Hampton Limited Partnership's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 7, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Easton Terrace I Associates
We have audited the accompanying statement of financial position of
Easton Terrace I Associates, A Limited Partnership as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Easton Terrace I
Associates, A Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 15, 1997 on our consideration of Easton Terrace I Associates'
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 15, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Eastridge Apartments,
A Limited Partnership
We have audited the accompanying statement of financial position of
Eastridge Apartments, A Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Eastridge
Apartments, A Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, one of the partnership's housing assistance payment
contracts with the Federal Housing Administration expires during 1997 which
raises substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also
described in note B. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 17, 1997 on our consideration of Eastridge Apartments, A Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda,Maryland Federal Employer
January 17, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Eastridge Apartments Associates
We have audited the accompanying balance sheet of Eastridge Apartments
Associates, A Limited Partnership, as of December 31, 1996, and the related
statements of operations, partners' deficit and cash flows for the year then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Eastridge
Apartments Associates as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, the partnership's major asset is an investment in a
Local Partnership. That entity has a contract for rental subsidies
representing a significant portion of its revenue, which is due to expire
during 1997. Accordingly, the partnership may not be able to realize the
carrying value of its investment in the Local Partnership, which raises
substantial doubt about the partnership's ability to continue as a going
concern. Management's plans in regard to this matter are also described in
note B. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
Bethesda, Maryland /s/ Reznick Fedder & Silverman
March 3, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Edgewood II Associates
We have audited the accompanying statement of financial position of
Edgewood II Associates, as of December 31, 1996, and the related statements
of profit and loss (on HUD Form No. 92410), partners' deficit and cash flows
for the year then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Edgewood II
Associates as of December 31, 1996, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 23, 1997 on our consideration of Edgewood II Associates' internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 23, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Emory Grove Associates Limited Partnership
We have audited the accompanying balance sheet of Emory Grove Associates
Limited Partnership as of December 31, 1996, and the related statements of
operations, partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Emory Grove
Associates Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As disclosed in note B, the
partnership is in default on its deferred acquisition notes payable, which
raises substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also described
in note B. The financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
Bethesda, Maryland /s/ Reznick Fedder & Silverman
March 4, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Emory Grove Limited Partnership
We have audited the accompanying statement of financial position of Emory
Grove Limited Partnership as of December 31, 1996, and the related statements
of profit and loss (on HUD Form No. 92410), partners' equity and cash flows
for the year then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Emory Grove
Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 7, 1997 on our consideration of Emory Grove Limited Partnership's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 7, 1997 Identification Number:
52-1088612
Audit Principal: Bill D. Tzamaras
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Fairburn and Gordon Associates, Phase I
We have audited the accompanying statement of financial position of
Fairburn and Gordon Associates, Phase I, as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Fairburn and
Gordon Associates, Phase I, as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 23, 1997 on our consideration of Fairburn and Gordon Associates,
Phase I's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 23, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Fairburn and Gordon Associates, Phase II
We have audited the accompanying statement of financial position of
Fairburn and Gordon Associates, Phase II as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Fairburn and
Gordon Associates, Phase II as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 23, 1997 on our consideration of Fairburn and Gordon Associates,
Phase II's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 23, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
First Alexandria Associates
We have audited the accompanying statement of financial position of
First Alexandria Associates, A Limited Partnership as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of First Alexandria
Associates, A Limited Partnership at December 31, 1996, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 29 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except
for that portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 15, 1997 on our consideration of First Alexandria Associates'
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 15, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Flatbush NSA Associates
We have audited the accompanying statement of financial position of
Flatbush NSA Associates, A Limited Partnership as of December 31, 1996, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Flatbush NSA
Associates, A Limited Partnership as of December 31, 1996, and the results of
its operations, the changes in partners' equity and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 24, 1997 on our consideration of Flatbush NSA Associates' internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Franklin Square School Associates
We have audited the accompanying statement of financial position of
Franklin Square School Associates, A Limited Partnership as of December 31,
1996, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Franklin Square
School Associates, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 23, 1997 on our consideration of Franklin Square School Associates'
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 23, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
Partners HUD Field Office Director
Gates Mill I Limited Partnership The Renaissance on Playhouse Square #500
Washington, D.C. Cleveland, Ohio 44115-1815
We have audited the accompanying statement of financial position of Gates Mills
I Limited Partnership, An Ohio Limited Partnership, F.H.A. Project No.:
042-44062-LDP, as of December 31, 1996, and the related statements of profit and
loss (on HUD Form No.92410), partners' deficit and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about wether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Gates Mills I Limited
Partnership as of December 31, 1996, and the results of its operations, changes
in partners' deficit and cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental information, as referred to in
the Table of Contents, is presented for purposes of additional analysis and is
not a required part of the basic financial statements. Such information has
been subjected to the audit procedures applied in the audit of the basic
financial statements and, in our opinion, the supplemental information is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
In accordance with Government Auditing Standards, and the " Consolidated Audit
Guide for Audits of HUD Programs," we have also issued reports dated January 23,
1997, on our consideration of Gates Mills I Limited Partnership's internal
control structure and on its compliance with specific requirements applicable to
major HUD Programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 23, 1997 Identification Number
Lead Auditor: David H. Lavine 52-1088612
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Grosvenor House Associates
Limited Partnership
We have audited the accompanying statement of financial position of
Grosvenor House Associates Limited Partnership, A Limited Partnership, as of
December 31, 1996, and the related statements of profit and loss, partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Grosvenor House
Associates Limited Partnership, A Limited Partnership, as of December 31,
1996, and the results of its operations, changes in partners' deficit and
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
17 through 24 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, we have also issued
reports dated January 22, 1997 on our consideration of Grosvenor House
Associates Limited Partnership's internal control structure and on its
compliance with laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
January 22, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Intown West Associates Limited Partnership
We have audited the accompanying statement of financial position of
Intown West Associates Limited Partnership, A Limited Partnership as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Intown West
Associates Limited Partnership, A Limited Partnership as of December 31,
1996, and the results of its operations, changes in partners' deficit and
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
20 through 30 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 1, 1997 on our consideration of Intown West Associates Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 1, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Laing Village
We have audited the accompanying statement of financial position of
Laing Village as of December 31, 1996, and the related statements of profit
and loss (on HUD Form No. 92410), partners' deficit and cash flows for the
year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Laing Village as
of December 31, 1996, and the results of its operations, changes in partners'
deficit and cash flows for the year then ended in conformity with generally
accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards, and the "Consolidated
Audit Guide for audits of HUD Programs," we have also issued reports dated
January 31, 1997 on our consideration of Laing Village's internal control
structure and on its compliance with specific requirements applicable to
major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 31, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lake Avenue Associates
We have audited the accompanying statement of financial position of Lake
Avenue Associates as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), partners' deficit and cash flows for
the year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lake Avenue
Associates as of December 31, 1996, and the results of its operations, the
changes in partners' deficit and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
20 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 12, 1997 on our consideration of Lake Avenue Associates' internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 12, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lake Crossing Limited Partnership,
A Limited Partnership
We have audited the accompanying statement of financial position of Lake
Crossing Limited Partnership, A Limited Partnership as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lake Crossing
Limited Partnership, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 5, 1997 on our consideration of Lake Crossing Limited Partnership, A
Limited Partnership's internal control structure and on its compliance with
specific requirements applicable to major HUD programs, affirmative fair
housing, and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 5, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lakehaven Associates One
We have audited the accompanying statement of financial position of
Lakehaven Associates One, A Limited Partnership as of December 31, 1996, and
the related statements of operations, partners' deficit and cash flows for
the year then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lakehaven
Associates One, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B,
principal and accrued interest on the mortgage note are due in full June
1997, which raises substantial doubt about the partnership's ability to
continue as a going concern. Management's plans in regard to this matter are
also described in note B. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
January 25, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Lakehaven Associates Two
We have audited the accompanying statement of financial position of
Lakehaven Associates Two, A Limited Partnership as of December 31, 1996, and
the related statements of operations, partners' deficit and cash flows for
the year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Lakehaven
Associates Two, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
January 30, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Linden Court Associates
We have audited the accompanying statement of financial position of
Linden Court Associates as of December 31, 1996, and the related statements
of profit and loss (on HUD Form No. 92410), partners' equity and cash flows
for the year then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Linden Court
Associates as of December 31, 1996, and the results of its operations,
changes in partners' equity and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 6, 1997 on our consideration of Linden Court Associates' internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 6, 1997 Identification Number
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Loudoun House Limited Partnership
We have audited the accompanying statement of financial position of
Loudoun House Limited Partnership, A Limited Partnership as of December 31,
1996, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Loudoun House
Limited Partnership, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 17, 1997 on our consideration of Loudoun House Limited Partnership's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Monaco Arms Associates I
We have audited the accompanying statement of financial position of
Monaco Arms Associates I as of December 31, 1996, and the related statements
of profit and loss (on HUD Form No. 92410), partners' deficit and cash flows
for the year then ended. These financial statements are the responsibility
of the partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Monaco Arms
Associates I as of December 31, 1996, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, the deferred acquisition note payable matures in
October, 1997 and one of the partnership's Housing Assistance Payment
contracts with the U.S. Department of Housing and Urban Development (HUD)
expires during 1997, both of which raise substantial doubt about the
partnership's ability to continue as a going concern. Management's plans in
regard to these matters are also described in note B. The financial
statements do not include any adjustments that might result from the outcome
of these uncertainties.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for the purposes of additional analysis and is not
a required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 28, 1997 on our consideration of Monaco Arms Associates I's internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 28, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Monaco Arms Associates II
We have audited the accompanying statement of financial position of
Monaco Arms Associates II, A Limited Partnership as of December 31, 1996, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Monaco Arms
Associates II, A Limited Partnership as of December 31, 1996, and the results
of its operations, changes in partners' deficit and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B to
the financial statements, the deferred acquisition note payable matures in
October 1997 and the Partnership's Housing Assistance Payment contract with
the U.S. Department of Housing and Urban Development (HUD) expires during
1997, both of which raise substantial doubt about the partnership's ability
to continue as a going concern. Management's plans in regard to these
matters are also described in note B. The financial statements do not
include any adjustments that might result from the outcome of these
uncertainties.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 28, 1997 on our consideration of Monaco Arms Associates II's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 28, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Muske Limited Partnership
We have audited the accompanying statement of financial position of Muske
Limited Partnership, A Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Muske Limited
Partnership, A Limited Partnership as of December 31, 1996, and the results
of its operations, changes in partners' deficit and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As discussed in note B,
the partnership is in default on its deferred acquisition note payable, which
raises substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also
described in note B. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 7, 1997 on our consideration of Muske Limited Partnership's internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 7, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Natick Associates
We have audited the accompanying statement of financial position of
Natick Associates as of November 30, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity and cash flows for
the year then ended. These financial statements are the responsibility of
the partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Natick Associates
as of November 30, 1996, and the results of its operations, changes in
partners' equity and cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 10, 1997 on our consideration of Natick Associates' internal control
structure and on its compliance with specific requirements applicable to
major Rhode Island Housing and Mortgage Finance Corporation programs,
affirmative fair housing, and laws and regulations applicable to the
financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
January 10, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Oakcrest Terrace Apartments
We have audited the accompanying statement of financial position of
Oakcrest Terrace Apartments, A Limited Partnership (Debtor-in-Possession) as
of December 31, 1996, and the related statements of profit and loss (on HUD
Form No. 92410), partners' deficit and cash flows for the year then ended.
These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Oakcrest Terrace
Apartments, A Limited Partnership (Debtor-in-Possession) as of December 31,
1996, and the results of its operations, changes in partners' deficit and
cash flows for the year then ended in conformity with generally accepted
accounting principles.
On February 7, 1997, the partnership gave the deed of trust on the
property to the mortgagor in lieu of foreclosure.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 10, 1997 on our consideration of Oakcrest Terrace Apartments'
internal control structure and on its compliance with specific requirements
applicable to nonmajor HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 10, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Oakland City/West End Associates, Ltd.
We have audited the accompanying statement of financial position of
Oakland City/West End Associates, Ltd. as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Oakland City/West
End Associates, Ltd. as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 31, 1997 on our consideration of Oakland City/West End Associates,
Ltd.'s internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 31, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Oakwood Limited Partnership
We have audited the accompanying statement of financial position of
Oakwood Limited Partnership, A Limited Partnership as of December 31, 1996,
and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Oakwood Limited
Partnership, A Limited Partnership as of December 31, 1995, and the results
of its operations, changes in partners' deficit and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As disclosed in note B,
the partnership is in default on its deferred acquisition note payable, which
raises substantial doubt about the partnership's ability to continue as a
going concern. Management's plans in regard to this matter are also
described in note B. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
<PAGE>
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
In accordance with Government Auditing Standards, and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 8, 1997 on our consideration of Oakwood Limited Partnership's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 8, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Oakwood Muskegon Associates
We have audited the accompanying balance sheet of Oakwood Muskegon
Associates as of December 31, 1996, and the related statements of operations,
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Oakwood Muskegon
Associates as of December 31, 1996, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that
the partnership will continue as a going concern. As disclosed in note B to
the financial statements, the partnership's major asset is an investment in
the local partnerships. The entities are in default on their deferred
acquisition notes payable at December 31, 1996. Accordingly, the partnership
may not be able to realize the carrying value of its investment in the local
partnerships, which raises substantial doubt about the partnership's ability
to continue as a going concern. Management's plans in regard to this matter
are also described in note B. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland
March 3, 1997
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Orangeburg Manor
We have audited the accompanying statement of financial position of
Orangeburg Manor, A Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Orangeburg Manor,
A Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
17 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 20, 1997 on our consideration of Orangeburg Manor's internal control
structure and on its compliance with specific requirements applicable to
major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 20, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Parkview Associates, A Limited Partnership
We have audited the accompanying statement of financial position of
Parkview Associates, A Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Parkview
Associates, A Limited Partnership as of December 31, 1996, and the results of
its operations, the changes in partners' equity and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except
for the portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 29, 1997 on our consideration of Parkview Associates, a Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 29, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Pleasant Valley Apartments, Ltd.
We have audited the accompanying statement of financial position of
Pleasant Valley Apartments, Ltd., as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' deficit and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Pleasant Valley
Apartments, Ltd., as of December 31, 1996, and the results of its
operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 17, 1997 on our consideration of Pleasant Valley Apartments, Ltd.
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Queenstown Apartments Limited Partnership
We have audited the accompanying statement of financial position of
Queenstown Apartments Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Queenstown
Apartments Limited Partnership as of December 31, 1996, and the results of
its operations, the changes in partners' equity and cash flows for the year
then ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except
for that portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 7, 1997 on our consideration of Queenstown Apartments Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 7, 1997 Identification Number:
52-1088612
Audit Principal: Bill D. Tzamaras
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Ruscombe Gardens Limited Partnership
We have audited the accompanying statement of financial position of
Ruscombe Gardens Limited Partnership, A Limited Partnership as of December
31, 1996, and the related statements of profit and loss (on HUD Form No.
92410), partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Ruscombe Gardens
Limited Partnership, A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 33 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except
for that portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 31, 1997 on our consideration of Ruscombe Gardens Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to CDA programs, affirmative fair housing, and laws
and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 31, 1997 Identification number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Sandy Springs Associates, Ltd.
We have audited the accompanying statement of financial position of
Sandy Springs Associates, Ltd., A Limited Partnership as of December 31,
1996, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Sandy Springs
Associates, Ltd., A Limited Partnership as of December 31, 1996, and the
results of its operations, changes in partners' deficit and cash flows for
the year then ended in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
17 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 23, 1997, on our consideration of Sandy Springs Associates, Ltd.'s
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 23, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Sencit-Jacksonville Company, Ltd.
We have audited the accompanying statement of financial position of
Sencit-Jacksonville Company, Ltd., A Limited Partnership as of December 31,
1996, and the related statements of profit and loss (on HUD Form No. 92410),
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of
Sencit-Jacksonville Company, Ltd., A Limited Partnership as of December 31,
1996, and the results of its operations, changes in partners' deficit and
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except for
the portion marked "unaudited," on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 20, 1997, on our consideration of Sencit-Jacksonville Company, Ltd.'s
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 20, 1997 Identification Number:
52-1088612
Audit Principal: Renee Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Tiffany Rehab Associates
We have audited the accompanying statement of financial position of
Tiffany Rehab Associates, a Limited Partnership as of December 31, 1996, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Tiffany Rehab
Associates, a Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 17, 1997 on our consideration of Tiffany Rehab Associates' internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Twin Towers Associates, A Limited Partnership
We have audited the accompanying statement of financial position of Twin
Towers Associates, A Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Twin Towers
Associates, A Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 5, 1997 on our consideration of Twin Towers Associates, A Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 5, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Tyee Associates Limited Partnership
We have audited the accompanying statement of financial position of Tyee
Associates Limited Partnership as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Tyee Associates
Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 17, 1997 on our consideration of Tyee Associates Limited
Partnership's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 17, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Urbanization Maria Lopez Housing Company
We have audited the accompanying statement of financial position of
Urbanizacion Maria Lopez Housing Company, a Limited Partnership as of December
31, 1996, and the related statements of profit and loss (on HUD Form No. 92410),
partners' equity and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Urbanizacion Maria Lopez
Housing Company, a Limited Partnership as of December 31, 1996, and the results
of its operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 17
through 27 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 22, 1997 on our consideration of Urbanizacion Maria Lopez Housing
Company's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 22, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Village Green Apartments Company Limited
We have audited the accompanying statement of financial position of
Village Green Apartments Company Limited as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Village Green
Apartments Company Limited as of December 31, 1996, and the results of its
operations, changes in partners' equity and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information, except for
the portion marked "unaudited" on which we express no opinion, has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 18, 1997 on our consideration of Village Green Apartments Company
Limited's internal control structure and on its compliance with specific
requirements applicable to major HUD programs, affirmative fair housing, and
laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 18, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Vineville Towers Associates, Ltd.
We have audited the accompanying statement of financial position of
Vineville Towers Associates, Ltd., as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' deficit and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Vineville Towers
Associates, Ltd., as of December 31, 1996, and the results of its operations,
changes in partners' deficit and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
17 through 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 24, 1997 on our consideration of Vineville Towers Associates, Ltd.'s
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Westgate Apartments
We have audited the accompanying statement of financial position of
Westgate Apartments, A Limited Partnership as of December 31, 1996, and the
related statements of profit and loss (on HUD Form No. 92410), partners'
deficit and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Westgate
Apartments, A Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' deficit and cash flows for the year then
ended in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
18 through 26 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
February 3, 1997 on our consideration of Westgate Apartments' internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
February 3, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Westminster Associates
We have audited the accompanying statement of financial position of
Westminster Associates, A Limited Partnership as of December 31, 1996, and
the related statements of profit and loss (on HUD Form No. 92410), partners'
equity and cash flows for the year then ended. These financial statements
are the responsibility of the partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Westminster
Associates, A Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' equity and cash flows for the year then
ended, in conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on
pages 18 to 25 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 24, 1997 on our consideration of Westminster Associates' internal
control structure and on its compliance with specific requirements applicable
to major HUD programs, affirmative fair housing, and laws and regulations
applicable to these financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 24, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Wollaston Manor Associates
We have audited the accompanying statement of financial position of
Wollaston Manor Associates as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of Wollaston Manor
Associates as of December 31, 1996, and the results of its operations, the
changes in partners' equity and cash flows for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages
19 through 42 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the
"Consolidated Audit Guide for Audits of HUD Programs," we have also issued
reports dated January 31, 1997 on our consideration of Wollaston Manor
Associates' internal control structure and on its compliance with specific
requirements applicable to nonmajor HUD programs, affirmative fair housing,
and laws and regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 31, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
Reznick Fedder & Silverman
Certified Public Accountants - Business Consultants
A Professional Corporation
4520 East-West Highway - Suite 300 - Bethesda, MD 20814-3319 -
(301) 652-9100 - Fax (301) 652-1848
INDEPENDENT AUDITORS' REPORT
To the Partners
Woodside Village Limited Partnership
We have audited the accompanying statement of financial position of
Woodside Village Limited Partnership as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), partners' equity and cash
flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Woodside Village Limited
Partnership as of December 31, 1996, and the results of its operations, changes
in partners' equity and cash flows for the year then ended, in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information on pages 19
through 28 is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.
<PAGE>
In accordance with Government Auditing Standards and the "Consolidated
Audit Guide for Audits of HUD Programs," we have also issued reports dated
January 16, 1997 on our consideration of Woodside Village Limited Partnership's
internal control structure and on its compliance with specific requirements
applicable to major HUD programs, affirmative fair housing, and laws and
regulations applicable to the financial statements.
/s/ Reznick Fedder & Silverman
Bethesda, Maryland Federal Employer
January 16, 1997 Identification Number:
52-1088612
Audit Principal: Renee G. Scruggs
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
2900 Van Ness Associates
Vienna, Virginia
We have audited the accompanying balance sheet of 2900 Van Ness Associates (a
District of Columbia Limited Partnership) as of December 31, 1996, and the
related statements of income, partners' capital, and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 2900 Van Ness Associates as
of December 31, 1996, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ Robert Ercolini & Company, LLP
Boston, Massachusetts
February 12, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
7400 Roosevelt Investors
Vienna, Virginia
We have audited the accompanying balance sheet of 7400 Roosevelt Investors (a
Pennsylvania Limited Partnership) as of December 31, 1996, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of 7400 Roosevelt Investors as
of December 31, 1996, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 7, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Connecticut Colony Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying balance sheet of Connecticut Colony
Associates Limited Partnership as of December 31, 1996, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Connecticut Colony
Associates Limited Partnership as of December 31, 1996, and the results of
its operations, changes in partners' capital, and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 9, the
Letter of Credit that secures payments of principal and interest on the Bonds
issued to finance the Project expires on April 15, 1997. Accordingly, the
Partnership's mortgage note, although by its terms is due April 1, 2008, must
be repaid upon expiration of the Letter of Credit, unless alternate security,
as defined, is provided to the Bond Trustee. This condition raises
substantial doubt about the Partnership's ability to continue as a going
concern. Management's plans regarding this matter are also described in Note
9. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 22, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Fairfax Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying balance sheet of Fairfax Associates Limited
Partnership as of December 31, 1996, and the related statements of
operations, partners' capital, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Fairfax Associates Limited
Partnership as of December 31, 1996, and the results of its operations,
changes in partners' capital, and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
March 3, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Greater Hartford Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying consolidated balance sheet of Greater
Hartford Associates Limited Partnership and Connecticut Colony Associates
Limited Partnership as of December 31, 1996, and the related consolidated
statements of operations, partners' capital, and cash flows for the year then
ended. These consolidated financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these consolidated financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Greater Hartford Associates Limited Partnership and Connecticut Colony
Associates Limited Partnership as of December 31, 1996, and the consolidated
results of their operations, changes in partners' capital, and their cash
flows for the year then ended in conformity with generally accepted
accounting principles.
The accompanying financial statements have been prepared assuming that the
partnerships will continue as going concerns. As discussed in Note 10, the
Letter of Credit that secures payments of principal and interest on the Bonds
issued to finance Connecticut Colony Associates Limited Partnership's
Property expires on April 15, 1997. Accordingly, Connecticut Colony
Associates Limited Partnership's mortgage note, although by its terms is due
April 1, 2008, must be repaid upon expiration of the Letter of Credit, unless
alternate security, as defined, is provided to the Bond Trustee. This
condition raises substantial doubt about the ability of the partnerships to
continue as going concerns. Management's plans regarding this matter are also
described in Note 10. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 22, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Ivanhoe Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying consolidated balance sheet of Ivanhoe
Associates Limited Partnership and Monroeville Development Corporation as of
December 31, 1996, and the related consolidated statements of operations,
partners' capital, and cash flows for the year then ended. These
consolidated financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Ivanhoe Associates Limited Partnership and Monroeville Development
Corporation as of December 31, 1996, and the consolidated results of their
operations, changes in partners' capital, and their cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 3, 1997
(March 17, 1997
as to Note 5)
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Norco Associates
Vienna, Virginia
We have audited the accompanying balance sheet of Norco Associates (a
Pennsylvania General Partnership) as of December 31, 1996, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Norco Associates as of
December 31, 1996, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
January 28, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Ridge Carlton Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying consolidated balance sheet of Ridge Carlton
Associates Limited Partnership and Norco Associates as of December 31, 1996,
and the related consolidated statements of operations, partners' capital, and
cash flows for the year then ended. These consolidated financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these consolidated financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Ridge Carlton Associates Limited Partnership and Norco Associates as of
December 31, 1996, and the consolidated results of their operations, changes
in partners' capital, and their cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
January 28, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
River Loft Apartments Limited Partnership
Vienna, Virginia
We have audited the accompanying balance sheet of River Loft Apartments
Limited Partnership as of December 31, 1996, and the related statements of
income, partners' capital, and cash flows for the year then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of River Loft Apartments
Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' capital, and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 4, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Scotch Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying consolidated balance sheet of Scotch
Associates Limited Partnership and Scotch Lane Associates as of December 31,
1996, and the related consolidated statements of operations, partners'
capital, and cash flows for the year then ended. These consolidated
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these consolidated financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the consolidated financial position
of Scotch Associates Limited Partnership and Scotch Lane Associates as of
December 31, 1996, and the consolidated results of their operations, changes
in partners' capital, and their cash flows for the year then ended in
conformity with generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
January 31, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Scotch Lane Associates
Vienna, Virginia
We have audited the accompanying balance sheet of Scotch Lane Associates (a
Pennsylvania General Partnership) as of December 31, 1996, and the related
statements of operations, partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Scotch Lane Associates as of
December 31, 1996, and the results of its operations, changes in partners'
capital, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
January 31, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Standart Woods Associates Limited Partnership
Vienna, Virginia
We have audited the accompanying balance sheet of Standart Woods Associates
Limited Partnership, HUD Project No. 014-11094 (formerly HUD Project No.
014-10511) as of December 31, 1996, and the related statements of operations
(on HUD Form No. 92410), partners' capital, and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Standart Woods Associates
Limited Partnership as of December 31, 1996, and the results of its
operations, changes in partners' capital, and its cash flows for the year
then ended in conformity with generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 18, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
West Lake Arms Limited Partnership
Vienna, Virginia
We have audited the accompanying balance sheet of West Lake Arms Limited
Partnership as of December 31, 1996, and the related statements of income,
partners' capital, and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of West Lake Arms Limited
Partnership as of December 31, 1996, and the results of its operations,
changes in partners' capital, and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the
Partnership will continue as a going concern. As discussed in Note 6, the
Partnership received a notice of events of default under its mortgage note
obligation from the mortgage lender in December, 1995 and the mortgage note
matures on December 1, 1997. This condition raises substantial doubt about
the Partnership's ability to continue as a going concern. Management's plans
regarding this matter are also described in Note 6. The financial statements
do not include any adjustments that might result from the outcome of this
uncertainty.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 28, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
To the Partners of
Wyntre Brooke Associates
Vienna, Virginia
We have audited the accompanying balance sheet of Wyntre Brooke Associates (a
Pennsylvania Limited Partnership) as of December 31, 1996, and the related
statements of operations, partners' deficiency, and cash flows for the year
then ended. These financial statements are the responsibility of the
Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Wyntre Brooke Associates as
of December 31, 1996, and the results of its operations, changes in partners'
deficiency, and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
/s/ Robert Ercolini & Company LLP
Boston, Massachusetts
February 10, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Chesterfield Housing Associates P. O. Drawer 1259
Vienna, VA Camden, South Carolina
We have audited the accompanying statement of financial position of Chesterfield
Housing Associates, A Limited Partnership, RECD Project No. 46-13-570523932, as
of December 31, 1996 and 1995, and the related statements of operations,
partners' equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Chesterfield Housing
Associates, A Limited Partnership, at December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
As discussed in Note O to the financial statements, in 1996 the Partnership
changed its method of accounting for the impairment of long-lived assets.
In accordance with Government Auditing Standards, we have also issued reports
dated January 23, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 23, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
Community Developers of Princeville, Federal Office Building
A Limited Partnership Greensboro, North Carolina
Vienna, VA
We have audited the accompanying statement of financial position of Community
Developers of Princeville, A Limited Partnership, Project No.
053-35383-PM-WAH-L8, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), partners' equity, and cash flows for
the year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Community Developers of
Princeville, A Limited Partnership, at December 31, 1996, and the results of its
operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 13, 1997 on our
consideration of the partnership's internal control structure, on its compliance
with laws and regulations applicable to the basic financial statements, the
major HUD program and the nonmajor HUD program.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 13, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Illinois Housing Development Authority
Eastcourt Village Partners 401 N. Michigan Avenue
Vienna, VA Chicago, Illinois
We have audited the accompanying statement of financial position of Eastcourt
Village Partners, A Limited Partnership, Illinois Housing Development Authority,
Project No. ML-029, as of December 31, 1996 and 1995, and the related statements
of operations, partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Eastcourt Village Partners, A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 22, 1997 on our
consideration of the partnership's internal control structure, on its compliance
with laws and regulations applicable to the basic financial statements, the
major Illinois Housing Development Authority program and the nonmajor HUD
program.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
As required by the Illinois Housing Development Authority, we confirm to you
that our firm meets the licensing requirements imposed by the State of Illinois
on firms practicing in that state as certified public accountants.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 22, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Eustis Apartments, Ltd. 1137 Old 441, Suite 2
Vienna, VA Eustis, Florida
We have audited the accompanying statement of financial position of Eustis
Apartments, Ltd., A Limited Partnership, RECD Project No. 09-35-133-3579, as of
December 31, 1996 and 1995, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Eustis Apartments, Ltd., A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Grove Park Villas, Ltd. P. O. Box 3767
Vienna, VA West Palm Beach, Florida
We have audited the accompanying statement of financial position of Grove Park
Villas, Ltd., A Limited Partnership, RECD Project No. 09-58-133-5545 as of
December 31, 1996 and 1995, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Grove Park Villas, Ltd., A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Hemingway Housing Associates P. O. Box 644
Vienna, VA St. George, South Carolina
We have audited the accompanying statement of financial position of Hemingway
Housing Associates, A Limited Partnership, RECD Project No. 46-45-13337584 as of
December 31, 1996 and 1995, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hemingway Housing Associates, A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 23, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 23, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Highlands Village II P. O. Box 3767
Vienna, VA West Palm Beach, Florida
We have audited the accompanying statement of financial position of Highlands
Village II, A Limited Partnership, RECD Project No. 09-28-133-7604 as of
December 31, 1996 and 1995, and the related statements of operations, partners'
equity, and cash flows for the years then ended. These financial statements are
the responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Highlands Village II, Ltd., A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of Mt. Dora, Ltd. 1137 Old Highway 441, Suite 2
Vienna, VA Mt. Dora, Florida
We have audited the accompanying statement of financial position of Housing
Assistance of Mt. Dora, Ltd., A Limited Partnership, Project No. 09-35-133-1449,
as of December 31, 1996 and 1995, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Mt. Dora,
Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of Orange Federal Building - Room 248
City, Ltd. 207 N.W. Second Street
Vienna, VA Ocala, Florida
We have audited the accompanying statement of financial position of Housing
Assistance of Orange City, Ltd., A Limited Partnership, RECD Project No.
09-64-133-1452 as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Orange
City, Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of P. O. Box 3767
Sebring, Ltd. West Palm Beach, Florida
Vienna, VA
We have audited the accompanying statement of financial position of Housing
Assistance of Sebring, Ltd., A Limited Partnership, RECD Project No.
09-20-133-1439 as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Sebring,
Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the results of
its operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners Rural Economic & Community Development
Housing Assistance of P. O. Box 3767
Vero Beach, Ltd. West Palm Beach, Florida
Vienna, VA
We have audited the accompanying statement of financial position of Housing
Assistance of Vero Beach, Ltd., A Limited Partnership, RECD Project No.
09-31-133-0514, as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing standards
and Government Auditing Standards. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Housing Assistance of Vero
Beach, Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
Hurbell I Limited Partnership - Greensboro Office
Holly Oak Park Apartments 415 North Edgeworth Street
Vienna, VA Greensboro, NC
We have audited the accompanying statement of financial position of Hurbell I
Limited Partnership (Holly Oak Park Apartments), A Limited Partnership, FHA
Project No. 053-44202-LDP-SUP, as of December 31, 1996, and the related
statements of profit and loss (on HUD Form No. 92410), changes in partners'
equity (deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hurbell I Limited Partnership
(Holly Oak Apartments), A Limited Partnership, at December 31, 1996, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 25, 1997 on our
consideration of the partnership's internal control structure, on its compliance
with laws and regulations applicable to the basic financial statements, the
major HUD programs, and Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 25, 1997
<PAGE>
[LETTERHEAD]
Independent Auditor's Report
Partners HUD Field Office Director
Hurbell IV Limited Partnership - Daniel Building
Talladega Downs 15 South 20th Street
Vienna, VA Birmingham, Alabama
We have audited the accompanying statement of financial position of Hurbell IV
Limited Partnership (Talladega Downs), A Limited Partnership, FHA Project No.
062-44054-LD, as of December 31, 1996, and the related statements of profit and
loss (on HUD Form No. 92410), changes in partners' equity (deficit), and cash
flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards
and Government Auditing Standards, issued by the Comptroller General of the
United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Hurbell IV Limited Partnership
(Talladega Downs), A Limited Partnership, at December 31, 1996, and the results
of its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
As discussed in Note K to the financial statements, in 1996 the Partnership
changed its method of accounting for the impairment of long-lived assets.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 25, 1997 on our
consideration of the partnership's internal control structure, on its compliance
with laws and regulations applicable to the basic financial statements, the
major HUD programs, and Affirmative Fair Housing.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as referred
to in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such information
has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 25, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Lake Wales Villas, Ltd. 1137 Old Highway 441, Suite 2
Vienna, VA Mt. Dora, Florida
We have audited the accompanying statement of financial position of Lake
Wales Villas, Ltd., A Limited Partnership, RECD Project No. 09-53-133-3513 as
of December 31, 1996 and 1995, and the related statements of operations,
partners' equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lake Wales Villas, Ltd., A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
As discussed in Note K to the financial statements, in 1996 the Partnership
changed its method of accounting for the impairment of long-lived assets.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Lakeview Villas, Ltd. 1137 Old 441, Suite 2
Vienna, VA Mount Dora, Florida
We have audited the accompanying statement of financial position of Lakeview
Villas, Ltd., A Limited Partnership, RECD Project No. 09-35-133-5580 as of
December 31, 1996 and 1995, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Lakeview Villas, Ltd., A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
McColl Housing Associates McMillan Federal Building - Room 235
Vienna, VA Florence, SC
We have audited the accompanying statement of financial position of McColl
Housing Associates, A Limited Partnership, RECD Project No. 46-35-1334074, as
of December 31, 1996 and 1995, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of McColl Housing Associates, A
Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 23, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 23, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Orange City Villas II, Ltd. Federal Building - Room 248
Vienna, Virginia 207 N.W. 2nd Street
Ocala, Florida
We have audited the accompanying statement of financial position of Orange
City Villas II, Ltd., A Limited Partnership, RECD Project No. 09-64-133-8444,
as of December 31, 1996 and 1995, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Orange City Villas II, Ltd.,
A Limited Partnership, at December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners HUD Field Office Director
Parkview Apartments Columbia, S.C.
Vienna, VA
We have audited the accompanying statement of financial position of Parkview
Apartments, A Limited Partnership, FHA Project No. 054-35484-PM-PAH-L8, as of
December 31, 1996, and the related statements of profit and loss (on HUD Form
No. 92410), changes in partners' equity (deficit), and cash flows for the
year then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Parkview Apartments, A
Limited Partnership, at December 31, 1996, and the results of its operations
and its cash flows for the year then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 23, 1997 on our
consideration of the partnership's internal control structure, on its
compliance with laws and regulations applicable to the basic financial
statements, the major HUD program, and the nonmajor HUD program.
<PAGE>
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 23, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Peppertree Village of Avon P. O. Box 3767
Park, Ltd. West Palm Beach, Florida
Vienna, VA
We have audited the accompanying statement of financial position of
Peppertree Village of Avon Park, Ltd., A Limited Partnership, RECD Project
No. 09-28-133-5409, as of December 31, 1996 and 1995, and the related
statements of operations, partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Peppertree Village of Avon
Park, Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the
results of its operations and its cash flows for the years then ended in
conformity with generally accepted accounting principles.
As discussed in Note L to the financial statements, in 1996 the Partnership
changed its method of accounting for the impairment of long-lived assets.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
South Hiawassee Village, Ltd. 1137 Old Highway 441, Suite 2
Vienna, VA Mt. Dora, Florida
We have audited the accompanying statement of financial position of South
Hiawassee Village, Ltd., A Limited Partnership, RECD Project No.
09-48-133-512 as of December 31, 1996 and 1995, and the related statements of
operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of South Hiawassee Village,
Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the results
of its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
St. George Villas 531 Robertson Blvd., Suite D
Vienna, VA Walterboro, SC 29488
We have audited the accompanying statement of financial position of St.
George Villas, A Limited Partnership, RECD Project No. 46-18-570734543, as of
December 31, 1996 and 1995, and the related statements of operations,
partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in
all material respects, the financial position of St. George Villas, A Limited
Partnership, at December 31, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued reports
dated January 23, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 23, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners USDA Rural Development
The Meadows Apartments, Ltd. 531 Robertson Blvd., Suite D
Vienna, VA Walterboro, SC 29488
We have audited the accompanying statement of financial position of The
Meadows Apartments, Ltd., A Limited Partnership, RECD Project No.
46-03-8248-52581 as of December 31, 1996 and 1995, and the related statements
of operations, partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of The Meadows Apartments,
Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the results
of its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
As discussed in Note O to the financial statements, in 1996 the Partnership
changed its method of accounting for the impairment of long-lived assets.
In accordance with Government Auditing Standards, we have also issued reports
dated January 23, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 23, 1997
<PAGE>
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Cuthbert, Ltd. Atlanta, Georgia
Vienna, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Cuthbert, Ltd., A Limited Partnership, FHA Project No.
061-35312-PM-WAH-L8, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Cuthbert Ltd., A Limited Partnership, at December 31, 1996, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 10, 1997 on our
consideration of the partnership's internal control structure, on its
compliance with laws and regulations applicable to the basic financial
statements, the major HUD program, and the nonmajor HUD program.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 10, 1997
<PAGE>
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Elmwood, Ltd. Birmingham, Alabama
Vienna, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Elmwood, Ltd., A Limited Partnership, FHA Project No.
062-35330-PM-L8, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Elmwood, Ltd., A Limited Partnership, at December 31, 1996, and the results
of its operations and its cash flows for the year then ended in conformity
with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 10, 1997 on our
consideration of the partnership's internal control structure, on its
compliance with laws and regulations applicable to the basic financial
statements, the major HUD programs and Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Bulter & Houston
Mobile, Alabama
January 10, 1997
<PAGE>
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Morristown, Ltd. Knoxville, Tennessee
Vienna, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Morristown, Ltd., A Limited Partnership, FHA Project No.
087-35091-PMR-WAH-L8, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity, and
cash flows for the year then ended. These financial statements are the
responsibility of the partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Morristown, Ltd., A Limited Partnership, at December 31, 1996, and the
results of its operations and its cash flows for the year then ended in
conformity with generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 10, 1997 on our
consideration of the partnership's internal control structure, on its
compliance with laws and regulations applicable to the basic financial
statements, the major HUD program, and the nonmajor HUD program.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 10, 1997
<PAGE>
Independent Auditor's Report
Partners HUD Field Office Director
United Housing Partners - Welch, Ltd. Charleston, West Virginia
Vienna, VA
We have audited the accompanying statement of financial position of United
Housing Partners - Welch, Ltd., A Limited Partnership, FHA Project No.
045-35130-PM-WAH-L8, as of December 31, 1996, and the related statements of
profit and loss (on HUD Form No. 92410), changes in partners' equity
(deficit), and cash flows for the year then ended. These financial
statements are the responsibility of the partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of United Housing Partners
- -Welch, Ltd., A Limited Partnership, at December 31, 1996, and the results of
its operations and its cash flows for the year then ended in conformity with
generally accepted accounting principles.
<PAGE>
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued reports dated January 10, 1997 on our
consideration of the partnership's internal control structure, on its
compliance with laws and regulations applicable to the basic financial
statements, the major HUD programs and Affirmative Fair Housing.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional information, as
referred to in the Table of Contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such
information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly
stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 10, 1997
<PAGE>
[letterhead]
Independent Auditor's Report
Partners Rural Economic & Community Development
Woodside Villas of Arcadia, Ltd. P. O. Box 3767
Vienna, VA West Palm Beach, Florida
We have audited the accompanying statement of financial position of Woodside
Villas of Arcadia, Ltd., A Limited Partnership, RECD Project No.
09-14-133-9529, as of December 31, 1996 and 1995, and the related statements
of operations, partners' equity (deficit), and cash flows for the years then
ended. These financial statements are the responsibility of the
partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards. Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Woodside Villas of Arcadia,
Ltd., A Limited Partnership, at December 31, 1996 and 1995, and the results
of its operations and its cash flows for the years then ended in conformity
with generally accepted accounting principles.
As discussed in Note J to the financial statements, in 1996 the Partnership
changed its method of accounting for the impairment of long-lived assets.
In accordance with Government Auditing Standards, we have also issued reports
dated January 31, 1997 on our consideration of the partnership's internal
control structure and on its compliance with laws and regulations.
/s/ Russell Thompson Butler & Houston
Mobile, Alabama
January 31, 1997
<PAGE>
[letterhead]
INDEPENDENT AUDITOR'S REPORT
February 6, 1997
Partners
Abbott Associates West Village - Maple (NY)
Ithaca, New York 14850 #014-4-N-I
We have audited the accompanying balance sheets of Abbott Associates (a
limited partnership) as of December 31, 1996 and 1995, and the related
statements of income, partners' deficit, and cash flows for the years then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the financial audit standards contained in Government Auditing
Standards (1994 Revision), issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Abbott Associates (a limited
partnership) at December 31, 1996 and 1995, and the results of its operations
and its cash flows for the years then ended in conformity with generally
accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated February 6, 1997 on our consideration of Abbott Associates internal
control structure and a report dated February 6, 1997 on its compliance with
laws and regulations.
/s/ Sciarabba Walker & Co., LLP
Certified Public Accountants
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Chaparral Associates, L.P.:
We have audited the accompanying balance sheet of NHP Chaparral Associates,
L.P. (a Delaware limited partnership) as of December 31, 1996, and the
related statements of operations, changes in partners' capital, and cash
flows for the period from January 2, 1996 (date of formation) to December 31,
1996. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Chaparral Associates,
L.P. as of December 31, 1996, and the results of its operations and its cash
flows for the period from January 2, 1996 (date of formation) to December 31,
1996 in conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Country Club Woods Associates, L.P.:
We have audited the accompanying consolidated balance sheet of NHP Country
Club Woods Associates, L.P. (a Delaware limited partnership) as of December
31, 1996, and the related consolidated statements of operations, changes in
partners' capital, and cash flows for the period from January 2, 1996 (date
of formation) to December 31, 1996. These consolidated financial statements
are the responsibility of the Partnership's management. Our responsibility is
to express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of NHP
Country Club Woods Associates, L.P. as of December 31, 1996, and the results
of its operations and its cash flows for the period from January 2, 1996
(date of formation) to December 31, 1996 in conformity with generally
accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Country Club Woods, L.P.:
We have audited the accompanying balance sheet of NHP Country Club Woods,
L.P. (a Delaware limited partnership) as of December 31, 1996, and the
related statements of operations, changes in partners' capital, and cash
flows for the period from January 2, 1996 (date of formation) to December 31,
1996. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Country Club Woods, L.P.
as of December 31, 1996, and the results of its operations and its cash flows
for the period from January 2, 1996 (date of formation) to December 31, 1996
in conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Greenbriar Associates, L.P.:
We have audited the accompanying consolidated balance sheet of NHP Greenbriar
Associates, L.P. (a Delaware limited partnership) as of December 31, 1996,
and the related consolidated statements of operations, changes in partners'
capital, and cash flows for the period from January 2, 1996 (date of
formation) to December 31, 1996. These consolidated financial statements are
the responsibility of the Partnership's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of NHP
Greenbriar Associates, L.P. as of December 31, 1996, and the results of its
operations and its cash flows for the period from January 2, 1996 (date of
formation) to December 31, 1996 in conformity with generally accepted
accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Greenbriar, L.P.:
We have audited the accompanying balance sheet of NHP Greenbriar, L.P. (a
Delaware limited partnership) as of December 31, 1996, and the related
statements of operations, changes in partners' capital, and cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Greenbriar, L.P. as of
December 31, 1996, and the results of its operations and its cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996 in
conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Hessian Hills, L.P.:
We have audited the accompanying balance sheet of NHP Hessian Hills, L.P.(a
Delaware limited partnership) as of December 31, 1996, and the related
statements of operations, changes in partners' capital, and cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Hessian Hills, L.P. as
of December 31, 1996, and the results of its operations and its cash flows
for the period from January 2, 1996 (date of formation) to December 31, 1996
in conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP High River, L.P.:
We have audited the accompanying balance sheet of NHP High River, L.P. (a
Delaware limited partnership) as of December 31, 1996, and the related
statements of operations, changes in partners' capital, and cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP High River, L.P. as of
December 31, 1996, and the results of its operations and its cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996 in
conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Spring Lake Manor Associates, L.P.:
We have audited the accompanying consolidated balance sheet of NHP Spring
Lake Manor Associates, L.P. (a Delaware limited partnership) as of December
31, 1996, and the related consolidated statements of operations, changes in
partners' capital, and cash flows for the period from January 2, 1996 (date
of formation) to December 31, 1996. These consolidated financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these consolidated financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of NHP
Spring Lake Manor Associates, L.P. as of December 31, 1996, and the results
of its operations and its cash flows for the period from January 2, 1996
(date of formation) to December 31, 1996 in conformity with generally
accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Spring Lake Manor, L.P.:
We have audited the accompanying balance sheet of NHP Spring Lake Manor, L.P.
(a Delaware limited partnership) as of December 31, 1996, and the related
statements of operations, changes in partners' capital, and cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Spring Lake Manor, L.P.
as of December 31, 1996, and the results of its operations and its cash flows
for the period from January 2, 1996 (data of formation) to December 31, 1996
in conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Town and Country and Country Place Associates, L.P.:
We have audited the accompanying consolidated balance sheet of NHP Town and
Country and Country Place Associates, L.P. (a Delaware limited partnership)
as of December 31, 1996, and the related consolidated statements of
operations, changes in partners' capital, and cash flows for the period from
January 2, 1996 (date of formation) to December 31, 1996. These consolidated
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these consolidated financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of NHP Town
and Country and Country Place Associates, L.P. as of December 31, 1996, and
the results of its operations and its cash flows for the period from January
2, 1996 (date of formation) to December 31, 1996 in conformity with generally
accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Town & Country/Country Place L.P.:
We have audited the accompanying balance sheet of NHP Town & Country/Country
Place, L.P. (a Delaware limited partnership) as of December 31, 1996, and the
related statements of operations, changes in partners' capital, and cash flows
for the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Town & Country/Country
Place, L.P. as of December 31, 1996, and the results of its operations and its
cash flows for the period from January 2, 1996 (date of formation) to
December 31, 1996 in conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Townhouse Associates, L.P.:
We have audited the accompanying consolidated balance sheet of NHP Townhouse
Associates, L.P. (a Delaware limited partnership) as of December 31, 1996,
and the related consolidated statements of operations, changes in partners'
capital, and cash flows for the period from January 2, 1996 (date of
formation) to December 31, 1996. These consolidated financial statements are
the responsibility of the Partnership's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our
audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of NHP
Townhouse Associates, L.P. as of December 31, 1996, and the results of its
operations and its cash flows for the period from January 2, 1996 (date of
formation) to December 31, 1996 in conformity with generally accepted
accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Townhouse, L.P.:
We have audited the accompanying balance sheet of NHP Townhouse, L.P. (a
Delaware limited partnership) as of December 31, 1996, and the related
statements of operations, changes in partners' capital, and cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Townhouse, L.P. as of
December 31, 1996, and the results of its operations and its cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996 in
conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Partners of
NHP Twin Gates East, L.P.:
We have audited the accompanying balance sheet of NHP Twin Gates East, L.P.
(a Delaware limited partnership) as of December 31, 1996, and the related
statements of operations, changes in partners' capital, and cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Twin Gates East, L.P. as
of December 31, 1996, and the results of its operations and its cash flows
for the period from January 2, 1996 (date of formation) to December 31, 1996
in conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Partners of
NHP Will-O-Wisp Arms, L.P.:
We have audited the accompanying balance sheet of NHP Will-O-Wisp Arms, L.P.
(a Delaware limited partnership) as of December 31, 1996, and the related
statements of operations, changes in partners' capital, and cash flows for
the period from January 2, 1996 (date of formation) to December 31, 1996.
These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Will-O-Wisp Arms, L.P.
as of December 31, 1996, and the results of its operations and its cash flows
for the period from January 2, 1996 (date of formation) to December 31, 1996
in conformity with generally accepted accounting principles.
/s/ Wallace Sanders & Company
Dallas, Texas
February 14, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Venturers of
Central Woodlawn Rehabilitation Joint Venture
We have audited the accompanying balance sheet of CENTRAL WOODLAWN
REHABILITATION JOINT VENTURE (an Illinois Joint Venture) as of December 31,
1996, and the related statements of income, changes in venturers' capital and
cash flows for the year then ended. These financial statements are the
responsibility of the Venture's management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of CENTRAL WOODLAWN
REHABILITATION JOINT VENTURE as of December 31, 1996, and the results of its
operations, changes in venturers' capital and its cash flows for the year
then ended, in conformity with generally accepted accounting principles.
/s/ Warady & Davis LLP
March 6, 1997
<PAGE>
[letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
Church Street Associates
We have audited the accompanying balance sheet of CHURCH STREET ASSOCIATES (a
Limited Partnership) as of December 31, 1996, and the related statements of
operations, changes in partners' capital and cash flows for the year then
ended. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on the financial
statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of CHURCH STREET ASSOCIATES as
of December 31, 1996, and the results of its operations and its cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional financial data listed
in the accompanying table of contents is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Warady & Davis LLP
February 4, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
MRR Limited Partnership
We have audited the accompanying balance sheet of MRR LIMITED PARTNERSHIP as
of December 31, 1996, and the related statements of operations, changes in
partners' deficit and cash flows for the year then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on the financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of MRR LIMITED PARTNERSHIP as
of December 31, 1996, and the results of its operations and its cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
/s/ Warady & Davis LLP
January 20, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Partners of
New Vistas Apartments Associates
We have audited the accompanying balance sheets of NEW VISTAS APARTMENTS
ASSOCIATES (an Illinois Limited Partnership), Illinois Housing Development
Authority (IHDA) PROJECT NO. ML-61, as of December 31, 1996 and 1995, and the
related statements of income, changes in partners' deficit and cash flows for
the years then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NEW VISTAS APARTMENTS
ASSOCIATES as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated January 24, 1997, on
our consideration of NEW VISTAS APARTMENTS ASSOCIATES internal control
structure and reports dated January 24, 1997, on its compliance with laws and
regulations, specific requirements applicable to major HUD programs and
specific requirements applicable to Affirmative Fair Housing.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional financial data listed
in the accompanying table of contents is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements of NEW VISTAS APARTMENTS ASSOCIATES (IHDA PROJECT NO. ML-61).
Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly
stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ Warady & Davis LLP
January 24, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
New Vistas Apartments Associates - Phase II
We have audited the accompanying balance sheets of NEW VISTAS APARTMENTS
ASSOCIATES -PHASE II (an Illinois Limited Partnership), Illinois Housing
Development Authority (IHDA) PROJECT NO. ML-101, as of December 31, 1996 and
1995, and the related statements of operations, changes in partners' deficit
and cash flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NEW VISTAS APARTMENTS
ASSOCIATES - PHASE II as of December 31, 1996 and 1995 and the results of its
operations, changes in partners capital and cash flows for the years then
ended, in conformity with generally accepted accounting principles.
/s/ Warady & Davis LLP
February 3, 1997
<PAGE>
[Letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
Palmer Square Apartments Associates
We have audited the accompanying balance sheets of PALMER SQUARE APARTMENTS
ASSOCIATES (an Illinois Limited Partnership), Illinois Housing Development
Authority (IHDA) PROJECT NO. ML-123, as of December 31, 1996 and 1995, and
the related statements of operations, changes in partners' deficit and cash
flows for the years then ended. These financial statements are the
responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PALMER SQUARE APARTMENTS
ASSOCIATES as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
/s/ Warady & Davis LLP
February 3, 1997
<PAGE>
[letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
Parkways Associates
d/b/a The Parkways
We have audited the accompanying balance sheets of PARKWAYS ASSOCIATES D/B/A
THE PARKWAYS (an Illinois Limited Partnership), Illinois Housing Development
Authority (IHDA) PROJECT NO. ML-148, as of December 31, 1996 and 1995, and
the related statements of income, changes in partners' deficit and cash flows
for the years then ended. These financial statements are the responsibility
of the Partnership's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and the Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of PARKWAYS ASSOCIATES D/B/A
THE PARKWAYS as of December 31, 1996 and 1995, and the results of its
operations, changes in partners capital and cash flows for the years then
ended, in conformity with generally accepted accounting principles.
/s/ Warady & Davis LLP
January 28, 1997
<PAGE>
[letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
The North Washington Park Partnership
We have audited the accompanying balance sheets of THE NORTH WASHINGTON PARK
PARTNERSHIP (an Illinois Limited Partnership) (HUD PROJECT NO. 071-35544) as
of December 31, 1996 and 1995, and the related statements of operations,
changes in partners' deficit and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management.
Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of THE NORTH WASHINGTON PARK
PARTNERSHIP as of December 31, 1996 and 1995, and the results of its
operations and its cash flows for the years then ended, in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards and the Consolidated Audit
for Audits of HUD Programs issued by the U.S. Department of Housing and Urban
Development, we have also issued a report dated January 21, 1997, on our
consideration of THE NORTH WASHINGTON PARK PARTNERSHIP internal control
structure and reports dated January 21, 1997, on its compliance with laws and
regulations, specific requirements applicable to major HUD programs and
specific requirements applicable to Affirmative Fair Housing.
Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The additional financial data listed
in the accompanying table of contents is presented for the purpose of
additional analysis and is not a required part of the basic financial
statements of THE NORTH WASHINGTON PARK PARTNERSHIP (HUD PROJECT NO.
071-35544). Such information has been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
/s/ Warady & Davis LLP
January 21, 1997
<PAGE>
[letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Oak Park Partnership
We have audited the accompanying balance sheet of THE OAK PARK
PARTNERSHIP (an Illinois Limited Partnership) as of December 31, 1996, and
the related statements of income, changes in partners' deficit and cash flows
for the year then ended. These financial statements are the responsibility of
the Partnership's management. Our responsibility is to express an opinion on
these financial statements based on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by the management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of THE OAK PARK
PARTNERSHIP as of December 31, 1996, and the results of its operations and its
cash flows for the year then ended, in conformity with generally accepted
accounting principles.
/s/ Warady & Davis LLP
January 14, 1997
<PAGE>
[LETTERHEAD]
INDEPENDENT AUDITORS' REPORT
To the Partners of
The Rogers Park Partnership
We have audited the accompanying balance sheets of THE ROGERS PARK
PARTNERSHIP D/B/A NORTHPOINT APARTMENTS (an Illinois Limited Partnership),
Illinois Housing Development Authority (IHDA) PROJECT NO. ML-163, as of
December 31, 1996 and 1995, and the related statements of income, changes in
partners' deficit and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards and Government Auditing Standards issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of THE ROGERS PARK PARTNERSHIP
D/B/A NORTHPOINT APARTMENTS as of December 31, 1996 and 1995, and the results
of its operations and its cash flows for the years then ended, in conformity
with generally accepted accounting principles.
/s/ Warady & Davis LLP
January 27, 1997
<PAGE>
ZINER & COMPANY, P.C.
CERTIFIED PUBLIC ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
To the Partners of
United Front Homes
We have audited the accompanying balance sheet (MHFA Forms F.C.-3A & -3B)
of United Front Homes (a Massachusetts limited partnership) (Project No.
71-156-N) as of December 31, 1996, and the related statements of changes in
partners' equity (deficiency) (MHFA Form F.C.-3C), operations (MHFA Form
F.C.-2A) and cash flows (MHFA Forms F.C.-4A, -4B & -4C) for the year then ended.
These financial statements are the responsibility of the general partners. Our
responsibility is to express an opinion on these financial statements based on
our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller General
of the United States. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and significant
estimates made by the general partners, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of United Front Homes as of
December 31, 1996, and the results of its operations, its cash flows and changes
in partners' equity (deficiency) for the year then ended in conformity with
generally accepted accounting principles.
In accordance with Government Auditing Standards, we have also issued a
report dated March 11, 1997 on our consideration of United Front Homes' internal
control structure and a report dated March 11, 1997 on its compliance with laws
and regulations.
/s/ Ziner & Company, P.C.
March 11, 1997
-1-
<PAGE>
[letterhead]
INDEPENDENT AUDITORS' REPORT
To the Partners
Vistula Heritage Village
Toledo, Ohio
We have audited the accompanying balance sheet of Vistula Heritage Village,
FHA Project No. 042 35298 PM L8 R, (an Ohio Limited Partnership) as of
December 31, 1996, and the related statements of operations, partners'
deficit, and cash flows for the year then ended. These financial statements
are the responsibility of the Partnership's management. Our responsibility
is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Vistula Heritage Village as
of December 31, 1996, and the results of its operations and its cash flows
for the year then ended, in conformity with generally accepted accounting
principles.
In accordance with Government Auditing Standards and the Consolidated Audit
Guide for Audits of HUD Programs issued by the U.S. Department of Housing and
Urban Development, we have also issued a report dated January 13, 1997, on
our consideration of Vistula Heritage Village's internal control structure,
and reports dated January 13, 1997, on its compliance with specific
requirements applicable to major HUD programs and specific requirements
applicable to Affirmative Fair Housing.
Our audit was made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental data, as referred to
in the Table of Contents, is presented for purposes of additional analysis
and is not a required part of the basic financial statements. Such
information has been subjected to the same auditing procedures applied in the
audit of the basic financial statements and, in our opinion, discussed
above, the supplemental data is fairly stated, in all material respects, in
relation to the basic financial statements taken as a whole.
/s/ Zinner & Co.
January 13, 1997
Lead Auditor: Sidney Brode
Telephone No.: (216) 831-0733
Federal Tax
Identification No.: 34-1663731
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Partners
of NHP Real Estate Companies (as defined in Note 1):
We have audited the accompanying combined balance sheets of NHP Real Estate
Companies, as defined in Note 1 (the "Company"), as of December 31, 1996 and
1995, and the related combined statements of operations, changes in
shareholders' equity (deficit) and partners' capital (deficit), net and cash
flows for each of the three years in the period ended December 31, 1996.
These combined financial statements and the schedules referred to below are
the responsibility of the Company's management. Our responsibility is to
express an opinion on these combined financial statements and schedules based
on our audits. We did not audit the 1996, 1995 and 1994 financial statements
of certain real estate partnerships accounted for under the equity method,
which represent 5 percent and 6 percent of total assets in 1996 and 1995,
respectively, 7 percent and 6 percent in 1996 and 1995, respectively, of
total liabilities and 23 percent, 49 percent, and 20 percent in 1996, 1995,
and 1994, respectively, of net income (loss). The financial statements of
these real estate partnerships were audited by other auditors whose reports
have been furnished to us, and our opinion, insofar as it relates to the
amounts for these real estate partnerships, is based solely on the reports of
the other auditors.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform an audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits and the reports of other auditors provide a
reasonable basis for our opinion.
Certain of the reports of other auditors referred to above indicate that
there is a substantial doubt about certain of the real estate partnerships'
ability to continue as going concerns. However, in our opinion, the uncertainty
is not material in relation to the combined financial statements.
<PAGE>
Page 2
In our opinion, based on our audits and the reports of other auditors, the
combined financial statements referred to above present fairly, in all
material respects, the financial position of the Company (as defined in Note 1)
as of December 31, 1996 and 1995, and the results of its operations and its
cash flows for each of the three years in the period ended December 31, 1996,
in conformity with generally accepted accounting principles.
Our audits were made for the purpose of forming an opinion on the basic
combined financial statements taken as a whole. Schedule II -- Rollforward of
Allowance for Doubtful Accounts and Schedule III -- Real Estate and Accumulated
Depreciation are presented for purposes of complying with the Securities and
Exchange Commission's rules and are not a part of the basic combined
financial statements. These schedules have been subjected to the auditing
procedures applied in the audits of the basic combined financial statements
and, in our opinion, fairly state in all material respects the financial data
required to be set forth therein in relation to the basic combined financial
statements taken as a whole.
ARTHUR ANDERSEN LLP
Washington, D.C.,
May 5, 1997 (except with
respect to the matters
discussed in Note 17, as to
which the date is June 3,
1997)
<PAGE>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
COMBINED BALANCE SHEETS
<TABLE>
<CAPTION>
DECEMBER 31,
------------------------------ MARCH 31,
1995 1996 1997
-------------- -------------- --------------
(UNAUDITED)
<S> <C> <C> <C>
Assets:
Land, buildings and
furniture, fixtures and
equipment, net............ $ 115,398,707 $ 105,920,840 $ 94,923,423
Investment in real estate
partnerships.............. 28,763,452 26,210,696 24,419,986
Notes receivable............ 17,511,219 9,465,600 9,465,600
Insurance losses
recoverable............... 4,522,215 4,989,950 7,920,355
Deposits and deferred
costs..................... 9,115,127 8,389,860 7,204,825
Cash and cash equivalents... 8,354,833 13,912,591 11,881,985
Investments in securities... 8,335,304 5,007,124 4,961,956
Receivables, substantially all
from related parties net of
allowance for doubtful
accounts of $500,031,
$754,826 and $659,896 at
December 31, 1995, 1996, and
March 31, 1997, respectively 1,282,652 2,212,454 8,110,982
-------------- -------------- --------------
Total assets...... $ 193,283,509 $ 176,109,115 $ 168,889,112
-------------- -------------- --------------
-------------- -------------- --------------
Liabilities:
Mortgages payable........... $ 117,764,384 $ 111,214,993 $ 100,011,755
Notes payable............... 3,261,456 1,080,278 1,080,278
Losses in excess of
investment in real
estate partnerships....... 27,200,731 30,953,268 30,850,507
Insurance claims and loss
reserves.................. 15,113,683 15,667,583 21,254,934
Accrued interest payable.... 3,262,165 3,750,090 1,856,251
Accounts payable, accrued
expenses and other
liabilities............... 5,889,721 6,624,159 8,678,223
Deferred revenue and gains.. 1,916,972 1,975,110 1,457,511
Accrued lease liability..... 16,307,000 12,480,093 11,885,000
Minority interest........... 723,287 892,377 968,064
Due to NHP Incorporated..... 3,172,029 1,122,915 689,371
-------------- -------------- --------------
Total liabilities. 194,611,428 185,760,866 178,731,894
-------------- -------------- --------------
Shareholders' equity (deficit)
and partners' deficit, net:
Unrealized gain on
investments............... 701,313 352,482 302,680
Common stock, $0.01 par value,
10,000 shares authorized;
10,000 shares issued and
outstanding at December 31,
1995, 1996, and March 31,
1997, respectively........ 100 100 100
Additional paid-in capital.. 71,593,724 71,593,724 71,593,724
Retained earnings (deficit). (61,226,552) (71,366,677) (70,326,706)
Partners' deficit........... (12,396,504) (10,231,380) (11,412,580)
-------------- -------------- --------------
Total shareholders'
equity (deficit) and
partners' deficit,
net...................... (1,327,919) (9,651,751) (9,842,782)
-------------- -------------- --------------
Total liabilities and
equity.................... $ 193,283,509 $ 176,109,115 $ 168,889,112
-------------- -------------- --------------
-------------- -------------- --------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
<TABLE>
<CAPTION>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
COMBINED STATEMENTS OF OPERATIONS
YEAR ENDED THREE MONTHS ENDED
DECEMBER 31, MARCH 31,
------------------------------------------- ---------------------------
1994 1995 1996 1996 1997
------------- ------------- ------------- ------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Revenues:
Rental revenues........................ $ 28,487,806 $ 28,625,650 $ 28,161,127 $ 7,220,259 $ 6,729,120
Mortgage finance revenues.............. 447,824 2,110,615 -- -- --
Insurance revenues, substantially all
from related parties................. 2,978,813 3,238,968 4,793,061 996,932 445,949
Income on investment securities........ 338,982 621,893 1,207,144 558,849 203,455
Interest on advances to real estate
partnerships, substantially all from
related parties...................... 1,240,182 1,348,472 1,999,911 12,031 118,794
Partnership administrative and other
fees, substantially all from related
parties.............................. 1,614,943 2,207,198 2,254,064 462,161 479,392
------------- ------------- ------------- ------------- ------------
Total revenues......................... 35,108,550 38,152,796 38,415,307 9,250,232 7,976,710
------------- ------------- ------------- ------------- ------------
Operating expenses:
Salaries and benefits.................. 5,793,779 5,226,383 6,186,631 1,444,768 1,578,675
Other general and administrative
expenses............................. 6,659,178 6,368,265 5,248,149 1,556,952 1,131,734
Other operating expenses............... 10,284,897 10,948,172 10,908,304 2,784,733 2,423,873
Management fee expense................. 1,304,728 1,715,444 1,314,322 326,621 340,387
Depreciation and amortization
expense.............................. 3,681,402 4,001,562 3,903,688 1,038,386 809,920
Provision for insurance claims and loss
reserves............................. 3,015,852 2,456,131 3,971,186 980,872 381,613
Interest expense....................... 10,194,244 10,918,015 10,399,626 2,541,966 2,124,340
Minority interest...................... 66,200 (14,846) (4,754) 10,450 (22,625)
------------- ------------- ------------- ------------- ------------
Total operating expenses............... 41,000,280 41,619,126 41,927,152 10,684,748 8,767,917
------------- ------------- ------------- ------------- ------------
Other income (expense):
Write-down of notes receivable......... -- -- (5,219,519) -- --
Equity in real estate partnership
investment income (losses), net...... 1,503,655 (2,904,732) (5,730,958) (2,654,381) (1,231,544)
Gain on disposition of real estate
investments, net..................... 11,877,704 5,577,111 9,587,321 590,895 3,881,522
------------- ------------- ------------- ------------- ------------
Income (loss) before income taxes...... 7,489,629 (793,951) (4,875,001) (3,498,002) 1,858,771
Provision for income taxes............. -- -- -- -- --
------------- ------------- ------------- ------------- ------------
Net income (loss)...................... $ 7,489,629 $ (793,951) $ (4,875,001) $ (3,498,002) $ 1,858,771
------------- ------------- ------------- ------------- ------------
------------- ------------- ------------- ------------- ------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
<TABLE>
<CAPTION>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
COMBINED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY (DEFICIT) AND PARTNERS' CAPITAL (DEFICIT), NET
TOTAL
SHAREHOLDERS'
EQUITY
(DEFICIT)
COMMON STOCK AND PARTNERS'
--------------------- PARTNERS' ADDITIONAL RETAINED CAPITAL
PAR CAPITAL PAID-IN EARNINGS (DEFICIT),
SHARES VALUE (DEFICIT) CAPITAL (DEFICIT) NET
---------- --------- -------------- ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
Balance at January 1, 1994.......... -- $ -- $ 39,699,540 $ -- $ (57,005,681) $ (17,306,141)
Net income........................ 3,822,212 -- 3,667,417 7,489,629
---------- --------- -------------- ------------- -------------- ---------------
Balance at December 31, 1994........ 43,521,752 (53,338,264) (9,816,512)
Formation of NHP Partners, Inc.... 10,000 100 100
Contribution from NHPI prior to the
Transaction..................... 8,581,131 8,581,131
Contribution of intercompany
receivable from the National
Housing Partnership to NHP
Partners, Inc................... (63,012,593) 63,012,593
Net Income (loss)................. 7,094,337 (7,888,288) (793,951)
---------- --------- -------------- ------------- -------------- ---------------
Balance at December 31, 1995........ 10,000 100 (12,396,504) 71,593,724 (61,226,552) (2,029,232)
Dividend.......................... (3,100,000) (3,100,000)
Net income (loss)................. 2,165,124 (7,040,125) (4,875,001)
---------- --------- -------------- ------------- -------------- ---------------
Balance at December 31, 1996........ 10,000 100 (10,231,380) 71,593,724 (71,366,677) (10,004,233)
Dividend (Unaudited).............. (2,000,000) (2,000,000)
Net income (loss) (Unaudited)..... (1,181,200) 3,039,971 1,858,771
---------- --------- -------------- ------------- -------------- ---------------
Balance at March 31, 1997
(Unaudited)....................... 10,000 $ 100 $ (11,412,580) $ 71,593,724 $ (70,326,706) $ (10,145,462)
---------- --------- -------------- ------------- -------------- ---------------
---------- --------- -------------- ------------- -------------- ---------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
COMBINED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
YEAR ENDED THREE MONTHS ENDED
DECEMBER 31, MARCH 31,
------------------------------------------- ----------------------------
1994 1995 1996 1996 1997
------------- ------------- ------------- ------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Cash flows from operating activities:
Net income (loss)..................... $ 7,489,629 $ (793,951) $ (4,875,001) $ (3,498,002) $ 1,858,771
Adjustments to reconcile net income
(loss) to net cash used in
operating activities-
Gain on disposition of real estate
investments....................... (11,877,704) (5,577,111) (9,587,321) (590,895) (3,881,522)
(Gain) loss on disposition of
investment in securities, net..... -- (30,823) (484,836) 334,643 (12,369)
Depreciation and amortization....... 3,681,402 4,001,562 3,903,688 1,038,386 809,920
Write-down of notes receivable...... -- -- 5,219,519 -- --
Amortization of deferred financing
costs............................. 189,053 318,489 301,739 75,779 76,483
Equity in real estate partnership
investment (income) losses, net... (1,503,655) 2,904,732 5,730,958 2,654,381 1,231,544
Minority interest................... 66,200 (14,846) (4,754) 10,450 (22,625)
Reduction in accrued lease
liability......................... (1,150,000) (967,873) (3,826,907) (409,000) (595,093)
(Increase) decrease in receivables,
net............................... (320,284) 464,812 (3,003,218) (7,862,143) (6,700,914)
(Increase) in insurance losses
recoverable....................... (669,154) (1,248,386) (467,735) (703,678) (2,930,405)
(Increase) decrease in deposits and
deferred costs.................... (875,485) (1,819,181) 525,658 278,369 966,155
Increase (decrease) in accrued
interest payable.................. 1,066,401 3,062,794 1,037,825 (88,931) (210,191)
Increase (decrease) in accounts
payable, accrued expenses and other
liabilities....................... 1,254,059 (2,355,139) 1,234,989 (232,830) 2,851,742
(Decrease) increase in deferred
revenue and gains................. (838,214) 100,483 59,729 2,955,320 (517,599)
Increase in insurance claims and loss
reserves.......................... 1,639,865 1,244,716 553,900 3,957,172 5,587,351
------------- ------------- ------------- ------------- -------------
Net cash used in
operating activities............ (1,847,887) (709,722) (3,681,767) (2,080,979) (1,488,752)
------------- ------------- ------------- ------------- -------------
Cash flows from investing activities:
Investments in securities............. (4,611,998) (4,926,410) (1,316,461) (405,122) (73,192)
Proceeds from sales/maturities of
investments......................... -- 1,957,012 4,795,994 1,710,233 80,927
Investments in real estate
partnerships-
Proceeds from dispositions/
refinancings...................... 11,696,020 3,703,866 13,484,605 337,238 2,578,739
Return of investment/distributions.. 2,321,311 1,246,852 3,460,868 335,564 518,501
Investments in continuing real
estate partnerships............... (4,917,166) (2,276,788) (3,272,240) (1,707,080) (1,208,372)
New acquisitions.................... -- (8,792,847) (1,689,246) (1,348,246) --
Payments received on notes receivable. -- -- 2,826,100 -- --
(Payments to) proceeds from joint
ventures and other investments...... (62,309) 2,274,789 46,265 47,297 213,564
(Decrease) increase in minority
interest............................ (822,006) 290,427 (18,569) -- --
Purchase of fixed assets.............. (2,105,991) (1,832,585) (711,221) (178,552) (15,239)
------------- ------------- ------------- ------------- -------------
Net cash provided by (used in)
investing activities............ 1,497,861 (8,355,684) 17,606,095 (1,208,668) 2,094,928
------------- ------------- ------------- ------------- -------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
COMBINED STATEMENTS OF CASH FLOWS
(Continued)
<TABLE>
<CAPTION>
YEAR ENDED THREE MONTHS ENDED
DECEMBER 31, MARCH 31,
------------------------------------------- ----------------------------
1994 1995 1996 1996 1997
------------- ------------- ------------- ------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
Cash flows from financing activities:
Proceeds from (repayment of)
borrowings, net................... $ (1,615,254) $ (1,445,217) $ (1,022,463) $ 100,436 $ (203,238)
Net borrowings/(repayments)
from/(to) related parties......... -- 1,683,624 (2,181,178) (1,050,646) --
Dividends paid...................... -- -- (3,100,000) -- (2,000,000)
Distributions to minority partners.. (55,990) (91,046) (13,815) -- --
Net borrowings/(repayments)
from/(to) NHP Incorporated......... -- 3,037,993 (2,049,114) 2,696,202 (433,544)
Contribution from
NHPI prior to
the Transaction................... -- 8,553,830 -- -- --
Pre-Transaction activity with NHP
Incorporated...................... (1,714,018) (1,450,567) -- -- --
------------- ------------- ------------- ------------- -------------
Net cash (used in) provided by
financing activities.......... (3,385,262) 10,288,617 (8,366,570) 1,745,992 (2,636,782)
------------- ------------- ------------- ------------- -------------
(Decrease) increase in cash and cash
equivalents......................... (3,735,288) 1,223,211 5,557,758 (1,543,655) (2,030,606)
Cash and cash equivalents, beginning
of period........................... 10,866,910 7,131,622 8,354,833 8,354,833 13,912,591
------------- ------------- ------------- ------------- -------------
Cash and cash equivalents, end of
period.............................. $ 7,131,622 $ 8,354,833 $ 13,912,591 $ 6,811,178 $ 11,881,985
------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- -------------
Supplemental disclosure of cash flow
information:
Cash interest payments.............. $ 8,741,893 $ 10,384,753 $ 9,201,243 $ 2,100,218 $ 2,082,155
------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- -------------
Non-cash investing activities:
Distribution of fixed
assets to NHPI...................... $ -- $ 27,301 $ -- -- --
------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- -------------- -------------
- ---------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1994, 1995, AND 1996
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
BASIS OF PRESENTATION
The combined financial statements include the accounts of The National
Housing Partnership, NHP Partners, Inc., and its wholly owned subsidiaries:
NHP Servicing Group, NHP Real Estate Corporation, NHP-HG, Inc., NHP-HG Two,
Inc., NHP-HG III, Inc., NHP-HG Four, Inc., NHP-HG Five, Inc., NHP-HG Ten,
Inc., NHP-HG Eleven, Inc., NHP-HG Twelve, Inc., NHP HDV, Inc., NHP HDV Two,
Inc., NHP Capital Corp., the National Corporation for Housing Partnerships,
HPI Limited, Inc. ("HPI") and their wholly owned subsidiaries and majority
owned real estate partnerships, collectively referred to as "NHP Real Estate
Companies" or the "Company."
As of January 1, 1994, all of the entities forming the Company as listed
above, with the exception of NHP Partners, Inc., were operating subsidiaries
of NHP Incorporated ("NHPI"). On August 16, 1995, NHPI formed a new
subsidiary, NHP Partners, Inc., and contributed all of its subsidiaries
holding real estate operations and HPI (the entities forming the Company as
listed above), with the exception of the National Housing Partnership, to NHP
Partners, Inc. Concurrently, in connection with an initial public offering
("IPO") of its common stock, NHPI sold NHP Partners, Inc. and the National
Housing Partnership to NHP Partners Limited Partnership and NHP Partners Two
Limited Partnership, respectively, (hereafter referred to as the
"Transaction"). At December 31, 1996, both NHP Partners Limited Partnership
and NHP Partners Two Limited Partnership were wholly owned by the previous
controlling shareholders of NHPI, Demeter Holdings Corporation, Capricorn
Investors, L.P., and J. Roderick Heller, III (see Note 17). Due to the
related party nature of the Transaction, the accounts of NHP Partners, Inc.,
and The National Housing Partnership continue to be reflected at their
historical cost.
Combined financial statements have been presented as these entities have
been under common control and management for all periods presented, and are
expected to be acquired in a business combination with Apartment Investment and
Management Company ("AIMCO") (see Note 17).
NATURE OF BUSINESS
The Company's operations consist primarily of owning and acquiring general
and limited partnership interests in multi-family rental housing properties
principally in the United States. One of the Company's wholly owned
subsidiaries, HPI, is a reinsurance company which reinsures certain risks
associated with apartment properties in which the Company has an ownership
interest. HPI's principal activity is the reinsurance of property and general
liability risks for affiliated multi-family rental properties.
<PAGE>
2
COMBINED FINANCIAL STATEMENTS
The combined financial statements include the accounts of the Company and
its subsidiaries and controlled affiliates. Investments in 50 percent or less
owned affiliates over which the Company has the ability to exercise significant
influence are accounted for using the equity method.
NHPI continues to provide services to the Company, and revenues and expenses
between the Company and NHPI both prior to and after the Transaction have not
been eliminated from the Company's revenues and expenses in the combined
financial statements. All material intercompany accounts and transactions have
been eliminated in consolidation.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
REVENUE RECOGNITION
Mortgage finance revenues in 1994 and 1995 represent fees received for
providing asset management, loan servicing and other advisory services to owners
of discounted multi-family debt and real estate sold by the Resolution Trust
Corporation ("RTC"). These fees are recognized as services are rendered. The
Company is no longer providing these services and, thus, no revenues were
recognized in 1996, and no further revenues are anticipated.
Insurance premiums are recognized as revenue on a pro-rata basis over the
periods of the respective policies.
Interest on advances to real estate partnerships relates to loans made to
multi-family partnerships by the Company as general partner. Interest is paid by
the partnerships only to the extent distributable cash flow of the partnerships,
as defined, is available. Partnership administrative fees are earned for
providing administrative services to certain partnerships in which the Company
has an ownership interest. These fees are payable only to the extent
distributable cash flow of the partnership, as defined, is available. The
Company accrues interest on advances and partnership administration fees as they
are earned and establishes a reserve equal to the amount of accrued fees that
are not assured of being paid, which is equal to 100 percent of the fees that
are not currently paid.
<PAGE>
3
Property owned by the Majority-Owned Partnerships (see below) is subject to
numerous tenant leasing arrangements having initial terms of one year or
less. Rental revenue is recognized on a straight-line basis over the term of
the related lease.
REAL ESTATE, GENERAL PARTNER AND LIQUIDITY RISKS
Real property investments are subject to varying degrees of risk. The yields
available from equity investments in real estate depend on the amount of
income generated and expenses incurred. The Company's income and cash flows
from the Majority-Owned Partnerships (see below) and its real estate equity
investments may be adversely affected by the general economic climate, local
conditions such as oversupply of apartments or a reduction in demand for
apartments in the area, the attractiveness of the properties to tenants,
competition from other available apartments, the ability of the properties'
managers to provide adequate maintenance and insurance, and increases in
operating costs (including real estate taxes). The Company's income and cash
flows from the Majority-Owned Partnerships (see below) and its real estate
investments would also be adversely affected if a significant number of
tenants were unable to pay rent or apartments could not be rented on
favorable terms. Certain significant expenditures associated with real
property investments (such as debt service, real estate taxes and maintenance
costs) generally are not reduced when circumstances cause a reduction in
income from the investments. In addition, income and cash flows from
properties and real estate values are also affected by such factors as
applicable laws, including tax laws, interest rate levels and the
availability of financing. The Company is the general partner in the majority
of the entities in which the Company holds partnership interest. The Company
generally does not consolidate entities in which it holds a general
partnership interest but does not exercise significant control over the
partnerships' operations, including the ability to sell the properties owned
by the partnerships. Under the general principles of partnership law, a
general partner in a limited partnership may, under certain circumstances,
have liabilities beyond its original investment to third parties affiliated
and doing business with the partnership.
Aside from cash flow generated by the Majority-Owned Partnerships, the
Company's liquidity is dependent primarily on partnership distributions and
proceeds from sales and refinancings of real estate owned by partnerships in
which the Company has an equity investment.
<PAGE>
4
INCOME TAXES
Because of its organizational structure, income taxes are recognized
differently for certain entities within the Company. The entities structured as
partnerships are not income tax paying entities and, accordingly, no provision
has been recorded for Federal or state income tax purposes. The partners are
individually responsible for reporting their share of taxable income on their
income tax returns. In the event of an examination of the partnerships' tax
returns by the Internal Revenue Service, the income tax liability of the
partners could be changed if an adjustment in the partnerships' income is
ultimately sustained by the taxing authorities.
The entities structured as corporations account for income taxes in
accordance with the requirements of Statement of Financial Accounting Standards
("SFAS") No. 109, "Accounting for Income Taxes." Deferred taxes result from the
temporary differences between financial and income tax bases of assets and
liabilities. Deferred tax assets not projected to be recovered are reserved as
part of the deferred tax provision (see Note 12).
CASH AND CASH EQUIVALENTS
The Company considers all highly liquid investments with initial maturities
of 90 days or less to be cash equivalents. Of the total cash and cash
equivalents, $3,663,524 and $8,983,036 is held by and used in the operations
of HPI as of December 31, 1995 and 1996, respectively, and $1,780,545 and
$2,393,877 is held by and used in the operations of the Majority Owned
Partnerships as of December 31, 1995 and 1996, respectively, and is not
readily available for use by NHP Partners, Inc., and The National Housing
Partnership.
INVESTMENTS IN SECURITIES
Investments, all of which are held by and used in the operations of HPI and
are not readily available for use by NHP Partners, Inc. and the National
Housing Partnership, are classified as available for sale under the terms of
SFAS No. 115, "Accounting for Certain Investments in Debt and Equity
Securities" and are stated at market values. The net unrealized gain/loss in
the value of investments is reflected as a separate component of
shareholders' equity (deficit) and partners' capital (deficit), net. Gains
and losses on investments are determined by specific determination.
INVESTMENT IN REAL ESTATE PARTNERSHIPS
The Company has ownership interest (generally 1-5 percent) in over 500 real
estate partnerships (collectively, the "Partnerships," and individually, the
"Partnership") which own multi-family apartment properties located in
approximately 40 states, the District of Columbia and Puerto Rico. As of
December 31, 1996, the Company also owns majority interests in fourteen real
estate partnerships (primarily multi-family housing developments) which are
consolidated for financial reporting purposes (collectively, the
"Majority-Owned Partnerships"). Investment interests of 50 percent or less
partnership interest are accounted for using the equity method of accounting.
Accordingly, the Company reflects as income or expense its percentage
ownership share in earnings or losses of each Partnership. Distributions
received from the Partnerships are recorded as returns or reduction of
investment. Contributions and loans are recorded as an increase in
investment. For a complete list of partnerships and percentage interest,
see Note 19.
<PAGE>
5
Summarized financial information related to the Partnerships which the
Company accounts for under the equity method is as follows:
<TABLE>
<CAPTION>
AS OF DECEMBER 31,
------------------------------------
1995 1996
----- -----
<S> <C> <C>
Real estate.............................................. $2,102,321,581 $2,063,124,556
Other assets............................................. 503,485,989 501,173,084
-------------- --------------
Total assets......................................... $2,605,807,570 $2,564,297,640
-------------- --------------
Mortgage and other debt.................................. $2,550,764,702 $2,615,679,029
Other liabilities........................................ 125,348,481 136,778,798
Partners' deficit........................................ (70,305,613) (188,160,187)
-------------- --------------
Total liabilities and partners' deficit.............. $2,605,807,570 $2,564,297,640
-------------- --------------
-------------- --------------
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------------------------------
1994 1995 1996
----- ----- -----
<S> <C> <C> <C>
Total revenues............................ $481,901,640 $567,201,062 $620,111,773
------------ ------------ ------------
Depreciation expense...................... 65,545,844 80,911,764 93,308,263
Interest expense.......................... 142,022,848 169,500,614 186,889,750
Other operating expense................... 295,921,264 339,604,643 387,650,571
Provision for write-down of assets to
estimated net realizable value......... 8,793,900 -- 42,308,617
------------ ------------ ------------
Loss before extraordinary item............ (30,382,216) (22,815,959) (90,045,428)
------------ ------------ ------------
Extraordinary gain........................ -- 1,381,444 10,512,640
------------ ------------ ------------
Net loss.................................. $(30,382,216) $(21,434,515) $(79,532,788)
------------ ------------ ------------
------------ ------------ ------------
</TABLE>
The Company recognizes a gain or loss on disposition of real estate
investments when a Partnership interest is sold or when the underlying assets
of a Partnership are disposed of and the Partnership is subsequently
dissolved. In accordance with the provisions of SFAS No. 66, "Accounting for
Sales of Real Estate," any gain on disposition is recognized after a sales
contract is executed, the transaction meets the conditions of a sale, legal
title passes, and the buyer has made a substantial financial commitment to
pay for the property. Losses are recognized when deemed probable.
LAND, BUILDINGS AND FURNITURE, FIXTURES AND EQUIPMENT, NET
Land, buildings and furniture, fixtures and equipment relate to those
Partnerships in which the Company has a majority interest. Additions are
recorded at cost and include all major renewals and betterments. Maintenance,
repairs, and minor replacements are expensed as incurred.
Depreciation of buildings is computed using the straight-line method,
assuming varying useful lives ranging from 27.5 to 50 years. Furniture,
fixtures and equipment are depreciated using an accelerated method, assuming
estimated useful lives of three to ten years.
<PAGE>
6
DEFERRED FINANCING COSTS
Certain costs of obtaining the financing arrangements of the Majority-Owned
Partnerships described in Note 6 have been capitalized and are amortized as
interest expense using the straight-line method, which approximates the
effective interest method, over the appropriate debt term. Deferred financing
costs, net of accumulated amortization of $683,000 and $999,000, were $1,537,000
and $1,332,000 as of December 31, 1995 and 1996, respectively, and are included
in deposits and deferred costs on the accompanying combined balance sheets.
INSURANCE CLAIMS AND LOSS RESERVES
The insurance claims and loss reserves and the related provision include
estimates for losses incurred but not reported as well as losses pending
settlement. The reserve is based upon management's best estimates, loss
adjusters' evaluations and actuarial determinations and, in the opinion of
management, such reserve is adequate. Future adjustments to the amounts recorded
at December 31, 1996, resulting from the continual review process as well as
differences between estimates and ultimate payments will be reflected in income
in future years when such adjustments become known. The Company reinsures
certain of its risks with an unrelated insurance entity. Reinsurance does not
relieve the Company of it liabilities under the original policies, however, in
the opinion of management, the Company's reinsurer is sound and any potential
exposure for non-payment is minimal.
IMPLEMENTATION OF NEW ACCOUNTING STANDARD
The Financial Accounting Standards Board has issued SFAS No. 121, "Accounting
for the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed
Of," which requires the adjustment of the carrying value of long-lived assets
and certain intangibles, if their value is determined to be impaired as
defined in the standard. The Company adopted SFAS No. 121 as of January 1,
1996. The adoption of this statement did not have a material effect on the
Company's financial position or results of operations.
As illustrated above, for the year ended December 31, 1996, certain of the
Partnerships recorded a provision to write-down land, buildings and
improvements to their estimated net realizable value, which is reflected in
the statement of operations of each Partnership for the year ended December
31, 1996. The Company's share of this write-down, based on its appropriate
percentage interest, has been included in equity in real estate partnership
investment income (losses), net, on the accompanying combined statements of
operations.
RECLASSIFICATIONS
Certain 1994 and 1995 amounts have been reclassified to conform with the 1996
presentation.
<PAGE>
7
2. INVESTMENTS IN SECURITIES:
The amortized cost, gross unrealized gains, gross unrealized losses and
market value of investments available for sale, by category, as of December 31,
1995 and 1996, for HPI are as follows:
<TABLE>
<CAPTION>
1995
-------------------------------------------------------
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED MARKET
COST GAINS LOSSES VALUE
-------------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
U.S. Government............................ $ 5,451,983 $ 176,217 $ (231) $ 5,627,969
Equity securities.......................... 2,182,008 525,327 -- 2,707,335
-------------- ------------ ----------- ------------
$ 7,633,991 $ 701,544 $ (231) $ 8,335,304
-------------- ------------ ----------- ------------
-------------- ------------ ----------- ------------
</TABLE>
<TABLE>
<CAPTION>
1996
-------------------------------------------------------
GROSS GROSS
AMORTIZED UNREALIZED UNREALIZED MARKET
COST GAINS LOSSES VALUE
-------------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
U.S. Government............................ $ 3,959,454 $ 37,039 $ (9,778) $ 3,986,715
Equity securities.......................... 695,188 333,972 (8,751) 1,020,409
-------------- ------------ ----------- ------------
$ 4,654,642 $ 371,011 $ (18,529) $ 5,007,124
-------------- ------------ ----------- ------------
-------------- ------------ ----------- ------------
</TABLE>
The contractual maturity dates of investments available for sale as of
December 31, 1996 are:
<TABLE>
<CAPTION>
AMORTIZED MARKET
MATURITY COST VALUE
- ------------ ------------ ---------
<S> <C> <C>
Due in one year or less........................................... $ -- $ --
Due after one year through five years............................. 3,959,454 3,986,715
Equity securities................................................. 695,188 1,020,409
------------ ------------
$ 4,654,642 $ 5,007,124
------------ ------------
------------ ------------
</TABLE>
Proceeds from sales/maturities of investments were $0, $957,012 and
$3,295,994 for the years ended December 31, 1994, 1995 and 1996, respectively.
Gross realized gains were $0, $48,027 and $513,842 for the years ended December
31, 1994, 1995 and 1996, respectively. Gross realized losses were $0, $17,204
and $29,006 for the years ended December 31, 1994, 1995 and 1996, respectively.
The change in net unrealized gain on investment was a decrease of $78,746 in
1994, an increase of $780,059 in 1995, and a decrease of $348,831 in 1996.
<PAGE>
8
3. NOTES RECEIVABLE:
Notes receivable as of December 31, 1995 and 1996, consist of the following:
<TABLE>
<CAPTION>
1995 1996
------------- ------------
<S> <C> <C>
Collateralized Notes............................................. $ 13,511,219 $ 5,465,600
Oxford Notes..................................................... 4,000,000 4,000,000
------------- ------------
$ 17,511,219 $ 9,465,600
------------- ------------
------------- ------------
</TABLE>
The Company accounts for Notes Receivable in accordance with the provisions
of SFAS No. 114 "Accounting By Creditors for Impairment of a Loan" and SFAS No.
118, "Accounting by Creditors for Impairment of a Loan-Income Recognition and
Disclosures."
COLLATERALIZED NOTES
In connection with the syndication or sale of interests in several real
estate partnerships, either to investors or to other purchasers, the Company
received notes receivable secured by the partnership interests and cash flow
from the partnerships (the "Collateralized Notes"). The Collateralized Notes,
carried on the Company's balance sheet at $13.5 million and $5.5 million at
December 31, 1995 and 1996, respectively, have an aggregate face value of
approximately $21.4 million and $17.8 million at December 31, 1995 and 1996,
respectively, and are due between 1997 and 1999, with an earlier maturity if
the underlying real estate is sold. No principal or interest payments are due
prior to maturity, and interest is to accrue at rates ranging from 9.0
percent to 12.0 percent per annum. As these notes are considered impaired,
the Company is currently not accruing interest income. During 1995 and 1996,
$0 and $2.8 million, respectively, was collected on the Collateralized Notes.
The Company has determined, on the basis of an analysis and valuation of the
affordable multifamily housing projects which secure the Collateralized
Notes, that as of December 31, 1996, the net present value of the
Collateralized Notes is $5.5 million. Accordingly, in 1996, the Company
recorded a $5.2 million write-down for the Collateralized Notes (reported as
write-down of notes receivable on the combined statements of operations).
Additional Collateralized Notes, which were previously recorded as zero value
by the Company, have been determined to have a net present value of $3.6
million. No write-up in value was recorded for these Collateralized Notes.
OXFORD NOTES
In connection with the 1993 acquisition of management rights from Oxford
Development Corporation ("Oxford"), the Company was assigned two notes
receivable secured by the cash flow from approximately 170 Oxford-owned real
estate partnerships (the "Oxford Notes"). The Oxford Notes, carried on the
Company's balance sheet at $4.0 million, have a face value of $33.0 million and
are payable primarily from proceeds generated by refinancing or sale of the
underlying properties. The Oxford Notes bear interest at a rate of 10 percent
per annum, compounded quarterly, and are due in December 2001. As these notes
are considered impaired, the Company is currently not accruing any interest
income relating to the Oxford notes. The value of these notes has been
discounted from face value based on the estimated expected future cash flows
from the notes.
<PAGE>
9
4. LAND, BUILDINGS AND FURNITURE, FIXTURES AND EQUIPMENT, NET:
Land, buildings and furniture, fixtures and equipment represent the
residential real estate owned by the fourteen Majority-Owned Partnerships
(fifteen in 1995), located in ten states, and are collateral for the mortgages
payable described in Note 6.
Land, buildings and furniture, fixtures and equipment as of December 31,
1995 and 1996, consist of the following:
<TABLE>
<CAPTION>
1995 1996
-------------- --------------
<S> <C> <C>
Land......................................................... $ 13,207,340 $ 11,572,845
Buildings and equipment...................................... 122,776,469 117,814,242
Furniture, fixtures, and equipment........................... 7,245,874 6,572,922
-------------- --------------
143,229,683 135,960,009
Accumulated depreciation..................................... (27,830,976) (30,039,169)
-------------- --------------
Net.......................................................... $ 115,398,707 $ 105,920,840
-------------- --------------
-------------- --------------
</TABLE>
5. NOTES PAYABLE:
Notes payable as of December 31, 1995 and 1996, consist of the following:
<TABLE>
<CAPTION>
1995 1996
------------ ------------
<S> <C> <C>
Hall Financial Group.............................................. $ 1,050,646 $ --
Shareholders...................................................... 1,130,532 --
Majority-Owned Partnerships-deferred acquisition notes............ 1,080,278 1,080,278
------------ ------------
$ 3,261,456 $ 1,080,278
------------ ------------
------------ ------------
</TABLE>
In connection with a February 1995 transaction in which the Company acquired
an interest in an entity which purchased 32 properties from Hall Financial
Group, Inc. ("Hall"), the Company issued a $4,179,000 note payable to Hall. The
note's interest rate was 10 percent per annum, payable quarterly. One of the
quarterly principal and interest payments to Hall was funded by the Company's
shareholders, resulting in a $1,130,532 note payable to shareholders, with
interest at 15 percent per annum. These notes were paid in full in 1996.
The Majority Owned Partnerships' deferred acquisition notes consist of two
notes: 1) an $800,000 note, with related accrued interest of $834,629 recorded
as accrued interest payable, accruing interest at 10 percent per annum and due
upon the earlier of the sale, transfer, or refinancing of the related property,
or December 27, 1999, and 2) a $280,278 note, with related accrued interest of
$367,489 recorded as accrued interest payable, accruing interest at 10 percent
per annum and $280,278 due on August 1, 1997. The note can be extended to August
1, 1999, with payment of an extension fee of $3,449 per annum to the
noteholders. Management intends to continue paying the extension fee to the
noteholder to further extend the note's maturity date.
<PAGE>
-10-
6. MORTGAGES PAYABLE:
The Majority Owned Partnerships have entered into various mortgage
agreements. These are obligations of the partnerships and are non-recourse to
the general partner unless otherwise disclosed. The lender and related terms of
the mortgage notes are as follows:
<TABLE>
<CAPTION>
LENDER AND TERMS 1995 1996
- ------------------------------------------------------------- -------------- --------------
<S> <C> <C>
Multiple Investor Fund Realty L.P. bearing interest at a rate
of 8.24 % per annum, payable monthly, as amended during
1996 maturing November 14, 1998, and can be extended to
November 14, 2001, with the payment of a $50,000 extension
fee. Although the fee has not been paid as of December 31,
1996, it is the intention of management to extend the note
to November 14, 2001. The note is secured by a deed of
trust on the rental property............................... $ 7,520,383 $ 8,000,000
U.S.G.I., Inc. bearing interest at the rate of 7.5% per
annum. Principal and interest is payable in monthly
installments of $12,622 until August 2018 when all unpaid
principal amounts are due. The note is secured by a deed of
trust on the rental property............................... 1,648,638 1,619,845
First Trust Savings Bank bearing interest at the rate of 7.0%
per annum. Principal and interest is payable in monthly
installments of $4,885 until May 2014 when all unpaid
principal amounts are due. The note is secured by a deed of
trust on the rental property............................... 600,304 583,162
FHA bearing interest at the rate of 3% per annum. Principal
and interest is payable in monthly installments of $1,500
until 2010 when all unpaid principal amounts are due. The
note is secured by a deed of trust on the rental
property................................................... 210,450 198,602
Prudential Insurance Company of America bearing interest at
the rate of 9.5% per annum. Principal and interest is
payable in monthly installments of $181,632 until May 1,
1997 (subsequently extended by a forebearance agreement to
August 1, 1997) when all unpaid principal amounts are due.
It is the intention of management to pursue negotiations
for the refinancing of the property with the current lender.
If a refinancing does not occur, the underlying property
will be sold. The note is secured by a deed of trust on the
rental property............................................ 21,029,846 20,839,968
</TABLE>
<PAGE>
-11-
<TABLE>
<CAPTION>
LENDER AND TERMS 1995 1996
- ------------------------------------------------------------- -------------- --------------
<S> <C> <C>
Prudential Insurance Company of America bearing interest at
the rate of 8.5% per annum through March 1996. Thereafter,
interest is at the rate of 10% per annum until repayment of
the note. Interest only is payable in monthly installments
until November 2018 when all unpaid interest and principal
amounts are due. Any unpaid amounts subsequent to November
2018 will accrue interest at the rate of 18% per annum. The
National Housing Partnership, the general partner, has
entered into a guarantee agreement which guaranteed all
required payments of principal and interest. This agreement
expires the earlier of (i) the property meeting certain
operating income levels, or (ii) anytime after May 1, 1994
if a specified payment of $1,650,000 is made to the mortgagee,
the property is deeded over to Property Capital Trust and
certain other conditions are met. As of December 31, 1996,
the guarantee is still in place. This note has been secured
by a second deed of trust on the rental property........... $ 7,540,000 $ 7,540,000
GMAC with various properties bearing interest from 7-8.5% per
annum. Principal and interest is payable in monthly
installments until dates from March 2011 to February 2016,
at which time all unpaid principal amounts are due. The
notes are secured by a deed of trust on the rental
properties................................................. 3,129,885 3,042,899
Community Investment Corporation bearing interest at the rate
of 7.25% per annum until February 1996, when the interest
rate was adjusted to 8.0% per annum and is adjustable at
three years intervals beginning February 1996. At each
adjustment period, the interest rate shall be set at 2.5%
over the yield on 3-year treasury notes. Principal and
interest is payable in monthly installments of $12,801
until December 2013 when all unpaid principal amounts are
due. The note is collateralized by the property and
assignment of leases and rents............................. 1,638,956 1,615,412
City of Chicago bearing interest at 0%. Principal is payable
in monthly installments of $500 until December 2013 when
all unpaid principal amounts are due. The note is
collateralized by the property and assignment of leases and
rents...................................................... 6,099,050 6,190,951
Illinois Housing Authority bearing interest at the rate of 1%
per annum and a maturity date of January 1, 2014. No
principal and interest payments for the first 18 months,
only interest due for the next 60 months and principal and
interest thereafter. The note is collateralized by the
property and assignment of leases and rents................ 478,133 478,133
Affordable Housing Program Grant bearing interest at 0% and a
maturity of January 14, 2014. At the maturity date, the
loan becomes a grant if all provisions are met............. 250,000 250,000
Lincoln National Bank bearing interest at the rate of
9.25% per annum. Principal and interest is payable in
monthly installments of $145,585 until August 2018 when all
unpaid principal amounts are due........................... 16,547,441 16,321,644
</TABLE>
<PAGE>
-12-
<TABLE>
<CAPTION>
LENDER AND TERMS 1995 1996
- ------------------------------------------------------------- -------------- --------------
<S> <C> <C>
General Electric Capital Corporation bearing interest at a
variable rate equal to 3.1% per annum above the "GECC
Composite Commercial Paper Rate," which at December 31,
1995 was 5.83%. The note matured on June 24, 1995. GECC
agreed to allow the partnership to repay the debt through
sale proceeds, which was paid in full during 1996.......... $ 6,305,730 $ --
Kidder Peabody Mortgage Capital Corporation bearing interest
at the rate of 9.31% per annum. Principal and interest is
payable in monthly installments of $210,000 until May 2000
when all unpaid principal amounts are due. The note is
secured by the deed of trust on the property............... 25,700,428 25,511,720
Patrician Mortgage Company bearing interest at the rate of
8.75% per annum. Principal and interest are payable in
monthly installments of $59,829 until 2029 when all unpaid
principal amounts are due. The note is secured by a deed of
trust on the rental property............................... 7,775,546 7,736,412
Demeter Holdings Corporation ("Demeter"), a majority
shareholder/ partner of the Company at December 31, 1996,
non-recourse note bearing interest, payable quarterly, at a
rate that increases from 9% (as of December 31, 1996) to
14% per annum over its term. The property securing this
note was sold in January 1997, and the note obligation was
satisfied. See Note 16 -- Subsequent Events.... ........... 11,000,000 11,000,000
D.R. Trust bearing interest at the rate of 5% per annum.
Principal and interest is payable in monthly installments
of $1,589 until June 1997 when all unpaid interest and
principal is due........................................... 289,594 286,245
------------- ------------
$117,764,384 $111,214,993
------------ ------------
------------ ------------
</TABLE>
The mortgages payable principal repayment schedule as of December 31, 1996,
is as follows:
YEAR ENDED PRINCIPAL
DECEMBER 31, DUE
------------- -------------
1997.................................... $ 21,811,469
1998.................................... 11,747,356
1999.................................... 815,243
2000.................................... 25,454,373
2001.................................... 8,689,090
Thereafter.................................... 42,697,462
-------------
$ 111,214,993
-------------
-------------
Under various agreements with the above lenders, the properties are required
to make monthly escrow deposits for taxes, insurance and replacement of project
assets, and are subject to restrictions as to operating policies, rental
charges, operating expenditures, and distributions to partners.
<PAGE>
-13-
7. DEFERRED REVENUE AND GAINS:
Included in deferred revenue and gains is $1,459,395 and $1,437,933 as of
December 31, 1995 and 1996, respectively, related to a sale-leaseback agreement
in which a Majority Owned Partnership sold land to Property Capital Trust
("PCT") and leased it back for a 75-year period ending December 31, 2064. The
land sale was accounted for by the partnership as a sale-leaseback, and the
original gain of $1,609,629 was deferred and is amortized over the 75-year lease
term.
8. INSURANCE REVENUES:
HPI limits its losses by reinsuring its general liability policy with other
insurance companies. For the current underwriting year, under the general
liability policy, HPI assumes losses of $250,000 per occurrence and reinsures
losses in the 1996 policy year in the amount of $2,000,000 in excess of an
aggregate of $4,500,000 (1995 policy year--$3,000,000 in excess of an
aggregate of $2,700,000).
HPI's property policy and workers' compensation policy are accounted for
on a deposit basis of accounting. Under the property policy, HPI assumes
losses of $250,000 per occurrence up to an annual aggregate of $3,000,000 in
1996/1997 policy year ($2,500,000 in 1995/1996 policy year). Under the
workers' compensation policy (which was in place in 1996 only), HPI assumes
losses of $250,000 per occurance up to an annual aggregate of $3,016,000. All
losses in excess of these amounts are reinsured. Premiums received exceed the
aggregate, thus the premiums received for the property policy are accounted
for as a deposit payable and are reduced by losses paid. The difference
between the premiums received and the maximum liability for losses, is
recognized on a pro-rata basis over the policy period.
9. INSURANCE CLAIMS AND LOSS RESERVE:
Activity in the insurance claims and loss reserves and insurance claims
expense account is summarized as follows:
1995 1996
------------- -------------
Balance, beginning of year................. $ 11,421,900 $ 15,113,683
Less-- Losses recoverable................ 3,273,829 4,522,215
------------- -------------
Net balance, beginning of year............. 8,148,071 10,591,468
------------- -------------
Incurred related to:
Current year............................. 2,741,164 4,007,188
Prior years.............................. (285,033) (36,002)
------------- -------------
Total incurred......................... 2,456,131 3,971,186
------------- -------------
Paid related to:
Current year............................. 388,442 387,348
Prior years.............................. 2,394,947 3,362,203
------------- -------------
Total paid............................. 2,783,389 3,749,551
------------- -------------
Net balance, end of year................... 7,820,813 10,813,103
Plus losses recoverable.................. 4,522,215 4,989,950
------------- -------------
<PAGE>
-14-
Reserve for losses, end of year............ 12,343,028 15,803,053
Change in losses payable................... 935,737 (767,114)
Change in insurance balances payable....... 340,941 174,277
Change in deposits held under
reinsurance contracts............... 1,493,977 457,367
------------- -------------
Balance, end of year....................... $ 15,113,683 $ 15,667,583
------------- -------------
------------- -------------
As a result of changes in estimates of insured events in prior years, the
insurance claims and loss reserves and expense (net of reinsurance recoveries of
$669,154, $1,248,386 and $467,735, for the years ended December 31, 1994, 1995
and 1996, respectively) increased by $619,745 and decreased by $285,033 and
$36,002 for the years ended December 31, 1994, 1995 and 1996, respectively. No
additional premiums are due as a result of prior year effects.
10. CONCENTRATION AND CREDIT RISKS:
Several properties owned by the Majority-Owned Partnerships and a
substantial portion of the properties and units of the Partnerships as of
December 31, 1996, are affordable properties and units. A substantial portion of
the affordable properties were built or acquired with the assistance of programs
administered by the United States Department of Housing and Urban Development
("HUD") that provide mortgage insurance, favorable financing terms, or rental
assistance payments to the owners. As a condition to the receipt of assistance
under these and other HUD programs, the properties must comply with various HUD
requirements including limiting rents on these properties to amounts approved by
HUD. For the past several years, various proposals have been advanced by HUD,
the Congress and others proposing the restructuring of Section 8 of the United
States Housing Act of 1937 ("Section 8"). These proposals generally seek to
lower subsidized rents to market levels and to lower the required debt service
costs as needed to ensure financial viability at the reduced rents, but vary
greatly as to how that result is to be achieved. Some proposals include a
phase-out of project-based subsidies on a property-by-property basis upon
expiration of a property's Housing Assistance Payments Contract ("HAP
Contract"), with a conversion to a tenant-based subsidy. Under a tenant-based
system, rent vouchers would be issued to qualified tenants who then could elect
to reside at a property of their choice, provided the tenant has the
financial viability to pay the difference between the selected property's
monthly rent and the value of the voucher, which would be established based on
HUD's regulated fair market rent for that geographic area.
Congress has not yet accepted any of these restructuring proposals and
instead has elected to renew expiring Section 8 HAP Contracts for one year
terms, generally at existing rents. While the Company does not believe that the
proposed changes would result in a significant number of tenants relocating,
there can be no assurance that the proposed changes would not significantly
affect the Company or the Partnerships. Furthermore, there can be no assurance
that changes in federal subsidies will not be more restrictive than currently
proposed or that other changes in policy could occur. Any such changes could
have an adverse effect on the Company's occupancy rates and revenues of the
Company's majority owned properties and or properties in which this Company has
an ownership interest.
<PAGE>
-15-
HPI is party to financial instruments with concentration and credit risks.
These financial instruments include cash and cash equivalents, deposits with
ceding insurers and investments. As of December 31, 1996, significant cash and
cash equivalents are on deposit at two financial institutions. The deposit with
one ceding insurer is held as collateral under reinsurance agreements to pay for
losses arising under those agreements. Losses recoverable are due from one
insurer. Approximately 80 percent of the investment in securities as of December
31, 1996, were held in U.S. Treasury notes. HPI's investment portfolio does not
contain any other security issued by a single insurer that exceed 5 percent of
HPI's total investments. Credit risk arises from the failure of the counterparty
to perform according to the terms of a contract. The Company does not require
collateral or other security to support financial instruments with credit risk.
11. INSURANCE STATUTORY CAPITAL AND SURPLUS:
HPI is registered under the Bermuda Insurance Act of 1978 and Related
Regulations (the "Act") and is obliged to comply with various provisions of the
Act regarding solvency and liquidity. These provisions have been met and the
required capital and surplus as of December 31, 1995 and 1996, is approximately
$782,000 and $842,000, respectively. HPI's actual statutory capital and surplus
as of these dates is approximately $4,489,000 and $3,861,000.
12. INCOME TAXES:
Because of its organizational structure, income taxes are recognized
differently for certain entities within the Company. The entities structured
as partnerships are not income tax paying entities; the partners are
individually responsible for reporting their share of the Partnership's
taxable income on their income tax returns. NHP Partners, Inc. files a
combined Federal income tax return which includes the accounts of HPI and
other subsidiaries and in some states files combined tax returns. Prior to
the Transaction, the tax paying entities were included in the combined
Federal income tax return of NHPI. At December 31, 1994 NHPI had combined net
operating loss carryforwards ("NOLs") of approximately $140 million. In
connection with the Transaction, NOLs relating primarily to losses of the
Real Estate Companies of approximately $60 million were utilized by NHPI and
the remaining NOLs were allocated between NHPI and the Company.
At the present time no income, profit, capital, or capital gain taxes are
levied in Bermuda and accordingly, no provision for such taxes has been recorded
by HPI. In the event that such taxes are levied, the Company has received an
undertaking from the Bermuda Government exempting it from all such taxes until
March 28, 2016.
On a combined basis, NHP Partners, Inc. reports no provision or benefit for
income taxes primarily because of NOLs generated in prior years which result
largely from partnership losses. A valuation allowance equal to the net
deferred tax asset reflects the uncertainty, on a combined basis, of
realizing these benefits in future years.
The following table summarizes the combined tax effect related to the
Company's NOLs, temporary book-tax differences and the valuation allowance as
of December 31, 1995 and 1996. The Company's NOLs expire through 2011.
<PAGE>
-16-
1995 1996
------------ -----------
Deferred tax assets:
Net operating loss carryforwards..... $ 3,298,000 $ 7,163,000
Accrued lease liability.............. 6,522,800 5,116,838
----------- -----------
Total deferred tax assets.............. 9,820,800 12,279,838
----------- -----------
----------- -----------
Deferred tax liabilities:
Investments in real estate
partnerships....................... 6,533,993 3,302,735
Allowance for loan losses............ 1,200,000 1,230,000
Other temporary differences between
book and tax....................... 834,552 971,759
----------- -----------
Total deferred tax liabilities......... 8,568,545 5,504,494
----------- -----------
Valuation allowance for net deferred
tax assets........................... (1,252,255) (6,775,344)
----------- -----------
Net deferred tax asset................. $ -- $ --
----------- -----------
----------- -----------
A reconciliation of income tax expense attributable to the Company computed
at the statutory Federal and state rates to the provision for income taxes
included in the combined statements of operations is as follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31,
-----------------------------------------
1994 1995 1996
---------- ----------- -----------
<S> <C> <C> <C>
Federal income tax provision (benefit) at
the Federal statutory rate--34% in 1994
and 1995, 35% in 1996................... $2,546,474 $(269,943) $(1,706,250)
State income tax provision (benefit), net
of Federal income tax benefit--6%....... 449,378 (47,637) (292,500)
Change in net deferred tax asset.......... (1,528,885) 20,400,630 (3,524,339)
Change in valuation allowance for net
deferred tax asset...................... (1,466,967) (20,083,050) 5,523,089
----------- ------------ ------------
Provision for income taxes................ $ -- $ -- $ --
----------- ------------ ------------
----------- ------------ ------------
</TABLE>
The components of the provision for income taxes attributable to the Company
for 1994, 1995 and 1996 are summarized as follows:
<TABLE>
<CAPTION>
1994 1995 1996
---------- ----------- -----------
<S> <C> <C> <C>
Current provision (benefit)............ $2,413,348 $(483,585) $(2,259,309)
Deferred provision (benefit)........... 582,504 166,005 260,559
Change in net deferred tax asset....... (1,528,885) 20,400,630 (3,524,339)
Change in valuation allowance for net
deferred tax asset................... (1,466,967) (20,083,050) 5,523,089
---------- ----------- -----------
Provision for income taxes............. $ -- $ -- $ --
---------- ----------- -----------
---------- ----------- -----------
</TABLE>
13. RELATED PARTY TRANSACTIONS:
NHPI, through its wholly owned subsidiary NHP Management Company ("NHPMC"),
is the property management agent for a majority of the real estate partnerships
in which the Company has an interest. As of December 31, 1996, certain parties
owning approximately 60 percent of the voting common stock of NHPI also own,
through other corporations and partnerships, 100 percent of NHP Partners, Inc.,
and The National Housing Partnership.
During 1994, 1995 and 1996, the personnel working at the Majority-Owned
Partnerships properties and other properties that are managed by NHPMC and
owned by Partnerships in which the Company has an interest, were employees of
NHPI. NHPI is reimbursed for actual salaries and related benefits. In addition,
NHPMC received fees for its services as management agent equal to a set
percentage of revenues of the various properties. The various properties also
pay NHPI or its subsidiaries certain fees for other services provided, such as
risk management services and membership in a group discount purchasing
organization. NHPMC received $1,731,266, $1,691,651 and $1,671,809, in fees for
management and other services provided to the Majority-Owned Partnerships in
1994, 1995 and 1996, respectively.
In connection with the Transaction, the Company entered into a series of
agreements with NHPI, which establish an ongoing relationship between NHPI and
the Company. These agreements include:
<PAGE>
-17-
- -- The Master Property Management Agreement which requires 1) selection of
NHPI as property manager for properties in which the Company has controlling
interest, subject to certain conditions, for an initial period of 25 years
beginning in 1995, and 2) payment of a management termination fee to NHPI if
the Company disposes of certain properties managed by NHPI;
- -- The Services Agreement and Cost Allocation Agreement providing that the
Company, which has no employees, reimburses NHPI (at NHPI's cost) for
certain services provided to the Company. Reimbursements to NHPI under such
agreements amounted to $3,128,000, $4,149,000 and $4,598,000 in 1994,
1995 and 1996, respectively.
The Company had a liability of $3,172,029 and $1,122,915, payable to NHPI as
of December 31, 1995 and 1996, respectively. Of this liability, $2,058,984
and $44,576, related to services provided to the Company by NHPI and other
borrowings by NHP Partners, Inc., to fund periodic cash requirements, as of
December 31, 1995 and 1996, respectively. NHPI's credit agreement with a
group of banks permits NHPI to advance up to $7,500,000 to NHP Partners,
Inc., for operating activities. The credit agreement further permits NHPI to
advance up to an additional $10,000,000 to NHP Partners, Inc., for purposes
of acquiring interests in multifamily residential housing properties in order
that NHPI may obtain rights to manage those properties. Advances under these
agreements accrue interest at prime rate plus 100 basis points per annum, 9.5
percent and 9.25 percent, as of December 31, 1995 and 1996, respectively. No
advances have been made or are outstanding under the $10,000,000 provision.
Interest paid to NHPI under this agreement was $0, $26,151 and $143,550 in
1994, 1995 and 1996, respectively. Also included in the December 31, 1995 and
1996, payable to NHPI is $975,103 which relates to certain escrow deposits
(reported as deposits and deferred costs) which, when received by the
Company, will be paid to NHPI.
Demeter, a shareholder/partner of the Company at December 31, 1996, paid
$7.5 million to purchase, from an unrelated party, an $11 million non-recourse
note made by the Capital Group I Limited Partnership ("Capital Partnership"),
one of the Majority Owned Partnerships. The note matures February 28, 1998,
bears interest, payable quarterly, at a rate which increases from 9 percent (the
current rate) to 14 percent per annum over its term. The note may be repaid at
any time. Upon such prepayment, including prepayment due to default and
acceleration, Capital Partnership must pay the lesser of the outstanding balance
of principal and interest or such amount as will provide Demeter with a 25
percent internal rate of return on its $7.5 million purchase price. NCHP has a
limited conditional guaranty in the amount of approximately $2.3 million plus
future interest, fees and obligations of Capital Partnership to fund operating
expenses. This conditional guaranty is only triggered if Capital Partnership
files for bankruptcy petition or takes similar voluntary insolvency-related
actions or if Capital Partnership takes any action to impede Demeter's efforts
to foreclose on the loan or to realize on the note security. In January 1997,
the property securing this note was sold and the note obligation repaid. See
Note 16, Subsequent Events.
In connection with the Transaction as described in Note 1, the shareholders
of the Company agreed to provide a line of credit to the Company in an
aggregate amount of $5.5 million, to be available for a period of three years
from the date of the Transaction (August 1998). This line of credit will be
available to satisfy specific obligations of the Company to NHPI and, with the
consent of NHPI, for other uses. There were no borrowings under this line of
credit as of December 31, 1995 or 1996.
<PAGE>
-18-
14. COMMITMENTS AND CONTINGENT LIABILITIES:
LEASES
The Company is party to an office lease in Washington, D.C. that expires
in October 2001. The space, which had served as corporate headquarters for
NHPI, has been vacated by the Company and is either sublet to various
subtenants or is available for sublease. An accrued lease liability was
established in 1991 representing the estimated future payments less the
estimated future receipts from the subtenants. The liability entails various
estimates of future sublease receipts as well as buildout, leasing
commissions, professional fees and other costs related to subleasing space.
To the extent subtenant lease receipts or costs related to subleasing the
space vary from amounts originally estimated, the difference will be
reflected in expense for those years when such amounts become known. Such
difference resulted in a $1.2 million decrease in the estimated liability in
1996 which was accounted for as a reduction of other general and
administrative expenses in the accompanying combined statements of operations.
Future cash commitments and sublease rental income on executed leases, as of
December 31, 1996, which expire between 1997 and 2001 and have initial or
remaining noncancelable lease terms in excess of one year, are as follows:
YEAR ENDED LEASE SUBLEASE
DECEMBER 31, COMMITMENTS INCOME
--------------- ------------- -------------
1997........... $ 4,828,000 $ 2,035,000
1998........... 4,973,000 2,436,000
1999........... 5,173,000 2,464,000
2000........... 5,321,000 2,468,000
2001........... 4,126,000 1,854,000
----------- -----------
$24,421,000 $11,257,000
----------- -----------
----------- -----------
The Company has two sale-leaseback agreements related to Majority-Owned
Partnerships that provide for land to be leased back for 75-year periods ending
between December 2063 and 2064. Commitments under the leases include base rent
and participation rent based on the properties' gross rental receipts. The
National Housing Partnership has guaranteed the rent payments under the lease
agreements.
Minimum lease payments, as of December 31, 1996, under the sale-leaseback
agreements, excluding the aforementioned participation rent, are as follows:
BASE
YEAR ENDED RENTAL
DECEMBER 31, DUE
---------------- -------------
1997............ $ 623,000
1998............ 623,000
1999............ 623,000
2000............ 623,000
2001............ 623,000
Thereafter...... 38,626,000
-------------
$ 41,741,000
-------------
-------------
<PAGE>
-19-
COMMITMENTS
HPI has a security trust agreement with National Union Fire Insurance
Company of Pittsburgh. All investments and approximately $718,000 of cash and
cash equivalents as of December 31, 1995 and 1996, are held in trust to provide
funds for the payment of future insurance losses.
GUARANTEES AND INDEMNIFICATIONS
In addition to the liabilities reflected on the combined balance sheets, the
Company is guarantor of, or has agreed to indemnify others with respect to,
losses relating to certain activities and transactions.
The Company has provided a $1.65 million and $1.15 million guarantee to a
mortgagor in connection with secondary financing of two properties owned by
Majority-Owned Partnerships. The Company, together with NHPI, has provided a
$1.2 million tax credit repurchase guarantee and operating deficit guarantee
with respect to one tax credit transaction. The Company has provided a total
of $5.6 million of indemnification to a mortgagor in connection with mortgage
financing of two properties, which indemnifications arise only under certain
circumstances. The Company has provided a guarantee to a surety company with
respect to approximately $1.0 million of surety bonds issued in connection
with utility services to properties. In the opinion of management, future
calls, if any, on these guarantees or indemnifications are not expected to
have a material adverse effect on the financial position of the Company.
In addition to these guarantees and indemnities, the Company has undertaken
to indemnify NHPI for losses in connection with NHPI's ownership (as opposed to
management) of properties prior to its IPO and for environmental claims, if any,
relating to the properties owned by the Company. The Company has also agreed to
indemnify NHPI for certain tax liabilities arising out of the transfer of assets
to the Company and relating to ownership or operation of the properties prior to
the IPO. The indemnified tax liabilities may include potential liabilities with
respect to certain past state sales and use taxes, to the extent the properties
assessed those taxes are unable to pay. In the opinion of management, future
calls, if any, of these guarantees and indemnifications are not expected to have
a material adverse effect on the financial position of the Company.
<PAGE>
-20-
SALES AND USE TAX
A state government has asserted that certain services provided by NHPI to
properties in which the Company holds partnership interests constitute services
taxable under that state's sales and use tax laws. This state and other states
have claimed that taxes are due for prior periods, and have asserted liability
against the applicable properties and/or NHPI for such taxes plus interest and
penalties. The Company believes that any liability for such taxes and interest
will ultimately be borne by the properties. The Company may be responsible for
any such taxes that are assessed against the properties but cannot be paid by
the properties, but any potential funding will be reimbursed, if possible, by
the applicable property. The amount of the Company's ultimate liability with
respect to these matters cannot be determined at this time. However, in the
opinion of management, the resolution of these matters will not have a material
adverse effect on the financial position or results of operations of the
Company.
LITIGATION
In the normal course of business, the Company is a party to various legal
actions and claims. In the opinion of management, based on advice of counsel,
the resolution of these actions and claims will not have a material adverse
effect on the financial position or results of operations of the Company.
15. FAIR VALUE OF FINANCIAL INSTRUMENTS:
The Company adopted SFAS No. 107, "Disclosures About Fair Value of
Financial Instruments," as of December 31, 1995. SFAS No. 107 requires
disclosure of the fair value of financial instruments when fair value is
estimable. The estimated fair value of the financial instruments has been
determined based on pertinent information available to management and
appropriate valuation methodologies. The carrying amounts of cash and cash
equivalents, receivables, deposits, accounts payable and accrued expenses
approximate fair value because of the short-term maturities of those items. As
discussed in Note 1, investments in securities have been recorded at market
value in accordance with SFAS No. 115. In addition, as discussed in Note 3,
notes receivable have been recorded at fair value using estimated discounted
cash flows in accordance with SFAS No. 114. Also, as discussed in Note 3,
certain notes with zero carrying value and thus not reported as notes
receivable, have an estimated fair value, based on estimated discounted cash
flows, of $3.6 million. The carrying amount of the Company's notes payable
and mortgages payable, with the exception of those identified below, are
considered to approximate fair value as the related interest rates are
variable and change with market interest rates, or are fixed rates but are
comparable to market interest rates as of December 31, 1996. The mortgages
payable to FHA, City of Chicago, Illinois Housing Authority and Affordable
Housing Program Grant, as discussed in Note 6, do not bear interest at
market interest rates, but have been issued in connection with affordable
housing authorities and therefore their fair value is not considered
practicable to estimate. It is also not practicable to estimate the fair
value of the amount due to NHPI due to the related-party nature of the
liability. In the opinion of management, the fair value of the Company's
financial instruments are not materially different from the carrying value
shown in the accompanying combined financial statements.
<PAGE>
-21-
16. SUBSEQUENT EVENTS:
On January 30, 1997, the property owned by Capital Group I, a Majority Owned
Partnership, was sold and the related note obligation repaid. Based on the
Company's net investment in the partnership, the Company recognized a gain of
approximately $2.4 million in the period ending March 31, 1997. No cash proceeds
were received by the Company from this sale. This sale resulted in non-cash
activity not reflected on the combined statement of cash flows for the three
months ended March 31, 1997 as follows: decrease in accounts receivable of
$62,836, decrease in other assets of $151,322, decrease in net property and
equipment of $10,189,850, repayment of mortgage note payable and accrued
interest of $11,000,000 and $1,762,848, respectively, and repayment of
accounts payable and accrued expenses of $7,959,174.
On April 21, 1997, NHPI announced that it had entered into a definitive
Merger Agreement pursuant to which NHPI will be acquired by Apartment Investment
and Management Company ("AIMCO"), a real estate investment trust whose shares
are traded on the New York Stock Exchange. Upon completion of the merger, each
of NHPI's stockholders will receive for each share of NHPI common stock, at the
stockholder's election, either (i) a combination of .37383 shares of AIMCO
common stock and $10.00 cash per share of NHPI common stock, or (ii) .74766
shares of AIMCO common stock. The merger is conditioned on the approval of
NHPI's stockholders and AIMCO stockholders, the completion of the transactions
between AIMCO and the majority stockholders of the Company described below, and
customary state and federal regulatory and other approvals.
AIMCO has separately entered into a Stock Purchase Agreement with Demeter
Holdings Corporation ("Demeter") and Capricorn Investors, L.P. ("Capricorn"),
who together hold a majority of the outstanding shares of NHPI's common stock
(approximately 54.8 percent). Pursuant to the Stock Purchase Agreement, AIMCO
will acquire all of NHPI's common stock held by Demeter and Capricorn. AIMCO
will pay Demeter $20 in cash per share for 50 percent of NHPI shares held
directly and indirectly by Demeter. For the remainder of Demeter's shares and
Capricorn's shares, AIMCO will pay .74766 shares of AIMCO common stock per share
of NHPI common stock. On May 5, 1997, AIMCO acquired 6,496,071 shares of NHPI
stock from Demeter and Capricorn, or approximately 51 percent of NHPI's
outstanding shares, pursuant to the Stock Purchase Agreement. Upon completion of
AIMCO's purchase of this portion of the shares held by Demeter and Capricorn,
AIMCO holds a majority of the issued and outstanding shares of NHPI's common
stock. The Stock Purchase Agreement provides for AIMCO to acquire the remaining
434,051 shares of NHPI common stock owned by Demeter and Capricorn. The merger
with AIMCO will, however, require approval by two-thirds vote of all shares of
NHPI common stock held by persons other than AIMCO.
17. CHANGE IN CONTROL:
On June 3, 1997, AIMCO acquired the Company from Demeter, Capricorn, Phemus
Corporation, a Massachusetts corporation and an affiliate of Demeter ("Phemus"),
J. Roderick Heller, III, and NHP Partners Two LLC, a Delaware limited liability
company, for $54.8 million in cash and warrants to purchase 399,999 shares of
AIMCO common stock.
18. SEGMENT INFORMATION:
The following table sets forth the revenue and expenses by business segment
for the years ended December 31, 1994, 1995 and 1996. The Company's business
segments are defined as follows:
<PAGE>
-22-
Real estate operations -- owns and acquires general and limited
partnership interests in multi-family rental housing properties principally
in the United States.
Insurance operations -- primarily reinsures properties in which the
Company has an ownership interest for property and general liability risks.
<TABLE>
<CAPTION>
FOR THE YEAR ENDED REAL ESTATE INSURANCE
DECEMBER 31, OPERATIONS OPERATIONS ELIMINATIONS TOTAL
- ---------------------------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C>
1996
- ----------------------------------
Revenues.......................... $ 32,415,102 $ 6,000,205 $ -- $ 38,415,307
Intersegment revenues............. -- 86,524 (86,524) --
------------- -------------- ------------- -------------
$ 32,415,102 $ 6,086,729 $ (86,524) $ 38,415,307
------------- -------------- ------------- -------------
------------- -------------- ------------- -------------
1995
- ----------------------------------
Revenues.......................... $ 34,291,935 $ 3,860,861 $ -- $ 38,152,796
Intersegment revenues............. -- 370,087 (370,087) --
------------- -------------- ------------- -------------
$ 34,291,935 $ 4,230,948 $ (370,087) $ 38,152,796
------------- -------------- ------------- -------------
------------- -------------- ------------- -------------
1994
- ----------------------------------
Revenues.......................... $ 31,790,755 $ 3,317,795 $ -- $ 35,108,550
Intersegment revenues............. -- 390,412 (390,412) --
------------- -------------- ------------- -------------
$ 31,790,755 $ 3,708,207 $ (390,412) $ 35,108,550
------------- -------------- ------------- -------------
------------- -------------- ------------- -------------
Depreciation and amortization
1996................ $ 3,903,688 $ -- $ -- $ 3,903,688
1995................ 4,001,562 -- -- 4,001,562
1994................ 3,681,402 -- -- 3,681,402
Capital expenditures
1996................ $ 711,221 $ -- $ -- $ 711,221
1995................ 1,832,585 -- -- 1,832,585
1994................ 2,105,991 -- -- 2,105,991
Identifiable assets
1996................ $ 159,312,547 $ 20,195,212 $ (3,398,644) $ 176,109,115
1995................ 179,973,439 19,913,630 (6,603,560) 193,283,509
</TABLE>
19. REAL ESTATE PARTNERSHIPS:
Below is a listing of partnerships in which the Company has invested and its
percentage ownership.
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
107-145 West 135th St Associates Limited Partnership.............................. 29.00%
2900 Van Ness Associates.......................................................... 1.00%
6000 King Drive Limited Partnership............................................... 1.00%
60th & King Drive Joint Venture................................................... 1.00%
62nd Street Limited Partnership................................................... 2.61%
630 East Lincoln Ave Associates Limited Partnership............................... 5.00%
7400 Roosevelt Investors.......................................................... 1.00%
Abbott Associates Limited Partnership............................................. 25.00%
Academy Gardens Associates LP..................................................... 5.00%
Adirondack Apartments Saranac Associates LP....................................... 5.00%
Algonquin Tower Limited Partnership............................................... 1.00%
All Hallows Associates............................................................ 5.00%
Allentown Towne House Limited Partnership......................................... 9.90%
Anglers Manor Associates LP....................................................... 6.00%
Antioch Apartments Limited........................................................ 5.00%
Arvada House Limited Partnership.................................................. 6.00%
Aspen Stratford Apartments Company B.............................................. 5.00%
Aspen Stratford Apartments Company C.............................................. 5.00%
Athens Arms Associates............................................................ 5.79%
Audobon Park Associates........................................................... 5.00%
Baisley Park Associates LP........................................................ 6.00%
Baldwin Oaks Elderly Limited...................................................... 16.00%
Baldwin Towers Associates......................................................... 2.00%
Basswood Manor Limited Partnership................................................ 5.79%
Bayview Hunters Point Apartments.................................................. 6.00%
Beautiful Village Associates LP Redevelopment Company............................. 5.00%
Benjamin Banneker Plaza Associates................................................ 5.00%
Bensalem Gardens Associates Limited............................................... 1.00%
Bensalem Gardens Associates Limited Partnership................................... 1.00%
Benton Square Partnership......................................................... 5.00%
Berkley Limited Partnership....................................................... 6.00%
Bloomsburg Elderly Associates..................................................... 5.00%
Boynton Beach Limited Partnership*................................................ 92.04%
Branchwood Towers Limited Partnership............................................. 4.50%
Briarwood Apartments.............................................................. 1.00%
Brightwood Limited Partnership.................................................... 1.00%
Brightwood Manor Associates....................................................... 26.00%
Brinton Manor No 1 Associates..................................................... 4.00%
Brinton Towers Associates......................................................... 26.00%
Brookside Apartments Associates................................................... 5.85%
Brookview Apartments Co Limited................................................... 1.00%
Brunswick Village Limited Partnership............................................. 0.99%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Buckingham Hall Associates Limited Partnership.................................... 5.00%
Buena Vista Apartments Limited.................................................... 1.00%
Buffalo Village Associates........................................................ 50.00%
Cabell Associates Of Lakeview..................................................... 1.00%
California Square II Limited Partnership.......................................... 2.00%
California Square Limited Partnership............................................. 4.90%
Cambridge Heights Apartments Limited*............................................. 51.00%
Campbell Heights Associates Limited Partnership................................... 5.00%
Canterbury Gardens Associates Limited Partnership................................. 19.00%
Capital Group I Associates*....................................................... 100.00%
Capital Park Limited Partnership.................................................. 1.00%
Caroline Arms Limited Partnership................................................. 1.00%
Caroline Associates I, Limited Partnership........................................ 5.90%
Carter Associates Limited Partnership............................................. 16.00%
Casa Del Mar Associates Limited Partnership....................................... 5.54%
Center Square Associates.......................................................... 6.00%
Central Village Associates Limited Partnership.................................... 2.88%
Central Woodlawn LP............................................................... 1.00%
Central Woodlawn Rehabilitation Joint Venture..................................... 75.00%
Chapel Housing Limited Partnership................................................ 6.00%
Chateau Gardens................................................................... 1.00%
Cheek Road Limited Partnership.................................................... 11.19%
Chesterfield Housing Associates................................................... 5.00%
Cheyenne Village Apartments Limited Partnership*.................................. 67.00%
Christopher Court Housing Co Limited Partnership.................................. 5.00%
Church Street Associates LP....................................................... 0.25%
Churchview Gardens Associates..................................................... 1.00%
Churchview Gardens Limited Partnership............................................ 1.00%
Citrus Park Associates Limited.................................................... 1.00%
Clay Courts Associates Limited Partnership........................................ 5.50%
Clover Ridge East Limited Partnership............................................. 49.10%
Club Apartment Associates......................................................... 2.00%
Club Apartments Associates........................................................ 1.00%
College Heights Limited Partnership............................................... 2.88%
College Park Associates........................................................... 1.00%
College Park Associates Limited Partnership....................................... 5.00%
Colonial Terrace I Associates..................................................... 5.79%
Colonial Terrace II Associates.................................................... 5.79%
Colony Apartments Co Limited...................................................... 1.00%
Columbus Square Associates I Limited Partnership.................................. 6.00%
Columbus Square Associates II Limited Partnership................................. 6.00%
Community Circle II Limited....................................................... 5.20%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Community Developers Of High Point Limited Partnership............................ 5.00%
Community Developers Of Princeville Limited Partnership........................... 4.10%
Concord Houses Associates......................................................... 5.00%
Congress Park Associates II Limited Partnership................................... 2.00%
Congress Park Associates Limited Partnership...................................... 1.10%
Connecticut Colony Associates Limited Partnership................................. 1.00%
Copperstone Circle Limited Partnership............................................ 1.00%
Copperstone Limited Partnership................................................... 1.00%
Copperwood II Limited Partnership................................................. 5.00%
Copperwood Limited Partnership.................................................... 5.00%
Cottonwood Apartments............................................................. 1.00%
Country Lakes Associates Two LP................................................... 1.00%
Country Villa Associates.......................................................... 2.00%
Countrybrook Associates........................................................... 1.00%
Crosland Housing Associates....................................................... 5.00%
Cross Creek Limited Partnership................................................... 1.00%
Cumberland Court Associates....................................................... 11.00%
Darby Townhouses Limited Partnership.............................................. 1.00%
Darbytown Development Associates LP............................................... 1.00%
DarbyTownhouses Associates........................................................ 1.00%
Delcar-T Limited Partnership...................................................... 1.00%
Delcar-S Limited.................................................................. 1.00%
Diakonia Associates............................................................... 1.00%
Dip Limited Partnership........................................................... 5.00%
Dip Limited Partnership II........................................................ 5.00%
Dip Limited Partnership III....................................................... 5.00%
Doral Gardens Associates.......................................................... 1.00%
Doral Limited Partnership......................................................... 5.47%
Downing Apartments................................................................ 1.00%
Duke Manor Associates............................................................. 5.00%
Duquesne Associates No. 1......................................................... 1.00%
East Hampton Limited Partnership.................................................. 1.00%
Eastcourt Village Partners........................................................ 19.00%
Easton Terrace I Associates Limited Partnership................................... 3.41%
Easton Terrace II Associates Limited Partnership*................................. 100.00%
Eastridge Apartments.............................................................. 1.00%
Eastridge Associates.............................................................. 4.41%
Edgewood II Associates............................................................ 5.00%
Edmond Estates Limited Partnership................................................ 1.00%
Elden Limited Partnership......................................................... 1.00%
Elderly Housing Associates Limited Partnership.................................... 5.00%
Elm Creek Limited Partnership*.................................................... 95.75%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Emory Grove Associates Limited Partnership........................................ 3.97%
Emory Grove Limited Partnership................................................... 1.00%
Esbro Limited Partnership......................................................... 1.00%
Eustis Apartments Limited......................................................... 5.00%
Fairburn & Gordon Associates Phase II............................................. 1.00%
Fairburn & Gordon Associates Phase I.............................................. 1.00%
Fairfax Associates Limited Partnership............................................ 1.00%
Fairmeadows Limited............................................................... 1.00%
Fairmont #1 Limited Partnership................................................... 1.25%
Fairmont #2 Limited Partnership................................................... 1.25%
Fairview Homes Associates......................................................... 4.90%
Fairwood Associates............................................................... 5.00%
Federal Square Village Limited Partnership........................................ 1.00%
Ferncliff Limited Partnership..................................................... 11.70%
Field Associates.................................................................. 1.00%
First Alexandria Associates Limited Partnership................................... 1.00%
Flatbush NSA Associates Limited Partnership....................................... 5.00%
Forest Apartments Associates...................................................... 2.00%
Forest Green Limited Partnership.................................................. 1.00%
Forrester Gardens Limited......................................................... 1.00%
Forest Park Elderly Associates Limited Partnership................................ 6.00%
Fort Carson Associates Limited Partnership........................................ 1.00%
Franklin Chandler Associates...................................................... 9.00%
Franklin Chapel Hill Associates................................................... 2.00%
Franklin Eagle Rock Associates.................................................... 2.00%
Franklin Housing Associates....................................................... 1.00%
Franklin Kelly Associates......................................................... 1.00%
Franklin New York Avenue Associates............................................... 1.00%
Franklin Park Limited Partnership................................................. 1.00%
Franklin Pheasant Ridge Associates................................................ 1.00%
Franklin Ridgewood Associates..................................................... 1.10%
Franklin Square School Associates Limited Partnership............................. 2.10%
Franklin Victoria Associates I.................................................... 8.70%
Franklin Woods Associates......................................................... 1.00%
Friendset Housing Co Limited Partnership.......................................... 29.00%
Frio Housing Limited Partnership.................................................. 5.00%
Galion Limited Partnership........................................................ 1.00%
Garfield Hill Associates Limited Partnership...................................... 1.10%
Gate Manor Apartments Limited..................................................... 5.00%
Gates Mill I Limited Partnership.................................................. 1.00%
Gateway Village Associates........................................................ 1.00%
Genessee Gardens Associates Limited Partnership................................... 2.88%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Gladys Hampton Homes Associates Limited Partnership............................... 5.00%
Golden Apartments I............................................................... 5.00%
Golden Apartments II.............................................................. 5.00%
Grandland Realty Associates....................................................... 1.00%
Grandview Apartments.............................................................. 1.00%
Greater Hartford Associated Limited Partnership................................... 1.00%
Greater Mt Calvary Terrace Limited................................................ 1.00%
Greater Richmond Community Development Corp #1 & Associates....................... 15.00%
Greater Richmond Community Development Corp #2 & Associates....................... 15.00%
Green Mountain Manor Limited Partnership.......................................... 3.97%
Greenfield Apartments Limited Partnership......................................... 1.00%
Greenfield Limited Partnership.................................................... 2.55%
Greenfield North Apartments Limited Partnership................................... 1.00%
Greenfield North Limited Partnership.............................................. 2.55%
Griffith Limited Partnership...................................................... 1.00%
Grosvenor House Associates Limited Partnership.................................... 1.00%
Grove Park Villas, Limited........................................................ 5.00%
Gulfway Limited Partnership....................................................... 1.00%
GW Carver Limited................................................................. 5.00%
Haili Associates.................................................................. 5.00%
Haines Associates Limited Partnership............................................. 1.00%
Hamilton House Associates Limited Partnership..........,.......................... 5.56%
Harold House Limited Partnership.................................................. 1.00%
Harris Park Limited Partnership*.................................................. 99.00%
Hatillo Housing Associates........................................................ 6.00%
Hawksworth Gardens Associates..................................................... 1.00%
Heights Associates Limited Partnership............................................ 5.00%
Hemingway Housing Associates Limited Partnership.................................. 5.00%
Heritage Village Limited Partnership.............................................. 1.00%
Hickory Ridge Associates Limited.................................................. 1.00%
Highlands Village II Limited...................................................... 5.00%
Hillcrest Green Apartments Limited................................................ 2.00%
Hillside Village Associates....................................................... 5.00%
Hilltop Apartments Associates..................................................... 11.00%
Hilltop Limited Partnership....................................................... 1.00%
Hollows Associates Limited Partnership............................................ 5.00%
Hollywood Gardens................................................................. 4.10%
Housing Assistance of Mt Dora Limited............................................. 5.00%
Housing Assistance of Orange City Limited......................................... 5.00%
Housing Assistance of Vero Beach Limited.......................................... 5.00%
Housing Assistance Sebring Limited................................................ 5.00%
Houston Aristocrat Apartments Limited Partnership................................. 10.00%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
HRH Properties, Limited........................................................... 5.00%
Hudson Terrace Associates Limited Partnership..................................... 22.00%
Hunters Run Partners Limited...................................................... 1.00%
Hurbell I Limited Partnership..................................................... 1.00%
Hurbell II Limited Partnership.................................................... 1.00%
Hurbell III Limited Partnership................................................... 1.00%
Hurbell IV Limited Partnership.................................................... 1.00%
IDA Tower......................................................................... 25.00%
Indian Valley II Limited Partnership.............................................. 1.00%
Indian Valley III Limited Partnership............................................. 1.00%
Indian Valley Limited Partnership................................................. 1.00%
Ingram Square Apartments Limited.................................................. 5.00%
Intown West Associates Limited Partnership........................................ 3.00%
Ivanhoe Associates Limited Partnership............................................ 1.00%
Jamestown Village Associates...................................................... 1.94%
Jersey Park Associates Limited Partnership........................................ 5.00%
JFK Associates.................................................................... 5.00%
Johnson Square Associates......................................................... 6.00%
Johnston Square Associates Limited Partnership.................................... 0.00%
JVL 18 Associates Limited Partnership Verified.................................... 5.90%
JVL 19 Associates Limited Partnership Verified.................................... 5.00%
JVL Limited Partnership........................................................... 5.85%
JVL Sixteen Limited Partnership................................................... 6.00%
Kapuna Associates................................................................. 5.00%
Kemar Townhouses Associates....................................................... 1.00%
Kennedy Homes Limited Partnership................................................. 1.00%
Kenneth Arms...................................................................... 1.00%
Key Parkway West Associates Limited Partnership................................... 5.00%
Kimberton Limited Partnership..................................................... 1.00%
King Bell Associates.............................................................. 1.00%
Knollcrest Apartments Limited Partnership......................................... 1.00%
Koolau Housing Associates......................................................... 5.00%
La Salle Apartments............................................................... 6.00%
La Vista Associates............................................................... 1.00%
Lafayette Manor Associates Limited Partnership.................................... 4.85%
Lafayette Towne Elderly Limited Partnership....................................... 6.00%
Lafayette Towne Family Limited Partnership........................................ 6.00%
Laing Village Limited Partnership................................................. 5.00%
Lake Avenue Associates............................................................ 1.00%
Lake Crossing Limited Partnership................................................. 43.90%
Lake Forest Apartments............................................................ 1.84%
Lake Wales Villas Limited......................................................... 5.00%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Lakehaven Associates One Limited Partnership...................................... 1.00%
Lakehaven Associates Two Limited Partnership...................................... 1.00%
Lakeland East Limited Partnership................................................. 1.00%
Lakeview Arms Associates Limited Partnership...................................... 6.00%
Lakeview Villas Limited........................................................... 5.00%
Las Americas Housing Associates................................................... 6.00%
Lassen Associates................................................................. 5.00%
Laurel Gardens, A Partnership In Commendam........................................ 1.00%
Lee Hy Manor Associates Limited Partnership....................................... 5.00%
Lewisburg Associates.............................................................. 5.00%
Lewisburg Elderly Associates...................................................... 5.00%
Lincmar Associates................................................................ 1.00%
Lincoln Park Associates........................................................... 5.00%
Linden Court Associates Limited Partnership....................................... 5.00%
Lock Haven Elderly Associates..................................................... 6.00%
Lock Haven Gardens Associates..................................................... 6.00%
Locust Park Associates............................................................ 10.00%
Loring Towers Apartments Limited Partnership...................................... 1.00%
Loring Towers Associates.......................................................... 26.00%
Loudoun House Limited Partnership................................................. 1.00%
M&P Development Co................................................................ 6.00%
Manzanita Arms.................................................................... 1.00%
Maple Hill Associates............................................................. 5.00%
Maple Park East Limited Partnership............................................... 11.19%
Maple Park West Limited Partnership............................................... 11.19%
Marten Manor Realty Associates.................................................... 1.00%
Mayfair Manor Limited Partnership................................................. 1.00%
McColl Housing Associates......................................................... 5.00%
Meadowood Associates Limited Partnership.......................................... 1.00%
Meadowood III Associates Limited Partnership...................................... 1.00%
Meadowood Townhouses I Limited Partnership........................................ 1.00%
Meadowood Townhouses III Limited Partnership...................................... 1.00%
Meadows Apartments Limited Partnership............................................ 1.00%
Meadows East Apartments Limited Partnership....................................... 1.00%
Menlo Park Limited Partnership.................................................... 1.00%
Merced Commons.................................................................... 5.00%
Merced Commons II................................................................. 4.00%
Miami Elderly Associates Limited Partnership...................................... 1.00%
Mill Street Associates Limited Partnership........................................ 5.00%
Milliken Apartments Company....................................................... 1.00%
Miramar Housing Associates Limited Partnership.................................... 6.00%
Monaco Arms Associates I.......................................................... 1.00%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Monaco Arms Associates II Limited................................................. 1.00%
Monmouth Associates Limited Partnership........................................... 1.00%
Montblanc Gardens Apartments Associates........................................... 10.00%
Montblanc Housing Associates...................................................... 6.00%
Monument Street Limited Partnership............................................... 6.00%
Morrisania Towers Housing Co Limited Partnership.................................. 5.00%
Moss Gardens Limited, a Partnership in Commendam.................................. 5.00%
MRR Limited Partnership*.......................................................... 80.00%
Murphy Blair Associates III Associates Limited Partnership........................ 1.00%
Muske Limited Partnership......................................................... 1.00%
Natick Associates................................................................. 1.00%
National Housing Partnership Realty Fund I........................................ 2.00%
National Housing Partnership Realty Fund III...................................... 2.00%
National Housing Partnership Realty Fund IV....................................... 1.00%
National Housing Partnership Realty Fund Two...................................... 2.05%
National Housing Partnership RESI Associates I Limited Partnership................ 1.00%
Neighborhoods Of The Universities Lock St Apartments Co........................... 5.00%
New Vistas Apartments Associates Phase II......................................... 1.00%
New Vistas Apartments Limited Partnership......................................... 5.00%
New West 111th St Housing Company Limited Partnership............................. 5.00%
New West 111th St Two Associates Limited Partnership.............................. 5.00%
Newton Hill Limited Partnership................................................... 1.00%
NHP Bayberry Associates LP........................................................ 0.50%
NHP Bayshore Gardens L.P.......................................................... 0.50%
NHP Carriage Associates LP........................................................ 0.50%
NHP Carriage, LP.................................................................. 0.50%
NHP Center Associates LP.......................................................... 0.50%
NHP Center, LP.................................................................... 0.50%
NHP Chapparal Associates LP....................................................... 1.00%
NHP Coach Associates LP........................................................... 0.50%
NHP Coach, LP..................................................................... 0.50%
NHP Cornerstone Associates LP..................................................... 0.50%
NHP Cornerstone, LP............................................................... 0.50%
NHP Country Club Woods Associates LP.............................................. 1.00%
NHP Dove Associates LP............................................................ 0.50%
NHP Dove, LP...................................................................... 0.50%
NHP Elk Associates LP............................................................. 0.50%
NHP Elk, LP....................................................................... 0.50%
NHP Forest II Associates LP....................................................... 0.50%
NHP Forest II, LP................................................................. 0.50%
NHP Forest IV Associates LP....................................................... 0.50%
NHP Forest IV, LP................................................................. 0.50%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
NHP Gates of Arlington Associates LP.............................................. 0.50%
NHP Gates of Arlington, LP........................................................ 0.50%
NHP Green Associates LP........................................................... 0.50%
NHP Green, LP..................................................................... 0.50%
NHP Greenbriar Associates LP...................................................... 1.00%
NHP Greenbriar, LP................................................................ 1.00%
NHP Heather I Associates LP....................................................... 0.50%
NHP Heather I, LP................................................................. 0.50%
NHP Heather II Associates LP...................................................... 0.50%
NHP Heather II, LP................................................................ 0.50%
NHP Hessian Hills Associates LP................................................... 1.00%
NHP Hessian Hills, LP............................................................. 1.00%
NHP High River Associates LP...................................................... 1.00%
NHP High River, LP................................................................ 1.00%
NHP Joint Ventures, Inc........................................................... 50.00%
NHP Lane Associates LP............................................................ 0.50%
NHP Lane, LP...................................................................... 0.50%
NHP Laurel III Associates LP...................................................... 0.50%
NHP Laurel III, LP................................................................ 0.50%
NHP Longfellow Associates LP...................................................... 0.50%
NHP Longfellow, LP................................................................ 0.50%
NHP Mattapony, LP................................................................. 16.67%
NHP Midland Associates LP......................................................... 0.50%
NHP Midland, LP................................................................... 0.50%
NHP Mill Creek Associates LP...................................................... 0.50%
NHP Mill Creek, LP................................................................ 0.50%
NHP Oak Associates LP............................................................. 0.50%
NHP Oak, LP....................................................................... 0.50%
NHP Paradise Bay Associates LP.................................................... 0.50%
NHP Paradise Bay, LP.............................................................. 0.50%
NHP Park Associates LP............................................................ 0.50%
NHP Park Village L.P.............................................................. 0.50%
NHP Parkview Associates LP........................................................ 0.50%
NHP Parkview, LP.................................................................. 0.50%
NHP Pembroke Associates LP........................................................ 1.00%
NHP Pine Creek Manor Associates LP................................................ 0.50%
NHP Pine Creek Manor, LP.......................................................... 0.50%
NHP Port Richey Associates LP..................................................... 0.50%
NHP Port Richey, LP............................................................... 0.50%
NHP Regal Associates LP........................................................... 0.50%
NHP Regal, LP..................................................................... 0.50%
NHP Southeast Partners, LP........................................................ 24.40%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
NHP Southwest Partners, LP........................................................ 50.00%
NHP Spring Lake Manor Associates LP............................................... 1.00%
NHP Spring Lake Manor, LP......................................................... 1.00%
NHP Summer Associates LP.......................................................... 0.50%
NHP Summer, LP.................................................................... 0.50%
NHP Summit Associates LP.......................................................... 0.50%
NHP Summit, LP.................................................................... 0.50%
NHP Sunridge Associates LP........................................................ 0.50%
NHP Sunridge, LP.................................................................. 0.50%
NHP Three Chopt West Associates LP................................................ 1.00%
NHP Three Chopt West, LP.......................................................... 1.00%
NHP Timberview Associates LP...................................................... 0.50%
NHP Timberview, LP................................................................ 0.50%
NHP Town & Country, LP............................................................ 1.00%
NHP Town & Country/Country Place Associates LP.................................... 1.00%
NHP Town & Country/Country Place, LP.............................................. 1.00%
NHP Townhouse Associates LP....................................................... 1.00%
NHP Townhouse LP.................................................................. 1.00%
NHP Twin Assocites LP............................................................. 0.50%
NHP Twin Gates East Associates LP................................................. 1.00%
NHP Twin Gates East,LP............................................................ 1.00%
NHP Twin, LP...................................................................... 0.50%
NHP Villa Assocites LP............................................................ 0.50%
NHP Villas L.P.................................................................... 0.50%
NHP Will-O-Wisp Arms Associates LP................................................ 1.00%
NHP Will-O-Wisp Arms, LP.......................................................... 1.00%
NHP Windsor Crossing L.P.......................................................... 1.00%
NHP Woodcreek Associates LP....................................................... 0.50%
NHP Woodcreek, LP................................................................. 0.50%
NHP-HG Ten, LP.................................................................... 100.00%
Norco Associates.................................................................. 1.00%
North Lake Terrace Associates Limited Partnership................................. 1.00%
North Washington Park Partnership................................................. 5.00%
Northgate Village Limited Partnership............................................. 1.00%
Northwest Terrace Associates Limited Partnership.................................. 1.00%
Oak Hollow South Associates....................................................... 5.00%
Oak West Limited Partnership...................................................... 1.00%
Oakcrest Terrace Associates....................................................... 5.00%
Oakland City West End Associates Limited.......................................... 5.00%
Oakland Village Townhouse Associates Limited Partnership.......................... 6.10%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Oakwood Limited Partnership....................................................... 1.00%
Oakwood Muskegon Limited Partnership.............................................. 1.00%
Ocala Place Limited............................................................... 5.00%
Old Farm Associates............................................................... 0.60%
Olde Rivertown Venture Limited Partnership........................................ 1.00%
One Lytle Place................................................................... 24.67%
One West Conway Associates Limited Partnership.................................... 4.00%
Orange City Villas II Limited..................................................... 5.00%
Orange Village Associates......................................................... 5.00%
Orangeburg Manor.................................................................. 5.00%
Orchard Mews Associates Limited Partnership....................................... 6.00%
Orlando-Lake Conway Limited Partnership........................................... 1.00%
Overbrook Park Limited............................................................ 5.00%
Oxford Oaks Investors Limited Partnership......................................... 6.41%
Oxford Place Associates........................................................... 5.00%
P W III Associates Limited Partnership............................................ 4.90%
P W IV Associates Limited Partnership............................................. 5.90%
P W V Associates Limited Partnership.............................................. 5.00%
P W VI Associates Limited Partnership............................................. 3.52%
Palm House Limited Partnership.................................................... 1.00%
Palmer Square Apartments Associates............................................... 0.66%
Park Ave West I Limited Partnership............................................... 1.00%
Park Ave West II Limited Partnership.............................................. 1.00%
Park Creek Limited Partnership.................................................... 3.97%
Parkview Apartments Limited Partnership........................................... 5.00%
Parkview Arms Associates I Limited Partnership.................................... 1.00%
Parkview Arms Associates II Limited Partnership................................... 1.00%
Parkview Associates Limited Partnership Verified.................................. 4.94%
Parkways Associates Limited Partnership........................................... 5.50%
Pavilion Associates............................................................... 3.97%
Pendleton Riverside Apartments Oregon Limited..................................... 1.00%
Penn Hall Associates Limited Partnership.......................................... 1.00%
Peppertree Village Of Avon Park Limited........................................... 5.00%
Pershing Waterman Phase I Limited Partnership..................................... 29.90%
Pittsfield Neighborhood Associates................................................ 5.00%
Place One Limited Partnership..................................................... 6.00%
Plantation Partners Limited....................................................... 0.66%
Pleasant Valley Apartments Limited Partnership.................................... 4.50%
Point West Limited Partnership.................................................... 1.00%
Portfolio Properties Eight Associated Limited Partnership......................... 1.00%
Portfolio Properties Eleven Associated Limited Partnership........................ 1.00%
Portfolio Properties Fifteen Associated Limited Partnership....................... 2.20%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Portfolio Properties Five Associated Limited Partnership.......................... 1.00%
Portfolio Properties Four Associated Limited Partnership.......................... 1.00%
Portfolio Properties Nine Associated Limited Partnership.......................... 3.68%
Portfolio Properties Seven Associated Limited Partnership......................... 1.97%
Portfolio Properties Six Associated Limited Partnership........................... 1.00%
Portfolio Properties Ten Associated Limited Partnership........................... 1.00%
Portfolio Properties Three Associated Limited Partnership......................... 1.00%
Portfolio Properties Two Associated Limited Partnership........................... 1.00%
Portland Plaza Limited Partnership................................................ 1.10%
Portner Place Associates Limited Partnership...................................... 5.00%
Post St Associates Limited Partnership............................................ 6.00%
Pride Gardens Limited Partnership*................................................ 98.00%
Prince Street Towers Limited Partnership.......................................... 9.90%
Pueblo Limited Partnership........................................................ 2.00%
Queenstown Apartments Limited Partnership......................................... 5.00%
Rancho Arms....................................................................... 1.00%
Rancho Townhouse Associates....................................................... 5.00%
Registry Square Limited Partnership............................................... 5.00%
Retirement Manor Associates....................................................... 1.00%
RI-15 Limited Partnership......................................................... 5.00%
Richlieu Associates............................................................... 1.94%
Ridge Carlton Associates Limited Partnership...................................... 1.00%
River Woods Associates Limited Partnership........................................ 1.00%
Riverfront Apartments Limited Partnership......................................... 9.90%
Riverloft Apartments Limited Partnership.......................................... 1.00%
Riverloft Associates Limited Partnership.......................................... 1.00%
Riverview II Associates Limited Partnership....................................... 5.00%
Rockwell Limited Partnership...................................................... 1.00%
Rodeo Drive Limited Partnership................................................... 1.00%
Rolling Meadows Of Ada Limited.................................................... 2.00%
Royal Towers Limited Partnership.................................................. 1.00%
Ruffin Road Associates Limited Partnership........................................ 6.00%
Ruscombe Gardens Limited Partnership.............................................. 3.90%
Rutherford Park Townhouses Associates............................................. 3.00%
Saint George Villas Limited Partnership........................................... 5.00%
San Jose Limited Partnership...................................................... 1.00%
San Juan Apartments............................................................... 1.00%
San Juan Del Centro Limited Partnership........................................... 1.00%
Sandy Springs Associates Limited.................................................. 5.00%
Savoy Court Associates............................................................ 4.20%
Scotch Associates Limited Partnership............................................. 1.00%
Scotch Lane Associates Limited Partnership........................................ 1.00%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Sencit F/G Metropolitan Associates................................................ 1.00%
Sencit Jacksonville Company, Limited.............................................. 5.85%
Sencit Lebanon Company............................................................ 6.00%
Sencit Towne House LP............................................................. 9.90%
Sherman Terrace Associates........................................................ 11.00%
Shoreview Apartments.............................................................. 6.00%
Site 10 Community Alliance Associates Limited Partnership......................... 4.50%
Sleepy Hollow Apartments*......................................................... 52.00%
Snap IV Limited Partnership....................................................... 1.02%
SNI Development Company Limited Partnership....................................... 5.85%
South Hiawassee Village Limited................................................... 5.00%
South Mountain Terrace Limited.................................................... 5.00%
Southmont Apartments.............................................................. 16.00%
Southridge Apartments Limited Partnership......................................... 1.00%
Southward Limited Partnership..................................................... 1.00%
Southwest Affordable Housing Fund II Limited Partnership.......................... 21.67%
Spring Bright Limited Partnership................................................. 3.20%
Spring Meadow Limited Partnership................................................. 1.00%
Spruce Limited Partnership........................................................ 1.00%
Spuce Palm Limited Partnership.................................................... 1.00%
St. Nicholas Associates Limited Partnership....................................... 6.00%
Stafford Apartments Limited Partnership........................................... 24.50%
Standart Woods Associates Limited LP.............................................. 1.00%
Stock Island Limited Partnership.................................................. 11.83%
Storey Manor Associates Limited Partnership....................................... 5.00%
Strawbridge Square Associates Limited Partnership................................. 5.00%
Summersong Townhouse Limited Partnership.......................................... 5.00%
Sunrise Associates Limited Partnership............................................ 5.00%
Sunset Plaza Apartments........................................................... 1.00%
Susquehanna View LP............................................................... 9.90%
Tamarac Pines II Limited Partnership.............................................. 5.00%
Tamarac Pines Limited Partnership................................................. 5.00%
Tara Bridge Limited Partnership*.................................................. 77.01%
Taunton Green Associates.......................................................... 4.00%
Taunton II Associates............................................................. 1.00%
Texas Affordable Housing Investment Fund I LP..................................... 1.00%
Texas Affordable Housing Investment Fund II*...................................... 100.00%
The Crossings II Limited Partnership*............................................. 90.00%
The Meadows Apartments Limited.................................................... 5.00%
The National Housing Partnership-I................................................ 1.00%
The National Housing Partnership-II............................................... 1.00%
The National Housing Partnership-III.............................................. 1.00%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
The Oak Park Partnership.......................................................... 12.07%
The Rogers Park Partnership....................................................... 6.00%
Tiffany Rehabilitation Associates Limited Partnership............................. 4.00%
Timberlake Apartments Limited Partnership......................................... 2.41%
Timuquana Park Associates......................................................... 5.00%
Tinker Creek Limited Partnership.................................................. 1.00%
Tompkins Terrace Associates....................................................... 41.00%
Town North, a Limited Partnership................................................. 1.00%
Townview Towers I Partnership, Limited............................................ 1.00%
Treeslope Apartments, a Limited Partnership....................................... 4.10%
Trinity Hills Village Apartments Limited Partnership.............................. 1.00%
Trinity Towers 14th St Associates Limited Partnership............................. 5.00%
Tumast Associates................................................................. 4.85%
Twin Gables Associates Limited Partnership........................................ 1.00%
Twin Towers Associates............................................................ 5.00%
Two Bridges Associates Limited Partnership........................................ 30.56%
Tyee Associates................................................................... 1.00%
Unied Housing Partners Elmwood Limited............................................ 5.00%
United Front Homes................................................................ 5.00%
United Handicap Federation Apartments Associates.................................. 16.00%
United House Associates........................................................... 5.00%
United Housing Partners Morristown Limited Partnership............................ 5.00%
United Housing Partners Welch Limited............................................. 5.00%
United Housing Partners-Cuthbert Limited.......................................... 5.00%
United Housing Ptnrs Carbondale Limited........................................... 6.00%
United Redevelopment Associates Limited Partnership............................... 5.00%
University Plaza Associates....................................................... 6.00%
Urbanizacion Maria Lopez Housng Company Limited Partnership....................... 5.00%
Vantage '78 Limited Partnership................................................... 4.00%
Verdes Del Oriente................................................................ 5.00%
Villa De Guadalupe Associates..................................................... 4.90%
Village Circle Apartments Limited Partnership..................................... 5.00%
Village Green Apartments Company Limited.......................................... 1.00%
Village Green Limited Partnership................................................. 1.00%
Village Park II................................................................... 6.00%
Vineville Towers Associates Limited............................................... 5.00%
Vistas De San Juan Associates Limited Partnership................................. 1.00%
Vistula Heritage Village.......................................................... 5.00%
Waico Apartments Associates Limited Partnership................................... 5.00%
Waico Phase II Associates Limited Partnership..................................... 4.00%
Waipahu Associates................................................................ 5.00%
Walden Oaks Associates Limited Partnership........................................ 5.00%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
<TABLE>
<CAPTION>
OWNERSHIP
PARTNERSHIP NAME INTEREST
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Walmsley Terrace Associates Limited Partnership................................... 6.00%
Walnut Hills Associates Limited................................................... 5.00%
Wash-West Properties.............................................................. 5.00%
Washington Chinatown Associates Limited Partnership............................... 8.13%
Washington Manor Limited Partnership.............................................. 5.79%
Washington Northgate Associates................................................... 1.00%
Washington Westgate Associates.................................................... 6.83%
Waterman Limited Partnership...................................................... 17.05%
Waters Towers Associates Limited Partnership...................................... 5.00%
West Lake Arms Limited Partnership................................................ 1.00%
Westgate Apartments............................................................... 2.00%
Westminister Limited Partnership.................................................. 5.00%
Whitefield Place Limited Partnership.............................................. 5.00%
Wigar, Limited.................................................................... 5.90%
Windsor Crossing Limited Partnership SFJV*........................................ 100.00%
Wollaston Manor Associates........................................................ 1.00%
Woodcrest Apartments Limited Partnership.......................................... 6.00%
Woodmark Limited Partnership...................................................... 1.00%
Woodside Village.................................................................. 1.00%
Woodside Villas Of Arcadia Limited................................................ 5.00%
Worcester Episcopal Housing Company............................................... 5.00%
Wyntre Brook Associates........................................................... 1.00%
Yadkin Associates Limited Partnership............................................. 5.00%
</TABLE>
* MAJORITY-OWNED PARTNERSHIP
<PAGE>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
Schedule II -- Rollforward of Allowance for Doubtful Accounts
As of December 31, 1996
Balance at January 1, 1994....................................... $ (82,308)
Costs charged to expense....................................... (426,009)
Deductions..................................................... 389,825
---------
Balance at December 31, 1994..................................... (118,492)
---------
Costs charged to expense....................................... (596,851)
Deductions..................................................... 215,312
---------
Balance at December 31, 1995..................................... (500,031)
---------
Costs charged to expense....................................... (563,834)
Deductions..................................................... 309,039
---------
Balance at December 31, 1996..................................... $(754,826)
---------
---------
<PAGE>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
Schedule III -- Real Estate and Accumulated Depreciation
December 31, 1996
<TABLE>
<CAPTION>
INITIAL COSTS
------------------------- SUBSEQUENT
BUILDING AND COSTS LAND
DESCRIPTION DEBT LAND IMPROVEMENTS CAPITALIZED DISPOSITION
- ------------ ------------ ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Crossings
II........ $ 8,000,000 $ 737,633 $ 759,171 $ 7,976,264 $ --
Cambridge
Heights... 1,619,845 83,260 1,710,385 541,046 --
Capital
Group I... 11,000,000 2,487,134 8,856,688 2,138,351 --
Cheyenne
Village... 583,162 19,600 92,729 892,805 --
Easton
Terrace
II........ 198,602 117,000 656,251 61,553 --
Elm Creek... 28,379,968 2,420,914 8,341,701 21,312,122 (2,420,914)
Harris
Park...... 1,394,658 230,000 2,629,694 372,146 --
MRR......... 8,534,496 405,180 7,923,758 29,587 --
Pride
Gardens... 932,036 127,395 1,487,817 80,014 --
Sandpiper
Cove...... 16,321,644 3,790,371 12,414,269 12,096,684 (3,790,371)
Sleepy
Hollow.... 716,205 37,767 139,800 1,890,443 --
TAFI-Apple
Creek..... 2,390,399 253,688 1,184,065 226,589 --
TAFI-Chelsea
Lane...... 444,199 274,940 1,164,432 273,766 --
TAFI-The
Dunes..... 951,522 101,543 538,339 122,333 --
TAFI-Forest. 1,585,495 233,215 1,005,801 125,998 --
TAFI-Hunt
Gardens... 1,536,556 201,233 837,391 38,068 --
TAFI-Keegans
Mill...... 926,708 344,732 1,333,338 251,935 --
TAFI-Oak
Tree...... 2,161,841 232,276 1,232,743 28,071 --
TAFI-Pine
Creek..... 2,968,286 340,521 1,486,961 351,644 --
TAFI-Taj
Mahal..... 331,843 195,239 1,007,111 253,202 --
TAFI-
Thicket... 2,593,065 362,160 1,394,948 339,215 --
TAFI-
Treehouse. 2,651,102 276,312 1,477,546 83,737 --
TAFI-
Warwick... 2,715,682 161,053 760,063 64,659 --
TAFI-
Westwood Fo 2,957,626 429,406 1,919,176 168,118 --
TAFI-Willow
Tree...... 1,297,396 212,755 871,530 139,598 --
Tara
Bridge.... 7,736,412 1,009,153 2,548,446 4,112,592 --
Windsor
Crossing.. -- 2,299,610 -- 469,589 --
------------ ----------- ------------ ----------- -----------
Total....... $110,928,748 $17,384,090 $ 63,774,153 $54,440,129 $(6,211,285)
------------ ----------- ------------ ----------- ------------
------------ ----------- ------------ ----------- ------------
<CAPTION>
DATE OF
GROSS AMOUNT AT ACQUISITION
DECEMBER 31, 1996 OR
------------------------------------------ COMPLETION
BUILDING AND ACCUMULATED OF DEPRECIATION
DESCRIPTION LAND IMPROVEMENTS TOTAL DEPRECIATION CONSTRUCTION LIFE
- ------------ ---------- -------------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Crossings
II........ $ 737,633 $ 8,735,435 $ 9,473,068 $ (1,266,375) 11/9/88 50 years
Cambridge
Heights... 83,260 2,251,431 2,334,691 (774,102) 3/18/77 50 years
Capital
Group I... 2,487,134 10,995,039 13,482,173 (3,287,753) 10/28/85 31 years
Cheyenne
Village... 19,600 985,534 1,005,134 (758,165) 12/6/72 50 years
Easton
Terrace
II........ 117,000 717,804 834,804 (258,657) 8/1/83 50 years
Elm Creek... -- 29,653,823 29,653,823 (7,420,221) 6/25/85 50 years
Harris
Park...... 230,000 3,001,840 3,231,840 (901,971) 11/4/84 50 years
MRR......... 428,740 7,929,785 8,358,525 (346,261) 3/6/92 50 years
Pride
Gardens... 17,246 1,677,980 1,695,226 (1,069,644) 9/10/74 50 years
Sandpiper
Cove...... -- 24,510,953 24,510,953 (4,229,669) 5/14/86 50 years
Sleepy
Hollow.... 54,807 2,013,203 2,068,010 (1,164,665) 9/29/72 50 years
TAFI-Apple
Creek..... 253,688 1,410,654 1,664,342 (239,680) 4/15/92 27.5 years
TAFI-Chelsea
Lane...... 274,940 1,438,198 1,713,138 (249,852) 1/24/92 27.5 years
TAFI-The
Dunes..... 101,543 660,672 762,215 (130,155) 1/24/92 27.5 years
TAFI-Forest. 233,215 1,131,799 1,365,014 (198,342) 1/24/92 27.5 years
TAFI-Hunt
Gardens... 201,233 875,459 1,076,692 (155,674) 1/24/92 27.5 years
TAFI-Keegans
Mill...... 344,732 1,585,273 1,930,005 (282,236) 1/24/92 27.5 years
TAFI-Oak
Tree...... 232,276 1,260,814 1,493,090 (223,218) 1/24/92 27.5 years
TAFI-Pine
Creek..... 340,521 1,838,605 2,179,126 (349,430) 1/24/92 27.5 years
TAFI-Taj
Mahal..... 195,239 1,260,313 1,455,552 (220,953) 1/24/92 27.5 years
TAFI-
Thicket... 362,160 1,734,163 2,096,323 (298,642) 1/24/92 27.5 years
TAFI-
Treehouse. 276,312 1,561,283 1,837,595 (285,010) 1/24/92 27.5 years
TAFI-
Warwick... 161,053 824,722 985,775 (151,834) 1/24/92 27.5 years
TAFI-
Westwood Fo 429,406 2,087,294 2,516,700 (370,620) 1/24/92 27.5 years
TAFI-Willow
Tree...... 212,755 1,011,128 1,223,883 (174,618) 1/24/92 27.5 years
Tara
Bridge.... 1,009,153 6,661,038 7,670,191 (1,070,645) 12/10/86 50 years
Windsor
Crossing.. 2,769,199 -- 2,769,199 -- 10/1/88 --
----------- ------------ ------------ ------------
Total....... $11,572,845 $117,814,242 $129,387,087 $(25,878,392)
----------- ------------ ------------ ------------
----------- ------------ ------------ ------------
</TABLE>
Page 1
<PAGE>
NHP REAL ESTATE COMPANIES (as defined in Note 1)
Real Estate and Accumulated Depreciation -- Notes to Schedule
December 31, 1996
(A) The change in total cost of real estate for the year ended December 31,
1996 is as follows:
LAND BUILDING
------------- --------------
Balance at December 31, 1995.............. $ 13,207,340 $ 122,776,469
Additions-- Capital expenditures.......... 299,988 271,155
Deductions-- Sale of real estate.......... (1,934,483) (5,233,382)
------------- --------------
Balance at December 31, 1996.............. $ 11,572,845 $ 117,814,242
------------- --------------
------------- --------------
(B) The change in accumulated depreciation and amortization for the year
ended December 31, 1996 is as follows:
Balance at December 31, 1995................................... $(24,445,481)
Depreciation and amortization.................................. (3,061,502)
Sale of real estate............................................ 1,628,591
-----------
Balance at December 31, 1996................................... $(25,878,392)
-----------
-----------
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
NHP Southwest Partners, L.P.:
We have audited the accompanying balance sheets of NHP Southwest Partners, L.P.
(a Delaware Limited Partnership) as of December 31, 1996 and 1995, and the
related statements of operations, changes in partners' capital, and cash flows
for the year ended December 31, 1996, and for the period from January 20, 1995
(date of inception) through December 31, 1995. These financial statements are
the responsibility of the Partnership's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform an audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
Partnership's management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of NHP Southwest Partners, L.P. as
of December 31, 1996 and 1995, and the results of its operations and its cash
flows for the year ended December 31, 1996, and for the period from January 20,
1995 (date of inception), through December 31, 1995, in conformity with
generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Washington, D.C.,
April 11, 1997 (except with
respect to the matter discussed in
Note 7, as to which the date is
June 3, 1997)
<PAGE>
NHP SOUTHWEST PARTNERS, L.P.
BALANCE SHEETS
AS OF DECEMBER 31, 1996 AND 1995
<TABLE>
<CAPTION>
1996 1995
------------ ------------
<S> <C> <C>
ASSETS
Cash and cash equivalents........................................ $ 75,891 $ 495,968
Due from New LPs................................................. 826,741 272,862
Investment in real estate limited partnerships................... 11,094,132 21,069,246
----------- -----------
Total assets................................................. $11,996,764 $21,838,076
----------- -----------
----------- -----------
LIABILITIES AND PARTNERS' CAPITAL
Related-Party Note, net of discount of $3,423,603 and $4,297,715. $ 8,320,453 $ 7,446,341
Accounts payable and accrued interest............................ 970,645 124,107
Partners' capital................................................ 2,705,666 14,267,628
----------- -----------
Total liabilities and partners' capital...................... $11,996,764 $21,838,076
----------- -----------
----------- -----------
</TABLE>
The accompanying notes are an integral part of these balance sheets.
<PAGE>
NHP SOUTHWEST PARTNERS, L.P.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1996, AND
FOR THE PERIOD FROM JANUARY 20, 1995 (DATE OF INCEPTION),
THROUGH DECEMBER 31, 1995
<TABLE>
<CAPTION>
1996 1995
-------------- -------------
<S> <C> <C>
Equity in losses of real estate limited partnerships............. $ (9,601,377) $ (5,238,365)
Interest income from New LPs..................................... 69,696 15,772
-------------- -------------
(9,531,681) (5,222,593)
-------------- -------------
Expenses:
Interest on Related-Party Note............................... 1,936,545 1,425,999
Other........................................................ 21,716 98,248
-------------- -------------
1,958,261 1,524,247
-------------- -------------
Net loss................................................... $ (11,489,942) $ (6,746,840)
-------------- -------------
-------------- -------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NHP SOUTHWEST PARTNERS, L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1996, AND
FOR THE PERIOD FROM JANUARY 20, 1995 (DATE OF INCEPTION),
THROUGH DECEMBER 31, 1995
<TABLE>
<CAPTION>
ALBUQUERQUE ALBUQUERQUE
NHP-HG WHALER 95- NHP-HG WHALER 95-
TEN, INC. EJV CORP. TEN, L.P. HJV L.P.
(.5% GP) (.5% GP) (49.5% LP) (49.5% LP) TOTAL
---------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Initial capital contribution............. $ 108,402 $ 108,402 $ 10,731,799 $ 10,731,799 $ 21,680,402
Net loss............................. (33,734) (33,734) (3,339,686) (3,339,686) (6,746,840)
Distributions........................ (8,980) (8,980) (323,987) (323,987) (665,934)
---------- ------------ ------------- ------------- -------------
Balance, December 31, 1995............... 65,688 65,688 7,068,126 7,068,126 14,267,628
Net loss............................. (57,450) (57,450) (5,687,521) (5,687,521) (11,489,942)
Distributions........................ (1,801) (1,801) (68,418) -- (72,020)
---------- ------------ ------------- ------------- -------------
Balance, December 31, 1996............... $ 6,437 $ 6,437 $ 1,312,187 $ 1,380,605 $ 4,218,248
---------- ------------ ------------- ------------- -------------
---------- ------------ ------------- ------------- -------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NHP SOUTHWEST PARTNERS, L.P.
STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 1996, AND
FOR THE PERIOD FROM JANUARY 20, 1995 (DATE OF INCEPTION),
THROUGH DECEMBER 31, 1995
<TABLE>
<CAPTION>
1996 1995
-------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net loss..................................................... $ (11,489,942) $ (6,746,840)
Adjustments to reconcile net loss to net cash used in
operating activities--
Amortization of discount on Hall note...................... 874,112 801,269
Equity in losses of real estate limited partnerships....... 9,601,377 5,238,365
Change in accounts payable and accrued interest............ 846,538 124,107
------------ ------------
Net cash used in operating activities.................... (167,915) (583,099)
------------ ------------
Cash flows from investing activities:
Initial investment in real estate limited partnerships....... -- (21,680,402)
Change in due from New LPs................................... (553,879) (272,862)
Distributions received from real estate limited
partnerships............................................... 373,737 2,017,863
------------ ------------
Net cash used in investing activities.................... (180,142) (19,935,401)
------------ ------------
Cash flows from financing activities:
Capital contributions........................................ -- 21,680,402
Distributions to partners.................................... (72,020) (665,934)
------------ ------------
Net cash (used in) provided by financing activities...... (72,020) 21,014,468
------------ ------------
Net (decrease) increase in cash and cash equivalents........... (420,077) 495,968
Cash and cash equivalents, beginning of period................. 495,968 --
------------ ------------
Cash and cash equivalents, end of period....................... $ 75,891 $ 495,968
------------ ------------
------------ ------------
Supplemental information:
Cash paid for interest....................................... $ 212,955 $ 577,274
------------ ------------
------------ ------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
NHP SOUTHWEST PARTNERS , L.P.
NOTES TO FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1996 AND 1995
1. ORGANIZATION:
NHP Southwest Partners, L.P. (the "Partnership") was organized on January 20,
1995 (date of inception), pursuant to the laws of the state of Delaware, for
the sole purpose of investing in real estate by acquiring and holding a
limited partnership interest in various limited partnerships. The Partnership
was organized in conjunction with the formation of 32 other limited
partnerships (collectively, the "New LPs"). The Partnership is a 79 percent
limited partner in each New LP (Note 3). The Limited Partnership Agreement of
NHP Southwest Partners, L.P., (the "Partnership Agreement") stipulates that
the term of the Partnership will continue until December 31, 2044, unless
terminated at an earlier date, in accordance with the provisions of the
Partnership Agreement.
Albuquerque Whaler 95-EJV Corporation and NHP-HG Ten, Inc., are the general
partners of the Partnership. The general partners have equal and exclusive
authority to make partnership decisions. At inception, the general partners
each made capital contributions of $108,402, which represents a 0.5 percent
interest, respectively, in the Partnership. The Partnership's limited
partners are Albuquerque Whaler 95-HJV Limited Partnership and NHP-HG Ten,
L.P., who contributed $10,731,799 each for a 49.5 percent ownership interest,
respectively, in the Partnership. NHP-HG Ten, Inc. and NHP-HG Ten L.P. are
wholly owned subsidiaries of NHP Partners, Inc.
The Partnership derives all of its cash flow from distributions made by the
New LPs, who in turn receive distributions from their real estate
investments. As more fully described in Note 3, such investments incurred
significant losses in 1995 and 1996. Furthermore, as discussed in Note 4, in
March 1996, the Partnership failed to make the interest payment required under
the terms of the Related-Party Note. This failure constitutes a non-major
interest payment default, as defined. The ability of the Partnership to
continue as a going concern and meet its obligations will be impacted by the
ability of the New LPs to continue making cash distributions to the
Partnership. Management believes that cash flows from New LP distributions
will be sufficient to allow the Partnership to continue to fulfill its
obligations and continue as a going concern.
2. SIGNIFICANT ACCOUNTING POLICIES:
USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
<PAGE>
BASIS OF ACCOUNTING
The Partnership maintains its books on an accrual basis for financial
statement and Federal income tax purposes.
INVESTMENT IN REAL ESTATE LIMITED PARTNERSHIPS
The Partnerships' investments in the New LPs are accounted for using the
equity method of accounting.
INCOME TAXES
The Partnership is not a tax paying entity and, accordingly, no provision
has been recorded for Federal or state income tax purposes. The partners are
individually responsible for reporting their share of the Partnership's taxable
income on their income tax returns. In the event of an examination of the
Partnership's tax return by the Internal Revenue Service, the tax liability of
the partners could be changed if an adjustment in the Partnership's income is
ultimately sustained by the tax authorities.
Certain transactions of the Partnership may be subject to accounting methods
for income tax purposes that differ from the accounting methods used in
preparing these financial statements in accordance with generally accepted
accounting principles. Accordingly, the net income or loss of the Partnership
and the resulting balances in the partners' capital accounts reported for income
tax purposes may differ from the balances reported for those same items in these
financial statements.
REVIEW FOR ASSET IMPAIRMENT
Management periodically assesses the carrying value of its equity
investments in real estate limited partnerships. Whenever there are recognized
events or changes in circumstances that could affect the carrying amount of the
real estate, management reviews the assets for possible impairment.
In accordance with generally accepted accounting principles, management uses
estimated expected future net cash flows (undiscounted, including expected
sales price and excluding interest costs) to measure the recoverability of
investments in real estate limited partnerships. The estimation of expected
future net cash flows is inherently uncertain and relies to a considerable
extent on assumptions regarding current and future economic and market
conditions, the expected property improvements, and the ability to attract
and retain new tenants.
RECLASSIFICATIONS
Certain 1995 amounts have been reclassified to conform with the 1996
presentation.
<PAGE>
3. INVESTMENT IN REAL ESTATE LIMITED PARTNERSHIPS:
The Partnership has a 79 percent limited partnership interest in the New
LPs, which were organized effective January 20, 1995, for the sole purpose of
investing in real estate.
The New LPs' general partners are NHP-HG Eleven, Inc. (an affiliate of NHP,
Partners, Inc.) and Albuquerque Whaler 95-NLP Corporation, each with a 0.5
percent interest in each New LP. The New LPs' limited partners are NHP
Southwest Partners, L.P., Albuquerque Whaler 95-PLP Limited Partnership, and
a third limited partner affiliated with Hall Financial Group, which is unique
to each New LP, with 79, 0 and 20 percent ownership interests in each New LP,
respectively.
The New LPs were organized for the purpose of investing in real estate
through holdings in other affiliated limited partnerships (collectively, the
"Borrowers") that own real estate.
Each New LP has a 99 percent limited partnership interest in one of the
Borrowers, and each Borrower owns a multifamily apartment complex. The New
LPs' initial investments in the Borrowers were recorded at an amount equal to
their capital contributions to the Borrowers. In addition, investment in real
estate limited partnerships also includes the cost incurred by the
Partnership to terminate the management contracts in place at the date of
acquisition and secure the right to appoint the property manager for the real
estate owned by the Borrowers. The Partnership believed that control over the
appointment of property manager was required in order to enhance the
properties' profitability and maximize the Partnership's return on its
investment. The investment was recorded at an amount equal to the discounted
value of the Related-Party Note (Note 4), issued as consideration for the
termination of the contracts of $6,645,072. The additional investment was not
pushed down to the New LPs or Borrowers and is being amortized by the
Partnership over 70 months, which is the expected holding period of the
investments. For the year ended December 31, 1996, and for the period ended
December 31, 1995, the Partnership amortized $1,139,155 and $1,044,226,
respectively, of the additional investment, which has been included in
equity in losses of real estate limited partnerships in the accompanying
statements of operations. The New LPs' investments in the Borrowers are
accounted for using the equity method.
Summarized combined condensed financial information for the New LPs and the
Borrowers as of December 31, 1996 and 1995, and for the year ended December 31,
1996, and for the period from January 20, 1995 (date of inception), through
December 31, 1995, is as follows:
<PAGE>
NEW LPS
SUMMARIZED COMBINED CONDENSED BALANCE SHEETS
AS OF DECEMBER 31,
--------------------------
1996 1995
----------- -----------
Investments in real estate partnerships........ $60,326,268 $71,290,336
Other assets................................... 202,927 257,928
----------- -----------
Total assets............................... $60,529,195 $71,548,264
----------- -----------
----------- -----------
Note payable................................... $17,951,495 $17,289,778
Other liabilities.............................. 1,109,362 555,068
----------- -----------
Total liabilities.......................... 19,060,857 17,844,846
Partners' capital.............................. 41,468,338 53,703,418
----------- -----------
Total liabilities and partners' capital.... $60,529,195 $71,548,264
----------- -----------
----------- -----------
NEW LPS
SUMMARIZED COMBINED CONDENSED STATEMENTS OF OPERATIONS
1996 1995
------------- -------------
Equity in loss of limited partnerships...... $ (7,601,933) $ (2,689,889)
------------- -------------
Total revenue......................... (7,601,933) (2,689,889)
------------- -------------
Interest expense............................ 2,716,150 2,375,474
Other expenses.............................. 418,227 218,564
------------- -------------
3,134,377 2,594,038
------------- -------------
Net loss.............................. $ (10,736,310) $ (5,283,927)
------------- -------------
------------- -------------
BORROWERS
SUMMARIZED COMBINED CONDENSED BALANCE SHEETS
AS OF DECEMBER 31,
------------------------------
1996 1995
-------------- --------------
Rental property, net....................... $ 218,955,941 $ 228,027,812
Other assets............................... 15,364,441 17,922,065
-------------- --------------
Total assets......................... $ 234,320,382 $ 245,949,877
-------------- --------------
-------------- --------------
Mortgage note payable...................... $ 166,997,173 $ 166,714,244
Other liabilities.......................... 6,603,428 7,218,365
-------------- --------------
Total liabilities.................... 173,600,601 173,932,609
Partners' capital.......................... 60,719,781 72,017,268
-------------- --------------
Total liabilities and
partners' capital................. $ 234,320,382 $ 245,949,877
-------------- --------------
-------------- --------------
<PAGE>
BORROWERS
SUMMARIZED COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
1996 1995
-------------- -------------
<S> <C> <C>
Net rental revenue............................................. $ 42,927,992 $ 37,482,063
Other revenue.................................................. 2,179,437 1,998,493
-------------- -------------
Total revenue............................................ 45,107,429 39,480,556
-------------- -------------
General and administrative expenses............................ 7,001,487 5,792,360
Utilities expense.............................................. 4,627,719 3,676,905
Operating and maintenance expenses............................. 9,088,323 7,990,090
Taxes and insurance............................................ 5,652,374 4,581,205
Interest on mortgage notes payable............................. 16,733,178 15,290,414
Depreciation and amortization.................................. 9,905,741 4,866,639
-------------- -------------
Total expenses........................................... 53,008,822 42,197,613
-------------- -------------
Net loss....................................................... $ (7,901,393) $ (2,717,057)
-------------- -------------
-------------- -------------
</TABLE>
A summary of the Partnership's investments in the New LPs is as follows:
1996 1995
------------- -------------
Beginning balance........................... $ 21,069,246 $ --
Initial investment in New LPs............. -- 28,325,474
Distributions from New LPs................ (373,737) (2,017,863)
Equity in loss of New LPs................. (9,601,377) (5,238,365)
------------- ------------
Ending balance.............................. $ 11,094,132 $ 21,069,246
------------- ------------
------------- ------------
4. RELATED-PARTY NOTE:
The Related-Party Note represents a note payable to Hall Financial Group,
Inc. (the "Payee"), which is affiliated with one of the Partnership's limited
partners, Albuquerque Whaler 95-HJV Limited Partnership. Payments of interest
only are payable monthly at an interest rate of 6 percent per annum,
compounded monthly. In the event of a non-major interest payment default, as
defined, interest accrues at a rate of 9 percent per annum. Interest payments
made by the Partnership amounted to $212,955 and $577,274 for the year ended
December 31, 1996, and for the period from January 20, 1995, (date of debt
origination) through December 31,1995, respectively. No principal payments
are required on the Related-Party Note until its maturity date on December
10, 2000.
In March 1996, the Partnership failed to make the interest payment required
under the terms of the Related-Party Note. This failure constitutes a
non-major interest payment default, as defined. Accordingly, interest on the
Related-Party Note began accruing at the rate of 9 percent per annum as of
the date of the default. The Payee has no other rights or remedies as a
result of this non-major interest payment default.
<PAGE>
The Related-Party Note has been discounted for financial reporting purposes
because the contractual interest rate of 6 percent per annum is below a
market interest rate. The face value of the Related-Party Note is
$11,744,056. The book value of the Related-Party Note at its origination date
was $6,645,072, using an estimated market rate of 15 percent per annum at the
origination date of the Related-Party Note. To account for this difference in
interest rates, a discount of $5,098,984 was recorded. The discount is being
amortized into interest expense over the life of the loan using the effective
interest method. Amortization of the discount was $874,112 and $801,269 for
the year ended December 31, 1996, and for the period ended December 31, 1995,
respectively.
The Related-Party Note is secured by the Partnership's interest in the New
LPs and the interests of the general partners in the New LPs, in accordance with
the Pledge and Security Agreement dated February 8, 1995. Under separate
agreements, the Partnership's interest and the interests of the general partners
in the New LPs have been pledged to secure the New LPs' obligations to make
interest payments to their preferred A limited partner and distributions to
their preferred B limited partner.
5. RELATED-PARTY TRANSACTIONS AND COMPENSATION TO PARTNERS:
GENERAL AND ADMINISTRATIVE SERVICES
NHPMC is the project management agent for the Borrowers. The management
agreement has a primary term which expires November 7, 2000, and thereafter can
be extended on an annual basis under certain conditions. As of December 31, 1996
certain stockholders owning approximately 60 percent of the voting common stock
of NHP Incorporated also own the entities which are general and limited partners
of the Partnership.
During 1996 and 1995, personnel working at the Properties were employees of
NHP Incorporated, and therefore the Property reimbursed NHP Incorporated for the
actual salaries and related benefits totaling $4,245,949 and $3,458,934 in 1996
and 1995, respectively, as reflected in the Borrowers' combined financial
statements. At December 31, 1996 and 1995, trade payables include $231,348 and
$40,382, respectively, due to NHP Incorporated.
During 1996 and 1995, NHPMC received aggregate fees of $1,762,457 and
$1,399,190, respectively, for its services as management agent equal to 4
percent of the Properties rental collections. In addition, NHPMC and other
affiliates of NHP Incorporated received $331,484 and $453,872, respectively, as
of December 31, 1996 and 1995, for other services provided to the Properties.
During 1996 and 1995, NHP Partners, Inc., which wholly owns NHP-HG Ten, Inc.
received $8,482 and $0, respectively, relating to direct administrative
costs, financial and tax reporting and loans and partnership agreement
compliance.
DISTRIBUTIONS TO PARTNERS
Distributions of Partnership Receipts, as defined in the Partnership
Agreement, are made to the partners in proportion to their respective
ownership interests in the Partnership, monthly (if available), subject to a
certain order of priorities, as defined in the Partnership Agreement. Net
income is allocated among all partners first, to the extent of any current or
prior period loss allocations or distributions in excess of current or prior
period net profit allocations and second, in proportion to each Partner's
ownership interest. Net losses are allocated to the Partners in proportion to
their ownership interests.
<PAGE>
SPECIAL DISTRIBUTION
Upon mutual consent of the Partnership's partners, a distribution in the
amount of approximately $676,965 was made to the Partnership in June 1995
outside of the distribution method required under the New LPs' partnership
agreements. The funds for this distribution originated from the sale of a hedge
instrument by the Borrowers. Each Borrower distributed funds received related to
this sale to their respective New LPs, who in turn distributed the funds to the
Partnership. The Partnership in turn distributed approximately $646,000 of these
funds to its limited partners.
DUE FROM NEW LPS
Due from New LPs represents various advances to New LPs. These advances arise
when cash is needed to fund operating deficits and certain distributions
required by the New LPs. Principal and interest payments on these advances
are due monthly at an interest rate of 10 percent per annum, compounded
monthly. Of these amounts, $50,176 advanced in 1996 represents NPF Priority
Funds (as defined in the Partnership Agreement) which have certain repayment
priorities over other advances and over other distributions. Interest
payments received by the Partnership amounted to $21,403 and $7,038 for the
year ended December 31, 1996, and for the period from January 20, 1995 (date
of inception), through December 31, 1995, respectively.
6. FAIR VALUE OF FINANCIAL INSTRUMENTS:
In accordance with the requirements of SFAS No. 107, "Disclosure About Fair
Value of Financial Instruments," the Partnership must disclose the fair value of
its financial instruments as of December 31, 1996 and 1995. In the opinion of
management, with the exception of the Hall Note, the fair value of the
Partnership's financial instruments is not materially different from the
carrying amounts shown in the accompanying financial statements. Due to the
occurrence of a non-major default on the Related-Party Note, it is not
practicable to estimate the fair value of the Related-Party Note.
7. SUBSEQUENT EVENT:
On June 3, 1997, NHP Partners, Inc. was acquired by Apartment Investment and
Management Company ("AIMCO"), a real estate investment trust whose shares are
traded on the New York Stock Exchange.
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
NHP New LP Entities (as defined in Note 1):
We have audited the accompanying combined balance sheets of NHP New LP
Entities (as defined in Note 1, collectively, the "New LPs") as of December 31,
1996 and 1995, and the related combined statements of operations, changes in
partners' capital, and cash flows for the year ended December 31, 1996, and for
the period from January 20, 1995 (date of inception), through December 31, 1995.
These financial statements are the responsibility of the New LPs' management.
Our responsibility is to express an opinion on these combined financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform an audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by the
New LPs' management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the combined financial position of NHP New LP Entities
as of December 31, 1996 and 1995, and the combined results of their operations
and their cash flows for the year ended December 31, 1996, and for the period
from January 20, 1995 (date of inception), through December 31, 1995, in
conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Washington, D.C.,
February 20, 1997 (except with
respect to the matter discussed in
Note 8, as to which the date is
June 3, 1997)
<PAGE>
NHP New LP Entities
(as defined in Note 1)
Combined Balance Sheets
As of December 31, 1996 and 1995
Assets
<TABLE>
<CAPTION>
1996 1995
------------- -------------
<S> <C> <C>
Cash and cash equivalents...................... $ -- $ 3,293
Investment in NHP Borrower Entities............ 60,326,268 71,290,336
Deferred finance costs, net of accumulated
amortization of $98,779 and $47,071 as
of December 31, 1996 and 1995, respectively.. 202,927 254,635
------------- -------------
Total assets.............................. $ 60,529,195 $ 71,548,264
------------- -------------
------------- -------------
Liabilities and Partners' Capital
Accounts payable and accrued expenses.......... $ 283,591 $ 282,206
Due to NHP Southwest Partners, L.P............. 825,771 272,862
Related-party loan, net of original issue
discount of $2,596,233 and $3,257,950 as
of December 31, 1996 and 1995, respectively.. 17,951,495 17,289,778
Partners' capital.............................. 41,468,338 53,703,418
------------- -------------
Total liabilities and partners' capital.... $ 60,529,195 $ 71,548,264
------------- -------------
------------- -------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
NHP New LP Entities
(as defined in Note 1)
Combined Statements of Operations
For the Year Ended December 31, 1996, and
For the Period From January 20, 1995 (Date of Inception),
Through December 31, 1995
<TABLE>
<CAPTION>
1996 1995
-------------- -------------
<S> <C> <C>
Equity in losses of NHP Borrower Entities...... $ (7,601,933) $ (2,689,889)
-------------- -------------
Expenses:
Interest expense on related-party loan....... 2,646,454 2,359,701
Professional fees............................ 366,519 171,494
Amortization of deferred finance costs....... 51,708 47,071
Interest expense to NHP Southwest
Partners, L.P............................... 69,696 15,772
-------------- -------------
Total expenses........................... 3,134,377 2,594,038
-------------- -------------
Net loss................................. $ (10,736,310) $ (5,283,927)
-------------- -------------
-------------- -------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
NHP New LP Entities
(as defined in Note 1)
Combined Statements of Changes in Partners' Capital
For the Year Ended December 31, 1996, and
For the Period From January 20, 1995 (Date of Inception),
Through December 31, 1995
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
---------- ------------- -------------
<S> <C> <C> <C>
Initial capital contributions....... $ 630,788 $ 62,448,214 $ 63,079,002
Distributions to partners......... (29,826) (4,061,831) (4,091,657)
Net loss.......................... (52,838) (5,231,089) (5,283,927)
---------- ------------- -------------
Balance, December 31, 1995.......... 548,124 53,155,294 53,703,418
Distributions to partners......... (12,012) (1,486,758) (1,498,770)
Net loss.......................... (107,366) (10,628,944) (10,736,310)
---------- ------------- -------------
Balance, December 31, 1996.......... $ 428,746 $ 41,039,592 $ 41,468,338
---------- ------------- -------------
---------- ------------- -------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
NHP New LP Entities
(as defined in Note 1)
Combined Statements of Cash Flows
For the Year Ended December 31, 1996, and
For the Period From January 20, 1995 (Date of Inception),
Through December 31, 1995
<TABLE>
<CAPTION>
1996 1995
-------------- -------------
<S> <C> <C>
Cash flows from operating activities:
Net loss....................................... $ (10,736,310) $ (5,283,927)
Adjustments to reconcile net loss to net
cash used in operating activities--
Equity in losses of NHP Borrower Entities.. 7,601,933 2,689,889
Amortization of deferred finance costs..... 51,708 47,071
Amortization of original issue discount.... 661,717 602,073
Change in accounts payable and accrued
expenses................................. 1,385 282,206
-------------- -------------
Net cash used in operating activities.. (2,419,567) (1,662,688)
-------------- -------------
Cash flows from investing activities:
Investment in NHP Borrower Entities........... -- (79,349,276)
Distributions received from NHP Borrower
Entities.................................... 3,362,135 5,369,051
-------------- -------------
Net cash provided by (used in) investing
activities................................ 3,362,135 (73,980,225)
-------------- -------------
Cash flows from financing activities:
Proceeds from related-party loan.......... -- 16,687,705
Initial capital contributions............. -- 63,079,002
Distributions to partners................. (1,498,770) (4,091,657)
Payment of deferred finance costs......... -- (301,706)
Change in due to NHP Southwest
Partners, L.P........................... 552,909 272,862
-------------- -------------
Net cash (used in) provided by
financing activities................... (945,861) 75,646,206
-------------- -------------
Net (decrease) increase in cash and cash
equivalents................................. (3,293) 3,293
Cash and cash equivalents, beginning of
period...................................... 3,293 --
-------------- -------------
Cash and cash equivalents, end of period....... $ -- $ 3,293
-------------- -------------
-------------- -------------
Supplemental information:
Cash paid during the year for interest.... $ 1,984,896 $ 1,600,946
-------------- -------------
-------------- -------------
</TABLE>
The accompanying notes are an integral part of these
combined financial statements.
<PAGE>
NHP New LP Entities
(as defined in Note 1)
Notes to Combined Financial Statements
As of December 31, 1996 and 1995
1. The Partnerships:
ORGANIZATION
NHP New LP Entities (collectively, the "New LPs" and individually, the "New
LP"), consisting of 32 partnerships, were organized on January 20, 1995 (date
of inception), for the purpose of investing in real estate by acquiring and
holding limited partnership interests in the NHP Borrower Entities
(collectively, the "Borrowers" and individually, the "Borrower"), as defined
below.
NHP-HG Eleven, Inc., a wholly owned subsidiary of NHP Partners, Inc., and
Albuquerque Whaler 95-NLP Corporation are the general partners of the New LPs,
each with a 0.5 percent general partner interest. The New LPs are under the
common control of the general partners who have equal and exclusive authority to
make significant partnership decisions. The New LPs' limited partners are NHP
Southwest Partners, L.P. (the "Master Partnership" or "Common LP"), Albuquerque
Whaler 95-PLP Limited Partnership (the "Preferred A LP") and a third limited
partner which is unique to each New LP (the "Preferred B LPs"), with 79, 0 and
20 percent ownership interests, respectively, in the New LP, respectively
(the "Sharing Ratios," as defined in each New LP's partnership agreement), (Note
3). The Preferred B LPs are all affiliates of Hall Financial Group.
BASIS OF PRESENTATION
Each New LP holds a 99 percent limited partner interest in one Borrower
entity. The New LPs, along with their respective Borrower investor are listed
below:
<TABLE>
<CAPTION>
NEW LP BORROWER
- --------------------------------------- -----------------------------------
<S> <C>
NHP Bayberry Associates, LP NHP Bayberry, LP
NHP Carriage Associates, LP NHP Carriage, LP
NHP Center Associates, LP NHP Center, LP
NHP Cornerstone Associates, LP NHP Cornerstone, LP
NHP Dove Associates, LP NHP Dove, LP
NHP Forest II Associates, LP NHP Forest II, LP
NHP Gates of Arlington Associates, LP NHP Gates of Arlington, LP
NHP Elk Associates, LP NHP Elk, LP
NHP Green Associates, LP NHP Green, LP
NHP Heather I Associates, LP NHP Heather I, LP
NHP Heather II Associates, LP NHP Heather II, LP
NHP Laurel III Associates, LP NHP Laurel III, LP
</TABLE>
<PAGE>
2
<TABLE>
<CAPTION>
NEW LP BORROWER
- --------------------------------------- -----------------------------------
<S> <C>
NHP Twin Associates, LP NHP Twin, LP
NHP Mill Creek Associates, LP NHP Mill Creek, LP
NHP Forest IV Associates, LP NHP Forest IV, LP
NHP Oak Associates, LP NHP Oak, LP
NHP Paradise Bay Associates,LP NHP Paradise Bay, LP
NHP Park Associates, LP NHP Park, LP
NHP Parkview Associates, LP NHP Parkview, LP
NHP Pine Creek Manor Associates, LP NHP Pine Creek Manor, LP
NHP Summer Associates, LP NHP Summer, LP
NHP Summit Associates, LP NHP Summit, LP
NHP Sunridge Associates, LP NHP Sunridge, LP
NHP Lane Associates, LP NHP Lane, LP
NHP Coach Associates, LP NHP Coach, LP
NHP Regal Associates, LP NHP Regal, LP
NHP Villa Associates, LP NHP Villa, LP
NHP Timberview Associates, LP NHP Timberview, LP
NHP Longfellow Associates, LP NHP Longfellow, LP
NHP Port Richey Associates, LP NHP Port Richey, LP
NHP Midland Associates, LP NHP Midland, LP
NHP Woodcreek Associates, LP NHP Woodcreek, LP
</TABLE>
The accompanying financial statements present the combined financial position
and results of operations for the New LPs, which are under the common control
of NHP-HG Eleven, Inc. and Albuquerque Whaler 95-NLP Corporation. The New LPs'
sole source of cash is distributions from the Borrowers.
The Borrowers each purchased one rental housing property on February 8, 1995,
except NHP Heather I, which purchased its property on June 15, 1995. As
further described in Notes 4 and 5, the properties are subject to certain
third party and related party debt, which contain cross-collateralization
provisions.
All of the New LPs listed above are included in the accompanying combined
financial statements for all periods presented, with the exception of NHP
Heather I whose property's operations are included only from its purchase date.
2. Significant Accounting Policies:
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
<PAGE>
3
CASH AND CASH EQUIVALENTS
The Partnerships consider all highly liquid investments with initial maturities
of 90 days or less to be cash equivalents.
NHP Management Company ("NHPMC"), a wholly owned subsidiary of NHP
Incorporated (Note 5), and an affiliate of NHP Partners, Inc., maintains at
banks concentrated cash and cash equivalent accounts of affiliated entities for
which it provides management services. As of December 31, 1996 and 1995, NHPMC
held $0 and $3,293, respectively, on behalf of the New LPs, which is included in
cash and cash equivalents in the accompanying combined balance sheets.
AMORTIZATION
Deferred finance costs are amortized over the appropriate mortgage loan
period using the effective interest method. The related amortization is recorded
as amortization of deferred finance costs in the accompanying combined
statements of operations.
INCOME TAXES
The New LPs are not tax-paying entities and, accordingly, no provision has
been recorded for Federal or state income tax purposes. The partners are
individually responsible for reporting their share of the New LPs' taxable
income on their income tax returns. In the event of an examination of the New
LPs' tax return by the Internal Revenue Service, the tax liability of the
partners could be changed if an adjustment in the New LPs' income is ultimately
sustained by the tax authorities.
Certain transactions of the New LPs may be subject to accounting methods for
income tax purposes that differ from the accounting methods used in preparing
these combined financial statements in accordance with generally accepted
accounting principles. Accordingly, the net income or loss of the New LPs and
the resulting balances in the partners' capital accounts reported for income tax
purposes may differ from the balances reported for those same items in the
combined financial statements.
RECLASSIFICATIONS
Certain 1995 amounts have been reclassified to conform with the 1996
presentation.
<PAGE>
4
3. Partnership Profits and Losses and Distributions:
Net cash flow, as defined in the New LPs' partnership agreements, is
distributed to the partners monthly, based on calculations and preferences
defined in the New LPs' partnership agreements. Allocations of net income are
made in accordance with the New LPs' partnership agreements, generally, to
certain limited partners until certain preferences are satisfied, then in
accordance with the partners' Sharing Ratios. Net losses are generally
allocated in accordance with each partner's Loss Sharing Ratio, as defined in
the New LPs' partnership agreements.
SPECIAL DISTRIBUTION
Upon mutual consent of the partners, a distribution from the New LPs in the
total amount of $676,965 was made to the Master Partnership in June 1995 outside
of the distribution method required under the New LPs' partnership agreements.
The funds for this distribution originated from the sale of a hedge instrument
by the Borrowers. Each Borrower distributed funds received related to this sale
to its respective New LP, which in turn distributed the funds to the Master
Partnership.
During the first quarter of 1996, certain New LPs made discretionary
payments totaling $276,567 to their Preferred B LP. The funds for distribution
were received from NHP Southwest Partners, L.P., in order to pay cumulative
preferred distributions due to the Preferred B LP, under the provisions of the
New LPs' partnership agreements.
4. Partners' Capital:
A summary of the New LPs' capital balances for the years ended December 31,
1996 and 1995, is as follows:
<TABLE>
<CAPTION>
NEW LP 1996 1995
- ------------------------------------------------ ------------- -------------
<S> <C> <C>
NHP Bayberry Associates, LP $ 1,003,857 $ 1,604,653
NHP Carriage Associates, LP 774,437 1,082,587
NHP Center Associates, LP 1,751,267 1,888,708
NHP Cornerstone Associates, LP 311,224 661,759
NHP Dove Associates, LP 876,618 1,019,074
NHP Forest II Associates, LP 1,340,440 1,982,905
NHP Gates of Arlington Associates, LP 3,054,679 3,510,959
NHP Elk Associates, LP 1,972,480 2,754,986
NHP Green Associates, LP 1,348,699 1,905,259
NHP Heather I Associates, LP 695,044 885,983
NHP Heather II Associates, LP 597,595 716,532
NHP Laurel III Associates, LP 334,095 476,658
NHP Twin Associates, LP 1,379,692 1,913,420
NHP Mill Creek Associates, LP 655,096 791,174
NHP Forest IV Associates, LP 1,755,703 2,172,186
NHP Oak Associates, LP (385,136) 61,720
NHP Paradise Bay Associates, LP 3,854,913 4,715,259
</TABLE>
<PAGE>
5
<TABLE>
<CAPTION>
NEW LP 1996 1995
- ------------------------------------------------- ------------- -------------
<S> <C> <C>
NHP Park Associates, LP $ 328,122 $ 418,782
NHP Parkview Associates, LP 606,067 944,330
NHP Pine Creek Manor Associates, LP 122,742 276,831
NHP Summer Associates, LP 1,122,612 1,163,619
NHP Summit Associates, LP 1,390,526 1,645,475
NHP Sunridge Associates, LP 2,735,818 3,534,579
NHP Lane Associates, LP 3,251,318 4,125,498
NHP Coach Associates, LP 1,222,574 1,574,672
NHP Regal Associates, LP 3,486,946 4,349,527
NHP Villa Associates, LP 911,094 1,074,053
NHP Timberview Associates, LP 1,278,884 1,498,648
NHP Longfellow Associates, LP 1,204,835 1,497,433
NHP Port Richey Associates, LP 1,110,640 1,507,524
NHP Midland Associates, LP 528,637 580,819
NHP Woodcreek Associates, LP 846,820 1,367,806
------------- -------------
$ 41,468,338 $ 53,703,418
------------- -------------
------------- -------------
</TABLE>
5. Investment in Borrowers:
The New LPs' investments in the Borrowers are accounted for by the New LPs
using the equity method of accounting. Accordingly, the New LPs reflect as
income or expense their percentage ownership share in earnings or losses of each
partnership. Distributions received from the Borrowers are recorded as returns
or reduction of investment in NHP Borrower Entities. Contributions and loans are
recorded as an increase in investment in NHP Borrower Entities. Because the New
LP's equity in loss of each Borrower cannot exceed its capital balance, the
equity in losses of NHP Borrower Entities as reflected in these combined
financial statements do not necessarily reflect the total losses of the
Borrowers.
Summarized combined financial information for the Borrowers as of December
31, 1996 and 1995, and for the year ended December 31, 1996, and for the period
from January 20, 1995 (date of inception), through December 31, 1995, is as
follows:
SUMMARIZED COMBINED CONDENSED BALANCE SHEETS
<TABLE>
<CAPTION>
AS OF DECEMBER 31,
------------------------------
<S> <C> <C>
1996 1995
-------------- --------------
Rental property, net........................... $ 218,955,941 $ 228,027,812
Other assets................................... 15,364,441 17,922,065
-------------- --------------
Total assets.............................. $ 234,320,382 $ 245,949,877
-------------- --------------
-------------- --------------
Mortgage notes payable, net.................... $ 166,997,173 $ 166,714,244
Other liabilities.............................. 6,603,428 7,218,365
-------------- --------------
Total liabilities......................... 173,600,601 173,932,609
Partners' capital.............................. 60,719,781 72,017,268
-------------- --------------
Total liabilities and partners' capital... $ 234,320,382 $ 245,949,877
-------------- --------------
-------------- --------------
</TABLE>
<PAGE>
6
SUMMARIZED COMBINED CONDENSED STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
1996 1995
-------------- -------------
<S> <C> <C>
Net rental revenue............................. $ 42,927,992 $ 37,482,063
Other revenue.................................. 2,179,437 1,998,493
-------------- -------------
Total revenue.............................. 45,107,429 39,480,556
-------------- -------------
General administrative expenses................ 7,001,487 5,792,360
Utilities expense.............................. 4,627,719 3,676,905
Operating and maintenance expenses............. 9,088,323 7,990,090
Taxes and insurance............................ 5,652,374 4,581,205
Other financial expenses....................... 2,397,165 2,594,414
Interest on mortgage notes payable............. 14,336,013 12,696,000
Depreciation................................... 9,905,741 4,866,639
-------------- -------------
Total expenses............................ 53,008,822 42,197,613
-------------- -------------
Net loss.................................. $ (7,901,393) $ (2,717,057)
-------------- -------------
-------------- -------------
</TABLE>
A summary of the New LPs' investments in the Borrowers is as follows:
<TABLE>
<CAPTION>
1996 1995
------------- ------------
<S> <C> <C>
Beginning balance................................ $ 71,290,336 $ --
Initial investment........................... -- 79,349,276
Equity in losses............................. (7,601,933) (2,689,889)
Distributions................................ (3,362,134) (5,369,051)
------------- ------------
Ending balance................................... $ 60,326,269 $ 71,290,336
------------- ------------
------------- ------------
</TABLE>
6. Related-Party Transactions and Compensation to Partners:
NHPMC is the project management agent for the Borrowers. The management
agreement has a primary term which expires November 7, 2000, and thereafter
can be extended on an annual basis under certain conditions. NHPMC receives a
fee equal to 4 percent of the properties' rental collections related to this
service. As of December 31, 1996, certain stockholders owning approximately 60
percent of the voting stock of NHP Incorporated also own NHP Partners, Inc.,
which holds general and limited partnership interests in the Master
Partnership, the New LPs, and the Borrowers.
During 1996 and 1995, personnel working at the Properties were employees of
NHP Incorporated, and therefore the Properties reimbursed NHP Incorporated
for the actual salaries and related benefits totaling $4,245,949 and
$3,458,934 in 1996 and 1995, respectively, as reflected in the Borrowers'
combined financial statements. At December 31, 1996 and 1995, trade payables
include $231,348 and $40,382, respectively, due to NHP Incorporated.
During 1996 and 1995, NHPMC received aggregate fees of $1,762,457 and
$1,399,190, respectively, for its services as management agent equal to 4
percent of the Properties rental
<PAGE>
7
collections. In addition, NHPMC and other affiliates of NHP Incorporated
received $331,484 and $453,872, in 1996 and 1995, respectively, for other
services provided to the Properties.
During 1996 and 1995, NHP Partners, Inc., which wholly owns NHP-HG Eleven,
Inc. received $100,453 and $0, respectively relating to direct administrative
costs, financial and tax reporting and loans and partnership agreement
compliance.
RELATED-PARTY LOAN
The related-party loan represents a note payable from the New LPs to the
Preferred A LP originated on February 8, 1995. The New LPs have not entered
into separate loans. Rather, the amount of the related-party loan was
allocated to each of the New LPs based upon mutual agreement of the New LPs.
The total balance of the related-party loan was $20,547,728 at both December
31, 1996 and 1995. In the event that the individual New LPs are unable to
make their share of the payments required under the terms of the
related-party loan, they may borrow the necessary funds from the other New
LPs or the Common LP. Aggregate interest payments only are payable monthly at
an interest rate of 9.66 percent per annum. Aggregate interest payments made
by the New LPs amounted to $1,984,896 and $1,600,946 for the year ended
December 31, 1996, and the period from February 8, 1995 (date of debt
origination), through December 31, 1995, respectively. Principal and interest
payments of $274,854 are required monthly on the related-party loan from the
New LPs commencing March 1, 1997. The related-party loan matures on December
3, 2000, at which time all unpaid principal and interest are due. The
related-party loan matures as follows:
<TABLE>
<CAPTION>
YEAR ENDED
DECEMBER 31,
-------------
<S> <C>
1997 $ 2,748,140
1998 3,298,247
1999 3,298,247
2000 11,203,094
-------------
Total........................... $ 20,547,728
-------------
-------------
</TABLE>
The related-party loan is secured by the interests of the New LPs in the
Borrowers and by the interests of all of the partners in the New LPs.
In connection with the issuance of the related-party loan, the New LPs
recorded a discount of $3,860,023 and capitalized deferred finance costs of
$301,706. Amortization related to the discount and deferred finance costs was
$661,716 and $51,708, respectively, in 1996, and $602,073 and $47,071,
respectively, in 1995, and is included in interest expense on related-party loan
and amortization of deferred finance costs, respectively, in the accompanying
combined statements of operations.
FUNDING OF NEW LP OPERATING DEFICITS
In the event that the individual New LPs are unable to meet their operating
costs or make certain distributions, they may borrow funds from one or more of
the New LPs that have surplus cash. Interest accrues on these borrowings at a
simple interest rate of 10 percent per annum, and amounts due are repaid the
following month based on available cash. As of December 31, 1996 and 1995,
interpartnership borrowings of $565,167 and $77,390, respectively, were
outstanding, which have been eliminated in these combined financial statements.
<PAGE>
8
Due to NHP Southwest Partners, L.P.
Funding from the Common LP is reflected as due to NHP Southwest Partners,
L.P. in the accompanying combined balance sheets. Interest accrues on these
amounts at a rate of 10 percent per annum compounded monthly and is repaid the
following month based on available cash as defined by the Partnerships'
partnership agreements. During 1996 and 1995, interest expense incurred under
this arrangement was $69,696 and $15,772, respectively.
7. Fair Value of Financial Instruments:
In accordance with the requirements of SFAS No. 107, "Disclosure About Fair
Value of Financial Instruments," the New LPs must disclose the fair value of
their financial instruments as of December 31, 1996 and 1995. In the opinion of
management, the fair value of the New LPs' financial instruments is not
materially different from the carrying amounts shown in the accompanying
combined financial statements.
8. Subsequent Event:
On June 3, 1997, NHP Partners, Inc. was acquired by Apartment Investment and
Management Company ("AIMCO"), a real estate investment trust whose shares are
traded on the New York Stock Exchange.
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Partners of
NHP Borrower Entities (as defined in Note 1):
We have audited the accompanying combined balance sheets of NHP Borrower
Entities (as defined in Note 1) (the "Borrowers") as of December 31, 1996 and
1995, and the related combined statements of operations, changes in partners'
capital, and cash flows for the year ended December 31, 1996, and for the
period from January 20, 1995 (date of inception), through December 31, 1995.
These financial statements are the responsibility of the Borrowers'
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform an audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by the Borrowers' management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the combined financial position of NHP
Borrower Entities as of December 31, 1996 and 1995, and the combined results
of their operations and their cash flows for the year ended December 31,
1996, and for the period from January 20, 1995 (date of inception), through
December 31, 1995, in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the basic
combined financial statements taken as a whole. Schedule II -- Allowance for
Doubtful Accounts and Schedule III -- Real Estate and Accumulated
Depreciation are presented for purposes of complying with the Securities and
Exchange Commission's rules and are not part of the basic combined financial
statements. Schedule II for the years ended December 31, 1996 and 1995, and
Schedule III for the year ended December 31, 1996 have been subjected to the
auditing procedures applied in
<PAGE>
Page 2
the audits of the basic combined financial statements and, in our opinion,
fairly state in all material respects the financial data required to be set
forth therein in relation to the basic combined financial statements taken as
a whole.
ARTHUR ANDERSEN LLP
Washington, D.C.,
February 20, 1997 (except with
respect to the matter discussed in
Note 8, as to which the date is
June 3, 1997)
<PAGE>
NHP Borrower Entities
(as defined in Note 1)
Combined Balance Sheets
As of December 31, 1996 and 1995
ASSETS
<TABLE>
<CAPTION>
1996 1995
-------------- --------------
<S> <C> <C>
Rental property, at cost:
Land....................................................... $ 41,699,862 $ 41,699,862
Buildings and improvements, net of accumulated depreciation
of $10,791,208 and $3,345,545 as of December 31, 1996 and
1995, respectively....................................... 173,393,740 180,187,360
Furniture, fixtures and equipment, net of accumulated
depreciation of $3,972,190 and $1,521,094 as of
December 31, 1996 and 1995, respectively................. 3,862,339 6,140,590
-------------- --------------
218,955,941 228,027,812
-------------- --------------
Cash and cash equivalents.................................... 1,664,038 1,570,276
Tenant receivables, net of allowance for doubtful accounts of
$126,832 and $91,474 as of December 31, 1996 and 1995,
respectively............................................... 95,670 74,471
Escrows and deposits......................................... 5,460,653 6,530,885
Deferred finance costs, net of accumulated amortization of
$3,634,476 and $1,759,158 as of December 31, 1996 and 1995,
respectively............................................... 7,344,982 9,220,300
Other assets................................................. 799,098 526,133
-------------- --------------
Total assets.......................................... $ 234,320,382 $ 245,949,877
-------------- --------------
-------------- --------------
LIABILITIES AND PARTNERS' CAPITAL
Mortgage notes payable, net of discount of $1,108,133 and
$1,391,062 as of December 31, 1996 and 1995,
respectively............................................... $ 166,997,173 $ 166,714,244
Accounts payable and accrued expenses........................ 5,264,067 5,966,498
Other liabilities............................................ 1,339,361 1,251,867
Partners' capital............................................ 60,719,781 72,017,268
-------------- --------------
Total liabilities and partners' capital............... $ 234,320,382 $ 245,949,877
-------------- --------------
-------------- --------------
</TABLE>
The accompanying notes are an integral part of these combined balance sheets.
<PAGE>
NHP Borrower Entities
(as defined in Note 1)
Combined Statements of Operations
For the Year Ended December 31, 1996, and
For the Period From January 20, 1995 (Date of Inception),
Through December 31, 1995
<TABLE>
<CAPTION>
1996 1995
-------------- -------------
<S> <C> <C>
Revenues:
Rental revenue............................................... $ 42,927,992 $ 37,482,063
Interest income.............................................. 267,409 339,658
Other revenue................................................ 1,912,028 1,658,835
-------------- -------------
Total revenue............................................. 45,107,429 39,480,556
-------------- -------------
Expenses:
General and administrative, including amounts associated with
related parties of $3,488,943 and $2,895,995 in 1996 and
1995, respectively......................................... 7,001,487 5,792,360
Utilities.................................................... 4,627,719 3,676,905
Operating and maintenance, including amounts associated with
related parties of $2,524,429 and $2,103,661 in 1996 and
1995, respectively......................................... 9,088,323 7,990,090
Taxes and insurance.......................................... 5,652,374 4,581,205
Depreciation................................................. 9,905,741 4,866,639
Interest on mortgage notes payable........................... 16,733,178 14,786,483
Loss on sale of hedge instrument (Note 5).................... -- 503,931
-------------- -------------
Total expenses............................................ 53,008,822 42,197,613
-------------- -------------
Net loss.................................................. $ (7,901,393) $ (2,717,057)
-------------- -------------
-------------- -------------
</TABLE>
The accompanying notes are an integral part of these combined financial
statements.
<PAGE>
NHP Borrower Entities
(as defined in Note 1)
Combined Statements of Changes in Partners' Capital
For the Year Ended December 31, 1996, and
For the Period From January 20, 1995 (Date of Inception),
Through December 31, 1995
<TABLE>
<CAPTION>
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
---------- ------------- -------------
<S> <C> <C> <C>
Initial capital contributions.......................................... $ 801,508 $ 79,349,276 $ 80,150,784
Distributions to partners............................................. (47,408) (5,369,051) (5,416,459)
Net loss.............................................................. (27,168) (2,689,889) (2,717,057)
---------- ------------- -------------
Balance, December 31, 1995............................................. 726,932 71,290,336 72,017,268
Distributions to partners............................................. (33,960) (3,362,134) (3,396,094)
Net loss.............................................................. (79,014) (7,822,379) (7,901,393)
---------- ------------- -------------
Balance, December 31, 1996............................................. $ 613,958 $ 60,105,823 $ 60,719,781
---------- ------------- -------------
---------- ------------- -------------
</TABLE>
The accompanying notes are an integral part of these combined financial
statements.
<PAGE>
NHP Borrower Entities
(as defined in Note 1)
Combined Statements of Cash Flows
For the Year Ended December 31, 1996, and
For the Period from January 20, 1995 (Date of Inception),
Through December 31, 1995
<TABLE>
<CAPTION>
1996 1995
-------------- --------------
<S> <C> <C>
Reconciliation of net loss to net cash provided by operating
activities:
Net loss.................................................... $ (7,901,393) $ (2,717,057)
Adjustments to reconcile net loss to net cash provided by
operating activities--
Depreciation............................................ 9,905,741 4,866,639
Amortization............................................ 2,158,247 1,990,566
Loss on sale of hedge instrument (Note 5)............... -- 503,931
Change in tenant receivables............................ (21,199) (74,471)
Change in escrows and deposits.......................... 358,041 (4,288,521)
Change in other assets.................................. (374,459) (416,912)
Change in accounts payable and accrued expenses......... (600,938) 5,855,693
Change in other liabilities............................. 87,494 1,251,867
-------------- --------------
Net cash provided by operating activities............ 3,611,534 6,971,735
-------------- --------------
Cash flows from investing activities:
Purchase of fixed assets.................................... (833,869) (232,894,453)
Proceeds from sale of hedge instrument (Note 5)............. -- 676,694
Withdrawals from (payments to) replacement reserve, net..... 712,191 (2,242,362)
-------------- --------------
Net cash used in investing activities................ (121,678) (234,460,121)
-------------- --------------
Cash flows from financing activities:
Receipts from mortgage notes payable........................ -- 166,484,420
Initial capital contributions from partners................. -- 80,150,784
Distributions to partners................................... (3,396,094) (5,416,459)
Payments of deferred finance costs.......................... -- (12,160,083)
-------------- --------------
Net cash (used in) provided by financing activities.. (3,396,094) 229,058,662
-------------- --------------
Net increase in cash and cash equivalents..................... 93,762 1,570,276
Cash and cash equivalents, beginning of period................ 1,570,276 --
-------------- --------------
Cash and cash equivalents, end of period...................... $ 1,664,038 $ 1,570,276
-------------- --------------
-------------- --------------
Supplemental information:
Cash paid during the year for interest...................... $ 14,336,013 $ 12,696,000
-------------- --------------
-------------- --------------
</TABLE>
The accompanying notes are an integral part of these combined financial
statements.
<PAGE>
NHP Borrower Entities
(as defined in Note 1)
Notes to Combined Financial Statements
As of December 31, 1996 and 1995
1. THE PARTNERSHIPS:
ORGANIZATION
NHP Borrower Entities (the "Borrowers"), and individually the "Borrower"
consisting of 32 partnerships, were organized on January 20, 1995 (date of
inception), for the purpose of owning and operating real estate.
Each Borrower purchased a rental housing project (collectively, the
"Properties," and individually, the "Property") on February 8, 1995 (with the
exception of Heather I, which purchased its Property on June 15, 1995) from
entities affiliated with Hall Financial Group (collectively, the "Sellers").
The Borrowers each have the same general partners, and are under the common
control of NHP-HG Twelve, Inc. ("NHP Twelve"), a wholly owned subsidiary of
NHP Partners, Inc., and Albuquerque Whaler 95-B Corporation ("AW95-B"), with
each holding a 0.5 percent general partner interest, and with each having
equal and exclusive authority to make significant partnership decisions. Each
Borrower also has a 99 percent limited partner (collectively, the "New LPs"
and individually the "New LP"), in which the Sellers and an equity investment
of NHP Partners, Inc. have preferred limited partnership interests.
BASIS OF PRESENTATION
The Borrowers, along with their respective New LP limited partners are
listed below:
<TABLE>
<CAPTION>
NEW LP BORROWER PROPERTY NAME
- ------------------------------ ------------------------------ ------------------------------
<S> <C> <C>
NHP Bayberry Associates, LP... NHP Bayberry, LP Bayberrytree Apartments
NHP Carriage Associates, LP... NHP Carriage, LP Carriagetree Apartments
NHP Center Associates, LP..... NHP Center, LP Centertree Apartments
NHP Cornerstone Associates, LP NHP Cornerstone, LP Cornerstone Apartments
NHP Dove Associates, LP....... NHP Dove, LP Dovetree Apartments
NHP Forest II Associates, LP NHP Forest II, LP Forestree II Apartments
NHP Gates of Arlington
Associates, LP.............. NHP Gates of Arlington, LP Gates of Arlington Apartments
NHP Elk Associates, LP........ NHP Elk, LP Gatewood Apartments
NHP Green Associates, LP...... NHP Green, LP Greentree Apartments
NHP Heather I Associates, LP NHP Heather I, LP Heathertree Apartments
NHP Heather II Associates, LP NHP Heather II, LP Heathertree Apartments
NHP Laurel III Associates, LP NHP Laurel III, LP Laurel Tree III Apartments
NHP Twin Associates, LP....... NHP Twin, LP Los Altos Tower
NHP Mill Creek Associates, LP NHP Mill Creek, LP Mill Creek Apartments
NHP Forest IV Associates, LP NHP Forest IV, LP Northcross Apartments
NHP Oak Associates, LP........ NHP Oak, LP Oaktree Apartments
</TABLE>
<PAGE>
2
<TABLE>
<CAPTION>
NEW LP BORROWER PROPERTY NAME
- ------------------------------ ------------------------------ ------------------------------
<S> <C> <C>
NHP Paradise Bay
Associates, LP.............. NHP Paradise Bay, LP Paradise Bay Apartments
NHP Park Associates, LP....... NHP Park, LP Parktree Apartments
NHP Parkview Associates, LP... NHP Parkview, LP Parkview Tower
NHP Pine Creek Manor
Associates, LP.............. NHP Pine Creek Manor, LP Pine Creek Manor
NHP Summer Associates, LP..... NHP Summer, LP Summertree Apartments
NHP Summit Associates, LP..... NHP Summit, LP Summittree Apartments
NHP Sunridge Associates, LP... NHP Sunridge, LP Sunridge Village Apartments
NHP Lane Associates, LP....... NHP Lane, LP The Lakes
NHP Coach Associates, LP...... NHP Coach, LP The Villas
NHP Regal Associates, LP...... NHP Regal, LP Three Fountains Apartments
NHP Villa Associates, LP...... NHP Villa, LP Villatree Apartments
NHP Timberview Associates, LP. NHP Timberview, LP Whispertree Apartments
NHP Longfellow Associates, LP. NHP Longfellow, LP Whispertree Apartments
NHP Port Richey Associates, LP NHP Port Richey, LP Windtree Apartments
NHP Midland Associates, LP.... NHP Midland, LP Windtree (TX) Apartments
NHP Woodcreek Associates, LP.. NHP Woodcreek, LP Woodcreek Apartments
</TABLE>
The accompanying financial statements present the combined financial
position and results of operations for the Borrowers, which are under the
common control of NHP Twelve and AW95-B. The Borrowers' operations represent
the sole source of income or loss for the New LPs.
As further described in Notes 5 and 6, the Properties are subject to
certain third party and related party debt, which contain
cross-collateralization provisions. All of the Borrowers listed above are
included in the accompanying combined financial statements for all periods
presented, with the exception of Heather I, whose Property's operations are
included only from its purchase date.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
CASH AND CASH EQUIVALENTS
The Borrowers consider all highly liquid investments with initial
maturities of 90 days or less to be cash equivalents.
NHP Management Company ("NHPMC"), a wholly-owned subsidiary of NHP
Incorporated (Note 6) and an affiliate of NHP Partners, Inc., maintains at
banks concentrated cash and cash equivalent accounts of affiliated entities
for which it provides management services. As of December 31, 1996 and 1995,
NHPMC held $578,349 and $18,504 on behalf of the Borrowers, which is included
in cash and cash equivalents in the accompanying combined balance sheets.
<PAGE>
3
RENTAL REVENUE
Properties owned by the Borrowers are subject to numerous tenant leasing
arrangements having initial terms of one year or less. Rental revenue from
these arrangements is recognized on a straight-line basis over the
appropriate lease term.
DEPRECIATION
During 1995, the building and improvements were depreciated on a
straight-line basis using an estimated useful life of 50 years. Effective
January 1, 1996, management revised the depreciable life to 25 years. As a
result of the change in accounting estimate, depreciation expense related to
the building and improvements increased by $3,641,878 for the year ended
December 31, 1996.
Furniture, fixtures and equipment are depreciated using an accelerated
method, assuming estimated useful lives of 5 to 10 years.
AMORTIZATION
Deferred finance costs are amortized over the appropriate mortgage loan
period using the effective interest method. The related amortization is
recorded as amortization of deferred finance costs in the accompanying
combined statements of operations.
INCOME TAXES
The Borrowers are not tax-paying entities, and accordingly no provision
has been recorded for Federal or state income tax purposes. The partners are
individually responsible for reporting their share of the Borrowers' taxable
income on their income tax returns. In the event of an examination of the
Borrowers' tax return by the Internal Revenue Service, the tax liability of
the partners could be changed if an adjustment in the Borrowers' income is
ultimately sustained by the taxing authorities.
Certain transactions of the Borrowers may be subject to accounting
methods for income tax purposes that differ from the accounting methods used
in preparing these combined financial statements in accordance with generally
accepted accounting principles. Accordingly, the net income or loss of the
Borrowers and the resulting balances in the partners' capital accounts
reported for income tax purposes may differ from the balances reported for
those same items in these combined financial statements.
IMPLEMENTATION OF NEW ACCOUNTING STANDARD
Land and building and improvements are carried on the Borrowers' combined
balance sheets at historical cost. On January 1, 1996, the Borrowers
implemented Statement of Financial Accounting Standards ("SFAS") No. 121,
"Accounting for the Impairment of Long-Lived Assets and Assets for Long-Lived
to be Disposed of." This pronouncement requires
<PAGE>
4
management to assess the carrying value of long-lived assets and assets to be
disposed of for impairment. Whenever there are recognized events or changes
in circumstances that could affect the carrying amount of the real estate,
management reviews the assets for possible impairment. Adoption of this
statement did not have an impact on the Borrowers' financial statements.
RECLASSIFICATIONS
Certain 1995 amounts have been reclassified to conform with the 1996
presentation.
3. BORROWER PROFITS AND LOSSES AND DISTRIBUTIONS:
Distributions to partners are made in accordance with the Borrowers'
partnership agreements, based on certain priority distributions.
Net income or loss is allocated to the partners' capital accounts in
accordance with the Borrowers' partnership agreements. Net income excluding
depreciation and amortization is allocated to the partners' capital accounts
in accordance with their respective Sharing Ratios, as defined in the
Borrowers' partnership agreements. Net losses excluding depreciation,
amortization and capital transaction losses are allocated based upon the
partners' respective Loss Sharing Ratio, as defined in the Borrowers'
partnership agreements.
4. PARTNERS CAPITAL:
A summary of the Borrowers' capital balances for the years ended December
31, 1996 and 1995, is as follows:
<TABLE>
<CAPTION>
BORROWER 1996 1995
- --------------------------------------------------------------- ------------- -------------
<S> <C> <C>
NHP Bayberry, LP............................................... $ 1,755,618 $ 2,234,485
NHP Carriage, LP............................................... 1,195,537 1,517,160
NHP Center, LP................................................. 1,996,163 2,085,837
NHP Cornerstone, LP............................................ 617,355 936,788
NHP Dove, LP................................................... 1,211,023 1,351,958
NHP Forest II, LP.............................................. 2,134,010 2,718,886
NHP Gates of Arlington, LP..................................... 4,305,791 4,751,463
NHP Elk, LP.................................................... 2,927,263 3,655,151
NHP Green, LP.................................................. 2,145,226 2,650,101
NHP Heather I, LP.............................................. 1,035,041 1,196,189
NHP Heather II, LP............................................. 895,033 1,019,969
</TABLE>
<PAGE>
5
<TABLE>
<CAPTION>
BORROWER 1996 1995
- --------------------------------------------------------------- ------------- -------------
<S> <C> <C>
NHP Laurel III, LP............................................. $ 496,637 $ 626,135
NHP Twin, LP................................................... 2,136,811 2,624,609
NHP Mill Creek, LP............................................. 900,844 1,071,806
NHP Forest IV, LP.............................................. 2,619,974 2,997,654
NHP Oak, LP.................................................... (222,562) 391,984
NHP Paradise Bay, LP........................................... 5,624,967 6,252,554
NHP Park, LP................................................... 468,207 589,413
NHP Parkview, LP............................................... 1,104,518 1,380,233
NHP Pine Creek Manor, LP....................................... 320,071 443,816
NHP Summer, LP................................................. 1,539,710 1,566,894
NHP Summit, LP................................................. 1,896,447 2,185,083
NHP Sunridge, LP............................................... 3,956,813 4,681,124
NHP Lane, LP................................................... 4,417,261 5,206,637
NHP Coach, LP.................................................. 1,831,772 2,181,395
NHP Regal, LP.................................................. 5,044,112 5,791,819
NHP Villa, LP.................................................. 1,269,066 1,450,342
NHP Timberview, LP............................................. 1,779,077 1,993,639
NHP Longfellow, LP............................................. 1,747,447 1,998,524
NHP Port Richey, LP............................................ 1,557,016 1,923,759
NHP Midland, LP................................................ 682,160 714,830
NHP Woodcreek, LP.............................................. 1,331,373 1,827,031
------------- -------------
$ 60,719,781 $ 72,017,268
------------- -------------
------------- -------------
</TABLE>
5. MORTGAGE NOTES PAYABLE:
After the purchase date of February 8, 1995, each Borrower was subject to
two mortgage notes payable (the "Senior Note" and the "Junior Note") to Value
Line Mortgage Corporation ("Value Line") under a master loan agreement (the
"Master Loan Agreement"). Value Line sold the two notes to Paine Webber Real
Estate Securities Inc., which is an affiliate of the Borrowers through its
indirect partnership interest in one of the New LP's limited partners. On or
about November 15, 1995, the two notes were securitized.
As of December 31, 1996 and 1995, the Senior Note had an aggregate
outstanding balance of $152,540,000. Under the agreement, the Borrowers are
required to make monthly interest payments only and repay the unpaid
principal balance at maturity on November 30, 2000. Interest from February 8,
1995 (date of debt origination), to June 5, 1995 was based on the London
InterBank Offer Rate. On June 5, 1995, the interest rate was fixed at 8.41
percent per annum. Total interest payments made by the Borrowers relating to
the Senior Notes amounted to $12,830,393 and $11,364,495 in 1996 and 1995,
respectively. Each Borrower has executed a separate note payable relating to
its Senior Note. Each Senior Note is governed by the Master Loan Agreement,
under which they are secured by a first mortgage on the Borrower's Property
and are cross-collateralized by first mortgages on the other Borrowers'
Properties. The Senior Notes are secured jointly and severally by each of the
Borrowers.
The Junior Note is also governed by the Master Loan Agreement. Unlike
the Senior Notes, the Borrowers have not entered into separate notes payable
relating to the Junior Note. Rather,
<PAGE>
6
under the terms of the Master Loan Agreement, the Borrowers, by mutual
consent, have allocated to each Borrower a portion of the total amount
outstanding under the Junior Note, which was $15,565,306 at December 31, 1996
and 1995. Aggregate interest payments only of $125,302 are due monthly based
on a fixed interest rate of 9.66 percent per annum. Total interest payments
made by the Borrowers relating to the Junior Note amounted to $1,503,789 and
$1,331,504 in 1996 and 1995, respectively. Under the terms of the Master Loan
Agreement, the Junior Note is cross-collateralized by the second mortgages on
the Borrowers' Properties (see Note 6). No principal payments are required on
the Junior Note until its maturity date in the year 2000. The Junior Note
contains certain options to extend the maturity to February 8, 2020.
In connection with the issuance of the Junior Note, the Borrowers
recorded a discount of $1,648,174 and capitalized deferred finance costs of
$12,160,083. Amortization related to the discount and deferred finance costs
was $282,929 and $1,875,318, respectively, for 1996 and $257,112 and
$1,701,582, respectively, for 1995, which is reflected as interest expense in
the accompanying combined statements of operations.
The Partnerships must meet certain covenants related to these
borrowings.
HEDGE INSTRUMENT
In connection with the financing in 1995, referred to above, the
Borrowers entered into a hedge agreement to cover interest rate fluctuations
above 9.82 percent on the Senior Note. The cost of the hedge instrument was
approximately $1,240,000. The hedge instrument was sold when the LIBOR
portion of the Senior Note was amended to a fixed rate. Net funds of
approximately $676,000 from the sale of the hedge instrument were distributed
to the New LPs, who in turn distributed them to the common limited partner,
who in turn made distributions to its partners. Upon mutual consent of the
partners, this distribution was made outside of the distribution method
required under the Borrowers' partnership agreements, as described in Note 3.
The Borrowers recorded $57,576 in amortization of deferred finance costs
related to the cost of the hedge instrument for the period ended December 31,
1995. The Borrowers recorded a loss on the sale of $503,931, which is
included as loss on sale of hedge instrument in the accompanying combined
statements of operations.
6. RELATED-PARTY TRANSACTIONS AND COMPENSATION TO PARTNERS:
NHPMC is the management agent for the properties. The management
agreement has a primary term which expires November 7, 2000, and thereafter
can be extended on an annual basis under certain conditions. As of December
31, 1996, certain stockholders owning approximately 60 percent of the common
stock of NHP Incorporated also own NHP Partners, Inc., which holds general
and limited partnership interests in the New LPs and the Partnerships.
During 1996 and 1995, personnel working at the Properties were employees
of NHP Incorporated, and therefore the Property reimbursed NHP Incorporated
for the actual salaries and related benefits totaling $4,245,949 and
$3,458,934 in 1996 and 1995, respectively, as
<PAGE>
7
reflected in the accompanying combined financial statements. At December 31,
1996 and 1995, trade payables include $231,348 and $40,382, respectively, due
to NHP Incorporated.
During 1996 and 1995, NHPMC received aggregate fees of $1,762,457 and
$1,399,190, respectively, for its services as management agent equal to 4
percent of the Properties rental collections. In addition, NHPMC and other
affiliates of NHP Incorporated received $331,484 and $453,872 during 1996 and
1995, respectively, for other services provided to the Properties.
During 1996 and 1995, NHP Partners, Inc., which wholly owns NHP-HG
Twelve, Inc. received $59,049 and $0, respectively relating to direct
administrative costs, financial and tax reporting and loans and partnership
agreement compliance.
In the event that the Borrowers are unable to make payments due pursuant
to the Master Loan Agreement on the Senior Note or on its portion of the
Junior Note, they may borrow funds from one or more of the Borrowers that
have surplus cash. As of December 31, 1996 and 1995, inter-partnership
borrowings of $1,222,634 and $355,565, respectively, were outstanding which
have been eliminated in the accompanying combined financial statements.
7. FAIR VALUE OF FINANCIAL INSTRUMENTS:
In accordance with the requirements of SFAS No. 107, "Disclosure About
Fair Value of Financial Instruments," the Borrowers must disclose the fair
value of their financial instruments as of December 31, 1996 and 1995. In the
opinion of management, the fair value of the Borrowers' financial instruments
is not materially different from the carrying amounts shown in the
accompanying combined financial statements.
8. SUBSEQUENT EVENT:
On June 3, 1997, NHP Partners, Inc. was acquired by Apartment Investment
and Management Company ("AIMCO") a real estate investment trust whose shares
are traded on the New York Stock Exchange.
<PAGE>
NHP Borrower Entities
(as defined in Note 1)
Schedule II -- Valuation and Qualifying Account
Allowance for Doubtful Accounts
<TABLE>
<CAPTION>
BALANCE AT BALANCE AT
BEGINNING CHARGED END OF
DESCRIPTION OF PERIOD TO EXPENSE WRITE-OFFS PERIOD
- ------------------------------------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
1995 Allowance for Doubtful Accounts....... $ -- $ 615,294 $ (523,820) $ 91,474
1996 Allowance for Doubtful Accounts....... 91,474 716,016 (680,658) 126,832
</TABLE>
<PAGE>
NHP Borrower Entities Page 1 of 2
Schedule III--Real Estate and Accumulated Depreciation
December 31, 1996
<TABLE>
<CAPTION>
GROSS AMOUNT AT
DECEMBER 31, 1996
INITIAL COSTS SUBSEQUENT ------------------------------------
-------------------------- COSTS BLDG. &
BORROWERS DEBT LAND BLDG. & IMPROVEMENTS CAPITALIZED LAND IMPROVEMENTS TOTAL
- ------------------ ---------- ------ -------------------- ----------- ---- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
NHP Bayberry,LP... $ 5,652,902 $ 1,532,834 $ 6,008,709 $ 10,758 $ 1,532,834 $ 6,019,467 $ 7,552,301
NHP Carriage, LP.. 3,985,187 376,841 4,756,266 31,472 376,841 4,787,738 5,164,579
NHP Center, LP.... 1,187,698 505,102 2,347,039 57,713 505,101 2,404,753 2,909,854
NHP Coach, LP..... 5,702,902 1,063,886 6,404,594 12,323 1,063,885 6,416,918 7,480,803
NHP Cornerstone,
LP.............. 2,263,492 472,970 2,197,735 38,950 472,970 2,236,685 2,709,655
NHP Dove, LP...... 3,103,758 642,899 3,606,665 35,610 642,900 3,642,274 4,285,174
NHP Elk, LP....... 8,252,045 2,159,812 8,931,391 19,108 2,159,811 8,950,500 11,110,311
NHP Forest II, LP. 6,584,538 1,869,796 6,893,314 70,304 1,861,681 6,971,733 8,833,414
NHP Forest IV, LP. 7,729,188 1,662,711 8,554,650 126,573 1,670,826 8,673,108 10,343,934
NHP Gates of
Arlington, LP... 11,345,803 5,718,593 9,152,839 181,512 5,718,592 9,334,352 15,052,944
NHP Green, LP..... 6,963,109 753,247 8,315,841 136,374 753,246 8,452,216 9,205,462
NHP Heather I, LP. 2,956,420 1,166,407 2,798,572 159,239 1,166,407 2,957,811 4,124,218
NHP Heather II, LP 2,792,087 1,318,585 2,320,710 12,795 1,318,585 2,333,505 3,652,090
NHP Lane, LP...... 9,911,033 2,802,311 11,588,295 29,533 2,802,311 11,617,828 14,420,139
NHP Laurel III, LP 1,250,207 244,146 1,424,766 5,733 244,146 1,430,499 1,674,645
NHP Mill Creek, LP 2,599,143 141,015 3,282,838 37,885 141,014 3,320,724 3,461,738
NHP Oak, LP....... 2,644,520 275,670 2,118,369 87,438 275,670 2,205,807 2,481,477
NHP Paradise
Bay, LP......... 13,827,839 2,901,902 16,115,231 264,434 2,901,902 16,379,665 19,281,567
NHP Park, LP...... 1,503,152 156,732 1,766,367 38,611 156,732 1,804,978 1,961,710
NHP Parkview, LP.. 4,023,493 719,896 4,201,106 116,786 719,895 4,317,893 5,037,788
NHP Pine Creek
Manor, LP....... 1,528,917 155,091 1,623,022 15,654 155,090 1,638,677 1,793,767
NHP Regal, LP..... 13,430,678 4,635,609 13,628,690 19,523 4,635,609 13,648,213 18,283,822
NHP Summer, LP.... 3,713,863 1,231,954 3,862,174 112,307 1,231,954 3,974,481 5,206,435
NHP Summit,LP..... 5,032,799 1,047,691 5,758,807 43,278 1,047,692 5,802,084 6,849,776
NHP Sunridge, LP.. 10,676,972 2,225,874 12,361,018 3,219 2,225,873 12,364,238 14,590,111
NHP Timberview,
LP.............. 4,608,508 1,538,816 4,775,460 4,945 1,532,120 4,787,101 6,319,221
NHP Longfellow,
LP.............. 4,575,311 1,401,044 4,818,318 30,596 1,407,741 4,842,217 6,249,958
NHP Twin, LP...... 6,410,113 1,137,854 7,462,570 20,346 1,137,856 7,482,914 8,620,770
NHP Villa, LP..... 3,470,919 378,034 4,303,912 46,241 378,035 4,350,152 4,728,187
NHP Midland, LP... 1,348,211 389,224 1,436,238 30,140 389,226 1,466,376 1,855,602
NHP Port Richey,
LP.............. 3,859,698 263,074 4,948,414 282,655 263,074 5,231,069 5,494,143
NHP Woodcreek, LP. 4,062,668 810,243 4,330,170 8,802 810,243 4,338,972 5,149,215
------------ ----------- ------------ ---------- ----------- ----------- ------------
$166,997,173 $41,699,863 $182,094,090 $2,090,857 $41,699,862 $184,184,948 $225,884,810
------------ ------------ ------------ ---------- ----------- -------------- ------------
------------ ------------ ------------ ---------- ----------- -------------- ------------
</TABLE>
<TABLE>
<CAPTION>
ACCUMULATED DATE OF DEPRECIATION
BORROWERS DEPRECIATION ACQUISITION LIFE
- ------------ ------------- ----------- ------------
<S> <C> <C> <C>
NHP Bayberry,LP... $ 351,347 02/08/95 25
NHP Carriage, LP.. 280,286 02/08/95 25
NHP Center, LP.... 142,018 02/08/95 25
NHP Coach, LP..... 375,098 02/08/95 25
NHP Cornerstone,
LP.............. 129,222 02/08/95 25
NHP Dove, LP...... 214,422 02/08/95 25
NHP Elk, LP....... 523,207 02/08/95 25
NHP Forest II, LP. 410,566 02/08/95 25
NHP Forest IV, LP. 510,881 02/08/95 25
NHP Gates of
Arlington, LP... 553,726 02/08/95 25
NHP Green, LP..... 489,230 02/08/95 25
NHP Heather I, LP. 148,489 06/15/95 25
NHP Heather II, LP 137,154 02/08/95 25
NHP Lane, LP...... 677,962 02/08/95 25
NHP Laurel III, LP 84,077 02/08/95 25
NHP Mill Creek, LP 194,541 02/08/95 25
NHP Oak, LP....... 133,154 02/08/95 25
NHP Paradise
Bay, LP......... 962,093 02/08/95 25
NHP Park, LP...... 107,751 02/08/95 25
NHP Parkview, LP.. 256,022 02/08/95 25
NHP Pine Creek
Manor, LP....... 95,389 02/08/95 25
NHP Regal, LP..... 797,510 02/08/95 25
NHP Summer, LP.... 237,851 02/08/95 25
NHP Summit,LP..... 338,952 02/08/95 25
NHP Sunridge, LP.. 721,085 02/08/95 25
NHP Timberview,
LP.............. 279,811 02/08/95 25
NHP Longfellow,
LP.............. 283,734 02/08/95 25
NHP Twin, LP...... 437,412 02/08/95 25
NHP Villa, LP..... 255,306 02/08/95 25
NHP Midland, LP... 85,627 02/08/95 25
NHP Port Richey,
LP.............. 323,740 02/08/95 25
NHP Woodcreek, LP. 253,545 02/08/95 25
----------
$10,791,208
----------
----------
</TABLE>
<PAGE>
NHP Borrower Entities Page 2 of 2
(as defined in Note 1)
Schedule III -- Real Estate and Accumulated Depreciation
Notes to Schedule
December 31, 1996
(In thousands)
Notes:
(A) The change in total cost of properties for the year ended December
31, 1996 is as follows:
<TABLE>
<S> <C>
Balance at December 31, 1995...................................... $ 225,233
Additions: Capital expenditures, net of disposals................. 652
---------
Balance at December 31, 1996...................................... $ 225,885
---------
---------
</TABLE>
(B) The change in accumulated depreciation and amortization for the year
ended December 31, 1996 is as follows:
<TABLE>
<S> <C>
Balance at December 31, 1995....................................... $ 3,346
Depreciation and amortization.................................... 7,445
---------
Balance at December 31, 1996....................................... $ 10,791
---------
---------
</TABLE>
<PAGE>
Exhibit 99.9
Report of Independent Auditors
Board of Directors
Apartment Investment and Management Company
We have audited the accompanying Historical Summary of Gross Income and
Certain Expenses (Summary) of The Bay Club at Aventura (the Property) for the
year ended December 31, 1996. This Summary is the responsibility of the
Property's management. Our responsibility is to express an opinion on this
Summary based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the Summary is free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the Summary. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the
Summary. We believe that our audit provides a reasonable basis for our
opinion.
The accompanying Summary has been prepared for the purpose of complying with
the rules and regulations of the Securities and Exchange Commission as
described in Note 2 of the Summary and is not intended to be a complete
presentation of the Property's income and expenses.
In our opinion, the Summary referred to above presents fairly, in all
material respects, the gross income and certain expenses described in Note 2
of The Bay Club at Aventura for the year ended December 31, 1996, in
conformity with generally accepted accounting principles.
Ernst & Young LLP
Chicago, Illinois
May 27, 1997
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
<PAGE>
The Bay Club at Aventura
Historical Summaries of Gross
Income and Certain Expenses
Three months Year ended
ended December 31,
March 31, 1997 1996
-------------- ------------
(Unaudited)
Gross income
Rental.................................... $2,453,199 $8,803,906
Parking and other......................... 113,179 422,232
-------------- ------------
Total gross income...................... 2,566,378 9,226,138
Certain expenses
Interest.................................. 977,530 391,020
Repairs and maintenance................... 49,858 182,370
Utilities................................. 151,577 560,954
Other property operating.................. 563,719 2,965,901
Real estate taxes......................... 263,626 1,201,585
-------------- ------------
Total expenses.......................... 2,006,310 5,301,830
-------------- ------------
Excess of gross income
over certain expenses............... $ 560,068 $3,924,308
-------------- ------------
-------------- ------------
See accompanying notes.
2
<PAGE>
The Bay Club at Aventura
Notes to Historical Summaries of Gross
Income and Certain Expenses
Three months ended March 31, 1997 (Unaudited)
and year ended December 31, 1996
1. ORGANIZATION
The accompanying Historical Summaries of Gross Income and Certain Expenses
include the accounts of The Bay Club at Aventura (the Property), a
multifamily residential community located in Aventura, Florida, containing
702 units in two buildings. Apartment Investment and Management Company (the
Company) agreed to acquire the Property on April 18, 1997, from CB
Associates, CBL-2B Associates, and CBL-2C Associates.
2. SUMMARIES OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION
The accompanying Historical Summaries were prepared for the purpose of
complying with the rules and regulations of the Securities and Exchange
Commission. The Historical Summaries are not representative of the actual
operations of the Property, nor indicative of future operations as certain
expenses, including depreciation, amortization, management fees, and certain
interest expense, which may not be comparable to the expenses expected to be
incurred by the Company in future operations of the Property, have been
excluded.
In the opinion of management of the Property, all adjustments, consisting
only of normal recurring adjustments, necessary for a fair presentation of
the information for the three months ended March 31, 1997, have been made.
The excess of gross income over certain expenses for such interim period is
not necessarily indicative of the excess of gross income over certain
expenses for the full year.
REVENUE AND EXPENSE RECOGNITION
Rental income is recorded when earned. Leases generally have terms of no
more than one year. Expenses are recognized in the period in which they are
incurred.
3
<PAGE>
The Bay Club at Aventura
Note to Historical Summaries of Gross
Income and Certain Expenses (continued)
2. Summaries of Significant Accounting Policies (continued)
Capitalization Policy
Ordinary repairs and maintenance are expensed as incurred; major replacements
and betterments are capitalized.
Use of Estimates
The preparation of the Historical Summaries requires management to make
estimates and assumptions that affect the amounts reported in the Historical
Summaries and accompanying notes. Actual results could differ from those
estimates.
3. Mortgage Note Payable
The Company intends to assume a $49,000,000 mortgage note payable on the
Property at the date of sale. The mortgage note payable was executed on
November 26, 1996, and provides for monthly interest payments through
November 26, 2001, at which time all principal amounts are due. The mortgage
note payable accrues interest at an interest rate of 7.98% per annum.
4
