UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 1999
OR
____ TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 33-89968
INDEPENDENCE TAX CREDIT PLUS L.P. IV
(Exact name of registrant as specified in its charter)
Delaware 13-3809869
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
625 Madison Avenue, New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)421-5333
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securi-
ties Exchange Act of 1934 during the preceding 12 months (or for
such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes X No ____
<PAGE>
<TABLE>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Balance Sheets
(Unaudited)
<CAPTION>
September 30, March 31,
1999 1999
<S> <C> <C>
ASSETS
Property and equipment at cost,
net of accumulated depreciation
of $3,215,282 and $2,427,800,
respectively $62,531,484 $45,600,010
Construction in progress 2,711,037 12,796,728
Cash and cash equivalents 3,389,753 3,438,165
Investments available for sale 8,200,000 14,050,000
Cash held in escrow 2,098,434 1,640,145
Deferred costs, net of accumulated
amortization of $153,005 and
$117,257, respectively 1,701,673 1,572,468
Other assets 457,173 403,733
Total assets $81,089,554 $79,501,249
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
Mortgage notes payable $21,241,520 $18,782,185
Construction loans payable 10,669,040 9,426,195
Accounts payable and other
liabilities 4,344,198 3,180,637
Due to local general partners and
affiliates 5,027,395 7,535,407
Due to general partner and affiliates 548,784 469,737
Total liabilities 41,830,937 39,394,161
Minority interest 961,415 851,877
Partners' capital (deficit):
Limited partners (45,844 BACs
issued and outstanding) 38,321,763 39,270,192
General partner (24,561) (14,981)
Total partners' capital (deficit) 38,297,202 39,255,211
Total liabilities and partners'
capital (deficit) $81,089,554 $79,501,249
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
<CAPTION>
Three Months Ended Six Months Ended
September 30, September 30,
1999 1998* 1999 1998*
<S> <C> <C> <C> <C>
Revenues
Rental income $ 953,906 $ 572,985 $1,758,825 $1,078,955
Other income
(principally
interest
on capital
contributions) 151,738 236,887 301,118 453,474
Total revenues 1,105,644 809,872 2,059,943 1,532,429
Expenses
General and
administrative 391,356 274,086 644,549 478,421
General and
administrative-
related parties
(Note 2) 122,838 91,019 254,623 208,242
Repairs and
maintenance 140,157 47,042 273,046 109,676
Operating 104,955 75,386 184,870 129,841
Taxes 65,870 7,818 84,637 33,514
Insurance 43,724 26,197 81,495 61,989
Interest 286,266 223,535 548,115 423,964
Depreciation and
amortization 464,299 254,974 823,230 501,258
Total expenses 1,619,465 1,000,057 2,894,565 1,946,905
Loss before
minority
interest and
extraordinary
item (513,821) (190,185) (834,622) (414,476)
Minority interest in
loss (income) of
subsidiary
partnerships 13,469 (16,074) 17,989 (21,849)
Loss before
extraordinary
item (500,352) (206,259) (816,633) (436,325)
Extraordinary
item-cumulative
effect of a change
in accounting
principle -
amortization of
organization costs (8,856) 0 (141,376) 0
Net loss $ (509,208) $ (206,259) $ (958,009) $ (436,325)
Limited Partners
Share:
Loss before
extraordinary
item $ (495,349) $ (204,197) $ (808,467) $ (431,962)
Extraordinary
item (8,767) 0 (139,962) 0
Net loss - limited
partners $ (504,116) $ (204,197) $ (948,429) $ (431,962)
Number of BACs
outstanding 45,844 45,844 45,844 45,844
Net loss per BAC
before
extraordinary
item $ (10.81) $ (4.45) $ (17.64) $ (9.42)
Extraordinary item
per BAC (.19) 0.00 (3.05) 0.00
Net loss per BAC $ (11.00) $ (4.45) $ (20.69) $ (9.42)
*Reclassified for comparative purposes.
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statement of Changes in Partners' Capital
(Deficit)
(Unaudited)
<CAPTION>
Limited General
Total Partners Partner
<S> <C> <C> <C>
Partners' capital
(deficit) -
April 1, 1999 $39,255,211 $39,270,192 $ (14,981)
Net loss (958,009) (948,429) (9,580)
Partners' capital
(deficit)-
September 30, 1999 $38,297,202 $38,321,763 $ (24,561)
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
<TABLE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Unaudited)
<CAPTION>
Six Months Ended
September 30,
1999 1998
<S> <C> <C>
Cash flows from operating activities:
Net loss $ (958,009) $ (436,325)
Adjustments to reconcile net loss
to net cash provided by
operating activities:
Depreciation and amortization 823,230 501,258
Cumulative effect of change in
accounting principle - amortization
of organization costs 141,376 0
Minority interest in (loss) income
of subsidiary properties (17,989) 21,849
Increase in cash held in escrow (645,613) (21,059)
Increase in other assets (53,440) (102,558)
Increase in accounts payable and
other liabilities 1,163,561 309,177
Increase in due to local general
partners and affiliates 170,233 18,250
Decrease in due to local general
partners and affiliates (11,483) (98,367)
Increase in due to general partner
and affiliates 79,047 88,902
Total adjustments 1,648,922 717,452
Net cash provided by operating
activities 690,913 281,127
Cash flows from investing activities:
Increase in property and equipment (5,496,320) (1,674,260)
Increase in construction in progress (2,136,945) (4,663,113)
Increase in accounts payable and
other liabilities 0 53,464
Decrease in cash held in escrow 187,324 0
Increase in other assets 0 (41,349)
Increase in due to local general
partners and affiliates 0 160,738
Decrease in due to local general
partners and affiliates (2,666,762) (338,790)
Decrease in investments
available for sale 5,850,000 5,550,000
Increase in deferred costs (26,286) (5,575)
Net cash used in investing
activities (4,288,989) (958,885)
Cash flows from financing activities:
Proceeds from mortgage notes 0 1,084,000
Repayments of mortgage notes (40,665) (33,363)
Proceeds from construction loans 3,742,845 1,176,603
Repayment of construction loans 0 (1,048,435)
Increase in deferred costs (280,043) 0
Increase in capitalization of
consolidated subsidiaries
attributable to minority interest 127,527 0
Net cash provided by financing
activities 3,549,664 1,178,805
Net (decrease) increase in cash and
cash equivalents (48,412) 501,047
Cash and cash equivalents at
beginning of period 3,438,165 9,811,741
Cash and cash equivalents at
end of period $ 3,389,753 $10,312,788
Supplemental disclosures of
noncash investing activities:
Consolidation of investment in
subsidiary partnership:*
Increase in property and equipment $ (949,200) $ 0
Decrease in construction in progress 949,200 0
Property and equipment
reclassified from construction
in progress 11,273,436 0
Conversion of construction loans
to mortgage notes 2,500,000 0
*Prior to consolidation, investment in subsidiary partnerships are
included in property and equipment.
See Accompanying Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Financial Statements
September 30, 1999
(Unaudited)
Note 1 - General
Independence Tax Credit Plus L.P. IV (a Delaware limited part-
nership) (the "Partnership") was organized on February 22, 1995,
and commenced the public offering on July 6, 1995. The general
partner of the Partnership is Related Independence L.L.C., a
Delaware limited liability company (the "General Partner").
The Partnership's business is to invest in other partnerships ("Lo-
cal Partnerships", "subsidiaries" or "subsidiary partnerships")
owning apartment complexes that are eligible for the low-income
housing tax credit ("Housing Tax Credit") enacted in the Tax Re-
form Act of 1986, some of which complexes may also be eligible
for the historic rehabilitation tax credit ("Historic Tax Credit";
together with Housing Tax Credits, "Tax Credits").
As of September 30, 1999, the Partnership has acquired a limited
partnership interest in twelve subsidiary partnerships, eleven of
which have been consolidated. The Partnership anticipates ac-
quiring limited partnership interests in additional subsidiary part-
nerships in the future. The Partnership's investment in each Local
Partnership represents from 98.99% to 99.89% with one Local
Partnership at 58.12% of the partnership interests in the Local
Partnership. Through the rights of the Partnership and/or an
affiliate of the General Partner, which affiliate has a contractual
obligation to act on behalf of the Partnership, to remove the gen-
eral partner of the subsidiary partnerships and to approve certain
major operating and financial decisions, the Partnership has a
controlling financial interest in the subsidiary partnership.
For financial reporting purposes, the Partnership's fiscal quarter
ends September 30. All subsidiaries have fiscal quarters ending
June 30. Accounts of the subsidiaries have been adjusted for inter-
company transactions from July 1 through September 30. The
Partnership's fiscal quarter ends September 30 in order to allow
adequate time for the subsidiaries financial statements to be pre-
pared and consolidated.
All intercompany accounts and transactions with the subsidiary
partnerships have been eliminated in consolidation.
Increases (decreases) in the capitalization of consolidated subsidi-
aries attributable to minority interest arise from cash contributions
from and cash distributions to the minority interest partners.
For both the three and six months ended September 30, 1999 and
1998 losses attributable to minority interest did not exceed the
minority interests' investment in the subsidiary. The Partnership's
investment in each subsidiary is equal to the respective subsidi-
ary's partners' equity less minority interest capital, if any. In con-
solidation, all subsidiary partnership losses are included in the
Partnership's capital account except for losses allocated to minor-
ity interest capital.
In April of 1998, the Financial Accounting Standards Board issued
Statement of Position 98-5 ("SOP 98-5") "Reporting on the Costs of
Start-Up Activities". This statement provides guidance on the
financial reporting of start-up costs and organization costs. This
statement is effective for all fiscal quarters of fiscal years beginning
after December 15, 1998. Such change in accounting principle
amounted to a change to operations of $8,856 and $141,376 for the
three and six months ended September 30, 1999.
Certain information and note disclosures normally included in
financial statements prepared in accordance with generally ac-
cepted accounting principles have been omitted or condensed.
These condensed financial statements should be read in conjunc-
tion with the financial statements and notes thereto included in
the Partnership's Annual Report on Form 10-K for the period
ended March 31, 1999.
The books and records of the Partnership are maintained on the
accrual basis of accounting in accordance with generally accepted
accounting principles. In the opinion of the General Partner of the
Partnership, the accompanying unaudited financial statements
contain all adjustments (consisting only of normal recurring ad-
justments) necessary to present fairly the financial position of the
Partnership as of September 30, 1999, the results of operations for
the three and six months ended September 30, 1999 and 1998 and
cash flows for the six months ended September 30, 1999 and 1998.
However, the operating results for the six months ended Septem-
ber 30, 1999 may not be indicative of the results for the year.
Note 2 - Related Party Transactions
An affiliate of the General Partner has a .01% interest as a special
limited partner in each of the Local Partnerships.
A) Other Related Party Expenses
<TABLE>
The costs incurred to related parties for the three and six months
ended September 30, 1999 and 1998 were as follows:
<CAPTION>
Three Months Ended Six Months Ended
September 30, September 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Partnership manage-
ment fees (a) $ 75,292 $ 69,328 $ 144,661 $ 138,657
Expense reimburse-
ment (b) 17,000 13,414 57,845 53,364
Local administrative
fee (c) 5,000 1,500 10,000 2,500
Total general and
administrative-
General Partner 97,292 84,242 212,506 194,521
Property manage-
ment fees incurred
to affiliates of
the subsidiary
partnerships'
general partners (d) 25,546 6,777 42,117 13,721
Total general and
administrative-
related parties $ 122,838 $ 91,019 $ 254,623 $ 208,242
</TABLE>
(a) The General Partner is entitled to receive a partnership man-
agement fee, after payment of all Partnership expenses, which
together with the annual local administrative fees will not exceed
a maximum of 0.5% per annum of invested assets (as defined in
the Partnership Agreement), for administering the affairs of the
Partnership. Subject to the foregoing limitation, the partnership
management fee will be determined by the General Partner in its
sole discretion based upon its review of the Partnership's invest-
ments. Unpaid partnership management fees for any year will be
accrued without interest and will be payable from working capital
reserves or to the extent of available funds after the Partnership
has made distributions to the limited partners of sale or refinanc-
ing proceeds equal to their original capital contributions plus a
10% priority return thereon (to the extent not theretofore paid out
of cash flow). Partnership management fees owed to the General
Partner amounting to approximately $373,000 and $275,000 were
accrued and unpaid as of September 30, 1999 and March 31, 1999,
respectively.
(b) The Partnership reimburses the General Partner and its affili-
ates for actual Partnership operating expenses incurred by the
General Partner and its affiliates on the Partnership's behalf. The
amount of reimbursement from the Partnership is limited by the
provisions of the Partnership Agreement. Another affiliate of the
General Partner performs asset monitoring for the Partnership.
These service include site visits and evaluations of the subsidiary
partnerships' performance.
(c) Independence SLP IV L.P., a special limited partner of the
subsidiary partnerships, is entitled to receive a local administra-
tive fee of up to $5,000 per year from each subsidiary partnership.
(d) Property management fees incurred by the Local Partnerships
amounted to $74,831 and $41,283 and $129,592 and $72,704 for the
three and six months ended September 30, 1999 and 1998, respec-
tively. Of these fees $25,546 and $6,777 and $42,117 and $13,721
were incurred to affiliates of the subsidiary partnerships' general
partners.
Note 3 - Subsequent Event
The Partnership has invested in one Local Partnership during the
period of October 1, 1999 to November 12, 1999.
Equity
Date Partnership Name Investment Units
October 1999 First African Kanisa $3,543,083 59
Apartments, Inc.
<PAGE>
Item 2. Management's Discussion and Analysis of Financial Con-
dition and Results of Operations
Liquidity and Capital Resources
The Partnership's primary source of funds include (i) interest
earned on Gross Proceeds which are invested in tax-exempt
money market instruments pending acquisition of and final pay-
ments to Local Partnerships and (ii) working capital reserve and
interest earned thereon. All these sources of funds are available to
meet obligations of the Partnership.
As of September 30, 1999, the Partnership has invested approxi-
mately $31,680,000 (including approximately $1,161,000 classified
as a loan repayable from sale/refinancing proceeds in accordance
with the Contribution Agreement and not including acquisition
fees of approximately $1,771,000) of net proceeds in twelve Local
Partnerships of which approximately $4,586,000 remains to be
paid to the Local Partnerships (including approximately
$1,133,000 being held in escrow) as certain benchmarks, such as
occupancy level, must be attained prior to the release of the funds.
Two Local Partnerships were acquired during the six months
ended September 30, 1999 for a purchase price of approximately
$1,494,000 of which approximately $544,000 remains to be paid.
The Partnership has approximately $4,766,000 available for future
investments. During the six months ended September 30, 1999,
approximately $5,496,000 was paid to Local Partnerships
($187,000 of which was released from escrow). The Partnership
will be acquiring additional properties, and the Partnership may
be required to fund potential purchase price adjustments based on
tax credit adjustor clauses. There was a purchase price adjustment
of approximately $875,000 during the six months ended Septem-
ber 30, 1999.
For the six months ended September 30, 1999, cash and cash
equivalents of the Partnership and its eleven consolidated Local
Partnerships decreased approximately $48,000 due to an increase
in property and equipment ($5,496,000), an increase in construc-
tion in progress ($2,137,000), a decrease in due to local general
partners and affiliates relating to investing activities ($2,667,000),
an increase in deferred costs relating to investing and financing
activities ($306,000) and repayments of mortgage notes ($41,000)
which exceeded cash provided by operating activities ($691,000), a
decrease in cash held in escrow ($187,000), a decrease in invest-
ments available for sale ($5,850,000), proceeds from construction
loans ($3,743,000) and an increase in capitalization of consolidated
subsidiaries attributable to minority interest ($128,000). Included
in the adjustments to reconcile the net loss to cash provided by
operations is depreciation and amortization of approximately
$823,000 and the cumulative effect of a change in accounting prin-
ciple - amortization of organization costs of approximately
$141,000.
A working capital reserve has been established from the Partner-
ship's funds available for investment, which includes amounts
which may be required for potential purchase price adjustments
based on tax credit adjustor clauses. At September 30, 1999 none
of this reserve was used. The General Partner believes that these
reserves, plus any cash distributions received from the operations
of the Local Partnerships, will be sufficient to fund the Partner-
ship's ongoing operations for the foreseeable future. As of Sep-
tember 30, 1999, there has been no cash distributions from the
Local Partnerships. Management anticipates receiving distribu-
tions in the future, although not to a level sufficient to permit pro-
viding cash distributions to the BACs holders.
The Partnership has negotiated Development Deficit Guarantees
with the development stage Local Partnerships in which it has
invested. The Local General Partners and/or their affiliates have
agreed to fund development deficits through the breakeven dates
of each of the twelve Local Partnerships.
The Partnership has negotiated Operating Deficit Guaranty
Agreements with the development stage Local Partnerships by
which the general partners of such Local Partnerships and/or
their affiliates have agreed to fund operating deficits for a speci-
fied period of time. The terms of the Operating Deficit Guaranty
Agreements vary for each of these Local Partnerships, with maxi-
mum dollar amounts to be funded for a specified period of time,
generally seven years, commencing on the break-even date. The
gross amount of the Operating Deficit Guarantees aggregates ap-
proximately $2,863,000 as of September 30, 1999.
The Partnership has also negotiated a Rent-Up Guaranty Agree-
ment with one Local Partnership, in which the Local General Part-
ner agrees to pay liquidated damages if predetermined occupancy
rates are not achieved.
The Development Deficit, Operating Deficit and the Rent-Up
Guaranty Agreements were negotiated to protect the Partnership's
interest in the Local Partnerships and to provide incentive to the
Local General Partners to generate positive cash flow.
The Partnership has invested or committed for investment ap-
proximately 87% of the net proceeds available for investment in
twelve Local Partnerships, of which ten will generate tax credits in
1999.
Management is not aware of any trends or events, commitments
or uncertainties, which have not otherwise been disclosed that will
or are likely to impact liquidity in a material way. Management
believes the only impact would be from laws that have not yet
been adopted. The portfolio will be diversified by the location of
the properties around the United States so that if one area of the
country is experiencing downturns in the economy, the remaining
properties in the portfolio may be experiencing upswings. How-
ever the geographic diversification of the portfolio may not protect
against a general downturn in the national economy. The tax
credits will be attached to the project for a period of ten years, and
will be transferable with the property during the remainder of
such ten-year period. If the General Partner determined that a sale
of a property is warranted, the remaining tax credits would trans-
fer to the new owner, thereby adding value to the property on the
market, which are not included in the financial statement carrying
amount.
Results of Operations
As of September 30, 1999 and 1998, the Partnership had acquired
an interest in twelve and ten Local Partnerships, eleven and ten of
which were consolidated at September 30, 1999 and 1998, respec-
tively. The Partnership intends to utilize the net proceeds of the
offering to acquire additional interests in Local Partnerships.
The Partnership's results of operations for the three and six
months ended September 30, 1999 and 1998 consisted primarily of
(1) approximately $94,000 and $149,000 and $214,000 and
$335,000, respectively, of tax-exempt interest income earned on
funds not currently invested in Local Partnerships and (2) the
results of the Partnership's investment in eleven of twelve and
nine of ten consolidated Local Partnerships, respectively.
For the three and six months ended September 30, 1999 as com-
pared to 1998, rental income and all categories of expenses in-
creased and the results of operations are not comparable due to
the acquisition, construction and rent up of properties, and are not
reflective of future operations of the Partnership due to uncom-
pleted property construction, rent up of properties and the contin-
ued utilization of the net proceeds of the Offering to invest in Lo-
cal Partnerships. In addition, interest income will decrease in
future periods since a substantial portion of the proceeds from the
Offering will be included in or released to Local Partnerships.
Other income decreased approximately $85,000 and $152,000 for
the three and six months ended September 30, 1999 as compared
to the corresponding periods in 1998 primarily due to a decrease
in interest income as a result of the acquisition of and the release
of proceeds to the Local Partnerships.
Amortization of organization costs increased by approximately
$9,000 and $141,000 for the three and six months ended September
30, 1999 as compared to the corresponding periods in 1998 due to
the adoption of SOP 98-5, pursuant to which the Partnership is
required to charge all unamortized organization costs as of Janu-
ary 1, 1999.
Year 2000 Compliance
The Partnership utilizes the computer services of an affiliate of the
General Partner. The affiliate of the General Partner has upgraded
its computer information systems to be year 2000 compliant. The
most likely worst-case scenario that the General Partner faces is
that computer operations will be suspended for a few days to a
week commencing on January 1, 2000. The Partnership contin-
gency plan is to (i) have a complete backup done on December 31,
1999 and (ii) both electronic and printed reports generated for all
critical data up to and including December 31, 1999.
In regard to third parties, the General Partner is in the process of
evaluating the potential adverse impact that could result from the
failure of material service providers to be year 2000 compliant. A
detailed survey and assessment was sent to material third parties
in the fourth quarter of 1998. The Partnership has received assur-
ances from a majority of the material service providers with which
it interacts that they have addressed the year 2000 issues and is
evaluating these assurances for their adequacy and accuracy. In
cases where the Partnership has not received assurances from
third parties, it is initiating further mail and/or phone correspon-
dence. The Partnership relies heavily on third parties and is vul-
nerable to the failures of third parties to address their year 2000
issues. There can be no assurance given that the third parties will
adequately address their year 2000 issues.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
None
<PAGE>
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Changes in Securities - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
(4) Form of Amended and Restated Agreement of
Limited Partnership of the Partnership (attached to the Prospectus
as Exhibit A)*
(10A) Form of Subscription Agreement (attached to
the Prospectus as Exhibit B)*
(10B) Form of Escrow Agreement between the Part-
nership and the Escrow Agent**
(10C) Form of Purchase and Sales Agreement per-
taining to the Partnership's acquisition of Local Partnership Inter-
ests**
(10D) Form of Amended and Restated Agreement of
Limited Partnership of Local Partnerships**
(27) Financial Data Schedule (filed herewith)
* Incorporated herein by reference to the final
Prospectus as filed pursuant to Rule 424 under the Securities Act
of 1933.
** Filed as an exhibit to the Registration Statement
on Form S-11 of the Partnership (File No. 33-89968) and incorpo-
rated herein by reference thereto.
(b) Reports on Form 8-K - No reports on Form 8-K were
filed during the quarter.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securi-
ties Exchange Act of 1934, the registrant has duly caused this re-
port to be signed on its behalf by the undersigned, thereunto duly
authorized.
INDEPENDENCE TAX CREDIT PLUS L.P. IV
(Registrant)
By: RELATED INDEPENDENCE L.L.C.,
General Partner
Date: November 9, 1999
By: /s/ Alan P. Hirmes
Alan P. Hirmes,
Senior Vice President
(principal financial officer)
Date: November 9, 1999
By: /s/ Glenn F. Hopps
Glenn F. Hopps,
Treasurer
(principal accounting officer)
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The Schedule contains summary financial information extracted
from the financial statements for Independence Tax Credit Plus
L.P. IV and is qualified in its entirety by reference to such financial
statements
</LEGEND>
<CIK> 0000940329
<NAME> Independence Tax Credit Plus L.P. IV
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-2000
<PERIOD-START> APR-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 5,488,187
<SECURITIES> 8,200,000
<RECEIVABLES> 0
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 457,173
<PP&E> 68,457,803
<DEPRECIATION> 3,215,282
<TOTAL-ASSETS> 81,089,554
<CURRENT-LIABILITIES> 9,920,377
<BONDS> 31,910,560
0
0
<COMMON> 0
<OTHER-SE> 39,258,617
<TOTAL-LIABILITY-AND-EQUITY> 81,089,554
<SALES> 0
<TOTAL-REVENUES> 2,059,943
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,346,450
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 548,115
<INCOME-PRETAX> (834,622)
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> (141,376)
<CHANGES> 0
<NET-INCOME> (958,009)
<EPS-BASIC> (20.69)
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</TABLE>
