BF Garden Tax Credit Fund IV L.P. - FORM 10-Q

Attached files

file	filename
EX-31 - BCTC IV SEPT 2010 CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40910cert302mnt.htm
EX-32 - BCTC IV SEPT 2010 CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40910cert906jpm.htm
EX-32 - BCTC IV SEPT 2010 CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40910cert906mnt.htm
EX-31 - BCTC IV SEPT 2010 CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40910cert302jpm.htm

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, 2010
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 0-26200

BOSTON CAPITAL TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 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 ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes 

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2010

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
				Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets	3-30
		Condensed Statements of Operations	31-86
		Condensed Statements of Changes in Partners' Capital (Deficit)	87-96
		Condensed Statements of Cash Flows	97-124
		Notes to Condensed Financial Statements	125-160

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		161-237

	Item 3. Quantitative and Qualitative Disclosures About Market Risk		238

	Item 4. Controls and Procedures		238

PART II OTHER INFORMATION

	Item 1. Legal Proceedings		239

	Item 1A. Risk Factors		239

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		239

	Item 3. Defaults Upon Senior Securities		239

	Item 4. (Removed and Reserved.)		239

	Item 5. Other Information		239

	Item 6. Exhibits		239

	Signatures		240

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	75,337,588	$	79,603,328

OTHER ASSETS
Cash and cash equivalents		7,714,236		6,498,869
Notes receivable		353,446		723,071
Acquisition costs net		7,785,855		8,667,943
Other assets		390,599		205,926

	$	91,581,724	$	95,699,137




LIABILITIES

Accounts payable & accrued expenses	$	200,102	$	90,252
Accounts payable affiliates (Note C)		52,782,209		51,204,507
Capital contributions payable		1,599,802		2,081,011

		54,582,113		53,375,770


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and outstanding		43,795,834		49,066,354
General Partner		(6,796,223)		(6,742,987)

		36,999,611		42,323,367

	$	91,581,724	$	95,699,137

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 20


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		263,749		187,333
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		2,633

	$	263,749	$	189,966




LIABILITIES

Accounts payable & accrued expenses	$	41,576	$	7,500
Accounts payable affiliates (Note C)		2,589,977		3,432,216
Capital contributions payable		-		-

		2,631,553		3,439,716


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and outstanding		(2,035,874)		(2,909,001)
General Partner		(331,930)		(340,749)

		(2,367,804)		(3,249,750)

	$	263,749	$	189,966

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 21


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		219,324		287,156
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-

	$	219,324	$	287,156




LIABILITIES

Accounts payable & accrued expenses	$	15,808	$	15,808
Accounts payable affiliates (Note C)		1,528,274		1,515,274
Capital contributions payable		-		-

		1,544,082		1,531,082


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and outstanding		(1,149,560)		(1,069,536)
General Partner		(175,198)		(174,390)

		(1,324,758)		(1,243,926)

	$	219,324	$	287,156

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 22


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		904,861		150,885
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		500		3,000

	$	905,361	$	153,885




LIABILITIES

Accounts payable & accrued expenses	$	31,065	$	20,115
Accounts payable affiliates (Note C)		3,452,830		3,344,254
Capital contributions payable		9,352		9,352

		3,493,247		3,373,721


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and outstanding		(2,342,924)		(2,968,555)
General Partner		(244,962)		(251,281)

		(2,587,886)		(3,219,836)

	$	905,361	$	153,885

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 23


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		792,405		96,567
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-

	$	792,405	$	96,567




LIABILITIES

Accounts payable & accrued expenses	$	56,073	$	30,173
Accounts payable affiliates (Note C)		2,907,977		2,814,021
Capital contributions payable		-		-

		2,964,050		2,844,194


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and outstanding		(1,865,082)		(2,435,304)
General Partner		(306,563)		(312,323)

		(2,171,645)		(2,747,627)

	$	792,405	$	96,567

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 24


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		200,403		247,141
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-

	$	200,403	$	247,141




LIABILITIES

Accounts payable & accrued expenses	$	15,678	$	15,678
Accounts payable affiliates (Note C)		2,521,064		2,532,114
Capital contributions payable		9,999		9,999

		2,546,741		2,557,791


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and outstanding		(2,137,577)		(2,102,246)
General Partner		(208,761)		(208,404)

		(2,346,338)		(2,310,650)

	$	200,403	$	247,141

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 25


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		283,701		256,530
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		1,250		1,250

	$	284,951	$	257,780




LIABILITIES

Accounts payable & accrued expenses	$	978	$	978
Accounts payable affiliates (Note C)		2,353,194		2,343,988
Capital contributions payable		10,001		10,001

		2,364,173		2,354,967


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and outstanding		(1,800,986)		(1,818,771)
General Partner		(278,236)		(278,416)

		(2,079,222)		(2,097,187)

	$	284,951	$	257,780

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 26


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		253,261		312,412
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		5,400		5,400

	$	258,661	$	317,812




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,462,595		3,306,873
Capital contributions payable		14,490		14,490

		3,477,085		3,321,363


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and outstanding		(2,845,986)		(2,633,262)
General Partner		(372,438)		(370,289)

		(3,218,424)		(3,003,551)

	$	258,661	$	317,812

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 27


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,333,923	$	2,342,151

OTHER ASSETS
Cash and cash equivalents		230,589		273,885
Notes receivable		-		-
Acquisition costs net		163,479		196,175
Other assets		20,074		20,074

	$	2,748,065	$	2,832,285




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,408,270		3,300,668
Capital contributions payable		22,861		22,861

		3,431,131		3,323,529


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and outstanding		(469,788)		(279,884)
General Partner		(213,278)		(211,360)

		(683,066)		(491,244)

	$	2,748,065	$	2,832,285

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 28


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		231,655		262,507
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		3,550		3,550

	$	235,205	$	266,057




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,162,638		1,045,580
Capital contributions payable		40,968		40,968

		1,203,606		1,086,548


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and outstanding		(614,969)		(468,538)
General Partner		(353,432)		(351,953)

		(968,401)		(820,491)

	$	235,205	$	266,057

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 29


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	24,395

OTHER ASSETS
Cash and cash equivalents		197,135		206,375
Notes receivable		-		-
Acquisition costs net		14,476		28,950
Other assets		-		-

	$	211,611	$	259,720




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,729,495		2,563,793
Capital contributions payable		10,197		10,197

		2,739,692		2,573,990


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and outstanding		(2,164,153)		(1,952,480)
General Partner		(363,928)		(361,790)

		(2,528,081)		(2,314,270)

	$	211,611	$	259,720

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 30


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	32,242	$	83,042

OTHER ASSETS
Cash and cash equivalents		256,477		280,327
Notes receivable		-		-
Acquisition costs net		13,137		26,275
Other assets		6,675		6,675

	$	308,531	$	396,319




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,306,384		1,213,298
Capital contributions payable		127,396		127,396

		1,433,780		1,340,694


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and outstanding		(886,940)		(707,875)
General Partner		(238,309)		(236,500)

		(1,125,249)		(944,375)

	$	308,531	$	396,319

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 31


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	42,364	$	42,364

OTHER ASSETS
Cash and cash equivalents		147,165		166,800
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		25,000		25,000

	$	214,529	$	234,164




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,164,886		1,982,810
Capital contributions payable		66,294		66,294

		2,231,180		2,049,104


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and outstanding		(1,617,226)		(1,417,532)
General Partner		(399,425)		(397,408)

		(2,016,651)		(1,814,940)

	$	214,529	$	234,164

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 32


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	373,492	$	698,752

OTHER ASSETS
Cash and cash equivalents		408,043		340,581
Notes receivable		46,908		46,908
Acquisition costs net		-		-
Other assets		-		-

	$	828,443	$	1,086,241




LIABILITIES

Accounts payable & accrued expenses	$	15,000	$	-
Accounts payable affiliates (Note C)		2,667,932		2,521,238
Capital contributions payable		173,561		173,561

		2,856,493		2,694,799


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and outstanding		(1,601,408)		(1,186,111)
General Partner		(426,642)		(422,447)

		(2,028,050)		(1,608,558)

	$	828,443	$	1,086,241

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 33


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	150,153

OTHER ASSETS
Cash and cash equivalents		249,660		184,115
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-

	$	249,660	$	334,268




LIABILITIES

Accounts payable & accrued expenses	$	15,000	$	-
Accounts payable affiliates (Note C)		1,571,846		1,495,481
Capital contributions payable		69,154		69,154

		1,656,000		1,564,635


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and outstanding		(1,166,496)		(992,283)
General Partner		(239,844)		(238,084)

		(1,406,340)		(1,230,367)

	$	249,660	$	334,268

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 34


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	280,214	$	452,150

OTHER ASSETS
Cash and cash equivalents		52,755		74,138
Notes receivable		-		-
Acquisition costs net		112,187		224,375
Other assets		-		-

	$	445,156	$	750,663




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,865,299		2,712,281
Capital contributions payable		-		-

		2,865,299		2,712,281


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and outstanding		(2,095,551)		(1,641,611)
General Partner		(324,592)		(320,007)

		(2,420,143)		(1,961,618)

	$	445,156	$	750,663

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 35


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,290,508	$	2,576,041

OTHER ASSETS
Cash and cash equivalents		101,934		127,244
Notes receivable		-		-
Acquisition costs net		180,717		216,861
Other assets		-		-

	$	2,573,159	$	2,920,146




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,499,522		1,385,342
Capital contributions payable		-		-

		1,499,522		1,385,342


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and outstanding		1,344,926		1,801,481
General Partner		(271,289)		(266,677)

		1,073,637		1,534,804

	$	2,573,159	$	2,920,146

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 36


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,711,395	$	1,812,747

OTHER ASSETS
Cash and cash equivalents		141,098		142,855
Notes receivable		-		-
Acquisition costs net		-		-
Other assets		-		-

	$	1,852,493	$	1,955,602




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,760,527		1,674,205
Capital contributions payable		-		-

		1,760,527		1,674,205


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,837 issued and outstanding		269,709		457,246
General Partner		(177,743)		(175,849)

		91,966		281,397

	$	1,852,493	$	1,955,602

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 37


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,176,507	$	1,400,181

OTHER ASSETS
Cash and cash equivalents		357,468		309,745
Notes receivable		-		-
Acquisition costs net		295,620		354,744
Other assets		-		-

	$	1,829,595	$	2,064,670




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,530,123		1,427,691
Capital contributions payable		138,438		138,438

		1,668,561		1,566,129


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and outstanding		374,987		709,119
General Partner		(213,953)		(210,578)

		161,034		498,541

	$	1,829,595	$	2,064,670

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 38


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	3,484,289	$	3,761,779

OTHER ASSETS
Cash and cash equivalents		214,844		209,324
Notes receivable		-		-
Acquisition costs net		34,896		41,876
Other assets		-		-

	$	3,734,029	$	4,012,979




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,310,623		1,228,423
Capital contributions payable		-		-

		1,310,623		1,228,423


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and outstanding		2,617,456		2,974,995
General Partner		(194,050)		(190,439)

		2,423,406		2,784,556

	$	3,734,029	$	4,012,979

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 39


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	3,641,257	$	3,970,104

OTHER ASSETS
Cash and cash equivalents		191,596		183,296
Notes receivable		-		-
Acquisition costs net		27,790		33,348
Other assets		-		-

	$	3,860,643	$	4,186,748




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,119,099		1,050,699
Capital contributions payable		-		-

		1,119,099		1,050,699


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,152 issued and outstanding		2,910,570		3,301,130
General Partner		(169,026)		(165,081)

		2,741,544		3,136,049

	$	3,860,643	$	4,186,748

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 40


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	4,672,426	$	4,858,175

OTHER ASSETS
Cash and cash equivalents		102,007		120,514
Notes receivable		-		-
Acquisition costs net		132,587		159,105
Other assets		-		-

	$	4,907,020	$	5,137,794




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,100,423		1,994,200
Capital contributions payable		102		102

		2,100,525		1,994,302


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and outstanding		3,003,373		3,337,000
General Partner		(196,878)		(193,508)

		2,806,495		3,143,492

	$	4,907,020	$	5,137,794

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 41


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	4,271,887	$	4,593,671

OTHER ASSETS
Cash and cash equivalents		209,507		78,660
Notes receivable		-		-
Acquisition costs net		778,794		890,050
Other assets		1,218		2,052

	$	5,261,406	$	5,564,433




LIABILITIES

Accounts payable & accrued expenses	$	8,924	$	-
Accounts payable affiliates (Note C)		2,299,038		2,478,543
Capital contributions payable		100		100

		2,308,062		2,478,643


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and outstanding		3,172,979		3,304,101
General Partner		(219,635)		(218,311)

		2,953,344		3,085,790

	$	5,261,406	$	5,564,433

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 42


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,539,033	$	5,635,060

OTHER ASSETS
Cash and cash equivalents		319,640		348,800
Notes receivable		109,934		292,933
Acquisition costs net		646,000		695,692
Other assets		51,003		51,003

	$	6,665,610	$	7,023,488




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,398,863		1,273,973
Capital contributions payable		169,577		452,937

		1,568,440		1,726,910


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and outstanding		5,287,137		5,484,551
General Partner		(189,967)		(187,973)

		5,097,170		5,296,578

	$	6,665,610	$	7,023,488

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 43


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,068,387	$	9,259,429

OTHER ASSETS
Cash and cash equivalents		239,675		256,265
Notes receivable		-		186,626
Acquisition costs net		1,494,051		1,608,977
Other assets		171,095		85,289

	$	10,973,208	$	11,396,586




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,550,980		1,397,590
Capital contributions payable		121,112		307,738

		1,672,092		1,705,328


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and outstanding		9,529,626		9,915,867
General Partner		(228,510)		(224,609)

		9,301,116		9,691,258

	$	10,973,208	$	11,396,586

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 44


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,353,908	$	7,784,498

OTHER ASSETS
Cash and cash equivalents		483,198		590,586
Notes receivable		196,604		196,604
Acquisition costs net		1,838,190		1,979,590
Other assets		104,834		-

	$	9,976,734	$	10,551,278




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		666,156		523,804
Capital contributions payable		590,561		590,561

		1,256,717		1,114,365


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and outstanding		8,870,266		9,579,993
General Partner		(150,249)		(143,080)

		8,720,017		9,436,913

	$	9,976,734	$	10,551,278

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 45


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	15,095,613	$	15,742,704

OTHER ASSETS
Cash and cash equivalents		424,381		537,189
Notes receivable		-		-
Acquisition costs net		1,775,097		1,911,643
Other assets		-		-

	$	17,295,091	$	18,191,536




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		450,711		367,429
Capital contributions payable		16,724		16,724

		467,435		384,153


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and outstanding		17,013,041		17,982,971
General Partner		(185,385)		(175,588)

		16,827,656		17,807,383

	$	17,295,091	$	18,191,536

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

Series 46


		September 30, 2010 (Unaudited)		March 31, 2010 (Audited)


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	13,970,143	$	14,415,932

OTHER ASSETS
Cash and cash equivalents		237,705		267,639
Notes receivable		-		-
Acquisition costs net		278,834		300,282
Other assets		-		-

	$	14,486,682	$	14,983,853




LIABILITIES

Accounts payable & accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		403,483		278,719
Capital contributions payable		8,915		20,138

		412,398		298,857


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and outstanding		14,196,284		14,800,889
General Partner		(122,000)		(115,893)

		14,074,284		14,684,996

	$	14,486,682	$	14,983,853

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

		2010		2009

Income
Interest income	$	21,115	$	7,746
Other income		44,608		185,312

		65,723		193,058



Share of income (loss) from Operating Partnerships (Note D)		(387,542)		(2,289,252)


Expenses
Professional fees		621,679		518,404
Fund management fee (Note C)		1,521,400		1,470,866
Amortization		446,787		618,839
General and administrative expenses		136,498		229,002

		2,726,364		2,837,111


NET INCOME (LOSS)	$	(3,048,183)	$	(4,933,305)




Net income (loss) allocated to assignees	$	(3,017,702)	$	(4,883,973)




Net income (loss) allocated to general partner	$	(30,481)	$	(49,332)




Net income (loss) per BAC	$	(.04)	$	(.06)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 20

		2010		2009

Income
Interest income	$	956	$	548
Other income		1,180		1,180

		2,136		1,728



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		24,172		19,079
Fund management fee (Note C)		55,422		77,790
Amortization		-		-
General and administrative expenses		5,240		10,723

		84,834		107,592


NET INCOME (LOSS)	$	(82,698)	$	(105,864)




Net income (loss) allocated to assignees	$	(81,871)	$	(104,805)




Net income (loss) allocated to general partner	$	(827)	$	(1,059)




Net income (loss) per BAC	$	(.02)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 21

		2010		2009

Income
Interest income	$	285	$	192
Other income		1,538		2,709

		1,823		2,901



Share of income (loss) from Operating Partnerships (Note D)		-		410,000


Expenses
Professional fees		18,090		13,537
Fund management fee (Note C)		29,037		30,469
Amortization		-		-
General and administrative expenses		3,941		6,205

		51,068		50,211


NET INCOME (LOSS)	$	(49,245)	$	362,690




Net income (loss) allocated to assignees	$	(48,753)	$	359,063




Net income (loss) allocated to general partner	$	(492)	$	3,627




Net income (loss) per BAC	$	(.03)	$	.19

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 22

		2010		2009

Income
Interest income	$	86	$	18
Other income		9,215		-

		9,301		18



Share of income (loss) from Operating Partnerships (Note D)		738,514		-


Expenses
Professional fees		26,270		20,593
Fund management fee (Note C)		44,309		60,836
Amortization		-		-
General and administrative expenses		4,029		8,098

		74,608		89,527


NET INCOME (LOSS)	$	673,207	$	(89,509)




Net income (loss) allocated to assignees	$	666,475	$	(88,614)




Net income (loss) allocated to general partner	$	6,732	$	(895)




Net income (loss) per BAC	$	.26	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 23

		2010		2009

Income
Interest income	$	169	$	33
Other income		-		-

		169		33



Share of income (loss) from Operating Partnerships (Note D)		624,289		-


Expenses
Professional fees		22,294		17,835
Fund management fee (Note C)		43,468		59,566
Amortization		-		-
General and administrative expenses		4,361		9,608

		70,123		87,009


NET INCOME (LOSS)	$	554,335	$	(86,976)




Net income (loss) allocated to assignees	$	548,792	$	(86,106)




Net income (loss) allocated to general partner	$	5,543	$	(870)




Net income (loss) per BAC	$	.16	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 24

		2010		2009

Income
Interest income	$	386	$	25
Other income		-		55,344

		386		55,369



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		24,731		19,665
Fund management fee (Note C)		43,461		40,883
Amortization		-		-
General and administrative expenses		4,417		6,836

		72,609		67,384


NET INCOME (LOSS)	$	(72,223)	$	(12,015)




Net income (loss) allocated to assignees	$	(71,501)	$	(11,895)




Net income (loss) allocated to general partner	$	(722)	$	(120)




Net income (loss) per BAC	$	(.03)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 25

		2010		2009

Income
Interest income	$	855	$	737
Other income		4,686		86,661

		5,541		87,398



Share of income (loss) from Operating Partnerships (Note D)		-		(476)


Expenses
Professional fees		22,994		21,666
Fund management fee (Note C)		53,119		50,071
Amortization		-		2,857
General and administrative expenses		5,403		8,449

		81,516		83,043


NET INCOME (LOSS)	$	(75,975)	$	3,879




Net income (loss) allocated to assignees	$	(75,215)	$	3,840




Net income (loss) allocated to general partner	$	(760)	$	39




Net income (loss) per BAC	$	(.02)	$	.00

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 26

		2010		2009

Income
Interest income	$	317	$	183
Other income		12,354		23,708

		12,671		23,891



Share of income (loss) from Operating Partnerships (Note D)		-		103,795


Expenses
Professional fees		37,388		32,867
Fund management fee (Note C)		90,469		90,622
Amortization		-		8,581
General and administrative expenses		6,068		10,678

		133,925		142,748


NET INCOME (LOSS)	$	(121,254)	$	(15,062)




Net income (loss) allocated to assignees	$	(120,041)	$	(14,911)




Net income (loss) allocated to general partner	$	(1,213)	$	(151)




Net income (loss) per BAC	$	(.03)	$	(.00)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 27

		2010		2009

Income
Interest income	$	389	$	27
Other income		118		-

		507		27



Share of income (loss) from Operating Partnerships (Note D)		(3,677)		163,505


Expenses
Professional fees		19,868		16,586
Fund management fee (Note C)		79,244		(10,199)
Amortization		17,123		17,123
General and administrative expenses		4,119		6,837

		120,354		30,347


NET INCOME (LOSS)	$	(123,524)	$	133,185




Net income (loss) allocated to assignees	$	(122,289)	$	131,853




Net income (loss) allocated to general partner	$	(1,235)	$	1,332




Net income (loss) per BAC	$	(.05)	$	.05

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 28

		2010		2009

Income
Interest income	$	1,000	$	557
Other income		6,385		1,993

		7,385		2,550



Share of income (loss) from Operating Partnerships (Note D)		-		(105,417)


Expenses
Professional fees		25,605		22,949
Fund management fee (Note C)		81,529		74,779
Amortization		-		-
General and administrative expenses		5,964		10,042

		113,098		107,770


NET INCOME (LOSS)	$	(105,713)	$	(210,637)




Net income (loss) allocated to assignees	$	(104,656)	$	(208,531)




Net income (loss) allocated to general partner	$	(1,057)	$	(2,106)




Net income (loss) per BAC	$	(.03)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 29

		2010		2009

Income
Interest income	$	446	$	37
Other income		-		5,239

		446		5,276



Share of income (loss) from Operating Partnerships (Note D)		-		(78,294)


Expenses
Professional fees		23,941		21,431
Fund management fee (Note C)		72,951		68,589
Amortization		7,237		7,237
General and administrative expenses		6,079		10,633

		110,208		107,890


NET INCOME (LOSS)	$	(109,762)	$	(180,908)




Net income (loss) allocated to assignees	$	(108,664)	$	(179,099)




Net income (loss) allocated to general partner	$	(1,098)	$	(1,809)




Net income (loss) per BAC	$	(.03)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 30

		2010		2009

Income
Interest income	$	1,027	$	962
Other income		1,761		555

		2,788		1,517



Share of income (loss) from Operating Partnerships (Note D)		(21,442)		(57,764)


Expenses
Professional fees		22,117		19,728
Fund management fee (Note C)		44,292		39,969
Amortization		6,569		26,085
General and administrative expenses		4,844		7,545

		77,822		93,327


NET INCOME (LOSS)	$	(96,476)	$	(149,574)




Net income (loss) allocated to assignees	$	(95,511)	$	(148,078)




Net income (loss) allocated to general partner	$	(965)	$	(1,496)




Net income (loss) per BAC	$	(.04)	$	(.06)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 31

		2010		2009

Income
Interest income	$	617	$	489
Other income		1,216		5,923

		1,833		6,412



Share of income (loss) from Operating Partnerships (Note D)		-		(182,818)


Expenses
Professional fees		26,937		24,321
Fund management fee (Note C)		79,860		89,538
Amortization		-		-
General and administrative expenses		5,952		9,972

		112,749		123,831


NET INCOME (LOSS)	$	(110,916)	$	(300,237)




Net income (loss) allocated to assignees	$	(109,807)	$	(297,235)




Net income (loss) allocated to general partner	$	(1,109)	$	(3,002)




Net income (loss) per BAC	$	(.02)	$	(.07)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 32

		2010		2009

Income
Interest income	$	1,011	$	760
Other income		6,155		2,000

		7,166		2,760



Share of income (loss) from Operating Partnerships (Note D)		(90,904)		(223,525)


Expenses
Professional fees		23,188		18,788
Fund management fee (Note C)		59,122		67,276
Amortization		-		32,764
General and administrative expenses		5,459		10,004

		87,769		128,832


NET INCOME (LOSS)	$	(171,507)	$	(349,597)




Net income (loss) allocated to assignees	$	(169,792)	$	(346,101)




Net income (loss) allocated to general partner	$	(1,715)	$	(3,496)




Net income (loss) per BAC	$	(.04)	$	(.07)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 33

		2010		2009

Income
Interest income	$	417	$	239
Other income		-		-

		417		239



Share of income (loss) from Operating Partnerships (Note D)		(11,792)		(76,042)


Expenses
Professional fees		16,831		14,042
Fund management fee (Note C)		28,403		31,221
Amortization		-		2,995
General and administrative expenses		4,312		6,664

		49,546		54,922


NET INCOME (LOSS)	$	(60,921)	$	(130,725)




Net income (loss) allocated to assignees	$	(60,312)	$	(129,418)




Net income (loss) allocated to general partner	$	(609)	$	(1,307)




Net income (loss) per BAC	$	(.02)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 34

		2010		2009

Income
Interest income	$	44	$	9
Other income		-		-

		44		9



Share of income (loss) from Operating Partnerships (Note D)		(64,305)		(85,715)


Expenses
Professional fees		19,620		16,836
Fund management fee (Note C)		73,299		73,299
Amortization		56,094		96,110
General and administrative expenses		4,843		8,149

		153,856		194,394


NET INCOME (LOSS)	$	(218,117)	$	(280,100)




Net income (loss) allocated to assignees	$	(215,936)	$	(277,299)




Net income (loss) allocated to general partner	$	(2,181)	$	(2,801)




Net income (loss) per BAC	$	(.06)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 35

		2010		2009

Income
Interest income	$	203	$	40
Other income		-		-

		203		40



Share of income (loss) from Operating Partnerships (Note D)		(109,146)		(159,084)


Expenses
Professional fees		17,600		14,850
Fund management fee (Note C)		57,090		54,590
Amortization		18,072		18,072
General and administrative expenses		4,729		8,007

		97,491		95,519


NET INCOME (LOSS)	$	(206,434)	$	(254,563)




Net income (loss) allocated to assignees	$	(204,370)	$	(252,017)




Net income (loss) allocated to general partner	$	(2,064)	$	(2,546)




Net income (loss) per BAC	$	(.06)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 36

		2010		2009

Income
Interest income	$	164	$	32
Other income		-		-

		164		32



Share of income (loss) from Operating Partnerships (Note D)		(48,970)		(112,998)


Expenses
Professional fees		17,993		14,679
Fund management fee (Note C)		39,861		35,161
Amortization		-		7,460
General and administrative expenses		4,120		5,958

		61,974		63,258


NET INCOME (LOSS)	$	(110,780)	$	(176,224)




Net income (loss) allocated to assignees	$	(109,672)	$	(174,462)




Net income (loss) allocated to general partner	$	(1,108)	$	(1,762)




Net income (loss) per BAC	$	(.05)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 37

		2010		2009

Income
Interest income	$	956	$	758
Other income		-		-

		956		758



Share of income (loss) from Operating Partnerships (Note D)		(107,101)		(106,845)


Expenses
Professional fees		14,687		12,197
Fund management fee (Note C)		33,216		43,198
Amortization		29,562		29,562
General and administrative expenses		4,145		7,448

		81,610		92,405


NET INCOME (LOSS)	$	(187,755)	$	(198,492)




Net income (loss) allocated to assignees	$	(185,877)	$	(196,507)




Net income (loss) allocated to general partner	$	(1,878)	$	(1,985)




Net income (loss) per BAC	$	(.07)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 38

		2010		2009

Income
Interest income	$	243	$	152
Other income		-		-

		243		152



Share of income (loss) from Operating Partnerships (Note D)		(99,006)		(152,769)


Expenses
Professional fees		17,650		14,321
Fund management fee (Note C)		41,100		36,900
Amortization		3,490		6,555
General and administrative expenses		4,289		7,694

		66,529		65,470


NET INCOME (LOSS)	$	(165,292)	$	(218,087)




Net income (loss) allocated to assignees	$	(163,639)	$	(215,906)




Net income (loss) allocated to general partner	$	(1,653)	$	(2,181)




Net income (loss) per BAC	$	(.06)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 39

		2010		2009

Income
Interest income	$	721	$	157
Other income		-		-

		721		157



Share of income (loss) from Operating Partnerships (Note D)		(123,456)		(146,778)


Expenses
Professional fees		17,041		13,574
Fund management fee (Note C)		25,800		24,000
Amortization		2,779		5,518
General and administrative expenses		4,062		7,052

		49,682		50,144


NET INCOME (LOSS)	$	(172,417)	$	(196,765)




Net income (loss) allocated to assignees	$	(170,693)	$	(194,797)




Net income (loss) allocated to general partner	$	(1,724)	$	(1,968)




Net income (loss) per BAC	$	(.07)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 40

		2010		2009

Income
Interest income	$	158	$	31
Other income		-		-

		158		31



Share of income (loss) from Operating Partnerships (Note D)		(69,727)		(208,657)


Expenses
Professional fees		23,414		18,356
Fund management fee (Note C)		46,524		49,329
Amortization		13,259		13,259
General and administrative expenses		4,671		7,665

		87,868		88,609


NET INCOME (LOSS)	$	(157,437)	$	(297,235)




Net income (loss) allocated to assignees	$	(155,863)	$	(294,263)




Net income (loss) allocated to general partner	$	(1,574)	$	(2,972)




Net income (loss) per BAC	$	(.06)	$	(.11)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 41

		2010		2009

Income
Interest income	$	378	$	25
Other income		-		-

		378		25



Share of income (loss) from Operating Partnerships (Note D)		(174,386)		(192,164)


Expenses
Professional fees		25,878		21,396
Fund management fee (Note C)		58,017		51,480
Amortization		55,628		70,691
General and administrative expenses		5,478		8,933

		145,001		152,500


NET INCOME (LOSS)	$	(319,009)	$	(344,639)




Net income (loss) allocated to assignees	$	(315,819)	$	(341,193)




Net income (loss) allocated to general partner	$	(3,190)	$	(3,446)




Net income (loss) per BAC	$	(.11)	$	(.12)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 42

		2010		2009

Income
Interest income	$	6,743	$	282
Other income		-		-

		6,743		282



Share of income (loss) from Operating Partnerships (Note D)		(64,511)		(225,693)


Expenses
Professional fees		27,421		22,505
Fund management fee (Note C)		51,789		50,246
Amortization		24,846		32,183
General and administrative expenses		6,419		8,681

		110,475		113,615


NET INCOME (LOSS)	$	(168,243)	$	(339,026)




Net income (loss) allocated to assignees	$	(166,561)	$	(335,636)




Net income (loss) allocated to general partner	$	(1,682)	$	(3,390)




Net income (loss) per BAC	$	(.06)	$	(.12)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 43

		2010		2009

Income
Interest income	$	460	$	297
Other income		-		-

		460		297



Share of income (loss) from Operating Partnerships (Note D)		(73,023)		(153,636)


Expenses
Professional fees		31,797		23,350
Fund management fee (Note C)		75,695		75,820
Amortization		61,937		72,434
General and administrative expenses		5,835		9,777

		175,264		181,381


NET INCOME (LOSS)	$	(247,827)	$	(334,720)




Net income (loss) allocated to assignees	$	(245,349)	$	(331,373)




Net income (loss) allocated to general partner	$	(2,478)	$	(3,347)




Net income (loss) per BAC	$	(.07)	$	(.09)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 44

		2010		2009

Income
Interest income	$	946	$	516
Other income		-		-

		946		516



Share of income (loss) from Operating Partnerships (Note D)		(215,736)		(224,874)


Expenses
Professional fees		17,217		13,998
Fund management fee (Note C)		70,176		56,179
Amortization		71,194		73,533
General and administrative expenses		4,835		8,141

		163,422		151,851


NET INCOME (LOSS)	$	(378,212)	$	(376,209)




Net income (loss) allocated to assignees	$	(374,430)	$	(372,447)




Net income (loss) allocated to general partner	$	(3,782)	$	(3,762)




Net income (loss) per BAC	$	(.14)	$	(.14)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 45

		2010		2009

Income
Interest income	$	1,001	$	364
Other income		-		-

		1,001		364



Share of income (loss) from Operating Partnerships (Note D)		(272,414)		(329,424)


Expenses
Professional fees		34,297		31,619
Fund management fee (Note C)		88,641		87,604
Amortization		68,273		72,026
General and administrative expenses		7,100		10,526

		198,311		201,775


NET INCOME (LOSS)	$	(469,724)	$	(530,835)




Net income (loss) allocated to assignees	$	(465,027)	$	(525,527)




Net income (loss) allocated to general partner	$	(4,697)	$	(5,308)




Net income (loss) per BAC	$	(.12)	$	(.13)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 46

		2010		2009

Income
Interest income	$	1,137	$	276
Other income		-		-

		1,137		276



Share of income (loss) from Operating Partnerships (Note D)		(200,749)		(143,579)


Expenses
Professional fees		22,638		17,636
Fund management fee (Note C)		55,506		61,650
Amortization		10,724		23,794
General and administrative expenses		5,784		8,677

		94,652		111,757


NET INCOME (LOSS)	$	(294,264)	$	(255,060)




Net income (loss) allocated to assignees	$	(291,321)	$	(252,509)




Net income (loss) allocated to general partner	$	(2,943)	$	(2,551)




Net income (loss) per BAC	$	(.10)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

		2010		2009

Income
Interest income	$	34,366	$	18,502
Other income		414,084		359,368

		448,450		377,870



Share of income (loss) from Operating Partnerships (Note D)		(1,292,228)		(4,901,567)


Expenses
Professional fees		644,062		652,538
Fund management fee (Note C)		2,719,891		2,760,217
Amortization		893,177		1,237,678
General and administrative expenses		222,848		356,790

		4,479,978		5,007,223


NET INCOME (LOSS)	$	(5,323,756)	$	(9,530,920)




Net income (loss) allocated to assignees	$	(5,270,520)	$	(9,435,612)




Net income (loss) allocated to general partner	$	(53,236)	$	(95,308)




Net income (loss) per BAC	$	(.06)	$	(.11)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 20

		2010		2009

Income
Interest income	$	1,891	$	1,179
Other income		81,895		76,357

		83,786		77,536



Share of income (loss) from Operating Partnerships (Note D)		921,489		-


Expenses
Professional fees		32,530		23,846
Fund management fee (Note C)		81,275		147,072
Amortization		-		-
General and administrative expenses		9,524		15,655

		123,329		186,573


NET INCOME (LOSS)	$	881,946	$	(109,037)




Net income (loss) allocated to assignees	$	873,127	$	(107,947)




Net income (loss) allocated to general partner	$	8,819	$	(1,090)




Net income (loss) per BAC	$	.23	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 21

		2010		2009

Income
Interest income	$	319	$	198
Other income		1,538		5,056

		1,857		5,254



Share of income (loss) from Operating Partnerships (Note D)		-		620,200


Expenses
Professional fees		18,194		17,021
Fund management fee (Note C)		57,272		11,215
Amortization		-		-
General and administrative expenses		7,223		9,335

		82,689		37,571


NET INCOME (LOSS)	$	(80,832)	$	587,883




Net income (loss) allocated to assignees	$	(80,024)	$	582,004




Net income (loss) allocated to general partner	$	(808)	$	5,879




Net income (loss) per BAC	$	(.04)	$	.31

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 22

		2010		2009

Income
Interest income	$	187	$	38
Other income		15,115		9,215

		15,302		9,253



Share of income (loss) from Operating Partnerships (Note D)		738,514		-


Expenses
Professional fees		26,415		27,890
Fund management fee (Note C)		88,314		117,372
Amortization		-		-
General and administrative expenses		7,137		12,040

		121,866		157,302


NET INCOME (LOSS)	$	631,950	$	(148,049)




Net income (loss) allocated to assignees	$	625,631	$	(146,569)




Net income (loss) allocated to general partner	$	6,319	$	(1,480)




Net income (loss) per BAC	$	.24	$	(.06)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 23

		2010		2009

Income
Interest income	$	365	$	74
Other income		5,900		-

		6,265		74



Share of income (loss) from Operating Partnerships (Note D)		668,669		-


Expenses
Professional fees		22,483		22,601
Fund management fee (Note C)		68,560		106,382
Amortization		-		-
General and administrative expenses		7,909		14,017

		98,952		143,000


NET INCOME (LOSS)	$	575,982	$	(142,926)




Net income (loss) allocated to assignees	$	570,222	$	(141,497)




Net income (loss) allocated to general partner	$	5,760	$	(1,429)




Net income (loss) per BAC	$	.17	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 24

		2010		2009

Income
Interest income	$	537	$	57
Other income		74,565		57,584

		75,102		57,641



Share of income (loss) from Operating Partnerships (Note D)		-		78,849


Expenses
Professional fees		24,846		24,716
Fund management fee (Note C)		78,224		69,322
Amortization		-		-
General and administrative expenses		7,720		10,334

		110,790		104,372


NET INCOME (LOSS)	$	(35,688)	$	32,118




Net income (loss) allocated to assignees	$	(35,331)	$	31,797




Net income (loss) allocated to general partner	$	(357)	$	321




Net income (loss) per BAC	$	(.02)	$	.01

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 25

		2010		2009

Income
Interest income	$	1,764	$	1,582
Other income		143,345		101,139

		145,109		102,721



Share of income (loss) from Operating Partnerships (Note D)		-		29,375


Expenses
Professional fees		23,153		26,432
Fund management fee (Note C)		95,411		58,261
Amortization		-		5,714
General and administrative expenses		8,580		12,438

		127,144		102,845


NET INCOME (LOSS)	$	17,965	$	29,251




Net income (loss) allocated to assignees	$	17,785	$	28,958




Net income (loss) allocated to general partner	$	180	$	293




Net income (loss) per BAC	$	.01	$	.01

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 26

		2010		2009

Income
Interest income	$	661	$	495
Other income		12,353		32,442

		13,014		32,937



Share of income (loss) from Operating Partnerships (Note D)		-		210,011


Expenses
Professional fees		37,593		42,015
Fund management fee (Note C)		181,158		141,948
Amortization		-		17,162
General and administrative expenses		9,136		15,913

		227,887		217,038


NET INCOME (LOSS)	$	(214,873)	$	25,910




Net income (loss) allocated to assignees	$	(212,724)	$	25,651




Net income (loss) allocated to general partner	$	(2,149)	$	259




Net income (loss) per BAC	$	(.05)	$	.01

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 27

		2010		2009

Income
Interest income	$	543	$	58
Other income		11,791		165

		12,334		223



Share of income (loss) from Operating Partnerships (Note D)		(6,678)		290,717


Expenses
Professional fees		19,986		21,009
Fund management fee (Note C)		136,795		47,478
Amortization		34,246		34,246
General and administrative expenses		6,451		10,281

		197,478		113,014


NET INCOME (LOSS)	$	(191,822)	$	177,926




Net income (loss) allocated to assignees	$	(189,904)	$	176,147




Net income (loss) allocated to general partner	$	(1,918)	$	1,779




Net income (loss) per BAC	$	(.08)	$	.07

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 28

		2010		2009

Income
Interest income	$	1,984	$	1,199
Other income		22,132		7,656

		24,116		8,855



Share of income (loss) from Operating Partnerships (Note D)		-		(266,881)


Expenses
Professional fees		25,786		28,284
Fund management fee (Note C)		137,031		113,191
Amortization		-		-
General and administrative expenses		9,209		14,973

		172,026		156,448


NET INCOME (LOSS)	$	(147,910)	$	(414,474)




Net income (loss) allocated to assignees	$	(146,431)	$	(410,329)




Net income (loss) allocated to general partner	$	(1,479)	$	(4,145)




Net income (loss) per BAC	$	(.04)	$	(.10)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 29

		2010		2009

Income
Interest income	$	664	$	83
Other income		538		5,241

		1,202		5,324



Share of income (loss) from Operating Partnerships (Note D)		(24,395)		(132,903)


Expenses
Professional fees		25,160		32,678
Fund management fee (Note C)		141,552		118,240
Amortization		14,474		14,474
General and administrative expenses		9,432		15,730

		190,618		181,122


NET INCOME (LOSS)	$	(213,811)	$	(308,701)




Net income (loss) allocated to assignees	$	(211,673)	$	(305,614)




Net income (loss) allocated to general partner	$	(2,138)	$	(3,087)




Net income (loss) per BAC	$	(.05)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 30

		2010		2009

Income
Interest income	$	2,108	$	2,060
Other income		1,761		555

		3,869		2,615



Share of income (loss) from Operating Partnerships (Note D)		(50,800)		(118,137)


Expenses
Professional fees		22,237		23,924
Fund management fee (Note C)		90,835		86,511
Amortization		13,138		52,170
General and administrative expenses		7,733		11,515

		133,943		174,120


NET INCOME (LOSS)	$	(180,874)	$	(289,642)




Net income (loss) allocated to assignees	$	(179,065)	$	(286,746)




Net income (loss) allocated to general partner	$	(1,809)	$	(2,896)




Net income (loss) per BAC	$	(.07)	$	(.11)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 31

		2010		2009

Income
Interest income	$	1,207	$	1,049
Other income		4,306		5,923

		5,513		6,972



Share of income (loss) from Operating Partnerships (Note D)		-		(379,781)


Expenses
Professional fees		27,119		30,438
Fund management fee (Note C)		170,898		168,017
Amortization		-		-
General and administrative expenses		9,207		15,048

		207,224		213,503


NET INCOME (LOSS)	$	(201,711)	$	(586,312)




Net income (loss) allocated to assignees	$	(199,694)	$	(580,449)




Net income (loss) allocated to general partner	$	(2,017)	$	(5,863)




Net income (loss) per BAC	$	(.05)	$	(.13)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 32

		2010		2009

Income
Interest income	$	2,053	$	1,632
Other income		6,262		26,648

		8,315		28,280



Share of income (loss) from Operating Partnerships (Note D)		(265,260)		(408,013)


Expenses
Professional fees		25,887		23,875
Fund management fee (Note C)		127,536		112,702
Amortization		-		65,528
General and administrative expenses		9,124		15,186

		162,547		217,291


NET INCOME (LOSS)	$	(419,492)	$	(597,024)




Net income (loss) allocated to assignees	$	(415,297)	$	(591,054)




Net income (loss) allocated to general partner	$	(4,195)	$	(5,970)




Net income (loss) per BAC	$	(.09)	$	(.12)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 33

		2010		2009

Income
Interest income	$	674	$	511
Other income		107		-

		781		511



Share of income (loss) from Operating Partnerships (Note D)		(90,153)		(143,021)


Expenses
Professional fees		19,440		17,097
Fund management fee (Note C)		59,755		74,712
Amortization		-		5,990
General and administrative expenses		7,406		10,409

		86,601		108,208


NET INCOME (LOSS)	$	(175,973)	$	(250,718)




Net income (loss) allocated to assignees	$	(174,213)	$	(248,211)




Net income (loss) allocated to general partner	$	(1,760)	$	(2,507)




Net income (loss) per BAC	$	(.07)	$	(.09)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 34

		2010		2009

Income
Interest income	$	95	$	20
Other income		-		-

		95		20



Share of income (loss) from Operating Partnerships (Note D)		(171,936)		(126,429)


Expenses
Professional fees		19,769		20,461
Fund management fee (Note C)		146,598		146,598
Amortization		112,188		192,220
General and administrative expenses		8,129		12,511

		286,684		371,790


NET INCOME (LOSS)	$	(458,525)	$	(498,199)




Net income (loss) allocated to assignees	$	(453,940)	$	(493,217)




Net income (loss) allocated to general partner	$	(4,585)	$	(4,982)




Net income (loss) per BAC	$	(.13)	$	(.14)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 35

		2010		2009

Income
Interest income	$	435	$	89
Other income		-		-

		435		89



Share of income (loss) from Operating Partnerships (Note D)		(285,533)		(307,792)


Expenses
Professional fees		17,747		18,049
Fund management fee (Note C)		114,180		109,221
Amortization		36,144		36,144
General and administrative expenses		7,998		12,285

		176,069		175,699


NET INCOME (LOSS)	$	(461,167)	$	(483,402)




Net income (loss) allocated to assignees	$	(456,555)	$	(478,568)




Net income (loss) allocated to general partner	$	(4,612)	$	(4,834)




Net income (loss) per BAC	$	(.14)	$	(.15)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 36

		2010		2009

Income
Interest income	$	353	$	72
Other income		-		1,550

		353		1,622



Share of income (loss) from Operating Partnerships (Note D)		(87,712)		(198,535)


Expenses
Professional fees		18,082		17,878
Fund management fee (Note C)		76,932		60,873
Amortization		-		14,920
General and administrative expenses		7,058		9,434

		102,072		103,105


NET INCOME (LOSS)	$	(189,431)	$	(300,018)




Net income (loss) allocated to assignees	$	(187,537)	$	(297,018)




Net income (loss) allocated to general partner	$	(1,894)	$	(3,000)




Net income (loss) per BAC	$	(.09)	$	(.14)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 37

		2010		2009

Income
Interest income	$	1,983	$	1,627
Other income		-		-

		1,983		1,627



Share of income (loss) from Operating Partnerships (Note D)		(176,505)		(282,367)


Expenses
Professional fees		14,787		14,826
Fund management fee (Note C)		81,932		91,914
Amortization		59,124		59,124
General and administrative expenses		7,142		12,052

		162,985		177,916


NET INCOME (LOSS)	$	(337,507)	$	(458,656)




Net income (loss) allocated to assignees	$	(334,132)	$	(454,069)




Net income (loss) allocated to general partner	$	(3,375)	$	(4,587)




Net income (loss) per BAC	$	(.13)	$	(.18)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 38

		2010		2009

Income
Interest income	$	454	$	410
Other income		-		-

		454		410



Share of income (loss) from Operating Partnerships (Note D)		(254,373)		(300,254)


Expenses
Professional fees		17,755		17,376
Fund management fee (Note C)		75,179		59,469
Amortization		6,980		13,110
General and administrative expenses		7,317		12,515

		107,231		102,470


NET INCOME (LOSS)	$	(361,150)	$	(402,314)




Net income (loss) allocated to assignees	$	(357,539)	$	(398,291)




Net income (loss) allocated to general partner	$	(3,611)	$	(4,023)




Net income (loss) per BAC	$	(.14)	$	(.16)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 39

		2010		2009

Income
Interest income	$	1,259	$	503
Other income		-		-

		1,259		503



Share of income (loss) from Operating Partnerships (Note D)		(316,093)		(355,962)


Expenses
Professional fees		17,129		16,489
Fund management fee (Note C)		50,000		58,200
Amortization		5,558		11,036
General and administrative expenses		6,984		11,515

		79,671		97,240


NET INCOME (LOSS)	$	(394,505)	$	(452,699)




Net income (loss) allocated to assignees	$	(390,560)	$	(448,172)




Net income (loss) allocated to general partner	$	(3,945)	$	(4,527)




Net income (loss) per BAC	$	(.17)	$	(.20)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 40

		2010		2009

Income
Interest income	$	340	$	70
Other income		-		-

		340		70



Share of income (loss) from Operating Partnerships (Note D)		(185,274)		(391,699)


Expenses
Professional fees		23,511		22,267
Fund management fee (Note C)		94,378		95,008
Amortization		26,518		26,518
General and administrative expenses		7,656		12,643

		152,063		156,436


NET INCOME (LOSS)	$	(336,997)	$	(548,065)




Net income (loss) allocated to assignees	$	(333,627)	$	(542,584)




Net income (loss) allocated to general partner	$	(3,370)	$	(5,481)




Net income (loss) per BAC	$	(.13)	$	(.21)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 41

		2010		2009

Income
Interest income	$	520	$	54
Other income		32,476		29,378

		32,996		29,432



Share of income (loss) from Operating Partnerships (Note D)		61,968		(355,311)


Expenses
Professional fees		26,002		26,021
Fund management fee (Note C)		81,537		94,212
Amortization		111,256		141,382
General and administrative expenses		8,615		14,615

		227,410		276,230


NET INCOME (LOSS)	$	(132,446)	$	(602,109)




Net income (loss) allocated to assignees	$	(131,122)	$	(596,088)




Net income (loss) allocated to general partner	$	(1,324)	$	(6,021)




Net income (loss) per BAC	$	(.05)	$	(.21)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 42

		2010		2009

Income
Interest income	$	7,065	$	799
Other income		-		459

		7,065		1,258



Share of income (loss) from Operating Partnerships (Note D)		(95,877)		(445,352)


Expenses
Professional fees		29,740		27,624
Fund management fee (Note C)		21,565		109,679
Amortization		49,692		64,366
General and administrative expenses		9,599		15,124

		110,596		216,793


NET INCOME (LOSS)	$	(199,408)	$	(660,887)




Net income (loss) allocated to assignees	$	(197,414)	$	(654,278)




Net income (loss) allocated to general partner	$	(1,994)	$	(6,609)




Net income (loss) per BAC	$	(.07)	$	(.24)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 43

		2010		2009

Income
Interest income	$	957	$	567
Other income		-		-

		957		567



Share of income (loss) from Operating Partnerships (Note D)		(180,726)		(444,631)


Expenses
Professional fees		34,156		29,293
Fund management fee (Note C)		43,112		148,150
Amortization		123,874		144,868
General and administrative expenses		9,231		15,942

		210,373		338,253


NET INCOME (LOSS)	$	(390,142)	$	(782,317)




Net income (loss) allocated to assignees	$	(386,241)	$	(774,494)




Net income (loss) allocated to general partner	$	(3,901)	$	(7,823)




Net income (loss) per BAC	$	(.11)	$	(.21)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 44

		2010		2009

Income
Interest income	$	1,968	$	1,681
Other income		-		-

		1,968		1,681



Share of income (loss) from Operating Partnerships (Note D)		(424,271)		(498,105)


Expenses
Professional fees		17,332		17,054
Fund management fee (Note C)		127,352		126,355
Amortization		141,991		147,067
General and administrative expenses		7,918		13,470

		294,593		303,946


NET INCOME (LOSS)	$	(716,896)	$	(800,370)




Net income (loss) allocated to assignees	$	(709,727)	$	(792,366)




Net income (loss) allocated to general partner	$	(7,169)	$	(8,004)




Net income (loss) per BAC	$	(.26)	$	(.29)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 45

		2010		2009

Income
Interest income	$	1,844	$	1,424
Other income		-		-

		1,844		1,424



Share of income (loss) from Operating Partnerships (Note D)		(624,715)		(664,273)


Expenses
Professional fees		34,459		41,077
Fund management fee (Note C)		175,380		164,083
Amortization		136,546		144,052
General and administrative expenses		10,471		17,572

		356,856		366,784


NET INCOME (LOSS)	$	(979,727)	$	(1,029,633)




Net income (loss) allocated to assignees	$	(969,930)	$	(1,019,337)




Net income (loss) allocated to general partner	$	(9,797)	$	(10,296)




Net income (loss) per BAC	$	(.24)	$	(.25)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 46

		2010		2009

Income
Interest income	$	2,136	$	971
Other income		-		-

		2,136		971



Share of income (loss) from Operating Partnerships (Note D)		(442,567)		(311,273)


Expenses
Professional fees		22,764		22,297
Fund management fee (Note C)		117,130		124,032
Amortization		21,448		47,587
General and administrative expenses		8,939		14,238

		170,281		208,154


NET INCOME (LOSS)	$	(610,712)	$	(518,456)




Net income (loss) allocated to assignees	$	(604,605)	$	(513,271)




Net income (loss) allocated to general partner	$	(6,107)	$	(5,185)




Net income (loss) per BAC	$	(.20)	$	(.17)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2010	$	49,066,354	$	(6,742,987)	$	42,323,367

Net income (loss)		(5,270,520)		(53,236)		(5,323,756)


Partners' capital (deficit), September 30, 2010	$	43,795,834	$	(6,796,223)	$	36,999,611

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2010	$	(2,909,001)	$	(340,749)	$	(3,249,750)

Net income (loss)		873,127		8,819		881,946


Partners' capital (deficit), September 30, 2010	$	(2,035,874)	$	(331,930)	$	(2,367,804)

		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2010	$	(1,069,536)	$	(174,390)	$	(1,243,926)

Net income (loss)		(80,024)		(808)		(80,832)


Partners' capital (deficit), September 30, 2010	$	(1,149,560)	$	(175,198)	$	(1,324,758)

		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2010	$	(2,968,555)	$	(251,281)	$	(3,219,836)

Net income (loss)		625,631		6,319		631,950


Partners' capital (deficit), September 30, 2010	$	(2,342,924)	$	(244,962)	$	(2,587,886)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2010	$	(2,435,304)	$	(312,323)	$	(2,747,627)

Net income (loss)		570,222		5,760		575,982


Partners' capital (deficit), September 30, 2010	$	(1,865,082)	$	(306,563)	$	(2,171,645)

		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2010	$	(2,102,246)	$	(208,404)	$	(2,310,650)

Net income (loss)		(35,331)		(357)		(35,688)


Partners' capital (deficit), September 30, 2010	$	(2,137,577)	$	(208,761)	$	(2,346,338)

		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2010	$	(1,818,771)	$	(278,416)	$	(2,097,187)

Net income (loss)		17,785		180		17,965


Partners' capital (deficit), September 30, 2010	$	(1,800,986)	$	(278,236)	$	(2,079,222)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2010	$	(2,633,262)	$	(370,289)	$	(3,003,551)

Net income (loss)		(212,724)		(2,149)		(214,873)


Partners' capital (deficit), September 30, 2010	$	(2,845,986)	$	(372,438)	$	(3,218,424)

		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2010	$	(279,884)	$	(211,360)	$	(491,244)

Net income (loss)		(189,904)		(1,918)		(191,822)


Partners' capital (deficit), September 30, 2010	$	(469,788)	$	(213,278)	$	(683,066)

		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2010	$	(468,538)	$	(351,953)	$	(820,491)

Net income (loss)		(146,431)		(1,479)		(147,910)


Partners' capital (deficit), September 30, 2010	$	(614,969)	$	(353,432)	$	(968,401)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2010	$	(1,952,480)	$	(361,790)	$	(2,314,270)

Net income (loss)		(211,673)		(2,138)		(213,811)


Partners' capital (deficit), September 30, 2010	$	(2,164,153)	$	(363,928)	$	(2,528,081)

		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2010	$	(707,875)	$	(236,500)	$	(944,375)

Net income (loss)		(179,065)		(1,809)		(180,874)


Partners' capital (deficit), September 30, 2010	$	(886,940)	$	(238,309)	$	(1,125,249)

		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2010	$	(1,417,532)	$	(397,408)	$	(1,814,940)

Net income (loss)		(199,694)		(2,017)		(201,711)


Partners' capital (deficit), September 30, 2010	$	(1,617,226)	$	(399,425)	$	(2,016,651)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2010	$	(1,186,111)	$	(422,447)	$	(1,608,558)

Net income (loss)		(415,297)		(4,195)		(419,492)


Partners' capital (deficit), September 30, 2010	$	(1,601,408)	$	(426,642)	$	(2,028,050)

		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2010	$	(992,283)	$	(238,084)	$	(1,230,367)

Net income (loss)		(174,213)		(1,760)		(175,973)


Partners' capital (deficit), September 30, 2010	$	(1,166,496)	$	(239,844)	$	(1,406,340)

		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2010	$	(1,641,611)	$	(320,007)	$	(1,961,618)

Net income (loss)		(453,940)		(4,585)		(458,525)


Partners' capital (deficit), September 30, 2010	$	(2,095,551)	$	(324,592)	$	(2,420,143)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2010	$	1,801,481	$	(266,677)	$	1,534,804

Net income (loss)		(456,555)		(4,612)		(461,167)


Partners' capital (deficit), September 30, 2010	$	1,344,926	$	(271,289)	$	1,073,637

		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2010	$	457,246	$	(175,849)	$	281,397

Net income (loss)		(187,537)		(1,894)		(189,431)


Partners' capital (deficit), September 30, 2010	$	269,709	$	(177,743)	$	91,966

		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2010	$	709,119	$	(210,578)	$	498,541

Net income (loss)		(334,132)		(3,375)		(337,507)


Partners' capital (deficit), September 30, 2010	$	374,987	$	(213,953)	$	161,034

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2010	$	2,974,995	$	(190,439)	$	2,784,556

Net income (loss)		(357,539)		(3,611)		(361,150)


Partners' capital (deficit), September 30, 2010	$	2,617,456	$	(194,050)	$	2,423,406

		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2010	$	3,301,130	$	(165,081)	$	3,136,049

Net income (loss)		(390,560)		(3,945)		(394,505)


Partners' capital (deficit), September 30, 2010	$	2,910,570	$	(169,026)	$	2,741,544

		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2010	$	3,337,000	$	(193,508)	$	3,143,492

Net income (loss)		(333,627)		(3,370)		(336,997)


Partners' capital (deficit), September 30, 2010	$	3,003,373	$	(196,878)	$	2,806,495

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2010	$	3,304,101	$	(218,311)	$	3,085,790

Net income (loss)		(131,122)		(1,324)		(132,446)


Partners' capital (deficit), September 30, 2010	$	3,172,979	$	(219,635)	$	2,953,344

		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2010	$	5,484,551	$	(187,973)	$	5,296,578

Net income (loss)		(197,414)		(1,994)		(199,408)


Partners' capital (deficit), September 30, 2010	$	5,287,137	$	(189,967)	$	5,097,170

		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2010	$	9,915,867	$	(224,609)	$	9,691,258

Net income (loss)		(386,241)		(3,901)		(390,142)


Partners' capital (deficit), September 30, 2010	$	9,529,626	$	(228,510)	$	9,301,116

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2010
(Unaudited)

		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2010	$	9,579,993	$	(143,080)	$	9,436,913

Net income (loss)		(709,727)		(7,169)		(716,896)


Partners' capital (deficit), September 30, 2010	$	8,870,266	$	(150,249)	$	8,720,017

		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2010	$	17,982,971	$	(175,588)	$	17,807,383

Net income (loss)		(969,930)		(9,797)		(979,727)


Partners' capital (deficit), September 30, 2010	$	17,013,041	$	(185,385)	$	16,827,656

		Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2010	$	14,800,889	$	(115,893)	$		14,684,996

Net income (loss)		(604,605)		(6,107)		(610,712)


Partners' capital (deficit), September 30, 2010	$	14,196,284	$	(122,000)	$	14,074,284

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(5,323,756)	$	(9,530,920)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		893,177		1,237,678
Distributions from Operating Partnerships		133,025		184,360
Share of (Income) Loss from Operating Partnerships		1,292,228		4,901,567
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		109,850		49,875
Decrease (Increase) in other assets		(184,673)		254,871
(Decrease) Increase in accounts payable affiliates		1,577,702		1,882,866


Net cash (used in) provided by operating activities		(1,502,447)		(1,019,703)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		(111,584)		-
Proceeds from the disposition of Operating Partnerships		2,829,398		835,763


Net cash (used in) provided by investing activities		2,717,814		835,763



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,215,367		(183,940)


Cash and cash equivalents, beginning		6,498,869		6,181,988


Cash and cash equivalents, ending	$	7,714,236	$	5,998,048


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	369,625	$	250,000

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 20

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	881,946	$	(109,037)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		(921,489)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		34,076		-
Decrease (Increase) in other assets		2,633		(40,624)
(Decrease) Increase in accounts payable affiliates		(842,239)		118,876


Net cash (used in) provided by operating activities		(845,073)		(30,785)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		921,489		-


Net cash (used in) provided by investing activities		921,489		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		76,416		(30,785)


Cash and cash equivalents, beginning		187,333		174,531


Cash and cash equivalents, ending	$	263,749	$	143,746


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 21

		2010		2009


Cash flows from operating activities:
Net income (loss)	$	(80,832)	$	587,883
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		1
Share of (Income) Loss from Operating Partnerships		-		(620,200)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		15,000
Decrease (Increase) in other assets		-		88,577
(Decrease) Increase in accounts payable affiliates		13,000		(426,579)


Net cash (used in) provided by operating activities		(67,832)		(355,318)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		718,078


Net cash (used in) provided by investing activities		-		718,078



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(67,832)		362,760


Cash and cash equivalents, beginning		287,156		15,500


Cash and cash equivalents, ending	$	219,324	$	378,260


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 22

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	631,950	$	(148,049)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		(738,514)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		10,950		-
Decrease (Increase) in other assets		2,500		(1,250)
(Decrease) Increase in accounts payable affiliates		108,576		132,630


Net cash (used in) provided by operating activities		15,462		(16,669)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		738,514		-


Net cash (used in) provided by investing activities		738,514		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		753,976		(16,669)


Cash and cash equivalents, beginning		150,885		77,660


Cash and cash equivalents, ending	$	904,861	$	60,991


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 23

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	575,982	$	(142,926)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		(668,669)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		25,900		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		93,956		125,546


Net cash (used in) provided by operating activities		27,169		(17,380)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		668,669		-


Net cash (used in) provided by investing activities		668,669		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		695,838		(17,380)


Cash and cash equivalents, beginning		96,567		34,902


Cash and cash equivalents, ending	$	792,405	$	17,522


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 24

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(35,688)	$	32,118
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		(78,849)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		6,114
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(11,050)		30,084


Net cash (used in) provided by operating activities		(46,738)		(10,533)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		78,849


Net cash (used in) provided by investing activities		-		78,849



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(46,738)		68,316


Cash and cash equivalents, beginning		247,141		119,321


Cash and cash equivalents, ending	$	200,403	$	187,637


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 25

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	17,965	$	29,251
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		5,714
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		(29,375)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		12,136
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		9,206		69,008


Net cash (used in) provided by operating activities		27,171		86,734


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		38,836


Net cash (used in) provided by investing activities		-		38,836



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		27,171		125,570


Cash and cash equivalents, beginning		256,530		166,596


Cash and cash equivalents, ending	$	283,701	$	292,166


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 26

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(214,873)	$	25,910
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		17,162
Distributions from Operating Partnerships		-		1,140
Share of (Income) Loss from Operating Partnerships		-		(210,011)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		9,125
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		155,722		11,551


Net cash (used in) provided by operating activities		(59,151)		(145,123)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(59,151)		(145,123)


Cash and cash equivalents, beginning		312,412		366,614


Cash and cash equivalents, ending	$	253,261	$	221,491


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 27

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(191,822)	$	177,926
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		34,246		34,246
Distributions from Operating Partnerships		-		118
Share of (Income) Loss from Operating Partnerships		6,678		(290,717)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		(13,574)
(Decrease) Increase in accounts payable affiliates		107,602		162,347


Net cash (used in) provided by operating activities		(43,296)		70,346


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(43,296)		70,346


Cash and cash equivalents, beginning		273,885		109,954


Cash and cash equivalents, ending	$	230,589	$	180,300


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 28

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(147,910)	$	(414,474)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		49,619
Share of (Income) Loss from Operating Partnerships		-		266,881
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		(2,717)
(Decrease) Increase in accounts payable affiliates		117,058		142,058


Net cash (used in) provided by operating activities		(30,852)		41,367


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(30,852)		41,367


Cash and cash equivalents, beginning		262,507		192,128


Cash and cash equivalents, ending	$	231,655	$	233,495


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 29

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(213,811)	$	(308,701)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		14,474		14,474
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		24,395		132,903
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		165,702		165,702


Net cash (used in) provided by operating activities		(9,240)		4,378


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,240)		4,378


Cash and cash equivalents, beginning		206,375		137,986


Cash and cash equivalents, ending	$	197,135	$	142,364


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 30

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(180,874)	$	(289,642)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		13,138		52,170
Distributions from Operating Partnerships		-		1,207
Share of (Income) Loss from Operating Partnerships		50,800		118,137
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		93,086		93,086


Net cash (used in) provided by operating activities		(23,850)		(25,042)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(23,850)		(25,042)


Cash and cash equivalents, beginning		280,327		264,094


Cash and cash equivalents, ending	$	256,477	$	239,052


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 31

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(201,711)	$	(586,312)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		476
Share of (Income) Loss from Operating Partnerships		-		379,781
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		182,076		182,076


Net cash (used in) provided by operating activities		(19,635)		(23,979)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(19,635)		(23,979)


Cash and cash equivalents, beginning		166,800		182,803


Cash and cash equivalents, ending	$	147,165	$	158,824


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 32

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(419,492)	$	(597,024)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		65,528
Distributions from Operating Partnerships		-		2,984
Share of (Income) Loss from Operating Partnerships		265,260		408,013
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		15,000		3,750
Decrease (Increase) in other assets		-		(9,962)
(Decrease) Increase in accounts payable affiliates		146,694		160,985


Net cash (used in) provided by operating activities		7,462		34,274


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		60,000		-


Net cash (used in) provided by investing activities		60,000		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		67,462		34,274


Cash and cash equivalents, beginning		340,581		237,567


Cash and cash equivalents, ending	$	408,043	$	271,841


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	125,000

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 33

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(175,973)	$	(250,718)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		5,990
Distributions from Operating Partnerships		-		2,670
Share of (Income) Loss from Operating Partnerships		90,153		143,021
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		15,000		3,750
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		76,365		90,175


Net cash (used in) provided by operating activities		5,545		(5,112)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		60,000		-


Net cash (used in) provided by investing activities		60,000		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		65,545		(5,112)


Cash and cash equivalents, beginning		184,115		179,652


Cash and cash equivalents, ending	$	249,660	$	174,540


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	125,000

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 34

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(458,525)	$	(498,199)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		112,188		192,220
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		171,936		126,429
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		153,018		152,669


Net cash (used in) provided by operating activities		(21,383)		(26,881)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(21,383)		(26,881)


Cash and cash equivalents, beginning		74,138		72,369


Cash and cash equivalents, ending	$	52,755	$	45,488


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 35

			2010		2009


Cash flows from operating activities:

Net income (loss)		$	(461,167)	$	(483,402)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization			36,144		36,144
Distributions from Operating Partnerships			-		2,459
Share of (Income) Loss from Operating Partnerships			285,533		307,792
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses			-		-
Decrease (Increase) in other assets			-		-
(Decrease) Increase in accounts payable affiliates			114,180		114,180

			-		-
Net cash (used in) provided by operating activities			(25,310)		(22,827)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships			-		-
Proceeds from the disposition of Operating Partnerships			-		-


Net cash (used in) provided by investing activities			-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(25,310)		(22,827)


Cash and cash equivalents, beginning			127,244		118,051



Cash and cash equivalents, ending	$		101,934	$	95,224


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 36

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(189,431)	$	(300,018)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		14,920
Distributions from Operating Partnerships		13,640		17,516
Share of (Income) Loss from Operating Partnerships		87,712		198,535
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		86,322		85,793


Net cash (used in) provided by operating activities		(1,757)		16,746


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,757)		16,746


Cash and cash equivalents, beginning		142,855		101,615


Cash and cash equivalents, ending	$	141,098	$	118,361


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 37

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(337,507)	$	(458,656)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		59,124		59,124
Distributions from Operating Partnerships		47,169		35,604
Share of (Income) Loss from Operating Partnerships		176,505		282,367
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		102,432		102,432


Net cash (used in) provided by operating activities		47,723		20,871


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		47,723		20,871


Cash and cash equivalents, beginning		309,745		272,497


Cash and cash equivalents, ending	$	357,468	$	293,368


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 38

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(361,150)	$	(402,314)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		6,980		13,110
Distributions from Operating Partnerships		23,117		31,381
Share of (Income) Loss from Operating Partnerships		254,373		300,254
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		82,200		32,200

		-		-
Net cash (used in) provided by operating activities		5,520		(25,369)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,520		(25,369)


Cash and cash equivalents, beginning		209,324		261,393

Cash and cash equivalents, ending	$	214,844	$	236,024


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 39

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(394,505)	$	(452,699)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		5,558		11,036
Distributions from Operating Partnerships		12,754		6,418
Share of (Income) Loss from Operating Partnerships		316,093		355,962
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		68,400		18,400


Net cash (used in) provided by operating activities		8,300		(60,883)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		8,300		(60,883)


Cash and cash equivalents, beginning		183,296		239,921


Cash and cash equivalents, ending	$	191,596	$	179,038


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 40

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(336,997)	$	(548,065)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		26,518		26,518
Distributions from Operating Partnerships		475		450
Share of (Income) Loss from Operating Partnerships		185,274		391,699
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		106,223		107,980

		-
Net cash (used in) provided by operating activities		(18,507)		(21,418)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-

		-
Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,507)		(21,418)


Cash and cash equivalents, beginning		120,514		127,519


Cash and cash equivalents, ending	$	102,007	$	106,101


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 41

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(132,446)	$	(602,109)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		111,256		141,382
Distributions from Operating Partnerships		3,026		5,176
Share of (Income) Loss from Operating Partnerships		(61,968)		355,311
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		8,924		-
Decrease (Increase) in other assets		834		(835)
(Decrease) Increase in accounts payable affiliates		(179,505)		131,719


Net cash (used in) provided by operating activities		(249,879)		30,644


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		380,726		-


Net cash (used in) provided by investing activities		380,726		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		130,847		30,644


Cash and cash equivalents, beginning		78,660		40,375


Cash and cash equivalents, ending	$	209,507	$	71,019


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 42

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(199,408)	$	(660,887)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		49,692		64,366
Distributions from Operating Partnerships		150		150
Share of (Income) Loss from Operating Partnerships		95,877		445,352
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		117,628
(Decrease) Increase in accounts payable affiliates		124,890		76,160


Net cash (used in) provided by operating activities		71,201		42,769


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		(100,361)		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		(100,361)		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(29,160)		42,769


Cash and cash equivalents, beginning		348,800		359,855


Cash and cash equivalents, ending	$	319,640	$	402,624


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	182,999	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 43

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(390,142)	$	(782,317)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		123,874		144,868
Distributions from Operating Partnerships		1,368		1,657
Share of (Income) Loss from Operating Partnerships		180,726		444,631
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		(85,806)		117,628
(Decrease) Increase in accounts payable affiliates		153,390		153,390


Net cash (used in) provided by operating activities		(16,590)		79,857


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(16,590)		79,857


Cash and cash equivalents, beginning		256,265		185,952


Cash and cash equivalents, ending	$	239,675	$	265,809


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	186,626	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 44

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(716,896)	$	(800,370)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		141,991		147,067
Distributions from Operating Partnerships		5,728		-
Share of (Income) Loss from Operating Partnerships		424,271		498,105
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		(104,834)		-
(Decrease) Increase in accounts payable affiliates		142,352		(32,648)


Net cash (used in) provided by operating activities		(107,388)		(187,846)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(107,388)		(187,846)


Cash and cash equivalents, beginning		590,586		791,833


Cash and cash equivalents, ending	$	483,198	$	603,987


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 45

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(979,727)	$	(1,029,633)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		136,546		144,052
Distributions from Operating Partnerships		22,376		24,436
Share of (Income) Loss from Operating Partnerships		624,715		664,273
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		83,282		(91,718)


Net cash (used in) provided by operating activities		(112,808)		(288,590)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(112,808)		(288,590)


Cash and cash equivalents, beginning		537,189		871,105


Cash and cash equivalents, ending	$	424,381	$	582,515


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 46

		2010		2009


Cash flows from operating activities:

Net income (loss)	$	(610,712)	$	(518,456)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		21,448		47,587
Distributions from Operating Partnerships		3,222		898
Share of (Income) Loss from Operating Partnerships		442,567		311,273
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		124,764		(25,236)


Net cash (used in) provided by operating activities		(18,711)		(183,934)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		(11,223)		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		(11,223)		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(29,934)		(183,934)


Cash and cash equivalents, beginning		267,639		480,195


Cash and cash equivalents, ending	$	237,705	$	296,261


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 30, 2010
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring and, as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$38,667,000
Series 21	December 31, 1994	1,892,700	$18,927,000
Series 22	December 28, 1994	2,564,400	$25,644,000
Series 23	June 23, 1995	3,336,727	$33,366,000
Series 24	September 22, 1995	2,169,878	$21,697,000
Series 25	December 29, 1995	3,026,109	$30,248,000
Series 26	June 25, 1996	3,995,900	$39,959,000
Series 27	September 17, 1996	2,460,700	$24,607,000
Series 28	January 29, 1997	4,000,738	$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,837	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,152	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2010, and for the six months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2010 and 2009, an impairment loss of $1,810,230 and $16,813,106, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be between 1-7 years.

Accumulated amortization of acquisition costs by Series as of September 30, 2010 and 2009 is as follows:

	2010	2009
Series 25	$ -	$ 5,714
Series 26	-	17,162
Series 27	98,088	182,164
Series 29	43,424	47,446
Series 30	13,138	52,170
Series 32	-	65,528
Series 33	-	5,990
Series 34	112,188	621,449
Series 35	108,432	36,144
Series 36	-	14,920
Series 37	177,372	59,124
Series 38	6,980	13,110
Series 39	5,558	11,036
Series 40	79,554	26,518
Series 41	111,256	141,382
Series 42	49,692	64,366
Series 43	114,926	135,920
Series 44	424,199	674,273
Series 45	136,546	144,052
Series 46	21,448	39,964
	$1,502,801	$2,358,432

Capitalized Expenses

Costs incurred with borrowing funds to make capital contributions to Operating Partnerships and certain other costs are capitalized and included in investment in Operating Partnerships. The costs were being amortized on the straight-line method over 27.5 years. As of March 31, 2010 and 2009, an impairment loss of $5,090 and $1,351,978, respectively, was recorded and the lives of the remaining capitalized interest were reassessed to be between 3-7 years.

Accumulated amortization for capitalized interest by Series as of September 30, 2010 and 2009 is as follows:

	2010	2009
Series 27	$11,731	$ 7,836
Series 34	-	7,092
Series 44	3,027	2,143
	$14,758	$17,071

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management Limited Partnership as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended September 30, 2010 and 2009, are as follows:

	2010	2009
Series 20	$ 57,930	$ 84,438
Series 21	31,500	35,034
Series 22	51,613	63,648
Series 23	44,718	60,066
Series 24	44,475	48,150
Series 25	54,603	57,771
Series 26	102,862	102,862
Series 27	78,801	78,801
Series 28	83,529	83,529
Series 29	82,851	82,851
Series 30	46,543	46,543
Series 31	91,038	91,038
Series 32	73,122	79,276
Series 33	34,903	41,059
Series 34	73,299	73,299
Series 35	57,090	57,090
Series 36	40,149	40,149
Series 37	51,216	51,216
Series 38	41,100	41,100
Series 39	34,200	34,200
Series 40	50,004	50,004
Series 41	59,517	61,708
Series 42	62,445	63,080
Series 43	76,695	76,695
Series 44	71,176	71,176
Series 45	91,641	91,641
Series 46	62,382	62,382
	$1,649,402	$1,728,806

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the six months ended September 30, 2010 and 2009 are as follows:

	2010	2009
Series 20	$ 965,000	$ 50,000
Series 21	50,000	500,000
Series 24	100,000	75,000
Series 25	100,000	50,000
Series 26	50,000	200,000
Series 27	50,000	-
Series 28	50,000	25,000
Series 38	-	50,000
Series 39	-	50,000
Series 41	300,000	-
Series 42	-	50,000
Series 44	-	175,000
Series 45	100,000	275,000
Series 46	-	150,000
	$1,765,000	$1,650,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2010 and 2009, the Fund has limited partnership interests in 479 and 502 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2010 and 2009 are as follows:

	2010	2009
Series 20	18	22
Series 21	10	12
Series 22	23	29
Series 23	17	22
Series 24	20	22
Series 25	19	20
Series 26	43	43
Series 27	16	16
Series 28	26	26
Series 29	21	21
Series 30	18	18
Series 31	26	26
Series 32	15	16
Series 33	9	10
Series 34	14	14
Series 35	11	11
Series 36	11	11
Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	20	21

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

Series 42	22	22
Series 43	23	23
Series 44	10	10
Series 45	30	30
Series 46	15	15
	479	502

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at September 30, 2010 and 2009 are as follows:

	2010	2009
Series 22	$ 9,352	$ 9,352
Series 24	9,999	9,999
Series 25	10,001	10,001
Series 26	14,490	14,490
Series 27	22,861	39,749
Series 28	40,968	40,968
Series 29	10,197	10,197
Series 30	127,396	127,396
Series 31	66,294	66,294
Series 32	173,561	173,561
Series 33	69,154	69,154
Series 37	138,438	138,438
Series 40	102	102
Series 41	100	100
Series 42	169,577	452,937
Series 43	121,112	307,738
Series 44	590,561	590,561
Series 45	16,724	16,724
Series 46	8,915	20,138
	$1,599,802	$2,097,899

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2010 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by Series for September 30, 2010 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition

Series 20	3	-	$	921,489	$	921,489
Series 22	2	-		738,514		738,514
Series 23	3	-		668,669		668,669
Series 25	-	1		-		-
Series 32	1	-		60,000		60,000
Series 33	1	-		60,000		60,000
Series 41	1	-		380,726		380,726

Total	11	1	$	2,829,398	$	2,829,398

During the six months ended September 30, 2009 the Fund disposed of eight Operating Partnerships. A summary of the dispositions by Series for September 30, 2009 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition

Series 21	1	-	$	718,078	$	620,200
Series 24	1	1		78,849		78,849
Series 25	2	-		38,836		38,836
Series 26	2	-		-		-
Series 42	-	1		-		-

Total	6	2	$	835,763	$	737,885

The gain (loss) described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the six months ended June 30, 2010.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

		2010	2009

Revenues
	Rental	$ 79,909,978	$ 82,177,474
	Interest and other	2,643,883	3,167,128
		82,553,861	85,344,602

Expenses
	Interest	17,801,669	19,703,364
	Depreciation and amortization	23,441,421	24,834,303
	Operating expenses	52,006,997	53,705,789
		93,250,087	98,243,456

NET INCOME (LOSS)		$(10,696,226)	$(12,898,854)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$(10,589,259)	$(12,769,864)

Net income (loss) allocated to other Partners		$ (106,967)	$ (128,990)

* Amounts include $(6,467,633) and $(7,130,412) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 20

		2010	2009
Revenues
	Rental	$ 3,270,892	$ 4,835,711
	Interest and other	149,817	281,627
		3,420,709	5,117,338

Expenses
	Interest	687,761	1,236,004
	Depreciation and amortization	858,308	1,181,484
	Operating expenses	2,630,862	3,178,887
		4,176,931	5,596,375

NET INCOME (LOSS)		$ (756,222)	$ (479,037)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (748,660)	$ (474,247)

Net income (loss) allocated to other Partners		$ (7,562)	$ (4,790)

* Amounts include $(748,660) and $(474,247) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 21

		2010	2009
Revenues
	Rental	$ 1,407,438	$ 1,817,685
	Interest and other	27,046	44,885
		1,434,484	1,862,570

Expenses
	Interest	422,060	500,130
	Depreciation and amortization	311,508	408,867
	Operating expenses	791,699	1,100,994
		1,525,267	2,009,991

NET INCOME (LOSS)		$ (90,783)	$ (147,421)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (89,875)	$ (145,947)

Net income (loss) allocated to other Partners		$ (908)	$ (1,474)

* Amounts include $(89,875) and $(145,947) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 22

		2010	2009
Revenues
	Rental	$ 2,411,690	$ 2,976,107
	Interest and other	169,334	191,864
		2,581,024	3,167,971

Expenses
	Interest	459,822	595,122
	Depreciation and amortization	719,773	884,412
	Operating expenses	1,757,727	2,249,000
		2,937,322	3,728,534

NET INCOME (LOSS)		$ (356,298)	$ (560,563)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (352,735)	$ (554,957)

Net income (loss) allocated to other Partners		$ (3,563)	$ (5,606)

* Amounts include $(352,735) and $(554,957) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 23

		2010	2009
Revenues
	Rental	$ 2,583,916	$ 3,304,040
	Interest and other	176,879	174,265
		2,760,795	3,478,305

Expenses
	Interest	534,413	783,636
	Depreciation and amortization	619,531	772,842
	Operating expenses	1,837,233	2,380,242
		2,991,177	3,936,720

NET INCOME (LOSS)		$ (230,382)	$ (458,415)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (228,077)	$ (453,830)

Net income (loss) allocated to other Partners		$ (2,305)	$ (4,585)

* Amounts include $(228,077) and $(453,830) for 2010 and 2009, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 24

		2010	2009
Revenues
	Rental	$ 2,504,743	$ 2,590,764
	Interest and other	42,325	51,677
		2,547,068	2,642,441

Expenses
	Interest	542,590	621,971
	Depreciation and amortization	747,266	820,656
	Operating expenses	1,523,492	1,744,377
		2,813,348	3,187,004

NET INCOME (LOSS)		$ (266,280)	$ (544,563)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (263,617)	$ (539,117)

Net income (loss) allocated to other Partners		$ (2,663)	$ (5,446)

* Amounts include $(263,617) and $(539,117) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 25

		2010	2009
Revenues
	Rental	$ 4,439,729	$ 4,747,644
	Interest and other	68,109	63,121
		4,507,838	4,810,765

Expenses
	Interest	806,619	955,413
	Depreciation and amortization	880,815	1,116,102
	Operating expenses	2,741,196	3,078,331
		4,428,630	5,149,846

NET INCOME (LOSS)		$ 79,208	$ (339,081)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ 78,416	$ (335,690)

Net income (loss) allocated to other Partners		$ 792	$ (3,391)

* Amounts include $78,416 and $(326,229) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 26

		2010	2009
Revenues
	Rental	$ 5,580,981	$ 5,468,742
	Interest and other	180,083	170,105
		5,761,064	5,638,847

Expenses
	Interest	1,028,365	1,077,705
	Depreciation and amortization	1,307,349	1,313,636
	Operating expenses	3,653,227	3,630,162
		5,988,941	6,021,503

NET INCOME (LOSS)		$ (227,877)	$ (382,656)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (225,598)	$ (378,829)

Net income (loss) allocated to other Partners		$ (2,279)	$ (3,827)

* Amounts include $(225,598) and $(588,840) for 2010 and 2009, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 27

		2010	2009
Revenues
	Rental	$4,148,564	$ 4,065,202
	Interest and other	54,973	70,011
		4,203,537	4,135,213

Expenses
	Interest	978,802	1,053,575
	Depreciation and amortization	850,575	853,345
	Operating expenses	2,075,925	2,069,973
		3,905,302	3,976,893

NET INCOME (LOSS)		$ 298,235	$ 158,320

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ 295,253	$ 156,737

Net income (loss) allocated to other Partners		$ 2,982	$ 1,583

* Amounts include $301,931 and $(133,980) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 28

		2010	2009
Revenues
	Rental	$ 3,456,698	$ 3,389,419
	Interest and other	70,857	86,614
		3,527,555	3,476,033

Expenses
	Interest	681,979	718,079
	Depreciation and amortization	1,071,875	1,119,563
	Operating expenses	2,683,335	2,485,723
		4,437,189	4,323,365

NET INCOME (LOSS)		$ (909,634)	$ (847,332)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (900,538)	$ (838,859)

Net income (loss) allocated to other Partners		$ (9,096)	$ (8,473)

* Amounts include $(900,538) and $(571,978) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 29

		2010	2009
Revenues
	Rental	$ 3,795,641	$ 3,449,501
	Interest and other	99,490	190,758
		3,895,131	3,640,259

Expenses
	Interest	833,299	919,128
	Depreciation and amortization	1,277,253	1,208,537
	Operating expenses	2,510,193	2,519,738
		4,620,745	4,647,403

NET INCOME (LOSS)		$ (725,614)	$(1,007,144)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (718,358)	$ (997,073)

Net income (loss) allocated to other Partners		$ (7,256)	$ (10,071)

* Amounts include $(693,963) and $(864,170) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 30

		2010	2009
Revenues
	Rental	$ 2,622,310	$ 2,582,814
	Interest and other	49,956	54,603
		2,672,266	2,637,417

Expenses
	Interest	419,549	444,372
	Depreciation and amortization	621,737	609,718
	Operating expenses	2,063,951	1,938,047
		3,105,237	2,992,137

NET INCOME (LOSS)		$ (432,971)	$ (354,720)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (428,641)	$ (351,173)

Net income (loss) allocated to other Partners		$ (4,330)	$ (3,547)

* Amounts include $(377,841) and $(233,036) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 31

		2010	2009
Revenues
	Rental	$ 5,153,609	$ 4,911,837
	Interest and other	134,636	179,290
		5,288,245	5,091,127

Expenses
	Interest	947,083	983,942
	Depreciation and amortization	1,666,736	1,546,932
	Operating expenses	3,291,223	3,354,519
		5,905,042	5,885,393

NET INCOME (LOSS)		$ (616,797)	$ (794,266)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (610,629)	$ (786,323)

Net income (loss) allocated to other Partners		$ (6,168)	$ (7,943)

* Amounts include $(610,629) and $(406,542) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 32

		2010	2009
Revenues
	Rental	$ 3,023,568	$ 3,103,707
	Interest and other	93,905	142,320
		3,117,473	3,246,027

Expenses
	Interest	633,907	742,637
	Depreciation and amortization	1,125,546	1,222,298
	Operating expenses	2,089,742	2,014,860
		3,849,195	3,979,795

NET INCOME (LOSS)		$ (731,722)	$ (733,768)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (724,405)	$ (726,430)

Net income (loss) allocated to other Partners		$ (7,317)	$ (7,338)

* Amounts include $(399,145) and $(318,417) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 33

		2010	2009
Revenues
	Rental	$ 1,420,960	$ 1,736,651
	Interest and other	50,403	52,179
		1,471,363	1,788,830

Expenses
	Interest	388,451	471,597
	Depreciation and amortization	502,994	587,231
	Operating expenses	919,800	1,071,653
		1,811,245	2,130,481

NET INCOME (LOSS)		$ (339,882)	$ (341,651)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (336,483)	$ (338,234)

Net income (loss) allocated to other Partners		$ (3,399)	$ (3,417)

* Amounts include $(186,330) and $(195,213) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 34

		2010	2009
Revenues
	Rental	$ 2,900,573	$ 3,003,342
	Interest and other	96,577	172,675
		2,997,150	3,176,017

Expenses
	Interest	720,845	826,039
	Depreciation and amortization	1,076,757	1,075,667
	Operating expenses	1,923,146	1,771,401
		3,720,748	3,673,107

NET INCOME (LOSS)		$ (723,598)	$ (497,090)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (716,362)	$ (492,119)

Net income (loss) allocated to other Partners		$ (7,236)	$ (4,971)

* Amounts include $(544,426) and $(365,690) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

(Unaudited)

Series 35

		2010	2009
Revenues
	Rental	$ 2,317,349	$ 2,263,098
	Interest and other	144,109	85,270
		2,461,458	2,348,368

Expenses
	Interest	529,319	542,097
	Depreciation and amortization	778,370	777,174
	Operating expenses	1,619,421	1,491,324
		2,927,110	2,810,595

NET INCOME (LOSS)		$ (465,652)	$ (462,227)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (460,995)	$ (457,605)

Net income (loss) allocated to other Partners		$ (4,657)	$ (4,622)

* Amounts include $(175,462) and $(149,813) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 36

		2010	2009
Revenues
	Rental	$ 1,747,040	$ 1,716,873
	Interest and other	49,463	56,221
		1,796,503	1,773,094

Expenses
	Interest	424,892	443,559
	Depreciation and amortization	513,326	535,526
	Operating expenses	1,041,979	1,017,963
		1,980,197	1,997,048

NET INCOME (LOSS)		$ (183,694)	$ (223,954)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (181,857)	$ (221,714)

Net income (loss) allocated to other Partners		$ (1,837)	$ (2,240)

* Amounts include $(94,145) and $(23,179) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 37

		2010	2009
Revenues
	Rental	$ 2,291,029	$ 2,260,259
	Interest and other	80,070	93,694
		2,371,099	2,353,953

Expenses
	Interest	409,418	464,721
	Depreciation and amortization	846,322	801,538
	Operating expenses	1,662,938	1,584,474
		2,918,678	2,850,733

NET INCOME (LOSS)		$ (547,579)	$ (496,780)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (542,103)	$ (491,812)

Net income (loss) allocated to other Partners		$ (5,476)	$ (4,968)

* Amounts include $(365,598) and $(209,445) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 38

		2010	2009
Revenues
	Rental	$ 1,727,696	$ 1,668,803
	Interest and other	77,709	58,715
		1,805,405	1,727,518

Expenses
	Interest	387,454	406,008
	Depreciation and amortization	567,294	552,516
	Operating expenses	1,107,600	1,072,280
		2,062,348	2,030,804

NET INCOME (LOSS)		$ (256,943)	$ (303,286)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.		$ (254,373)	$ (300,254)

Net income (loss) allocated to other Partners		$ (2,570)	$ (3,032)

Boston Capital Tax Credit Fund IV L.P.

Series 39

		2010	2009
Revenues
	Rental	$ 1,242,215	$ 1,212,424
	Interest and other	98,485	78,543
		1,340,700	1,290,967

Expenses
	Interest	258,684	260,070
	Depreciation and amortization	459,809	477,496
	Operating expenses	941,493	912,959
		1,659,986	1,650,525

NET INCOME (LOSS)		$ (319,286)	$ (359,558)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.		$ (316,093)	$ (355,962)

Net income (loss) allocated to other Partners		$ (3,193)	$ (3,596)

Boston Capital Tax Credit Fund IV L.P.

Series 40

		2010	2009
Revenues
	Rental	$ 1,964,617	$ 1,620,596
	Interest and other	61,757	80,011
		2,026,374	1,700,607

Expenses
	Interest	495,795	381,103
	Depreciation and amortization	619,463	610,644
	Operating expenses	1,244,889	1,104,515
		2,360,147	2,096,262

NET INCOME (LOSS)		$ (333,773)	$ (395,655)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (330,435)	$ (391,699)

Net income (loss) allocated to other Partners		$ (3,338)	$ (3,956)

* Amounts include $(145,161) and $- for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 41

		2010	2009
Revenues
	Rental	$ 2,569,207	$ 2,689,780
	Interest and other	68,496	100,275
		2,637,703	2,790,055

Expenses
	Interest	732,801	842,992
	Depreciation and amortization	758,643	842,891
	Operating expenses	1,521,132	1,510,027
		3,012,576	3,195,910

NET INCOME (LOSS)		$ (374,873)	$ (405,855)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (371,124)	$ (401,796)

Net income (loss) allocated to other Partners		$ (3,749)	$ (4,059)

* Amounts include $(52,366) and $(46,485) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 42

		2010	2009
Revenues
	Rental	$ 2,945,430	$ 2,895,350
	Interest and other	107,337	126,681
		3,052,767	3,022,031

Expenses
	Interest	681,806	739,661
	Depreciation and amortization	832,535	882,105
	Operating expenses	1,746,289	2,022,677
		3,260,630	3,644,443

NET INCOME (LOSS)		$ (207,863)	$ (622,412)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (205,784)	$ (616,188)

Net income (loss) allocated to other Partners		$ (2,079)	$ (6,224)

* Amounts include $(109,907) and $(170,836) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 43

		2010	2009
Revenues
	Rental	$ 3,415,971	$ 3,352,187
	Interest and other	103,289	129,586
		3,519,260	3,481,773

Expenses
	Interest	734,813	785,861
	Depreciation and amortization	1,078,601	1,183,840
	Operating expenses	2,045,613	2,135,385
		3,859,027	4,105,086

NET INCOME (LOSS)		$ (339,767)	$ (623,313)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (336,369)	$ (617,080)

Net income (loss) allocated to other Partners		$ (3,398)	$ (6,233)

* Amounts include $(155,643) and $(172,449) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 44

		2010	2009
Revenues
	Rental	$ 3,827,977	$ 3,566,931
	Interest and other	87,651	134,878
		3,915,628	3,701,809

Expenses
	Interest	1,151,852	1,013,799
	Depreciation and amortization	1,199,060	1,235,926
	Operating expenses	2,143,407	2,085,247
		4,494,319	4,334,972

NET INCOME (LOSS)		$ (578,691)	$ (633,163)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (572,904)	$ (626,831)

Net income (loss) allocated to other Partners		$ (5,787)	$ (6,332)

* Amounts include $(148,633) and $(128,726) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 45

		2010	2009
Revenues
	Rental	$ 4,616,020	$ 4,470,953
	Interest and other	153,599	193,935
		4,769,619	4,664,888

Expenses
	Interest	1,144,589	1,150,841
	Depreciation and amortization	1,464,297	1,558,879
	Operating expenses	2,771,184	2,684,015
		5,380,070	5,393,735

NET INCOME (LOSS)		$ (610,451)	$ (728,847)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (604,346)	$ (721,559)

Net income (loss) allocated to other Partners		$ (6,105)	$ (7,288)

* Amounts include $20,369 and $(57,286) for 2010 and 2009, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 46

		2010	2009
Revenues
	Rental	$ 2,524,115	$ 2,477,054
	Interest and other	147,528	103,325
		2,671,643	2,580,379

Expenses
	Interest	764,701	743,302
	Depreciation and amortization	685,678	654,478
	Operating expenses	1,668,301	1,497,016
		3,118,680	2,894,796

NET INCOME (LOSS)		$ (447,037)	$ (314,417)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.		$ (442,567)	$ (311,273)

Net income (loss) allocated to other Partners		$ (4,470)	$ (3,144)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2010

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended September 30, 2010 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure.

NOTE G - SUBSEQUENT EVENTS

The Fund has entered into an agreement to sell the interest in two Operating Partnerships. The estimated sales price and other terms for the dispositions of the Operating Partnerships have been determined. The estimated proceeds to be received for the Operating Partnerships are $898,475. The estimated gain on the sale of the Operating Partnerships are $898,475, and the sales are expected to be recognized in the third quarter of fiscal year 2011.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2010. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds is the proceeds of the Public Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended September 30, 2010 were $1,649,402 and total fund management fees accrued as of September 30, 2010 were $50,994,422. During the six months ended September 30, 2010, $1,765,000 of accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

Liquidity (continued)

As of September 30, 2010, an affiliate of the general partner of the Fund advanced a total of $1,787,787 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. During the six months ended September 30, 2010, $28,061 was advanced to the Fund from an affiliate of the general partner. The advances made in the six months ended, as well as the total advances made as of September 30, 2010, are as follows:

	Current
	Year	Total

Series 21	$ -	$ 108,007
Series 22	1,646	53,627
Series 23	1,646	64,156
Series 27	-	54,128
Series 33	6,110	54,660
Series 34	6,420	69,334
Series 36	6,024	129,614
Series 38	-	69,191
Series 39	-	220,455
Series 40	6,215	331,761
Series 41	-	359,757
Series 42	-	221,615
Series 43	-	51,482
	$28,061	$1,787,787

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,257, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of September 30, 2010.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in 6 of the Operating Partnerships and 18 remain.

Prior to the quarter ended September 30, 2010, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in 4 of the Operating Partnerships and 10 remain.

Prior to the quarter ended September 30, 2010, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in 6 of the Operating Partnerships and 23 remain.

During the quarter ended September 30, 2010, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $9,352 as of September 30, 2010. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in 5 of the Operating Partnerships and 17 remain.

Prior to the quarter ended September 30, 2010, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in 4 of the Operating Partnerships and 20 remain.

During the quarter ended September 30, 2010, Series 24 did not record any releases of capital contributions. Series 24 has outstanding contributions payable to 1 Operating Partnership in the amount of $9,999 as of September 30, 2010. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in 3 of the Operating Partnerships and 19 remain.

During the quarter ended September 30, 2010, Series 25 did not record any releases of capital contributions. Series 25 has outstanding contributions payable to 1 Operating Partnership in the amount of $10,001 as of September 30, 2010. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in its partnership agreement.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in 2 of the Operating Partnerships and 43 remain.

During the quarter ended September 30, 2010, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable to 3 Operating Partnerships in the amount of $14,490, as of September 30, 2010. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574.

During the quarter ended September 30, 2010, Series 27 did not record any releases of capital contributions. Series 27 has outstanding contributions payable to 3 Operating Partnerships in the amount of $22,861 as of September 30, 2010. Of the amount outstanding, $19,341 has been advanced to one of the Operating Partnerships. The advance will be converted to capital and the remaining contributions of $3,520 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 28

The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983.

During the quarter ended September 30, 2010, Series 28 did not record any releases of capital contributions. Series 28 has outstanding contributions payable to 3 Operating Partnerships in the amount of $40,968 as of September 30, 2010. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 1 of the Operating Partnerships and 21 remain.

During the quarter ended September 30, 2010, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 3 Operating Partnerships in the amount of $10,197 as of September 30, 2010. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in 2 of the Operating Partnerships and 18 remain.

During the quarter ended September 30, 2010, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 4 Operating Partnerships in the amount of $127,396 as of September 30, 2010. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in 1 of the Operating Partnerships and 26 remain.

During the quarter ended September 30, 2010, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of September 30, 2010. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 2 of the Operating Partnerships and 15 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended September 30, 2010, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 3 Operating Partnerships in the amount of $173,561 as of September 30, 2010. Of the amount outstanding, $46,908 has been advanced or loaned to some of the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $126,653 will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in 1 of the Operating Partnership and 9 remain.

During the quarter ended September 30, 2010, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of September 30, 2010. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978.

Prior to the quarter ended September 30, 2010, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391.

Prior to the quarter ended September 30, 2010, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041.

Prior to the quarter ended September 30, 2010, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142.

During the quarter ended September 30, 2010, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of September 30, 2010. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2010, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of September 30, 2010. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended September 30, 2010, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,033,772 as of September 30, 2010. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended September 30, 2010, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of September 30, 2010. The remaining contributions will be released when the Operating Partnership have achieved the conditions set forth in its partnership agreement.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. Series 41 has since sold its interest in 3 of the Operating Partnerships and 20 remain.

During the quarter ended September 30, 2010, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of September 30, 2010. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 1 of the Operating Partnerships and 22 remain.

During the quarter ended September 30, 2010, Series 42 released $6,419 of capital contributions. Series 42 has outstanding contributions payable to 3 Operating Partnerships in the amount of $169,577 as of September 30, 2010. Of the amount outstanding, $150,820 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $18,757 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in June 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 43.

During the quarter ended September 30, 2010, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 3 Operating Partnerships in the amount of $121,112 as of September 30, 2010. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $57,436 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 44.

During the quarter ended September 30, 2010, Series 44 did not record any releases of capital contributions. Series 44 has outstanding contributions payable to 2 Operating Partnerships in the amount of $590,561 as of September 30, 2010. Of the amount outstanding, $196,604 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $393,957 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 45. Series 45 has since sold its interest in 1 of the Operating Partnerships and 30 remain.

During the quarter ended September 30, 2010, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of September 30, 2010. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in their partnership agreement.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 46.

During the quarter ended September 30, 2010, Series 46 did not record any releases of capital contributions. Series 46 has outstanding contributions payable to 1 Operating Partnership in the amount of $8,915 as of September 30, 2010. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in their partnership agreement.

Results of Operations

As of September 30, 2010 and 2009, the Fund held limited partnership interests in 479 and 502 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 30, 2010, are as follows:

	3 Months Management Fee Net of Reporting Fee	3 Months Reporting Fee	6 Months Management Fee Net of Reporting Fee	6 Months Reporting Fee
Series 20	$ 55,422	$ 2,508	$ 81,275	$ 41,486
Series 21	29,037	2,463	57,272	5,728
Series 22	44,309	7,304	88,314	18,616
Series 23	43,468	1,250	68,560	23,750
Series 24	43,461	1,014	78,224	10,726
Series 25	53,119	1,484	95,411	13,795
Series 26	90,469	12,393	181,158	24,564
Series 27	79,244	(443)	136,795	20,807
Series 28	81,529	2,000	137,031	30,027
Series 29	72,951	9,900	141,552	24,150
Series 30	44,292	2,251	90,835	2,251
Series 31	79,860	11,178	170,898	11,178
Series 32	59,122	14,000	127,536	19,158
Series 33	28,403	6,500	59,755	10,500
Series 34	73,299	-	146,598	-
Series 35	57,090	-	114,180	-
Series 36	39,861	288	76,932	3,366
Series 37	33,216	18,000	81,932	20,500
Series 38	41,100	-	75,179	7,021
Series 39	25,800	8,400	50,000	18,400
Series 40	46,524	3,480	94,378	5,630
Series 41	58,017	1,500	81,537	38,958
Series 42	51,789	10,656	21,565	103,325
Series 43	75,695	1,000	43,112	110,278
Series 44	70,176	1,000	127,352	15,000
Series 45	88,641	3,000	175,380	7,902
Series 46	55,506	6,876	117,130	7,634
	$1,521,400	$128,002	$2,719,891	$594,750

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 20 reflects a net loss from Operating Partnerships of $(756,222) and $(479,037), respectively, which includes depreciation and amortization of $858,308 and $1,181,484, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

East Douglas Apartments (East Douglas Apartments Limited Partnership) has historically operated at or just below breakeven due to a combination of the low rent structure mandated by the state tax credit monitoring agency, the Illinois Housing Development Authority ("IHDA"), and high debt. In general, the fundamentals of the property have been deteriorating since 2006 as a result of a decrease in annual average occupancy and a decrease in net effective rents. Occupancy as of June 30, 2010 averaged 77%. Average occupancy for 2009 was 86% versus 82% for 2008, 81% for 2007 and 93% for 2006. Due to several months of low occupancy, the property had insufficient cash to turn units and pay payroll and property management fees in early 2009. In May 2009, the investment partnership funded $16,238 to cover some payables associated with unit turn costs, as well as past due management fees and payroll. In the third quarter of 2009, the investment partnership funded an additional $23,553 to cover mold remediation costs (see below) that property operations could not support. To date, the investment partnership has funded $72,178 to the Operating Partnership for operating deficits, of which $39,791 was funded in 2009; $17,112 was funded in 2007; and the remainder was funded in prior years. The property operated slightly below breakeven in 2008 and has continued to operate below breakeven. The property should be able to breakeven at 94% occupancy; however, at the current occupancy level it is not possible to cover the cost of unit turnovers and pay debt service. The Operating Partnership previously established an operating reserve, which had a balance of approximately $78,000 at the end of the second quarter 2009; however, per the loan documents, this reserve functions as a debt service reserve, is controlled by the lender, and is only to be withdrawn from by the lender in the event of default under the loan agreement.

Several years ago, the operating general partner tried to improve the property's financial performance by refinancing the mortgage, but was unsuccessful. Currently, an affiliate of the investment general partner is serving as the operating general partner. The investment general partner had been attempting to find a replacement operating general partner and was in discussions with several interested parties; however, no offers resulted from these conversations. As a result, the investment general partner hired a real estate broker to evaluate the operating general partner interest and help identify additional operating general partner replacements. To date it has been difficult to find an unrelated third party willing to step in as the operating general partner for an underperforming property. The broker suggested that the most likely replacement operating general partner would be a non-profit entity. The investment general partner requested assistance from IHDA, which is also the second lender, in identifying such a non-profit; however, IHDA was unable to provide recommendations or identify specific non-profit developers.

In May 2009, management reported mold growth in the basement of the property after several weeks of heavy rain. The water eventually dissipated, but the excessive moisture in the basement caused rapid mold growth, mostly in the storage areas and stairwell of the basement. Mold growth also spread into the laundry room used by the residents. No resident units were affected. A mold inspection was performed in June 2009 and remediation bids were received in July 2009. Remediation began in July 2009 and cost approximately $42,000, of which approximately $18,500 was paid out of operating cash. The work was completed in August 2009 and a subsequent inspection revealed that all samples were below acceptable contamination levels. To date, there have been no reports or claims with regard to this mold issue from any residents.

The property taxes and insurance are current; however, in June 2009, the Operating Partnership stopped making debt service payments due to cash flow shortfalls. The lender has issued a default notice, started the foreclosure process and appointed a receiver to run the property. During the fourth quarter of 2009, the Operating Partnership met with the senior lender to discuss the status of the property. As a result of this meeting, a restructuring proposal was made to the senior lender. This proposal sought to waive principal payments on the first, second and third mortgages from June of 2009 until December of 2011 with the deferral of principal payments contingent upon the extension through December 2011 of the existing agreement between the City of Bloomington, IL and the Operating Partnership. Under this agreement, the City reimburses the Operating Partnership for real estate taxes in excess of the 1996 property tax amount of $3,203. This agreement expired on December 31, 2009.

During the first quarter of 2010, the senior lender denied the Operating Partnership's request to restructure the debt and decided to proceed toward foreclosure. On March 24, 2010, the court granted the lender a judgment of foreclosure. On June 30, 2010, the foreclosure sale was completed and title to the property was conveyed. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of September 30, 2010.

Prior to foreclosure, the investment general partner concluded that the forecasted costs to maintain the property through December 31, 2010, the end of the low income housing tax credit compliance period, would be greater than the benefits associated with maintaining tax credit compliance. Any foreclosure sale occurring prior to the December 31, 2010 expiration of the low income housing tax credit compliance period may potentially expose the Operating Partnership to tax credit recapture and interest penalty costs. These costs are estimated to be $292,999, equivalent to $74 per 1,000 BACs, when the 2010 tax return is filed. The lender assigned a receiver to the property on October 1, 2009. As of September 30, 2010, the receiver continues to manage the property for the new owner.

2730 Lafferty Street Apartments L.P. (Gardenview Apartments) is a 309-unit property located approximately twenty miles outside Houston, Texas. In 2009, the property operated below breakeven for the year with occupancy as of December 31, 2009 at 82%. Marketing efforts have been focused on local medical offices as well as the City of Pasadena and Harris County Housing Authorities. In addition, a move-in special of one month free and a resident referral program with a $300 discount are in place. The occupancy for the third quarter of 2010 increased slightly to 86% ending in September at 87%; with the implementation of the new marketing plan, management is hopeful the occupancy will show signs of improvement for the remainder of 2010. The mortgage, taxes, and insurance payments are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expires with respect to Lafferty Street Apartments, L.P.

Northfield Apartments, LP (Willow Point I Apartments) is a 120-unit property located in Jackson, Mississippi. Through the third quarter of 2010, the property continued to operate below breakeven due to low occupancy and high operating expenses. Occupancy decreased slightly from the first quarter and ended the third quarter at 66% occupied. Occupancy remains low due to a lack of rent ready units. The investment general partner conducted a site visit in September to assess the physical condition of the property and evaluate the management team. The property appeared tired and there is evidence of deferred maintenance. The Jackson, MS market is over-saturated with affordable units and in its present condition, the property will have difficulty competing with newer affordable communities in the market. During the site visit, the management and maintenance teams were fully staffed; however, personnel turnover has been a problem for this property and the investment general partner has reservations about management's ability to maintain current staffing levels. After the site visit, the investment general partner had the property shopped. The management team scored poorly and the shopper was unable to view a rent ready unit. The investment general partner will meet with the operating general partner to discuss its concerns and determine the operating general partner's plan to improve operation. All tax and insurance payments are current; however, the operating general partner has not paid the September and October mortgage payments. According to the operating general partner, they have made an arrangement with the lender to add these payments onto the end of the loan period. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Northfield Apartments, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In December 2006, the investment general partner of Boston Capital Tax Credit Fund II - Series 14, Series 17 and Boston Capital Tax Credit Fund IV - Series 20 transferred 33% of their interest in College Greene Rental Associates Limited Partnership to entities affiliated with the operating general partners for their assumption of one third of the outstanding mortgage balance. The cash proceeds received by Series 14, Series 17, and Series 20 were $25,740, $7,919, and $65,341, respectively. Of the proceeds received, $1,950, $599, and $4,951 for Series 14, Series 17, and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds received by Series 14, Series 17, and Series 20 of $23,790, $7,320 and $60,390, respectively, were applied against the investment limited partners' investment in the Operating Partnership in accordance with the equity method of accounting. In April 2010, the investment limited partner transferred 49% of its interest for $68,174, $20,977, and $173,058 for Series 14, Series 17 and Series 20, respectively. Of the proceeds received, $7,000, $3,400 and $15,000 for Series 14, Series 17 and Series 20, respectively, will be paid to BCAMLP for expenses related to the transfer. The remaining proceeds of $61,174, $17,577 and $158,058, respectively, were returned to the cash reserves held by Series 14, Series 17 and Series 20, respectively. The proceeds were allocated to the investment limited partnerships based on their original equity investments in the Operating Partnership. The remaining investment limited partner interest is scheduled to be transferred in March 2011.

Floral Acres Apartments II (Floral Acres II) is a 32-unit complex located in Waggaman, LA. The property operated above breakeven in 2008 with average occupancy of 90%. As of December 31, 2009, occupancy was at 94%, yet the property operated below breakeven for the year due to a large increase in operating expenses. Maintenance costs increased from $16,949 in 2008 to $87,096 in 2009. According to the operating general partner, Rural Development required significant repair work as a result of their most recent audit. Repair work included a new roof and flooring throughout the complex. All repair work was completed in the fourth quarter of 2009. Occupancy has improved to 100% as of September 30, 2010, but operations are slightly below breakeven through September. The operating general partner expects continued improvement as occupancy has stabilized and maintenance expenses have corrected back to historic levels. Management expects that the property will operate above breakeven by year-end. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Floral Acres Apartments II. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2010, the investment general partner transferred its interest in Clarksville Estates, LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $656,811 and cash proceeds to the investment partnership of $19,866. Of the total proceeds received $2,198 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the total proceeds received, $7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $10,168 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $10,168 as of March 31, 2010.

In May 2010, the investment general partner of Series 18 and Boston Capital Tax Credit Fund IV LP - Series 20, respectively, transferred their interests in Evergreen Hills Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,635,694 and cash proceeds to the investment partnerships of $29,680 and $12,720 in Series 18 and Series 20, respectively. Of the total proceeds received, $22,680 and $9,720, for Series 18 and Series 20, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,000 and $3,000, for Series 18 and Series 20, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18 and Series 20, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of June 30, 2010.

In June 2010, the investment general partner of Series 20 and Series 41 transferred their respective interests in Cascade Commons LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $22,279,256 and cash proceeds to the investment partnerships of $782,140 and $390,483 for Series 20 and Series 41, respectively. Of the total proceeds received, $18,709 and $9,757 for Series 20 and Series 41, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $763,431 and $380,726 were returned to cash reserves held by Series 20 and Series 41, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $763,431 and $380,726 for Series 20 and Series 41, respectively, as of June 30, 2010.

Series 21

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 21 reflects a net loss from Operating Partnerships of $(90,783) and $(147,421), respectively, which includes depreciation and amortization of $311,508 and $408,867, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a 48-unit family property located in Chippewa, Wisconsin. Occupancy as of September 30, 2010 was 97%. Although occupancy is strong and expenses remain reasonable, low rental rates in the area have prevented the property from achieving breakeven operations. The management company continues to market the available units by working closely with the Housing Authority, and by implementing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Pumphouse Crossing II, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Black River Run, LP (River Run Apartments) is a 48-unit family property located in Black River Falls, Wisconsin. Occupancy as of September 30, 2010, was 84%. Although expenses remain below the state average, low rental rates in the area have prevented the property from achieving breakeven operations. The property's taxes and insurance are current; however, the operating general partner stopped making debt service payments in 2009 due to cash flow shortfalls. In the first quarter of 2010, the investment general partner learned that the property was six months in arrears on its mortgage and that the lender had issued a notice of default. The note was accelerated in April of 2010. The operating general partner was in contact with the lender in the hope of gaining an interest only forbearance for a four-year period (the note matures in 2014). However, the lender did not agree to modify the terms of the loan and demanded a payment of $959,495 be made by April 20, 2010 to cure the default. The operating general partner failed to provide the funds and the lender commenced a foreclosure proceeding. A foreclosure process in Wisconsin could take up to 12 months. Once the court has issued a judgment of foreclosure, the borrower has a reinstatement period to stop the foreclosure by paying off the amount owed plus interest. The reinstatement period varies; however, most of the properties subject to foreclosure have 6-12 months for this payment. Historically, the operating general partner has funded operating deficits in accordance with its operating deficit guarantee, which is unlimited in time and amount. However, the operating general partner has indicated that it would not continue to support operations due to financial constraints. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Black River Run, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. A foreclosure sale occurring in 2010 would not result in any recapture or penalties because the property is beyond the compliance period. As the annual losses generated by the Operating Partnership had previously reduced the investment partnership's tax basis carrying value to zero, no gain or loss will be recognized by the investment partnership as a result of the foreclosure.

Lookout Ridge LP (Lookout Ridge Apts.) is a 30-unit development located in Covington, KY. The property continues to operate below breakeven in the third quarter of 2010 due to high operating expenses and low occupancy. The property had an average occupancy rate of 77% in 2009 and operated below breakeven. Occupancy did improve during the first five months of 2010 to an average of 87%; however, it subsequently declined to average in the mid-70% range during the third quarter of 2010. On August 20, 2007, the investment general partner received a fax, via management, from the Internal Revenue Service stating that due to continued non-compliance at Lookout Ridge Apartments, credits could not be calculated for the year, and that the previous credits claimed are subject to recapture. The specific non-compliance issues cited by the Internal Revenue Service are: management failed to correctly complete or document tenants' annual income certification; violation(s) of local inspection standards; the project failed to meet minimum set-aside requirements; violation(s) of the Vacant Unit Rule under Reg. 1.42-5(c)(1)(ix); and the project is no longer in compliance with nor participating in the Section 42 Program.

Although the operating general partner has advanced significant funds to keep accounts current, the operational outlook for this property is not favorable. Occupancy numbers are running at historic lows and expenses continue to climb. Both the operating general partner and management have proven their inability to effectively run this property by not following Section 42 guidelines. Furthermore, Kentucky Housing has provided management with a number of opportunities to correct various non-compliance issues which management failed to act upon. Other non-compliance issues are costly capital expense items which include: replacement of concrete pads, replacement of entry stairs, replacement of landscaping ties, correction of drainage issues, and deck repairs.

The operating general partner requested use of operating reserve funds in order to pay for 2008 taxes; as a result, the operating reserve balance was depleted to a zero balance. Accounts payables as of year-end 2009 were $215,664. The operating general partner reports the funding of at least $338,000 in operating deficits as of September 2010.

In summary, the property has a history of unstable financial performance and inefficient management. These problems are compounded by continued non-compliance, significant costs necessary to correct capital improvement items, a building fire destroying all tenant files and an IRS letter indicating removal from the Section 42 program. Due to the removal from the Section 42 program, the Operating Partnership experienced recapture, interest and penalties of $858,975. This represents recapture, interest and penalties of $445 per 1,000 BACs, which was reflected on the 2007 tax return. The operating general partner has worked with their attorney and Kentucky Housing in an attempt to get the property back into the Section 42 program, but upon review, Kentucky Housing denied reinstatement back into the Section 42 tax credit program.

In June 2010, the operating general partner of Lookout Ridge LP entered into an agreement to sell the property to a third-party buyer and the transaction closed on November 4, 2010. The sales price of the property was $825,000, which included the outstanding mortgage balance of approximately $658,441 and cash proceeds to the investment partnership of $61,749. Of the total proceeds received, $28,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which included third party legal costs. The remaining proceeds of $26,249 were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family property located in Menomonie, Wisconsin. Occupancy was 95% as of September 30, 2010. The property's operating expenses are below the state averages. Despite high occupancy, low rental rates in the area have prevented the property from achieving breakeven operations. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and accounts payable are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Pinedale II, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2010, the investment general partner transferred its interest in Campton Housing Associates LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $951,173 and cash proceeds to the investment partnership of $32,689. Of the total proceeds received $2,640 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $15,808 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $14,241 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current-operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $14,241 as of March 31, 2010.

Centrum-Fairfax I, LP (Forest Glen at Sully Station, Phase I) is an 83-unit property located in Centerville, VA. Based on the results of a market study performed in 2006, the operating general partner decided to reconfigure the property to have 83 units instead of 119 units, which reduced the number of 1-bedroom units from 100 to 29 and increased the number of 2-bedroom units from 19 to 54. The construction was completed in March 2007 and the property was fully reoccupied by the spring of 2008. However, in 2009 occupancy began to drop and as a result the property was unable to breakeven. Average occupancy in 2009 was 85%. Through the third quarter of 2010 occupancy has improved slightly to 89%. The increased occupancy has resulted in the property operating above breakeven through the third quarter. The mortgage, taxes, and insurance are all current. The operating general partner continues to fund operating deficits.

In May 2009, the investment general partner entered into an agreement to transfer its interest in Centrum - Frederick LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $5,372,664 and cash proceeds to the investment partnership of $466,654. Of the total proceeds received, $88,576 represents a reimbursement of funds previously advanced to the Operating Partnership, and $55,000 represents reporting fees due to an affiliate of the investment partnership. Of the remaining proceeds, $15,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $308,078 were returned to cash reserves. The monies held in cash reserves will be utilized to pay current-operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to $97,878. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $210,200 as of June 30, 2009. In August 2009, the investment partnership received its share of the operating partnership's cash and reserves in the amount of $410,000, which was recorded as a gain on sale and returned to the cash reserves as of September 30, 2009.

In January 2010, in accordance with the operating partnership agreement for Cattaraugus Manor LP, the investment general partner transferred its interest in Cattaraugus Manor LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,051,904 and cash proceeds to the investment limited partner of $0. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded as of March 31, 2010. The investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

Series 22

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 22 reflects a net loss from Operating Partnerships of $(356,298) and $(560,563), respectively, which includes depreciation and amortization of $719,773 and $884,412, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Elks Tower Apartments, LP (Elks Tower Apartments) is a 27-unit development located in Litchfield, IL. Occupancy in 2009 averaged 85% and the property operated below breakeven due to low occupancy and high maintenance costs. Maintenance expenses were higher in 2009 due to a water sprinkler supply line being cut causing considerable damage. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in the area. According to management, another Illinois Housing Development Authority property opened in January 2010 saturating the market with a supply of income restricted units that weren't needed. The property was not offering concessions as of September 2010, but is contemplating offering one-month free rent or free cable service to drive demand for Elks Tower units. As of September 30 2010, occupancy was 89% with two move-ins expected for late October. The property has operated below breakeven through September 2010. The mortgage, real estate taxes, and insurance payments are current. The low income tax credit compliance period expires on December 31, 2011.

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) is a 48-unit family development located in Longmont, CO. The property suffers from low occupancy due to a weak local economy. In addition, the property has mostly three-bedroom units (42 of the 48) and these units have comparable rents to single-family rental homes, which are more desirable. The poor quality of the school system also makes it difficult to attract families with children. The site manager developed a good relationship with the local police who have initiated nighttime patrols. To attract applicants, management continues to offer rental concessions and resident referral fees. Banners and signs have been redesigned for increased visibility; a rotating model unit is shown to applicants; and advertising on the Internet, and in adjacent towns, has increased. A site visit was completed in June 2010, and found the property in good condition. The 2009 average occupancy was 89%, reaching 90% in December 2009. Year to date average occupancy in 2010 is 92%. The operating general partner continues to fund all operating deficits. The mortgage, taxes, and insurance are current. The last year for credit delivery was 2005 and the low income housing tax credit compliance period expires in 2010.

In July 2010, the operating general partner of Edmond Properties, A Limited Partnership approved an agreement to sell the property to an unrelated third party and the transaction closed on August 10, 2010. The sales price for the property was $6,565,000, which included the outstanding mortgage balance of approximately $4,198,481 and cash proceeds to the investment partnerships of $654,789 and $654,789 for Series 22 and Series 23, respectively. Of the total proceeds received, $7,500 and $7,500 for Series 22 and Series 23, respectively, will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $647,289 and $647,289 for Series 22 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current-operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $647,289 and $647,289 for Series 22 and Series 23, respectively, as of September 30, 2010.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property located in Riverview, FL. In 2010, average occupancy is 89% and the property continues to operate below breakeven due to high operating expenses, bad debt, and vacancy loss. Despite low occupancy through May 2010, the property has rebounded to 90% through September 2010. Administrative expenses were high as a result of the aggressive marketing efforts made by management. Management continues to focus marketing efforts to on-line sources, Section 8 voucher holders, the Tampa Housing Authority, and the Hillsboro County Agencies. Management has been successful in reducing utility and maintenance expenses. Maintaining occupancy above 90% is an ongoing struggle due to the poor economic conditions in Florida where job losses have led to increased evictions and migration from the area. In an effort to combat bad debt, the investment general partner is working with management to implement a stricter screening process in order to mitigate evictions and unexpected move outs. The property received a onetime marketing reimbursement in May 2010 in the amount of $87,000 from a cable company, resulting from an Installation and Access Agreement which granted the cable company the right to take control over the cable at the property. These funds will help offset the high operating expenses. The investment general partner will continue to work with management to improve economic occupancy and control expenses. All real estate tax, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2010.

Richmond Hardin (Richmond Square Apartments) is a 32-unit family property located in Richmond, Missouri. Although occupancy was low throughout the first half of 2010, occupancy dramatically increased in the third quarter of 2010 and ended at 94%. Low average occupancy and high administrative and utility expenses caused the property to operate below breakeven through the third quarter of 2010. The property is not located in a densely populated area and the majority of residents are retail employees with diminishing work hours. Administrative expenses are high as the site manager continues to increase advertising and outreach to area employers and community organizations, as well as offering resident referrals and rent concessions. Rent concessions include $105 off per month for the first lease term. Occupancy improved as management implemented a resident retention program, which provides carpet cleaning and painting at lease renewal. Additionally, expenses were high as utilities increased by 10% in 2010. The investment general partner will continue to monitor occupancy and make sure it operates above 88% occupancy in order for the property to breakeven. The mortgage, real estate taxes and insurance are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Richmond Hardin. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In August 2010, the investment general partner transferred its interest in Lost Tree Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,320,388 and cash proceeds to the investment partnership of $100,050. Of the total proceeds received, $2,875 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,950 will be paid to BCAMLP for expenses related to the transfer, which included third party legal costs. The remaining proceeds of $91,225 were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $91,225 as of September 30, 2010.

In January 2010, in accordance with the operating partnership agreement for Bellwood Gardens LP, the investment general partner transferred its interest in Bellwood Gardens LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,195,267 and cash proceeds to the investment limited partner of $0. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded as of March 31, 2010. The investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

In March 2010, the investment general partner transferred its interest in Clarendon Court LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,391,510 and cash proceeds to the investment partnership of $56,082. Of the total proceeds received, $3,934 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $15,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $37,148 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $37,148 as of March 31, 2010.

In January 2010, the investment general partner transferred its interest in Fonda LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $958,534 and cash proceeds to the investment partnership of $28,834. Of the total proceeds received $5,115 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $23,719 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $23,719 as of March 31, 2010.

In January 2010, in accordance with the operating partnership agreement for Lake Street Apartments, the investment general partner transferred its interest in Lake Street Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,308,662 and cash proceeds to the investment limited partner of $0. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded as of March 31, 2010. The investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

Series 23

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 23 reflects a net loss from Operating Partnerships of $(230,382) and $(458,415), respectively, which includes depreciation and amortization of $619,531 and $772,842, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Colonna Redevelopment Company (Colonna House) is a 36-unit development located in Hempstead, NY. Replacement reserves have not been fully funded and the accounts payable balance remains high. The balance sheet indicates that over $360,000 is due from the operating general partner and affiliates for unapproved loans from the Operating Partnership, including an additional $58,500 to the operating general partner's company in 2008. The investment general partner visited the operating general partner at his corporate office to discuss these issues. The operating general partner stated that he would need to conduct additional research to understand how these resources were deployed. Asset management fees are guaranteed and remain outstanding. In addition, the Operating Partnership reporting from the operating general partner is sporadic. Year-end 2009 occupancy was 97%, but operations were below breakeven for the year. The property continues to operate below breakeven in 2010. Numerous attempts to obtain third quarter reports have been made. As of May 2010, all tax and insurance payments are current. However, it is unknown at this time if this is still the case. The mortgage payments are at least three months in arrears. The operating general partner had stated that the relationship with the lender is strong and they are working with them to come to a payment plan agreement. As of May 2010, the loan was not in default and there were no liens on the property. The management company was replaced on June 1, 2010, without the investment general partner's approval. The operating general partner, along with the new management company, are outlining capital improvements and repairs that need to be addressed at the property along with addressing outstanding unit violations placed on the property by the local housing authority. The investment general partner is planning a visit to the site in the fourth quarter of 2010. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Colonna Redevelopment Company. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO. Despite an average physical occupancy of 93% in 2009 and 92% through September 2010, the property operated below breakeven due to low economic occupancy coupled with high operating expenses; specifically, maintenance and bad debt. Maintenance expenses were high due to higher turnover, which led to an increase in make-ready costs. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in the area. In an effort to combat bad debt, the investment general partner is working with management to implement a stricter screening process in order to mitigate evictions and unexpected move outs. Management is aggressively advertizing in local publications and online sources. To attract applicants, management continues to offer rental concessions and resident referral fees. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. So far the operating general partner has advanced $146,810 for operating deficits. The mortgage, trade payables, property taxes and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period will expire with respect to Halls Ferry Apartments LP.

South Hills Apartments (South Hills Apartments, LP) is a 72-unit, family property located in Bellevue, Nebraska. In 2008, the property operated below breakeven as a result of low occupancy, low rental rates and overly burdensome debt, which carried an interest rate of 10.4%. Due to a number of job losses in the area, occupancy decreased to 82% for 2009. There were few qualified prospective residents that could afford the tax credit rents without obtaining rental assistance, which was limited. The property was also competing with newer properties, which offered superior amenity packages. Despite management's marketing and rent collection efforts, the property continued to operate below breakeven in 2009.

Historically, the operating general partner had funded operating deficits in accordance with its operating deficit guarantee, which is unlimited in time and amount. However, in the first quarter of 2009, the operating general partner indicated that it would not continue to support the operations due to financial constraints. As a result, the Operating Partnership missed the April and June mortgage payments. In July 2009, the lender served the Operating Partnership with a Notice of Default and Election to Sell. In addition, the mortgage was in technical default, as it fell below the required minimum combined escrow (real estate taxes, insurance, and replacement reserves) balance of $50,000. The lender demanded a payment of $70,000 to be made by August 3, 2009, to cure the default; however, the operating general partner failed to provide such funds. The lender commenced a foreclosure action on August 4, 2009, with a foreclosure sale that was scheduled for October 20, 2009. At that time, the investment general partner determined that the costs associated with maintaining the property through December 31, 2010, the end of the low income housing tax credit compliance period, appeared to be greater than the benefit associated with maintaining tax credit compliance.

In September, a buyer was identified who was willing to purchase the interests of the Operating Partnership for a nominal amount and keep the property affordable through the remainder of the compliance period, if the lender would agree to withdraw the foreclosure filing. However, the lender rejected this proposal and, in October, accepted a bid from another buyer to purchase from the lender the outstanding debt on the property. The new lender delayed the foreclosure for several weeks. On December 1, 2009, the operating general partner, investment general partner, and new lender signed an agreement to transfer the deed to the lender in lieu of foreclosure in January 2010. On January 4, 2010, the deed was transferred to the new lender. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain on the foreclosure of the Operating Partnership has been recorded as of March 31, 2010. It was originally estimated that a foreclosure occurring in 2010 would result in the Operating Partnership experiencing estimated recapture and interest of $360,713, equivalent to $106 per 1,000 BACs. However, the property will likely maintain its affordable housing minimum set-aside through 2010, due to the three year vacancy decontrol rule set forth in Section 42 of the Internal Revenue Code, which prevents owners from evicting current residents for three years. The recapture costs will likely be based only on the units that were not occupied by income qualified residents in 2010, which should result in recapture costs lower than those stated above. This value cannot be determined until year-end 2010.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 289-unit property located in Riverview, FL. In 2010, average occupancy is 89% and the property continues to operate below breakeven due to high operating expenses, bad debt, and vacancy loss. Despite low occupancy through May 2010, the property has rebounded to 90% occupancy as of September 2010. Administrative expenses were high as a result of the aggressive marketing efforts made by management. Management continues to focus marketing efforts to on-line sources, Section 8 voucher holders, the Tampa Housing Authority, and the Hillsboro County Agencies. Management has been successful in reducing utility and maintenance expenses. Maintaining occupancy above 90% is an ongoing struggle due to the poor economic conditions in Florida where job losses have led to increased evictions and migration from the area. In an effort to combat bad debt, the investment general partner is working with management to implement a stricter screening process in order to mitigate evictions and unexpected move-outs. The property received a one-time marketing reimbursement in May 2010 in the amount of $87,000 from a cable company, resulting from an Installation and Access Agreement which granted the cable company the right to take control over the cable at the property. These funds will help offset the high operating expenses. The investment general partner will continue to work with management to improve economic occupancy and control expenses. All real estate tax, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2010.

Mathis Apartments, LTD (Mathis Apartments) is a 32-unit complex located in Mathis, TX. In 2008, occupancy averaged 94% and the property operated above breakeven. Occupancy remained strong throughout 2009, ending the year at 95%. There was a large increase in maintenance costs in 2009. Maintenance costs increased 84% over 2008 figures. According to the operating general partner, the spike in maintenance is due to Rural Development required repairs. Despite the increase in maintenance costs the property operated above breakeven in 2009. The property continues to operate above breakeven through the third quarter of 2010 with occupancy averaging 95%. All taxes, insurance and mortgage payments are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Mathis Apartments, LTD. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2010, the investment general partner transferred its interest in Philmont LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,443,412 and cash proceeds to the investment partnership of $43,398. Of the total proceeds received $5,173 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $38,225 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $38,225 as of March 31, 2010.

In February 2010, the investment general partner entered into an agreement to transfer its interest in Broderick Housing Associates LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,611,311 and cash proceeds to the investment partnership of $51,780. The transaction closed on April 26, 2010. Of the total proceeds received $10,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $20,400 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds from the transfer of $21,380 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $21,380 as of June 30, 2010.

Mid City Associates LP (Mid City Apartments) has 58 modular duplex apartments, comprising the first phase of a two-phase low-income housing project totaling 96 units in the North Greenville section of Jersey City. Located on 15 separate infill parcels, Mid-City Apartments consists of fifty-seven 2-bedroom and one 3-bedroom unit including three 2-bedroom apartments designed specifically for handicapped tenants. In 2008, the property had a cash flow deficit. Average occupancy in 2009 was 98%. As of September 30, 2010 the property is 100% occupied with minimal bad debt and is operating above breakeven. During November 2009 the first mortgage note in the amount of $990,000 matured. As of December 31, 2009 the liability was paid in full. In September 2009, the Operating Partnership began discussions regarding the possibility of refinancing the third mortgage note, which also matured in November 2009. The process is currently ongoing, with the mortgage holder agreeing to forbearance until refinancing is finalized. On December 31, 2008, the 15-year low income housing tax credit compliance period expired with respect to Mid City Associates LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Barlee Properties Limited Partnership (Vinsett & Heatheridge Estates) is a 27-unit property located in Van Buren, AK. The property is located in a depressed rural area. Average occupancy for 2009 was strong although operations were below breakeven. Occupancy remained in the mid-80% range for the greater part of the first half of 2010, but sharply declined in the third quarter of 2010 ending at 44% as of September 2010. The property continues to operate below breakeven in 2010. Management reports a rise in evictions for non-payment of rent as well as tenants migrating to newer tax credit developments. The Housing Authority has been building larger homes with more amenities in the area, which has drawn numerous tenants away from Barlee Properties. Management is having difficulty funding the costs associated with maintenance issues and turning units because of the declining rental revenue. Of the 15 vacant units, management reports that 5 units are rent ready. Management is running advertisements to fill vacant units but does not have sufficient funds available to run an extensive marketing campaign. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Barlee Properties Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Woodland Hills Properties, A Limited Partnership (Woodland Hills Apartments) is a 10-unit property located in Roland, OK. The property's low-income housing tax credit compliance period expired on December 31, 2009. The operating general partner ceased making debt service payments and funding deficits in September 2009. On February 24, 2010, the lender declared default of the loan and began foreclosure proceedings. On July 7, 2010, a foreclosure sale was completed and tile to the property was conveyed. The investment general partner was not notified of the foreclosure by the lender or operating general partner. The investment general partner is working with the operating general partner's attorney to retrieve foreclosure documentation. No proceeds were returned to cash reserves. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of September 30, 2010.

Series 24

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 24 reflects a net loss from Operating Partnerships of $(266,280) and $(544,563), respectively, which includes depreciation and amortization of $747,266 and $820,656, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Elm Street Associates, Limited Partnership (Elm Street Apartments) is located in Yonkers, New York. The neighborhood has been a difficult one in which to operate due to high crime. Almost all the residents use some public subsidy, making this a very management-intensive property. Poor tenancy has historically resulted in operating deficits. Other management issues, including poor rent collections and deferred maintenance, have also negatively impacted the property. Occupancy averaged 81% in 2009 and the property operated below breakeven. Management has been working with the Department of Social Services in Westchester County through the County's shelter program. They identified a group of potential residents living in emergency housing units. These residents were being prepared for transition into a permanent housing, and came with a subsidy provided by the Department of Social Services based on family size. As a result, occupancy has increased to 97% as of September 2010. Management is trying to be proactive in keeping residents by supplying life skills training to families who are having trouble paying rent. After referring families to rent assistance services, they offer counseling for basic budgeting skills to avoid future evictions. Operating expenses through the second quarter of 2010 are running slightly above budget and the property continues to operate below breakeven. The mortgage, real estate taxes, and insurance payments are all current. The replacement reserve is fully funded. The operating general partner has funded the operating deficits through cash infusions and deferred management fees. The operating general partner's long-term goal is to work on improving and stabilizing the neighborhood in order to attract and retain residents. They have a longstanding and ongoing commitment to the residents of southwest Yonkers where their housing programs and service offices are located. A site visit conducted in the fourth quarter of 2009 confirmed that the property had good curb appeal and was well maintained. The operating general partner remains committed to the property and the neighborhood and expressed a willingness to continue funding deficits until the property stabilizes. The compliance period expires December 31, 2010. The investment general partner will continue to monitor this property until operations improve.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. In 2009, average occupancy was 95%; however, the property continued to operate below breakeven due to high operating expenses. Occupancy continues to be strong and was 100% at the end of the third quarter of 2010. Operating expenses are high mainly due to high maintenance costs, the result of severe physical deficiencies in a number of buildings on site. Since construction, a number of the buildings have had differential settlement issues resulting in cracked floor slabs, cracked brick veneer, cracking windows and doors and sagging balconies. The operating general partner has addressed these concerns on an ongoing basis via advances. Despite high occupancy and cost control efforts including staffing reduction, reduced marketing and the shutting down of one boiler during warmer months, the property continues to operate below breakeven in 2010. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. So far the operating general partner has advanced over $1,800,000 for repairs and operating deficits. The mortgage, trade payables, property taxes and insurance are current. The low income housing tax credit compliance period will expire on December 31, 2010.

Zwolle Partnership (Lakeway Apartments) is a 32-unit multifamily development located in Zwolle, Louisiana. Occupancy issues began in 2007 following a rent increase. According to the operating general partner, in addition to the rent increase, occupancy had been adversely affected by a weak local economy, as well as turnover of the on-site manager position. Occupancy averaged 82% in 2008. Despite the low occupancy, the property managed to operate above breakeven due to a reduction in operating expenses. In September of 2009 a new management company was brought in to manage the complex. The new management company has a great deal of experience in affordable housing management throughout Louisiana and Texas. The new management company found there to be a good deal of deferred maintenance at the property and vacant units were not rent ready. By December 31, 2009, new management had addressed all deferred maintenance issues at the site and had restored all vacant units to rent ready status. The cost for the repair work was funded from the project's operating and replacement reserve accounts. As a result, occupancy improved to 94% as of December 31, 2009, but the property operated below breakeven for the year due to the increase in maintenance costs. As of September 30, 2010, the property is 91% occupied and operating above breakeven for the year. There are currently three vacant units and according to management, they have four prospects ready to move in. The operating deficit guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2010.

New Hilltop Apartments, Phase II (Hilltop Apartments) is a 72-unit property located in Laurens, SC. Industrial decline in the area has led to a dwindling population base from which to draw qualified residents, as only twenty-one of the property's seventy-two units have rental assistance. Consequently, the property has trouble competing with properties that offer more units with rental assistance. In 2008, occupancy averaged 85%, and the property operated below breakeven for the year. In 2009, the property averaged 73% occupancy and operated below breakeven. The primary reasons that the property continues to operate below breakeven include: insufficient rental rates, vacancy loss, various capital improvement projects and additional replacement reserve funding per a Rural Development workout plan. Occupancy has been improving in 2010 and is 96% as of September 2010. The improved occupancy is the result of a new community manager and a one-month free rent concession. Management continues to market the property through local media and civic organizations, as well as investigating the possibility of obtaining additional project-based rental assistance subsidy. The mortgage, real estate tax, insurance and payables to non-related entities are current. The operating general partner's guarantee is unlimited in time and amount. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to New Hilltop Apartments, Phase II. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Century East V, LP (Century East V Apartments) is a 24-unit development located in Bismarck, ND. In 2009, occupancy averaged 84% and operations were slightly below breakeven. Due to performance concerns, the site manager was replaced during the fourth quarter of 2008. The concerns were mostly related to poor tenant screening. The new manager began evicting problematic tenants and put into place more stringent applicant approval standards. Further, as rents had not been increased in four years, management increased rents significantly. Despite the increase, rents were still lower than the market average. Many tenants moved out as a result of the increase. Others moved out due to management's enforcement of the rules, resulting in a decline in occupancy to 75% as of January 2009. Management then increased marketing efforts and outreach. Occupancy improved to 88% by year-end 2009 and has continued trending upward in 2010. Occupancy reached 100% in June 2010, and has held steady at 100% through September 2010. The property is operating slightly above breakeven for 2010. All real estate tax, mortgage, and insurance payments are current.

North Hampton Place, LP (North Hampton Place Apartments) is a 36-unit family property located in Columbia, Missouri. The property continued to operate above breakeven through the third quarter of 2010 and ended the quarter at 94% occupancy. Improved operations are the result of new management personnel. The new staff received training in leasing, marketing and resident retention, which has helped their performance. Additionally, the hours of operation for the leasing office have been increased which made it easier for potential residents to visit and helped increase occupancy. The investment general partner will continue to monitor operations and management to ensure stabile operations. The mortgage, real estate taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period will expire with respect to North Hampton Place, LP.

Centenary Housing, LP. (Centenary Tower Apartments) was a 100-unit senior property located in St. Louis, MO. The property operated at a deficit for the first time in 2005, due to operating expenses which exceeded the state average by 25%. Throughout 2006, third party management reports to the operating general partner and the investment general partner suggested that the property was operating adequately, although there were a few reports that drug use and other undesirable activity were increasing at the property. In the first quarter of 2007, the investment general partner learned that the City of St. Louis had cited the property as a nuisance twice in 2006. The property's security and habitability had deteriorated sharply during the second half of 2006 and the first quarter of 2007, with over 700 police calls from June 15, 2006 - February 28, 2007. After an additional citation from the City in the first quarter of 2007, the management company resigned effective February 1, 2007. The operating general partner took over management and hired new security personnel, but security guards were ineffective. On February 28, 2007, the on-site manager was assaulted on the premises and the operating general partner was unable to re-establish a management presence at the property.

On March 2, 2007, the City of St. Louis conducted a hearing and ordered the building closed pursuant to public nuisance ordinances. The Department of Housing and Urban Development terminated the Housing Assistance Payment contract. The trustee for the bonds declared default under the bond documents. The operating general partner chose not to contest the City's order or HUD's contract termination after determining that the highest recovery for the bondholders and limited partners might result from a sale to a developer who would convert the property to a non-affordable use. The operating general partner worked with HUD and local municipal officials to relocate the tenants, which concluded in early July 2007. The operating general partner engaged a broker who began marketing the property, but after three months of market exposure during the third quarter of 2007, the property had failed to elicit any strong expressions of interest. The lack of interest was in part attributable to the general problems in the credit market that occurred in the third quarter of 2007. In October 2007, the operating general partner determined that it would be costly to carry the property through the winter and offered to consensually transfer the property to the bondholders' trustee. As of December 2007, the bondholders' trustee had effectively taken control of the property, although it had not formally accepted the deed. The bondholders' trustee has been attempting to market the property since late 2007, with numerous offers falling through. In August 2009, the trustee identified a buyer that agreed to purchase the property for $375,000 and scheduled a foreclosure sale for late September. The property was sold at foreclosure sale to this buyer on September 23, 2009 for $375,000, or less than $.20 of the face value of the bonds. There are no proceeds to be returned to cash reserves. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the foreclosure of the Operating Partnership has been recorded.

Due to the property being shut down in 2007, investors lost 2007 tax credits and experienced recapture. The Operating Partnership lost $88,635 in credits and experienced recapture of $496,442. This represents credits and recapture of $40 and $224, respectively, per 1,000 BACs. The operating general partner has unlimited guarantees and the investment general partner intends to pursue payment under these guarantees in order to offset some or all of the expected recapture of tax credits. However, it is not certain at this time how much can be collected under the guarantees, based on the unknown financial strength of the guarantors.

Lake Apartments Limited Partnership (Lake Apartments I) is a 24-unit property located in Fargo, ND. In 2009, the average occupancy was 90%, and the property operated slightly below breakeven due to high utility expenses, high real estate taxes and turnover related expenses. In early 2010 management made the property pet friendly, opening the door to a new resident base. Despite the adjustment and aggressive marketing tactics, which include advertisements in the local newspaper and the Apartment Finder Magazine, current market conditions have had an adverse effect on occupancy. There is a large supply of rental communities in the area and not enough qualified residents to fill the units. Management also states that there is a large quantity of voucher holders who continue to choose newer, conventional housing over older, affordable housing properties when the local Housing Authority approves the higher voucher amounts required to live at the conventional housing sites. At the close of the third quarter in 2010 physical occupancy is 83% and the property is operating slightly below breakeven. The operating general partner continues to fund all deficits as operations are supported by an unlimited guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing standards as well as reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments I Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In May 2009, the investment general partner of Series 24 and Series 25, respectively, entered into an agreement to transfer its interest in Laurelwood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,093,596 and cash proceeds to the investment partnerships of $108,413 and $53,397 to Series 24 and Series 25, respectively. Of the total proceeds received, $23,450 and $11,550 from Series 24 and Series 25, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $6,114 and $3,011 from Series 24 and Series 25, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $78,849 and $38,836 were returned to cash reserves held by Series 24 and Series 25, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amounts of $78,849 and $38,836 for Series 24 and Series 25, respectively, as of June 30, 2009.

Pahrump Valley Investors (Pahrump Valley Apartments) is a 33-unit senior living facility located in Pahrump, Nevada. The property operated slightly below breakeven in 2009. Management reported that turnover decreased in 2009 and dropped precipitously in the first quarter of 2010. The property will begin to fund turnover costs from a well funded replacement reserve account, eliminating the practice of funding these expenses through the operating cash account. In 2010, the property continues to average 100% occupancy, with operations well above breakeven. In January 2010, management implemented a $100 monthly rental increase. The rent increase enabled management to significantly reduce accrued payables. Management's goal is to eliminate all accrued payables by the end of 2010. The mortgage, taxes, and insurance are all current. The low income housing tax credit compliance period expires on December 31, 2010.

In January 2010, the investment general partner transferred its interest in Brownsville Associates Limited, LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,161,625 and cash proceeds to the investment partnership of $34,849. Of the total proceeds received, $14,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $13,349 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $13,349 as of March 31, 2010.

In January 2010, the investment general partner transferred its interest in Stanton Associates Limited, LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,172,438 and cash proceeds to the investment partnership of $35,173. Of the total proceeds received $11,926 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs, and the remaining proceeds of $15,747 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $15,747 as of March 31, 2010.

Series 25

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 25 reflects a net income (loss) from Operating Partnerships of $79,208 and $(339,081), respectively, which includes depreciation and amortization of $880,815 and $1,116,102, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Sutton Place Apartments, LP (Sutton Place Apartments) is a 360-unit apartment complex located in Indianapolis, Indiana. In 2005, the original operating general partner and the management company were replaced as operations fell below breakeven and deferred maintenance issues developed. Since deferred maintenance had not been properly addressed, the new management company struggled to bring severely damaged units back online as replacement reserve funds and cash flow were insufficient to complete the work. Although the new operating general partner funded capital expenditures of $133,000 in 2005 and $190,000 in 2006 to complete repairs, the property failed the 2007 Real Estate Assessment Center, or REAC, inspection. Due to the failed inspection, the Department of Housing and Urban Development lost confidence in the management company and required a change. With the approval of the investment general partner, the operating general partner secured a $500,000 bridge loan to address all items raised by 2007 the REAC inspection, as well as additional rehab items on all units. A new management company was hired in February 2008.

Since that time, management has focused on evicting problem tenants, strengthening screening criteria, and working closely with the local social service organizations and the local authorities in order to improve security and the reputation of the property. Occupancy averaged 91% in 2009 and operations were slightly above breakeven. A new REAC inspection in December 2009 resulted in a failing score but that inspection was challenged due to inspector error. The inspection was reissued with a passing score in March of 2010. With the passing of the REAC inspection Indianapolis HUD agreed to extend the Housing Assistance Program contract to January 31, 2012. In June 2010, local police with the help of management and HUD staged a raid at the site. The raid was concentrated at Sutton Place as it is the largest property in the area. Management is confident that actions such as these will continue to help revitalize the neighborhood and strengthen the community. Most of the individuals arrested during the raid were visitors of residents. Through the third quarter of 2010, occupancy was 95% and the property was operating above breakeven. All real estate tax, insurance, and mortgage payments are current.

In September 2010, the operating general partner of Sutton Place Apartments Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction is scheduled to close in December 2010. The sales price for the property is $10,100,000, which includes the outstanding mortgage balance of approximately $5,290,000 and estimated cash proceeds to the investment partnership of $947,226. Of the estimated proceeds received by the investment partnership, $60,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of approximately $872,226 will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

M.R.H., LP (The Mary Ryder Home), is a 48-unit elderly property located in St. Louis, MO. Despite strong occupancy, the property operated at a deficit in 2007, due to a large increase in real estate taxes. The City of St. Louis granted the property a tax abatement that expired in 2006; however, the operating general partner erroneously thought the abatement went through 2007, and did not budget for the additional liability. The new assessment was appealed after the City of St. Louis rejected an extension to the abatement. The firm who did the original property appraisal offered its service for the appeal, pro-bono. In the third quarter of 2009, the tax assessment was reduced by approximately 50%, resulting in an $18,756 tax savings. The operating general partner and the tax consultant felt that the taxes should be reduced further and continued to appeal the assessment into the fourth quarter of 2009. This was not successful; however, the property was reclassified from a commercial property to a residential property. The property has been paying the higher tax amount through the entire tax appeal process; all payments are current. The property continued to operate below breakeven in 2009 due to high operating expenses. In the first quarter of 2010, the property experienced a decline in occupancy and resulting increase in maintenance costs associated with turnover expenses; this trend has continued throughout the third quarter of 2010. Occupancy averaged 78% in the first quarter and 75% for the second and third quarters. Management has reported that an improvement in occupancy is not expected through 2010. The current deficits are being funded through charitable contributions and operating general partner advances. The investment general partner will continue to hold quarterly calls until operations stabilize. Despite the cash deficit, the Operating Partnership has no debt. The operating deficit guarantee is unlimited in time and amount. The low income housing tax credit compliance period expires on December 31, 2011.

In May 2009, the investment general partner entered into an agreement to transfer its interest in Dogwood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,307,114 and cash proceeds to the investment partnership of $46,846. Of the total proceeds received, $37,721 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $9,125 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no proceeds to be returned to cash reserves. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In January 2010, the operating general partner of Sandstone Village Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on April 9, 2010. The sales price of the property was $1,509,127, which included the outstanding mortgage balance of approximately $1,324,657 and cash proceeds to the investment partnership of $27,542. Of the total proceeds received, $13,134 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $14,408 will be paid to BCAMLP for expenses related to the sale, which includes third party legal costs. No proceeds from the sale were returned to cash reserves. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

Series 26

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 43 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 26 reflects a net loss from Operating Partnerships of $(227,877) and $(382,656), respectively, which includes depreciation and amortization of $1,307,349 and $1,313,636, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2009, the investment general partner entered into an agreement to transfer its investment limited partner interest in Cameron Apartment to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $578,473 and cash proceeds to the investment limited partner of $0. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

Country Edge, LP (Country Edge Apts.) is a 48-unit property located in Fargo, North Dakota. Through 2009, the occupancy declined to an annual average of 79%. The property operated below breakeven in 2009 due to high vacancy, high real estate taxes, high utility expenses, and high turnover related expenses. The poor operating results were a result of a weak local economy and job market. Fargo has a large supply of affordable rental communities and not enough qualified persons looking for rental units. In order to increase marketability, the operating general partner is making physical improvements such as adding new landscaping and replacing appliances, but occupancy remains a challenge. As of September 2010, physical occupancy was 83% and the property was operating below breakeven. The investment general partner will continue to work with the operating general partner to increase occupancy and stabilize operations. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Country Edge, LP.

Grandview Apartments, LP (Grandview Apts.) is a 36-unit property located in Fargo, North Dakota. In 2009, average occupancy increased to 89% but the property continued to operate below breakeven due to high real estate taxes, turnover costs, and high utility expenses. Despite a weak local economy and a large supply of affordable housing in Fargo, Grandview Apartments has operated with high occupancy in 2010. At the close of the third quarter in 2010, physical occupancy was 97%. The property is operating slightly below breakeven in 2010 due to high real estate taxes and utility expenses. The investment general partner continues to monitor the property's leasing strategies and physical improvements to ensure steps are being taken to enhance marketability. The operating general partner continues to fund all deficits as operations are supported by an unlimited guarantee. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period will expire with respect to Grandview Apartments, LP.

Lake Apartments IV Limited Partnership (Lake Apartments IV) is a 24-unit property located in Fargo, ND. In 2009, average occupancy was 72%. Operations in 2009 were below breakeven due to low occupancy, high real estate taxes, and increased turnover and utility costs. Management states that there is a large supply of affordable rental communities in the market and a limited pool of qualified residents. Despite these issues, management has been successful with keeping Lake Apartments IV occupied in 2010. As of September 30, 2010, physical occupancy was 92%. However, the property continued to operate below breakeven. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts and reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period will expire with respect to Lake Apartments IV Limited Partnership.

Lake Apartments V Limited Partnership (Lake Apartments V) is a 24-unit property located in Fargo, ND. Occupancy at the property dropped from an average of 95% in 2009 to an average of 84% in 2010. The drop in occupancy has resulted in the property operating below breakeven. Management states that there is a large supply of affordable rental communities in the market and a limited pool of qualified residents. These factors have had a negative impact on operations at the property. Management has focused on market outreach but has struggled keeping the property occupied. As of September 30, 2010, physical occupancy was 83%. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts and reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period will expire with respect to Lake Apartments V Limited Partnership.

East Park II, LP (East Park Apartments II) is a 24-unit development in Dilworth, MN. Average occupancy for 2009 was 76%, and operations were below breakeven due to the combination of increased vacancy loss and a significant increase in turnover costs. The property is comprised primarily of two and three bedroom units. As a result, the units appeal to families. The property has experienced an increase in turnover as many families living at the property moved to competing properties that feature larger townhouses. Market competition continues to be a problem for the property. There is a large supply of affordable rental communities in the market and a limited pool of qualified residents. Management also states that there is a large quantity of voucher holders who continue to choose newer, conventional housing over older affordable housing properties when the local Housing Authority approves such rents. At the close of the third quarter of 2010, physical occupancy was 75%, and operations were slightly below breakeven. All real estate tax, mortgage, and insurance payments are current. On December 31, 2010, the 15-year low income housing tax credit compliance period will expire with respect to East Park II, LP.

Butler Estates A L.D.H.A. (Butler Estates Apartments) is a 10-unit development located in Leesville, Louisiana. In July 2008, the investment general partner conducted a site inspection at the property. At the time of the inspection, all ten units were vacant. Since that time, the operating general partner invested $20,000 into the property. Throughout 2009, the investment general partner worked with the operating general partner in an effort to bring the property back on-line. The property is 90% occupied as of September 30, 2010. The investment general partner will continue to monitor occupancy to ensure stabilization. The low income housing tax credit compliance period expires in 2011. All real estate tax, mortgage, and insurance payments are current.

In May 2009, the investment general partner entered into an agreement to transfer its interest in Edgewood Park LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,216,737 and cash proceeds to the investment partnership of $34,094. Of the total proceeds received $24,969 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $9,125 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded.

Beckwood Manor One Limited Partnership (Westside Apartments) is a 29-unit senior property located in Salem, Arkansas. In 2009, occupancy averaged 73% and the property operated below breakeven. The property does not receive rental assistance. Given the state of the economy, many seniors lack the financial resources to rent an apartment at the property without rental assistance. Currently, management is waiving the security deposit and offering three months free electricity as leasing incentives. They also continue to advertise heavily in the immediate and surrounding areas. Consequently, occupancy increased to 93% at the end of the third quarter of 2010 and operations are above breakeven. Management attributes the recent increase in occupancy, aside from the above mentioned incentives, to an advertisement run through a local television channel. The investment general partner conducted a site visit in September 2010 and found the property to be in excellent condition with no deferred maintenance issues. The operating general partner continues to fund operating deficits as needed. The mortgage payments, taxes, insurance, and accounts payables are all current. On December 31, 2011, the 15-year low income housing tax credit compliance period will expire with respect to Beckwood Manor One Limited Partnership.

Maxton Green Associates Limited Partnership (Carolina Pines Apartments) is a 32-unit development located in Maxton, NC. In 2008, average occupancy was strong at 92%, and the property operated at breakeven. Occupancy fluctuated throughout 2009 and averaged 88% for the year, and the property operated below breakeven. The decrease in occupancy in 2009 was primarily due to evictions as a result of tenants damaging their units. The site manager conducts quarterly inspections of the units to ensure that tenants are maintaining them properly. When a unit is found to be in poor condition, management first sends a letter of notification to the tenant to inform them that they must clean and/or repair the unit. Management then does a follow-up inspection and provides further suggestions as to how the tenant can better maintain the unit. When a tenant does not take action after management has diligently worked with them to resolve the issue, based on the severity of the damage, management is forced to take further action. The proactive quarterly inspections tend to eliminate the necessity of evictions, but there were several problematic tenants at the property that caused damages to the units and consequently were evicted in 2009. Security deposits were not refunded on these units and the funds were used to subsidize the cost of repairs. Tenants were held responsible for all additional costs, and a third party collection agency is being utilized to collect what the deposits did not cover. Occupancy had improved to 98% as of June but has dropped to 88% as of September 2010, and the property is operating slightly below breakeven. Management feels strongly that occupancy will continue to be strong going forward and operations will stabilize now that the problematic tenants have been weeded out. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2011.

Series 27

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 27 reflects a net income from Operating Partnerships of $298,235 and $158,320, respectively, which includes depreciation and amortization of $850,575 and $853,345, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Holly Heights, LP (Holly Heights Apartments) is a 30-unit property located in Storm Lake, Iowa. The property had occupancy of 94% as of September 30, 2010. Despite high occupancy and expenses in line with state averages, the property has continued to incur operating deficits due to low rental rates coupled with a high interest rate on the permanent mortgage. Management has presented the loan to various lenders in the hope of refinancing but the net operating income of the property cannot support a new loan. The management company, an affiliate of the operating general partner, is deferring all fees until operations improve. The operating general partner continued to fund deficits through the third quarter of 2008, his guarantee being unlimited in time and amount, but ceased to fully support the property's operations in the fourth quarter of 2008. As of the end of the third quarter of 2010, 2008 real estate taxes in the amount of $12,000 have not been paid. Property taxes in Iowa are paid in semi-annual installments due in September of the same year and March of the following year. Real estate taxes become delinquent if not paid by April 1 of the year following the year of the tax bill. A tax sale occurs on the third Monday of June of the year following the year of the tax bill. This occurred on June 21, 2010. One year and nine-months after the tax sale occurs, a warning is sent to the property owner stating that they have 90 days to pay taxes plus interest accrued before a tax sale deed is created. Ninety days after the warning the property is given to the tax sale holder, as long as the paperwork is completed and the redemption occurred. The investment general partner will continue to monitor the property and payment of the taxes. The mortgage and insurance payments are current. The low-income housing tax credit compliance period ends in 2012.

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property located in Harlem, New York. Occupancy was at 100% as of September 2010. Tenant receivables are an issue that has historically plagued the project. However, during the first two quarters of 2010 the property made substantial progress collecting prior and current tenant receivables. The resulting increase in cash flow allowed the property to operate above breakeven during the first three-quarters of 2010. To combat the continued increase in utility costs, management implemented a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer will provide a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consists of upgrading showerheads, bathroom faucet aerators, and kitchen faucet aerators, and installing water-reducing devices in toilet tanks. The Department of Water and Sewer will also provide educational brochures for the tenants that provide information on how to reduce their water and energy consumption, such as replacing light bulbs, reporting leaks, and sealing drafts. Through the third quarter, utility costs are down in comparison to the prorated 2009 figures. The operating general partner is currently in the process of hiring a new management agent. The investment general partner is currently commenting and reviewing the necessary documents. The reasoning behind this change is that the general partner wants to focus more on future development deals. The mortgage and insurance are current. The property is real estate tax exempt. The low income housing tax credit compliance period expires on December 31, 2013.

Lake Apartments II Limited Partnership (Lake Apartments II) is a 24-unit property located in Fargo, ND. In 2009, average occupancy was 89%. The property operated below breakeven in 2009 due to high economic vacancy, utility costs, high real estate taxes, and high turnover related expenses. Fargo has a large supply of affordable rental communities and not enough qualified residents to fill all the units. Management has stated that there is a large quantity of voucher holders who are being provided voucher payment amounts from the local Housing Authority sufficient to allow them to live at conventional housing versus the older, affordable housing properties such as Lake Apartment II. Occupancy at properties similar to Lake Apartment II has suffered. As of September 30, 2010, physical occupancy was 79%. The site is currently operating below breakeven because of the continued occupancy issues. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The investment general partner will continue to monitor operations and assist management in improving leasing efforts as well as reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current.

Series 28

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 28 reflects a net loss from Operating Partnerships of $(909,634) and $(847,332), respectively, which includes depreciation and amortization of $1,071,875 and $1,119,563, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Cottonwood Partnership (Cottonwood Apartments, comprised of two buildings Cottonwood I and Cottonwood II) is a 24-unit multifamily development located in Cottonwood, Louisiana. Occupancy ended 2009 at 29% and has since improved to 83% as of September 30, 2010. The property operated below breakeven through September 2010. In April 2010, management lowered rents in an effort to attract new tenants. A new manager was hired in June and she is working Saturdays in an effort to lease units. She has been successful in leasing units at Cottonwood II which is now 96% occupied and the operating general partner is anticipating similar improvement at Cottonwood I. According to the operating general partner, high vacancy is largely due to the poor local economy and a lack of jobs and qualified applicants. The investment general partner conducted a site visit in March of 2010 and confirmed that occupancy is negatively impacted by a weak local economy. The property is located in a very rural setting with almost no industry/commerce. There are two prisons in close proximity to the property but the employees do not qualify for occupancy. There is a rubber manufacturing plant scheduled to open in early 2011, which will add 141 potential jobs to the immediate market area. The operating general partner is focused on targeting these workers. The low income housing tax credit compliance period expires on December 31, 2012. All real estate tax, mortgage, and insurance payments are current.

Fairway II LDHA, (Fairway Apartments II) is a 48-unit family property located in Marlette, MI. The new site manager believes that at the very minimum tenants should occupy 44 out of the 48 units, as these 44 apartments are subsidized. Occupancy dropped at the beginning of the second quarter of 2009 due to the eviction of difficult tenants that were admitted under the previous management's tenure in 2008. Through the third quarter of 2010, the new manager continues to evict non-conforming tenants and is consistently raising the screening standards for future residents. The property reported 86% occupancy as of September 30, 2010, with 6 vacancies. The property continues to operate below breakeven, but improvement is expected as occupancy increases. Management stated that they have several applications in process, and hopes to achieve over 90% occupancy. The manager states that they are continuing to outreach to the agencies that attend the Continuum of Care (a local committee that is involved with low income housing organizations with the objective of making low income housing a better and more efficient product). Management continues targeting local businesses for referrals. Leasing initiatives include offering rent concessions of two months free rent in an effort to lease all vacant units. This incentive will run through year-end 2010. The mortgage, taxes, and insurance are all current. The low income housing tax credit compliance period expires on December 31, 2012.

Maplewood Apartments Partnership (Maplewood Apartments) is a 40-unit property located in Winnfield, Louisiana. Occupancy issues began in 2007 when a rent increase was put into effect. In 2009, the property averaged 74% occupancy and operated below breakeven. As of September 30, 2010, the property is 73% occupied and continues to operate below breakeven. The investment general partner conducted a site visit in March of 2010. During the site visit, the investment general partner identified major deferred maintenance issues and fourteen vacant units that had not been turned over. The investment general partner shared these findings with the operating general partner who is taking immediate steps to address the deferred maintenance and unit turnover issues. In an effort to improve operations at the property, the investment general partner approved an operating general partner transfer. The transfer was finalized in April 2010. The new operating general partner has a strong record for managing successful properties in this region and they will make an immediate positive impact on this property. The new operating general partner made a request for reserve funds in order to pay for the turnover of the 10 vacant units that are in need of major repair. The reserve funds were made available in September at which time work began to address deferred maintenance and unit turnover. As of September 30, 2010, work was underway to get all vacant units ready to rent. According to the operating general partner, all of these repairs were completed by October 15, 2010. In addition, they have completed repairs to major cracks in the drives and walkways throughout the property. They have taken four deposits in the first week of October and management is projecting 100% occupancy once all unit repairs are complete and all units are brought back on-line. The operating general partner continues to fund all deficits as necessary by deferring fees. The guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2013.

1374 Boston Road, LP (1374 Boston Road) is a 15-unit property located in the Bronx, New York. In 2003, the Operating Partnership recorded a $112,000 loan from the operating general partner to pay for a tax lien. Further investigation showed that the tax lien was incurred during the construction period, and should have been funded by the operating general partner, without reimbursement, as part of his obligation to complete construction of the property per the Operating Partnership agreement and the development agreement. The investment general partner's repeated requests to restructure the loan went unheeded. In September 2005, legal counsel for the investment general partner sent a letter demanding a removal of the loan from the Operating Partnership account and the return of all payments made on this loan. The operating general partner's response did not address the issue satisfactorily. Additionally, in December 2005, a title search on the Operating Partnership showed at least $60,000 in liens that were never reported to the investment general partner. The investment general partner evaluated what the impact of removing the operating general partner would be since these lien issues remain unresolved. The investment general partner has decided not to proceed due to the inadequate value of the property based on size and location, as well as the operating general partner's continued funding, neither of which supports an extended legal battle for removal.

In 2008 and 2009, the property operated with an average occupancy of 99% with below breakeven operations. Average occupancy in 2010 is reported to be at 80%. The investment general partner continues to monitor this property. The mortgage, property taxes and insurance are current. The tax credit delivery period ended in 2007, with the low income housing tax credit compliance period expires on December 31, 2011.

Bienville III Apartments (Bienville II Apartments) is a 32-unit complex located in Ringgold, LA. Average occupancy in 2009 was 93% and the property operated above breakeven. There was a fire in June 2009 that consumed 8 units. The insurance claim has been settled. The final inspection occurred on April 28, 2010, but Rural Development came back with a list of punch list items before they would issue certificates of occupancy. There was another inspection on June 4, 2010, at which time Rural Development identified two additional items requiring repair. The operating general partner has addressed all of these items as of July 2010. All insurance checks for payment to the contractor have been subject to Rural Development inspection, and counter-endorsement by Rural Development. Occupancy is at 97% as of September 2010 and the property continues to operate above breakeven. The mortgage, property taxes and insurance are current. The low income housing tax credit compliance period expires on December 31, 2012.

Evangeline Partnership (Evangeline Place Apartments) is a 32-unit complex located in Lake Arthur, TX. In 2008, occupancy averaged 90% and the property operated above breakeven. Hurricane Gustav hit the property in early September 2008 and there was a fire at the property on the day the hurricane hit, and five units were damaged. The insurance claim was settled and the damaged units were brought back on-line in the first quarter of 2009. There was a second fire in June 2009 in one of the buildings that damaged eight units. As a result, occupancy dropped to 56% as of December 31, 2009. Despite the occupancy issues resulting from the fires, the property operated above breakeven in 2009. The insurance claim on the second fire has been settled and all work has been completed as of April 20, 2010. Occupancy has improved to 88% as of September 30, 2010. The operating general partner expects to have occupancy back up to historic levels by year-end. The low income housing tax credit compliance period expires on December 31, 2011.

Blanchard Partnership, A LA Partnership (Blanchard Place II) is a 32-unit complex located in Shreveport, LA. In 2008, occupancy at the property averaged 87% and the property operated above breakeven for the year. Occupancy in 2009 averaged 80% and the property operated below breakeven. In addition to the low occupancy, maintenance expenses increased from $13,669 in 2008 to $34,388 in 2009. According to the operating general partner, the reason for the increased maintenance expenses was that Rural Development required significant repair work as a result of their most recent audit. In April 2010, the investment general partner approved an operating general partner transfer. The new operating general partner has the experience, personnel and systems in place to improve operations at these properties. Their first course of action was to address all deferred maintenance issues at the property, which they have done in July and August of 2010. Improvements have included repairs to stairways and concrete drives and walks. As a result of this work, maintenance expenses have increased in 2010, and as a result, the property is operating below breakeven through September 2010. Occupancy has been strong at the property finishing the third quarter at 91% occupied. There are currently three vacant units and management has nine prospects. According to the operating general partner, they will be utilizing funds from the replacement reserve account for much of the repair work completed in 2010. The low income housing tax credit compliance period expires on December 31, 2012.

Pin Oak Elderly Associates LP (Pin Oak Village) is a 220-unit multi-family apartment project located in Bowie, Maryland. The apartment project's operations suffered considerably in 2009. Average occupancy decreased from 93% in 2008 to 80% in 2009, while net operating income declined from $918,505 to $590,835 over the same time span. Operations suffered due to higher than anticipated vacancy loss and a significant increase to maintenance and administrative expenses. Per the operating general partner, the large drop in occupancy was due to a large supply of senior housing complexes in the area as two new communities opened within a 10-mile radius. Furthermore, a large number of deaths or medical conditions occurred within the tenant base in 2009 contributing to a higher vacancy. Maintenance expenses were higher due to increased turnover costs and auxiliary costs associated with a complete roof repair. Administrative expenses were inflated due to staffing challenges that occurred in 2009 as a result of inexperience in a declining market. As of September 30, 2010, occupancy was 94% and has trended upwards since the fourth quarter of 2009. Management has attributed the turnaround in occupancy to hiring a staff exclusively for marketing and leasing. Subsequently, the property was nearly back to operating at breakeven through the end of the third quarter of 2010. The investment general partner will continue to monitor occupancy and leasing at the property. The mortgage, property taxes and insurance are current. The low income tax credit compliance period expires on December 31, 2013.

Series 29

As of September 30, 2010 and 2009, the average Qualified Occupancy for the Series was 99.2% and 96.4%, respectively. The series had a total of 21 properties at September 30, 2010, of which 20 were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 29 reflects a net loss from Operating Partnerships of $(725,614) and $(1,007,144), respectively, which includes depreciation and amortization of $1,277,253 and $1,208,537, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Lombard Partners, LP (Lombard Heights Apts.) located in Springfield, Missouri, operated below breakeven starting in 2005. The property suffered from ineffective management, which led to poor physical condition and low occupancy. Average occupancy was 72%, 47% and 70%, respectively, in 2005, 2006 and 2007. In the first quarter of 2007, the investment general partner learned that the property was five months in arrears on its mortgage and that the lender had issued a notice of default. The lender replaced on-site management with a third-party management company at the end of the second quarter of 2007. To stabilize the property, the lender depleted the replacement reserve account to fund unit turnovers, which improved occupancy to the mid-90%s. The investment general partner and the lender discussed a possible workout, which included replenishing the reserves and paying down the outstanding mortgage. In December 2007, the lender polled the bondholders for their preference in resolving the default. They were given the options of foreclosure sale, 18-month debt forbearance as part of a workout plan, or refinancing the property. On June 30, 2008 the lender notified the investment general partner that the bondholders had approved proceeding with a foreclosure sale. The property was sold on July 31, 2008 for $772,800. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain from the sale of the Operating Partnership has been recorded.

As a result of the foreclosure, the Operating Partnership lost remaining credits of $47,840. The investment general partner has determined that the new owner will not continue to operate the property as a Section 42 property. As a result, the Operating Partnership also experienced recapture and interest of $199,516. This represents a loss of tax credits, and recapture and interest of $12 and $49, respectively, per 1,000 BACs. The investment general partner has started to pursue the guarantors under the guaranty with a view to recovering the investment limited partner's losses. Counsel recently resolved jurisdictional issues and is now pursuing the guarantors in Massachusetts. Additionally, the operating general partner's attorney withdrew as counsel in September 2009. While the individual guarantors have the option of representing themselves, the court ordered the operating general partner's ownership entity to obtain new counsel and file a notice of appearance by November 6, 2009 that it did not do. This failure to comply with the court order now exposes the defendants to the risk of sanctions up to and including a default judgment. The investment general partner's counsel filed a motion for sanctions with the court in December 2009 that led to the scheduling of a court hearing on this matter in May 2010. In late May 2010, the court granted the investment general partner's motion for sanctions. As of September 30, 2010, the hearing had yet to be scheduled; however, counsel to the investment general partner believes it will be scheduled by December 31, 2010. These developments increase the likelihood of a default judgment and some recovery from the guarantors; however, the size of that recovery is difficult to predict since the guarantors' financial situation is unknown to the investment general partner at this time. To date, the parties have been unable to agree on the appropriate size of a settlement, but discussions are ongoing.

Bryson Apartments, Limited Partnership (Pecan Hill Apartments) is a 16-unit development located in Bryson, TX. Bryson is a small town with a population of approximately 500. With only 16 units, the occupancy at the property fluctuates significantly when only two or three units become vacant. The property operated below breakeven in 2009 due to average occupancy of 81% and higher than average operating expenses. The occupancy has improved through the third quarter of 2010, with an average occupancy of 93%. As of September 2010, the property was 93% occupied. The increased occupancy has resulted in the property operating slightly above breakeven through the first three-quarters of 2010. The operating general partner continues to fund deficits as necessary. The mortgage, taxes and insurance are all current.

Northfield Apartments III, LP (Willow Point Apartments III) is a 120-unit property located in Jackson, Mississippi. Through the third quarter of 2010, the property continued to operate below breakeven due to low occupancy and high operating expenses. As of September 30, 2010 the property was 87% occupied. The property receives a high amount of traffic, but prospective residents are unable to view units, as there are not any in rent ready condition. Operating expenses contributed to below breakeven operations due to high bad debt and maintenance expenses. The investment general partner conducted a site visit in September to assess the physical condition of the property and evaluate the management team. The property appeared tired and deferred maintenance is evident. The Jackson, MS market is over-saturated with affordable units and in its present condition, the property will have difficulty competing with newer affordable communities in the market. During the site visit, the management and maintenance teams were fully staffed; however, personnel turnover has been a problem for this property and the investment general partner has reservations about management's ability to maintain current staffing levels. After the site visit, the investment general partner had the property shopped. The management team scored poorly and the shopper was unable to view a rent ready unit. In the fourth quarter of 2010, the investment general partner will meet with the operating general partner to discuss its concerns and determine the operating general partner's plan to improve operations. All taxes, insurance and mortgage payments are current.

Forest Hill Apartments, L.P. (The Arbors) is an 85-unit senior property located in Richmond, VA. In the first quarter of 2004, the property was severely damaged by a fire. There were issues related to the receipt of the insurance proceeds, which delayed the reconstruction of the property. It was eventually rebuilt and received final certificates of occupancy in January 2008. The lease-up was very slow and as of December 2008, the property was 54% physically occupied and 58% leased with below breakeven operations. In the fourth quarter of 2009 the occupancy improved and as of December 31, 2009 the property was 92% occupied. However, due to low occupancy throughout the early part of 2009, operations were below breakeven for the year. Maintaining high occupancy has been a challenge. However, due to an intensified marketing campaign, management has been able to stabilize occupancy in the third quarter of 2010 and as of September 30, the property was 94% occupied and operating above breakeven. To attract residents, management is advertising on local buses and in all local newspapers. They are also offering one month free rent as a referral fee to its current residents. Additionally, management hosts monthly bingo sessions and offers daily blood pressure screenings. The mortgage, real estate taxes, and property insurance are current. The operating general partner continues to fund all operating deficits as necessary.

Series 30

For the six month periods ended September 30, 2010 and 2009, Series 30 reflects a net loss from Operating Partnerships of $(432,971) and $(354,720), respectively, which includes depreciation and amortization of $621,737 and $609,718, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Bellwood Four LP (Whistle Stop Apartments) is a 28-unit complex located in Gentry, Arkansas. Occupancy has historically been low at the property, as it is located in a very rural area, which has limited rental demand. Occupancy averaged 83% in 2009 but improved to 96% as of the end of the third quarter of 2010. In order to maintain high occupancy management continues to run advertisements in local media and is distributing fliers in adjacent towns in hopes of attracting qualified tenants. To keep expenses to a minimum, property management completes as many work orders in-house as possible. Operating expenses are below budget in the first three quarters of 2010 and have decreased since 2009. The property operated slightly above breakeven through the first three quarters of 2010. The mortgage, taxes and insurance are current. The low income housing tax credit compliance period expires on December 31, 2012.

JMC, LLC (Farwell Mills Apts.) is a 27-unit property located in Lisbon, ME. The property operated below breakeven through the third quarter of 2010 due to low occupancy and an increase in maintenance expenses. Occupancy as of September 30, 2010 was 85%. Low occupancy and high maintenance expenses were the result of tenants having to move due to a moisture problem in three of the units. The moisture problem is expected to be resolved by the beginning of the fourth quarter of 2010. The maintenance costs also increased as a result of required electrical work, HVAC repair, and appliance repair and replacement. These expenses are expected to normalize in the fourth quarter. In the third quarter, the investment general partner conducted a site visit to assess the property's physical condition and meet with management to discuss operations. The property was found to be in good physical condition. The site visit was conducted prior to the moisture problem. The operating general partner funds cash deficits by deferring fees owed to his management and maintenance companies. All tax, insurance, and mortgage payments are current. The operating general partner's operating deficit guarantee, capped at $400,000, expires in July 2013.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA. The property has had inconsistent occupancy levels since 2003. In 2009, occupancy declined to 77% during the second quarter, but rebounded to 97% occupancy as of September 30, 2010. Other tax credit communities in the area have been able to operate with high occupancy levels while also having the ability to charge higher rents than Western Trails II. This is primarily due to their communities being newer with superior amenities including additional bathrooms, garages, swimming pools and exercise facilities. There are four major competitors located within a few miles of Western Trails Apartments II. Fortunately, there is redevelopment and growth taking place nearby, including a new small retail mall, proposed improvements of the recreational fields and the construction of a large outlet mall projected to open in 2010. Western Trails has made vast improvements in resident retention through September 2010, averaging 96% year-to-date occupancy as compared to 88% average occupancy in 2009. The condition of the property continues to improve with the available cash on hand. The property was operating above breakeven through the third quarter of 2010. The taxes, insurance, and mortgage payments are all current. The low income housing tax credit compliance period expires on December 31, 2013.

Nocona Apartments, LP (Nocona Apartments) is a 36-unit property located in Nocona, Texas. Historically, the property has struggled with low occupancy due to a weak local economy and a challenging rural location. Over the past two years management has focused on evicting delinquent residents and increasing marketing and outreach. The occupancy improved during 2009, averaging 95%; however, the property still did not operate above breakeven due to higher operating expenses. Through the third quarter of 2010, physical occupancy remained strong averaging 93%. As of September 2010, the property was 93% occupied. The property operated with a slight negative cash flow through the first three quarters of 2010. The operating general partner has an unlimited guarantee in time and amount and continues to fund any shortfalls. The mortgage, taxes, and insurance are all current. The tax credit delivery period ended in 2008 and the low-income housing tax credit compliance period expires in 2013.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit family property located in Douglasville, Georgia. Historically, the property has struggled in this highly competitive market. The operating general partner responded with move-in specials and increased advertising with local businesses and rental guides. As part of the Operating Partnership restructuring in June of 2008, the new operating general partner agreed to extend the expiring operating deficit guarantee through June 2011. Deficits have been and continue to be largely funded by operating general partner advances along with accruing management fees. The investment general partner found the property to be in excellent condition upon a site inspection in April of 2009.

Through the third quarter of 2010, the property operated below breakeven primarily due to high utilities, bad debt, higher than budgeted vacancy losses, low occupancy, and the addition of a private security company. At the end of the second quarter of 2010, occupancy increased to 78%. At the end of the third quarter of 2010, occupancy has remained at 78%. For all properties below 95% occupancy, the operating general partner has requested management deliver a weekly traffic report providing a forecast of move-ins, move-outs, skips, and lease renewals as well as marketing efforts. The rents were reduced in 2010 to be more competitive with comparable properties in the area. The operating general partner hired a third party consultant to formulate a new marketing plan during the third quarter of 2010. The plan includes the following 12-point suggestions to be used for all managed properties: 1) restructuring the leasing compensation with a threshold of 95% occupancy; 2) providing gift cards or giving a $200 credit toward rent for resident referrals; 3) participating in the Fresh Start Program, a government funded program offering up to $3,000 to current and prospective tenants to pay off past bills in order to improve their credit rating; 4) initiating the Ambassador Program where the top 15 current residents can profit up to $2,200 a year by referring residents that move in and comply with all lease requirements for 30 days; 5) waiving late fees for first time offenders in order to enhance resident retention; 6) establishing a relationship with a third party collections agency; 7) creating a Look and Lease Program where prospective tenants will receive a small gift for viewing a model apartment; 8) corporate outreach with free advertising at local businesses; 9) using "spinners," people holding directional signs to the property to improve traffic; 10) holding job fairs on site; 11) Internet advertising through free websites; and 12) establishing relationships with local housing authorities in order to get tenants with mobile vouchers. The operating general partner believes that this plan will aid in improving the occupancy of the site. During the fourth quarter of 2009 management implemented a surety bond to combat the bad debt expense and to serve as an incentive for new residents. The residents pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit.

Through a Department of Housing and Urban Development initiated Shelter Care Program, which serves as a short-term rehabilitation program, the property forfeited 27 units. The program proved to compromise the integrity of the Low Income Housing Tax Credit program and jeopardize the integrity of the property. During the first half of 2010 the property purged itself of the 27-unit program and incurred significant turnover costs. The new site manager's primary focus is on creating resident retention initiatives such as an after school program. During the first quarter of 2010 management instituted a forgiveness of past credit program. The program allows for prospective tenants with negative past credit history admission for residency. In order to be admitted the prospective tenant must provide evidence of reparations made as well as five years without incident. Currently, occupancy is low due to high crime activity occurring on or around the property. During a recent meeting with the operating general partner, it was noted that low occupancy was also due to the current, troubled economic state in the metro area of Atlanta, GA. The operating general partner requested from the Department of Community Affairs the construction of a police substation in one of the three community rooms. However, local authorities denied this request and management hired a full time private security company to patrol the property around the clock. Since the addition of the private security company home invasions have significantly decreased. Management will continue to fund the private security operations with the hope that the decrease in home invasions will have a residual effect on surrounding community violence, increasing property appeal and occupancy. The operating general partner has financed all 2009 operating deficits and will continue to do so in 2010. All tax, insurance, and mortgage payments are current.

Jeffries Associates, LP (New River Gardens Apartments) is a 48-unit property located in Radford, VA. Property occupancy has fluctuated over the past few years; however, occupancy improved greatly in 2009 and the first three-quarters of 2010. Occupancy is 94% at the end of the third quarter of 2010. The property has no rental assistance, which has contributed to its historic vacancy problems. The property operated slightly below breakeven in 2009 and has continued that trend throughout the first three quarters of 2010. To address vacancy issues, management is advertising in local and regional newspapers and invested in additional property signage. Management also listed the property in the Renter's Guide Book and continues to reach out to all local HUD offices and social service organizations in order to promote the availability of property units. The recent increase in occupancy is attributable to the residual effect of an adjacent property receiving rental assistance. New River Gardens Apartments has found itself the beneficiary of potential tenant overflow. Further, management offered a prorated concession to people who move in immediately in an effort to fill vacancies quicker. Management surmises that occupancy will stabilize above 90% for the near future.

West Swanzey Affordable Housing Associates (Riverbend Apartments) is a 24-unit family development located in West Swanzey, NH. The property operated below breakeven in the first quarter of 2010 due to high seasonal operating expenses such as heating costs and snow removal charges. However, by the second quarter of 2010 these expenses normalized which allowed the property to recoup the deficit sustained in the first quarter and operate at breakeven. Operations continued to improve and the property was able to operate above breakeven through the third quarter as occupancy remained strong, a rent increase was implemented, and expenses continued to be low. As of September 30, 2010 occupancy was 100%. Effective July 1, 2010, all rents were increased to the maximum allowable tax credit rent. The higher contracted rents increased the gross potential rental income by $45,132 per year. With the rent increase in place, and now that seasonal operating expenses have normalized, it is anticipated that the property will continue to operate above breakeven in the fourth quarter of 2010. In the third quarter of 2010, the investment general partner conducted a site visit to assess the property's physical condition and meet with management to discuss operations. The property was found to be in good physical condition. All tax, insurance, and mortgage payments are current. The operating general partner and his affiliates continue to fund deficits as needed.

Series 31

For the six month periods ended September 30, 2010 and 2009, Series 31 reflects a net loss from Operating Partnerships of $(616,797) and $(794,266), respectively, which includes depreciation and amortization of $1,666,736 and $1,546,932, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Canton Housing One, LP (Madison Heights Apartments) is an 80-unit property located in Canton, Mississippi. Occupancy was 88% at the end of the third quarter of 2010. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. In addition, there were several gang-related incidents at or near the property in 2009. Because of the gang activity, management hired a police officer to patrol the site and is working with the local police department to ensure extra patrols and support for the property. These actions appear to be working. Management has also taken several measures in its effort to increase occupancy. These efforts were successful as vacancy decreased in the third quarter of 2010. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. Furthermore, arrangements were made to employ a full-time manager at the site and extra personnel have been hired to prepare vacant units for occupancy. As a result of the increased occupancy the property was able to operate slightly above breakeven through September 2010. All mortgage, insurance, and tax payments are current.

San Angelo Bent Tree, LP (San Angelo Bent Tree Apartments) is a 112-unit development located in San Angelo, Texas. Despite an average physical occupancy of 92% in 2009, the property operated below breakeven due to low economic occupancy coupled with high operating expenses, specifically administrative, maintenance, utilities and bad debt. Due to performance concerns, the management company was replaced in December 2009. The new manager began evicting problematic residents and put into place more stringent applicant approval standards. Some residents moved out due to management's enforcement of the rules, resulting in a decline in occupancy in the first quarter of 2010. The new management implemented a marketing plan, which became effective during the first quarter of 2010. The marketing strategy focuses on aggressive business and community outreach programs coupled with print and on-line advertizing. To promote resident retention and appeal to prospective residents, management organizes weekly social events and free monthly workshops for residents on various topics. In order to increase and maintain strong physical occupancy, management offers incentives and concessions. They are currently offering a one-month concession prorated over a 12-month period, a $200 resident referral gift card incentive, and a finder's fee of one month's rent to realtors who bring in qualified residents. Utility expenses in 2010 increased slightly over 2009 levels, due to an increase in water/sewer rates. To reduce utility expenses, management organizes information seminars for residents on reducing consumption and puts out a monthly newsletter that outlines various energy conservation tips. As of September 30, 2010, occupancy was 89% and the property operated slightly above breakeven. The investment general partner will continue to monitor the property's performance. All real estate tax, mortgage, and insurance payments are current.

Riverbend Housing Associates, LP (Riverbend Estates) is a 28-unit development located in Biddeford, ME. The property operated below breakeven through the third quarter of 2010 as a result of low occupancy, bad debt, and increased operating expenses. As of September 30, 2010 the property was 89% occupied. The property continued to struggle with occupancy in the third quarter due to several move-outs and evictions, as well as continued competition from other housing options in the area; specifically, available single family rental homes with comparable rents. In order to stabilize occupancy, additional advertising and marketing costs were incurred which increased administrative expenses. Management increased advertising efforts to include on-line postings, newspaper advertisements, a $300 resident referral bonus, and a concession of one month free rent. The advertising efforts have generated rental inquiries; however, the majority of the applicants only satisfy the 40% Area Median Income standard, rather than the required 60%. The district manager contacted Maine State Housing Authority to discuss renting three of the long-term vacant 60% units at the 40% rent level. MSHA approved the request in the first quarter of 2009 but the property continues to struggle renting the other 60% units. Bad debt is also a problem at this property. The investment general partner worked with management to revamp the screening process in order to improve rent collection. Bad debt has since improved. The evictions for non-payment through the third quarter caused higher maintenance costs from turnover repairs. Utility expenses were also high as a result of increased fuel costs coupled with a harsh winter in the first half of the year. The operating general partners had the property's real estate taxes reassessed and were granted a decrease in taxes of $5,800 effective January 1, 2011. Finally, in the third quarter of 2010, the investment general partner conducted a site visit to assess the property's physical condition and meet with management to discuss operations. The property was found to be in good physical condition. All tax, insurance, and mortgage payments are current. The operating general partner is responsible for funding operating deficits, capped at $300,000, through the end of tax credit compliance period. The operating general partner funds cash deficits by deferring fees owed to his management company and his maintenance company.

Level Creek Partners, L.P (Plantation Ridge) is a 218-unit (130 LIHTC units) family property located in Sugar Hill, GA. Due to weak and declining economic conditions throughout 2008-09, many employers closed or significantly reduced employee hours. Since hourly-wage employment composes a large portion of the property's tenant base, the number of move-outs and evictions is consistently high. Traffic has been hindered by the property's isolated location; however, management has undertaken an aggressive marketing campaign. The manager has been targeting the Hispanic community with print ads in the Hispanic newspaper, and by hiring a bi-lingual assistant manager. In addition, a billboard on a heavily traveled highway has been rented to capture commuter traffic. Finally, management has implemented rental concessions. As a result of these marketing measures, occupancy increased from a low of 78% in the first quarter of 2009 to 88% by the end of the year. Occupancy has remained strong in 2010, averaging 91% year-to-date. As the occupancy has increased, turnover and eviction costs have dramatically decreased, allowing the property to operate above breakeven year-to-date. The investment general partner will continue to monitor the property through the fourth quarter to ensure that operations remain strong. The mortgage, real estate taxes, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2014.

Series 32

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at September 30, 2010, all of which were at 100% Qualified Occupancy

For the six month periods ended September 30, 2010 and 2009, Series 32 reflects a net loss from Operating Partnerships of $(731,722) and $(733,768), respectively, which includes depreciation and amortization of $1,125,546 and $1,222,298, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2010, the operating general partner of FFLM Associates - Carriage Pointe entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on September 24, 2010. The sales price of the property was $775,000, which included the outstanding mortgage balance of approximately $115,914 and cash proceeds to the investment partnerships of $75,000 and $75,000 to Series 32 and Series 33, respectively. Of the total proceeds received, $15,000 and $15,000 from Series 32 and Series 33, respectively, will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $60,000 and $60,000 were returned to cash reserves held by Series 32 and Series 33, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amounts of $60,000 and $60,000 for Series 32 and Series 33, respectively, as of September 30, 2010.

In July 2009, the investment general partner of Series 32 and Series 33, respectively, transferred its interest in FFLM Associates - Woodhaven at South Brunswick to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,705,250 and cash proceeds to the investment partnerships of $3,750 and $3,750 to Series 32 and Series 33, respectively. Of the total proceeds received, $3,750 and $3,750 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 32 and Series 33, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In January 2010, the investment general partner of Series 32 and Series 33, respectively, transferred its interest in FFLM Associates - Sayreville Senior Housing Investors, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,826,428 and cash proceeds to the investment partnerships of $7,500 and $7,500 to Series 32 and Series 33, respectively. Of the total proceeds received, $7,500 and $7,500 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 32 and Series 33, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

Indiana Development, LP (Clear Creek Apartments) is a 64-unit development, located in North Manchester, Indiana. During the 2005 - 2007 period the property operated below breakeven as a result of low occupancy 79% in 2006 and 86% in 2007, and cash deficits of ($53,329), ($39,990) and ($5,196) were incurred for the years 2005, 2006 and 2007, respectively. Prior to 2008, the operating general partner, who does not have an affiliated management company, engaged five different management companies. Finally, in early 2008 in connection with a portfolio-wide debt restructuring, the current third party management company was engaged. This management company appears much stronger than any of the previous management firms. Occupancy improved to 94% in 2009, and the property operated at breakeven. Although the quality of the tenant base and rent collections improved in 2009, maintenance expense due to unit turnovers has been high, concessions are being offered, and rental rates were decreased slightly in an effort to increase traffic. During the first three quarters of 2010, average occupancy was 93%, and the property has operated slightly below breakeven year-to-date 2010. The fluctuation in occupancy is related to the overall weakness in the local economy. To date, the operating general partner has funded all operating deficits, although its unlimited operating deficit guarantee expired in September 2004. The mortgage, taxes and insurance are current as of September 30, 2010.

Kiest Townhomes (Columbia Luxar) is a 125-unit tax credit property located in Dallas, Texas. The property suffered roof damage caused by heavy winds and hailstorms in the second quarter of 2010. An insurance claim check for $594,000 was placed in escrow and was used to fund roof repairs on all 29 buildings at the property. No residents have been displaced as a result of the damage. The roof repair began in June 2010 and was completed in October 2010. The lender's inspection of the completed work is pending. The property is averaging 97% occupancy through the third quarter of 2010, with operations above breakeven status. The mortgage, real estate tax and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2014.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, New York. The property operated below breakeven in 2005, 2006, 2007, and 2008 due to high utility, maintenance and administrative expenses combined with collection loss. Operations improved to above breakeven status in 2009. Occupancy remains at 100% through September 2010. Tenant receivables are an issue that has historically plagued the profitability of the project. However, during the first three quarters of 2010 the property collected a larger portion of current tenant receivables. The resulting increase in cash flow allowed the property to operate above breakeven year-to-date. Management hired an outside financial consultant with the primary focus on identifying what are tenant receivables versus what is bad debt. This focus enables management to concentrate on attainable tenant receivables. To combat the continued increase in utility costs, management implemented a water and sewer saving program in the third quarter of 2010. The Department of Water and Sewer will provide a retrofit kit for each apartment. The property is expected to reduce consumption by 25-40%. The program consists of upgrading showerheads, bathroom faucet aerators, and kitchen faucet aerators, as well as installing water-reducing devices in toilet tanks. All four improvements comprise the retrofit kits. The Department of Water and Sewer will also provide educational brochures for the tenants. The brochures educate the tenants on how to reduce their water and energy consumption. Through the third quarter of 2010, utility costs have decreased in comparison to 2009 year to date figures. Management also has employed a three-year plan to increase revenue by adjusting the tenant maintenance charges by 10% in 2009, and 5% in 2010 and 2011. Management continues to work on reducing tenant delinquencies by aggressively filing late notices and pursuing evictions through the housing court. Management has made significant progress by adamantly voicing concerns and prosecuting tenants in New York City tenant court. The tenant delinquency report and rent roll indicate that a significant portion of the accounts receivable are attributable to tenants who have inhabited the property for more than 10 years. To help combat increases in tenant receivables, management is implementing the following measures: a stricter tenant screening process, a change in legal counsel for tenant court, and an analysis of "tenant hold over" (court process, with hope of rent collection) versus "tenant non-payment" (eviction with no hope of rent collection). Generally legal proceedings take at least six months before a tenant will have to appear in rent court in front of a judge. History shows that legal decisions in New York City involving low-income housing tend to rule in favor of the tenant. The property continues to work toward the 2010 goal of paying down all 2007 and 2008 past due invoices. Currently the operating general partner, who also acts as the managing agent, is in the process of hiring a new property management company. The reasoning behind this change is that the operating general partner wants to focus more on future development transactions. The increase in the tenant maintenance charges will supplement this goal. The mortgage and insurance are current. The property is real estate tax exempt. The low income housing tax credit compliance period expires on December 31, 2015.

Series 33

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 33 reflects a net loss from Operating Partnerships of $(339,882) and $(341,651), respectively, which includes depreciation and amortization of $502,994 and $587,231, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Bradford Group Partners of Jefferson County, LP (Bradford Square North Apartments) is a 50-unit senior property located in Jefferson City, Tennessee. In 2008, occupancy averaged 93% but increased operating expenses caused the property to operate below breakeven. Occupancy has declined to 66% as of September 2010 due to a number of deaths and illnesses and a declining local economy creating difficulties in filling vacant units. In order to increase occupancy, management continues outreach to the local social service organizations in the area. The property is expected to operate below breakeven in 2010 due to low occupancy. The investment general partner is in the process of running a title search to determine any potential liens on the property. The low income housing tax credit compliance period expires on December 31, 2014.

Kiest Townhomes (Columbia Luxar) is a 125-unit tax credit property located in Dallas, Texas. The property suffered roof damage caused by heavy winds and hailstorms in the second quarter of 2010. An insurance claim check for $594,000 was placed in escrow and was used to fund roof repairs on all 29 buildings at the property. No residents have been displaced as a result of the damage. The roof repair began in June 2010 and was completed in October 2010. The lender's inspection of the completed work is pending. The property is averaging 97% occupancy through the third quarters of 2010, with operations above breakeven status. The mortgage, real estate tax and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2014.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit property located in Dallas, GA. The property operated above breakeven for the third quarter of 2010 as a result of management's efforts to reduce operating expenses. Occupancy decreased slightly and ended the third quarter at 88%. To improve occupancy, management has increased its marketing and outreach. Subsequent to the close of the third quarter, the investment general partner had the property shopped. The management team scored well and the property showed well during the report. All taxes, insurance and mortgage payments are current.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing) is a 20-unit senior property located in Millinocket, ME. The property has historically operated below breakeven due to high utility expenses and low occupancy. The decline in occupancy occurred after it was determined that the elderly care service provider used at the property was not a federally approved program. Their services were terminated, effective July 1, 2009, and replaced by a service provider that charges a fee equal to 40% of residents' disposable income. The property operated at a deficit through the third quarter of 2010 due to low average occupancy and seasonal operating expenses. Occupancy continues to fluctuate through September 2010 but ended strong at 90% as of September 30, 2010. Fluctuating occupancy is the result of the depressed town of Millinocket and the surrounding area, which has an extremely limited elderly applicant pool. Management is currently working on a resident retention program to stabilize occupancy. Unfortunately, in the third quarter the current elderly care service provider increased the co-pay for service, which has deterred some applicants. There are no applicants looking for an apartment without services. Year-to-date maintenance expenses were high in the first half of 2010 as a result of a harsh winter. Utilities were also high as a result of increased fuel costs from an inefficient heating system. In an effort to reduce these operating expenses, management allowed the Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency by installing an alternative heating system. The operating general partner is in the process of obtaining approval from Maine State Housing Authority (MSHA) for energy efficiency funding at another property. MSHA has restricted the operating general partner's requests to one property at a time. Once the other property is approved for financing, the operating general partner plans on submitting the funding proposal for Stearns Assisted Housing. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All tax and insurance payments are current, and there is no hard debt associated with the property's financing.

Forest Park Apartments Partnership (Stonewall Retirement Village) is a 40-unit elderly development located in Stonewall, Louisiana. In 2008, occupancy averaged 96% and the property operated above breakeven. In 2009, occupancy averaged 97% and the property operated below breakeven. There was a 101% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. All repairs were finished by the fourth quarter of 2009. Occupancy is at 100% at the end of the third quarter of 2010 with operations above breakeven status. The low income housing tax credit compliance period expires in 2013. All real estate tax, mortgage, and insurance payments are current.

Series 34

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 34 reflects a net loss from Operating Partnerships of $(723,598) and $(497,090), respectively, which includes depreciation and amortization of $1,076,757 and $1,075,667, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Boerne Creekside Apartments LP, (Boerne Creekside Apartments) is a 71-unit family property located in Boerne, Texas. Physical occupancy started to decline in May of 2009 as the local economy softened. The property also experienced an increase in turnover mostly because of the economic downturn. The local economy continues to struggle; many employers have relocated or reduced their work force. Evictions and skips at the property rose when residents lost their means of employment and could no longer meet their rent obligations. In addition, management's inability to enforce a stringent collection policy contributed to an increase in delinquency loss. These issues led to an escalation of marketing and maintenance expenses and resulted in operating deficits. To address and hopefully cure these issues, the operating general partner replaced the management company in December of 2009. The new management has increased marketing efforts and continues to reach out to local businesses to try to increase occupancy. Fliers and postcards are frequently distributed to various employers, businesses, housing-related service agencies, and community organizations. The new management has been working diligently with the Boerne Housing Authority to increase the referral of prospective residents and to lobby the agency for additional Section 8 vouchers. Management has also added concessions and other incentives to improve occupancy. They are currently offering one month of free rent prorated over a 12-month lease, a $250 resident referral gift card, and a "look and lease" special of a $100 gift card. To minimize turnover and boost resident retention management continues to organize monthly social events at the property. Management's increased efforts started to show some progress at the end of the second quarter and continued to improve in the third quarter of 2010. The collections have improved and occupancy has increased from 83% at the end of the second quarter to 90% at the end of the third quarter. Despite the improved occupancy and collections, the property was not able to operate above breakeven through the third quarter of 2010. The property's mortgage, real estate taxes, and insurance are current as of September 2010. The operating general partner is committed to this property and has indicated that he will fulfill his operating deficit guarantee as required.

RHP 96-I, LP (Hillside Club I Apartments) is a 56-unit property located in Petosky, Michigan. Hillside Club operated below breakeven in the 2005 - 2007 period as a result of low occupancy. Occupancy averaged 81% for the years 2005, 2006, and 2007, and the property suffered cash losses of ($50,619), ($71,828) and ($66,013) in those years, respectively. Prior to 2008, the operating general partner, who does not have an affiliated management company, engaged five management companies. In early 2008, in connection with a portfolio wide restructuring, the current third party management was engaged. This management company appears much stronger than any of the past management firms and occupancy for 2008 improved to 87%. During 2009, the property operated slightly below breakeven and average occupancy for 2009 was 87%. Occupancy at September 30, 2010 improved to 95% and averaged 93% in the third quarter of 2010. This led to the property having operated above breakeven in the third quarter of 2010 and at breakeven year-to-date. Management is currently offering a reduced security deposit and eliminated the application fee, and has increased marketing through radio advertisements and flier inserts in the local newspaper. The operating general partner's unlimited operating deficit guarantee expired as of July 31, 2003. The operating general partner continued to fund deficits through the third quarter of 2006, but ceased to fully support the property's operations in the fourth quarter of 2006. As a result, the Operating Partnership fell into arrears on both its tax and mortgage payments. As of September 30, 2010, the Operating Partnership was two months delinquent on its mortgage. The Operating Partnership has not received a formal default notice from the lender. Although the 2007 real estate taxes were paid in the second quarter of 2009, the 2008 and 2009 real estate taxes remain outstanding. The 2008 real estate taxes are anticipated to be paid prior to February 2011 to avoid a tax sale by the county. The investment general partner is exploring alternatives to remedy these problems, which include a workout plan with the existing operating general partner or the replacement of the operating general partner.

Series 35

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 35 reflects a net loss from Operating Partnerships of $(465,652) and $(462,227), respectively, which includes depreciation and amortization of $778,370 and $777,174, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brazoswood Apartments, LP (Brazoswood Apartments) is a 72-unit property located in Clute, Texas. The property was unable to operate above breakeven due to low occupancy caused by current housing market conditions, insufficient rental rates and increasing operating expenses, specifically utilities, maintenance and insurance. The continued struggle with vacancy is a direct reflection of economic conditions in rural Texas, where ongoing job losses have led to increased evictions and migration from the area. The property is not located in a densely populated area and the majority of residents are retail employees struggling with diminishing work hours and layoffs. Management's marketing strategy focuses on aggressive business and community outreach programs coupled with print and on-line advertising. Management is hopeful that, with the implementation of the new marketing plan, occupancy will improve throughout 2010. To promote resident retention and appeal to prospective residents, management organizes weekly social events and free monthly workshops for residents on various topics. Management has also added concessions and other incentives to improve occupancy. They are currently offering one month rent concession prorated over a 12-month period, a $200 resident referral gift card incentive, and a finder's fee of one month's rent to realtors who bring in qualified residents. Although average occupancy increased to 90% in the third quarter of 2010, further improvements are needed to achieve above breakeven operations. Maintenance expenses are high due to turnover and the need to make vacant units rent ready. Utility expenses are high due to high water rates in the City of Clute. In addition, the property experienced a 20% increase in insurance rates in 2009. The investment general partner will continue to work with management to reduce economic vacancy and control expenses. All real estate tax, insurance and mortgage payments are current.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due to economic decline in the area. In 2009, occupancy averaged 83% and the property continued to operate below breakeven status. In 2010 operations have made significant improvements over 2009 results. Management hired new portfolio and property managers. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 74% in November 2009 to 91% as of September 2010. However, as of September 2010 operations remain below breakeven but have improved in comparison to the prior year. The lack of income has affected management's ability to pay bills, resulting in high payables. Management plans to pay down accounts payable from available cash flow as operations improve.

The investment general partner met with the operating general partner and visited this site in September 2009 and plans to return in November 2010. The property was very well maintained and the tax credit files were in very good order. Budgeted 2010 capital improvements include new signage and asphalt repairs. Exterior painting was completed in 2009. These improvement projects will be funded from replacement reserves and the operating general partner advances. Real estate tax, insurance and mortgage payments are current. The operating general partner's guarantee remains unlimited until rental achievement. Rental achievement has not yet been met. After rental achievement, the operating deficit guarantee is unlimited for three years. The operating general partner continues to fund deficits as needed. The investment general partner continues to hold bi-monthly conference calls with the operating general partner and management staff to review all operational issues at the property. These reviews will continue until occupancy and operations stabilize. The low income tax credit compliance period expires on December 31, 2016.

Mulvane Housing Associates Limited Partnership (Country Walk Apartments) is a 68-unit family property located in Mulvane, Kansas. As of September 30, 2010, the property was 97% occupied. Despite high occupancy, the property operated below breakeven through the third quarter of 2010 due to the high maintenance expenses in the first half of the year. Maintenance expenses were high as a result of turnover and necessary replacements and repairs, which will be reimbursed in the fourth quarter from the replacement reserve. These costs included carpet and vinyl replacement, power washing and painting, microwave replacement, and bike rack installation. Maintenance expenses are expected to normalize in the fourth quarter, as management does not anticipate any additional improvements to the property in the short term. Management received approval for a rent increase from the State of Kansas effective October 1, 2010. The higher contracted rents will increase the gross potential rental income by $10,200 per year. The investment general partner will continue to monitor the property's expense levels and management's leasing efforts to ensure occupancy remains strong. The operating general partner has continued to fund all operating deficits despite an expired guarantee and has stated that he will continue to do so until the end of the tax credit compliance period in 2014. All real estate taxes, insurance, and mortgage payments are current.

New Caney Housing II, LP (Garden Gates Apartments) is a 32-unit family property located in New Caney, TX. The property operated at breakeven in 2009. Although average occupancy increased to 90% in 2009, further improvements were needed to achieve above breakeven operations. Occupancy was 100% as of September 30, 2010. Management has focused on increasing resident retention and improving collections. In order to increase resident retention and overall occupancy, the company implemented an in-depth tenant screening process. Management took steps to aggressively enforce lease provisions by either moving for eviction or not renewing leases for residents who violated the terms outlined in their rental agreement. Management has also added concessions and other incentives to improve occupancy. Management reports that the resident profile and resident retention have both greatly improved. The property continues to operate at breakeven through the third quarter of 2010. The mortgage, taxes and insurance are all current. The management company is deferring all fees until operations improve. The investment general partner will continue to monitor the property's occupancy and operations. The low-income housing tax credit compliance period expires on December 31, 2014.

Series 36

For the six month periods ended September 30, 2010 and 2009, Series 36 reflects a net loss from Operating Partnerships of $(183,694) and $(223,954), respectively, which includes depreciation and amortization of $513,326 and $535,526, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Farmington Meadows Apartments (Aloha Housing Limited Partnership) is a 69-unit apartment complex located in Aloha, OR, with project-based Section 8 subsidy on 100% of the units. Historically, the property has operated above breakeven. In 2009, despite strong average occupancy of 96% for the year, the property operated below breakeven due to the high debt service requirements. A number of other issues have also affected cash flow, resulting in several late payments on the mortgage.

The property's balconies deteriorated significantly from 2006 to 2008. While awaiting contractors' bids to repair the balconies, management issued letters directing residents not to use their balconies until they were repaired. Despite the letters, one resident continued to use her balcony and sprained her ankle when the balcony collapsed in August 2008. The incident was reported to both parties' insurance companies, but the resident has taken no legal action. After the incident, all doors to the balconies were boarded up immediately. Work to remediate the balconies was completed in the first quarter of 2009.

Due to limited funds, the Operating Partnership has alternated between paying vendors and making its debt service payments. After the sewer line was repaired in July 2008 for $60,000, the contractor who performed the work filed a lien on the property. Payment has since been made, but this caused some arrearage in the mortgage payments. The operating general partner brought the mortgage current, but payables began to build again. In order to pay down some of these payables, the Operating Partnership missed two mortgage payments in 2009. The mortgage payments were brought current and have remained current partially through a release of funds from the Operating Partnership's debt service reserve, but are again about one month in arrears at the end of the third quarter of 2010.

In March 2008, the operating general partner replaced the management agent. The new agent is very skilled in all areas of Low-Income Housing Tax Credit property management and continues to work hard to help cure all physical issues and improve operations at Aloha Housing. Occupancy remains strong and was 97% at the end of the third quarter of 2010. Despite the strong occupancy, operations continue to struggle due to the high debt service payments. The property has operated below break-even through the third quarter of 2010. Although the mortgage lenders have not issued notices of default as of the end of the third quarter, they could do so since there are ongoing mortgage payment arrearages. Such a notice could trigger a foreclosure action in 2010 or 2011 if the operating general partner does not cure the mortgage payment defaults. A foreclosure sale in 2010 would require the Operating Partnership to recognize estimated tax credit recapture costs and an interest penalty of approximately $443,925, equivalent to $206 per 1,000 BACs. At the end of the second quarter the operating general partner agreed to pursue refinancing the current debt. The operating general partner is currently in discussions with a lender to refinance this Operating Partnership's mortgage debt with a conventional commercial mortgage loan. The earliest a new loan might close is forecasted to be late fourth quarter of 2010 or the first quarter of 2011. The investment general partner will continue to monitor the progress on these issues and press the operating general partner to fund deficits in a timelier manner.

Nowata Village Limited Partnership (Nowata Village) is a 28-unit family property located in Nowata, OK. Nowata is a small town with limited employment opportunities. Consequently, Nowata Village has struggled to maintain a stabilized occupancy and to keep operations above breakeven. Occupancy was stable in 2009, averaging 93% for the year, but the property operated below breakeven due to increased maintenance and insurance costs. The increase in maintenance was due to non-budgeted replacement expenses that were not reimbursed from replacement reserves due to Rural Development restrictions. Insurance premiums increased due to an increase in insurance claims in 2008/2009, and are expected to remain high through 2010. However, the operating general partner is working with a local insurance agent in an effort to reduce those costs. Rural Development approved a $20-75 rent increase on all units effective January 1, 2010 that was projected to bring operations back above breakeven. However, despite occupancy averaging 92% through the third quarter of 2010, operations remain below breakeven due to continued high expenses. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2014.

Wingfield Apartments LP. (Wingfield Apartments) is a 40-unit multifamily development located in Kinder, Louisiana. In 2008, occupancy averaged 84% and the property operated above breakeven. In 2009, occupancy averaged 85% and the property operated below breakeven. There was a 38% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. The repair work consisted primarily of roof replacement resulting from frequent windstorms. All repairs were finished in the fourth quarter of 2009. Occupancy is at 90% at the end of the third quarter of 2010 and the property has operated below breakeven year-to-date. According to the operating general partner, the property is located in central Louisiana, which has been hit hard by the economic downturn. While the local economy is a factor contributing to the occupancy issues, manager turnover has also been a recurring issue at the property over the past year. The investment general partner ordered a shopping report in June 2010 in which the manager received a very poor score. According to the report, the manager was rude and exhibited no closing ability whatsoever. According to the operating general partner, this manager was removed in early August. They are replacing this manager with one of their experienced managers from another property who has a proven track record for leasing up rural properties located in economically challenged locations. The investment general partner will continue to monitor occupancy and expenses at the property as well as the transition to new management. The investment general partner is scheduled to visit the property in November of this year to conduct a physical site inspection and to assess the capabilities of the on-site management. The low income housing tax credit compliance period expires on December 31, 2014. All real estate tax, mortgage, and insurance payments are current.

Series 37

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 37 reflects a net loss from Operating Partnerships of $(547,579) and $(496,780), respectively, which includes depreciation and amortization of $846,322 and $801,538, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due to economic decline in the area. In 2009, occupancy averaged 83% and the property continued to operate below breakeven status. In 2010 operations have made significant improvements over 2009 results. Management hired new portfolio and property managers. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 74% in November 2009 to 91% as of September 2010. However, operations remain below breakeven but have improved in comparison to the prior year. The lack of income has affected management's ability to pay bills, resulting in high payables. Management plans to pay down accounts payable from available cash flow as operations improve.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. The project consists of single family rental homes, with a home ownership option available to qualifying tenants. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidy to afford the $1,000+/per month rents.

During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. Due in part to the decreased availability of portable Section 8 vouchers caused by funding constraints, average occupancy declined in 2007 to 82% and the property operated below breakeven. In October 2007, the operating general partner engaged a new property management company to manage several of its properties, including Baldwin. The property continued to operate below breakeven in 2008 and 2009 with occupancy averaging 89% and 88%, respectively. Average occupancy for the first three quarters of 2010 was 90%; however, the property continued to operate below breakeven. Unemployment is high in Pontiac, a suburb of Detroit, and the local housing authority has stopped issuing vouchers due to funding cuts. Operating expenses remain well above state averages due to the fact that the property consists of single family homes. Maintenance expenses are approximately three times the state average due to extremely costly unit turnovers. Management began using a new credit agency for more comprehensive credit checks in August 2008 in an effort to curb unit turnovers and tenant receivables; however, evictions for non-payment of rent continue to be an issue. Additionally, the homes were built on slabs and settling has caused plumbing issues and shifting of some of the exterior walkways. Repairs are being made on an as-needed basis every other month. During 2009 the site manager worked with the local housing authority to obtain voucher holder referrals, held several open houses, and increased radio and newspaper advertisements.

In the third quarter of 2008 the investment general partner received the 2007 draft audit which revealed that the operating general partner had renegotiated the loan agreement during 2007 resulting in the lender agreeing to the deferral of the scheduled principal payments for 2006 and 2007. As of September 30, 2010, these principal payments remain deferred. The scheduled principal payments for 2008 and 2009 have not been paid as well, although the lender elected to convert these payments to a separate demand note executed by the Operating Partnership. A principal payment on the demand note was due October 31, 2009; however, that payment has not been made. Although the lender has not yet issued a default notice to the Operating Partnership, the operating general partner is attempting to resolve this issue with the lender. The Operating Partnership remains current on the interest portion of its debt service. The real estate taxes for 2008 were paid in the first quarter of 2010. Real estate taxes for 2009 remain unpaid, but the operating general partner did file an appeal in 2009, which is currently pending. Payables are high and continue to increase. The investment general partner is monitoring the management company's ability to increase occupancy and cash flow, reduce unit turnovers, and control maintenance expenses and bad debt. The investment general partner continues to press the operating general partner for a plan to pay down unpaid real estate taxes and growing payables.

Series 38

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at September 30, 2010, all of which were at 100% qualified occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 38 reflects a net loss from Operating Partnerships of $(256,943) and $(303,286), respectively, which includes depreciation and amortization of $567,294 and $552,516, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Creek Apartments is a 172-unit family development located in Woodstock, GA. Average occupancy decreased from 85% in 2007 to 83% in 2008, to 75% in 2009. The property operated below breakeven in 2009 with a cash deficit of ($214,258). The primary causes for the poor performance were low occupancy and high bad debt. According to management, maintaining high occupancy has been difficult because of a declining market area and lack of qualified applicants due to job losses in the area. The operating general partner has reduced rental rates and is currently offering resident referral fees, merchant referral fees and giveaways as a means to improve occupancy. In 2010, the property continues to operate below breakeven due to low occupancy and high bad debt. In addition, maintenance expenses have been high as a result of increased turnover costs. In 2010, management has hired new portfolio and property managers. Both are familiar with the market and have been very effective in their efforts to improve operations. Occupancy has increased from 75% in November 2009 to 90% by September 2010.

The investment general partner met with the operating general partner and visited the site in September 2009 with plans to return in November 2010. The property is very well maintained and shows nicely as a result of recent capital improvement projects including exterior painting and re-striping of the parking lot. A model unit has been created and landscaping improvements have been done to further improve curb appeal. Management plans to upgrade the fitness equipment in 2010. All files were well kept and in good order. All real estate taxes, insurance and mortgage payments are current. The investment general partner continues to hold bi-monthly conference calls with the operating general partner and management staff to review all operational issues at the property. These reviews will continue until occupancy and operations stabilize. The low income housing tax credit compliance period expires on December 31, 2016.

Hammond Place Apartments Partnership (Hammond Place Apartments) is a 40-unit multifamily development located in Hammond, Louisiana. In 2008, occupancy averaged 91% and the property operated above breakeven. In 2009, occupancy averaged 86% and the property operated below breakeven. There was a 23% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. All repairs were finished in the fourth quarter of 2009. Occupancy is at 80% at the end of the third quarter of 2010 and the property continues to operate below breakeven. The operating general partner hired a new manager in April 2010. The new manager has been effective at weeding out non-compliant tenants. According to the operating general partner, the new manager has been actively marketing the property and working with the police department to improve security at the site. The investment general partner has scheduled a site visit for November of this year to conduct a physical site inspection as well as to assess the performance of the on-site manager. The investment general partner will continue to monitor occupancy and expenses at the property. The low income housing tax credit compliance period expires in 2014. All real estate tax, mortgage, and insurance payments are current.

Series 39

For the six month periods ended September 30, 2010 and 2009, Series 39 reflects net loss from Operating Partnerships of $(319,286) and $(359,558), respectively, which includes depreciation and amortization of $459,809 and $477,496, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 40

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at September 30, 2010, all of which at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 40 reflects a net loss from Operating Partnerships of $(333,773) and $(395,655), respectively, which includes depreciation and amortization of $619,463 and $610,644, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit complex located in Dequincey, LA. The property operated well in 2008 averaging 88% occupancy with above breakeven operations. Occupancy ended 2009 at 83% and the property operated below breakeven for the year. In addition to the decrease in occupancy in the fourth quarter of 2009, maintenance costs increased 171% over 2008 figures. According to the operating general partner, the large increase in maintenance expenses was due to Rural Development required repairs. Occupancy ended the third quarter of 2010 at 71%, with maintenance expenses returning back to 2008 levels. As a result, the property operated above breakeven through the third quarter of 2010. The investment general partner will work with the operating general partner to increase occupancy. All taxes, insurance and mortgage payments are current. The low income housing tax credit compliance period expires in 2015.

Series 41

For the six month periods ended September 30, 2010 and 2009, Series 41 reflects a net loss from Operating Partnerships of $(374,873) and $(405,855), respectively, which includes depreciation and amortization of $758,643 and $842,891, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property in Mt. Carroll, IL. The property is located in a depressed rural area. In 2006, two of the units lost rental assistance from Rural Development because they were vacant for at least six months. Those two units are now difficult to fill due to an inability to find tenants who can afford the rents without Rural Development rental assistance. According to the operating general partner, there is little chance of reattaining the lost rental assistance. Average occupancy increased in 2009 as compared to 2008. Despite this improved occupancy, the property did not operate at breakeven due to higher operating expenses. Through the first half of 2010, occupancy held steady at 83%, then declined during the third quarter to 67% in September 2010. The two units without rental assistance remain vacant and management has indicated that they are unlikely to be filled. Declining occupancy in 2010 has resulted in lower year-to-date revenues as compared to 2009. Operating expenses are also slightly higher than in 2009. The lower revenues and elevated expenses are causing the property to continue to operate below breakeven. The mortgage, property taxes, and insurance are current.

Rural Housing Partners of Fulton, LP (Palisades Park) is a 16-unit family property in Fulton, IL. The property is located in a depressed rural area, and receives rental assistance from Rural Development. In 2009 the property operated with fairly strong occupancy through August, but occupancy declined towards the end of the year to a low of 75% in December. Despite this drop in occupancy, the property was able to operate above breakeven in 2009. The occupancy continued to be low through August but rose to 94% in September 2010. Revenues through the third quarter are lower as compared to 2009 while operating expenses have risen due to maintenance costs, causing the property to operate below breakeven. The mortgage, property taxes and insurance are current.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. The property is located in a depressed rural area, and receives rental assistance from Rural Development. In 2009 the property operated with fairly strong occupancy through August, but occupancy declined towards the end of the year to an average of 75% in the fourth quarter. This drop in occupancy led to decreased revenues, which caused the property to operate below breakeven in 2009. Occupancy in 2010 has been increasing through the year, reaching 92% for the months of June through September. Management expects to have the property fully occupied by November. Although 2010 operating expenses year-to-date have declined slightly versus 2009 due to lower administration and maintenance costs, lower revenues are causing the property to continue to operate below breakeven. The mortgage, property taxes and insurance are current.

Hawthorne Associates, LP (Sandalwood Apartments) is a 20-unit property located in Toppenish, Washington. The Operating Partnership experienced difficulties in 2006 when overall average occupancy of 84% declined to 65%, due to inadequate management resulting in poor rent collection, high eviction rates, and many over-income applicants. New site staff was hired early in 2007 and the site manager was able to restore occupancy to 95% by September 2007. The property operated slightly below breakeven in 2007 but improved back to breakeven status in 2008 and 2009 with occupancy averaging 90% for both years. Through the third quarter of 2010 average occupancy is 89% with operations above breakeven status. Occupancy has declined back to 80% as of September 30, 2010. The rent collection and eviction policies are being strictly enforced; no further collection issues are anticipated. The taxes, mortgage and insurance are all current. The low income tax credit compliance period expires on December 31, 2015.

Bienville Partnership (Bienville Apartments) is a 32-unit complex located in Ringgold, LA. In 2009, average occupancy was 79% and the property operated below breakeven. In addition to the low occupancy, maintenance expenses increased to $69,091 in 2009 compared to $22,860 in 2008. According to the operating general partner, Rural Development required significant repair work as a result of their 2009 audit. Approximately $7,000 of these costs were reimbursed from the replacement reserve account. According to the operating general partner, all repairs were completed in 2009. In April 2010, the investment general partner approved an operating general partner transfer. The new operating general partner has the experience, personnel and systems in place to improve operations at these properties. The new operating general partner's first order of business was to address any existing deferred maintenance and then focus on marketing and leasing. They also added a security patrol on weekend nights in an effort to eliminate criminal activity at the site. In June there was a fire at neighboring Bienville III Apartments, which displaced five rental assisted units. At the time, Bienville Apartments could accommodate these tenants so they were moved to Bienville Apartments on a temporary basis. As a result, occupancy at Bienville improved to 100% as of June 30, 2010. The repairs at Bienville III were completed in September and those displaced tenants were then moved from Bienville back to Bienville III. As a result, occupancy at Bienville dropped to 84% as of September 30, 2010. According to the operating general partner, they are working with the local HUD office and other community action agencies in an effort to get these five recently vacated units rented. The property continues to operate below breakeven through the third quarter of 2010. The investment general partner will monitor occupancy and expenses at the site and continue to work with the new general partner to improve operations. The low income housing tax credit compliance period expires on December 31, 2016.

Series 42

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 42 reflects a net loss from Operating Partnerships of $(207,863) and $(622,412), respectively, which includes depreciation and amortization of $832,535 and $882,105, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Wingfield Apartments Partnership II LP. (Wingfield Apartments II) is a 42-unit multifamily development located in Kinder, Louisiana. In 2009, occupancy averaged 70% and the property operated below breakeven. Occupancy is at 55% as of the end of the third quarter of 2010 and the property continues to operate below breakeven. According to the operating general partner, the property is located in central Louisiana, which has been hit hard by the economic downturn. Also, there have been a series of evictions this quarter for non-payment of rent. While the local economy is a factor contributing to the occupancy issues, manager turnover has also been a recurring issue at the property over the past year. The investment general partner ordered a shopping report in June 2010 in which the manager received a very poor score. According to the report, the manager was rude and exhibited no closing ability. According to the operating general partner, this manager was removed in early August. They are replacing this manager with one of their experienced managers from another property who has a proven track record for leasing up rural properties located in economically challenged locations. The operating general partner believes the new manager will have a positive impact on leasing units going forward. In August 2010 there was a fire at the property in which one unit was damaged and another unit suffered water damage. A kitchen grease fire caused the fire. The operating general partner is in the process of finalizing the insurance claim and the investment general partner will be notified of the details. The investment general partner will continue to monitor occupancy and expenses at the property as well as the transition to new management. The investment general partner is scheduled to visit the property in November of this year to conduct a physical site inspection and to assess the capabilities of the on-site management. The low income housing tax credit compliance period expires on December 31, 2014. All real estate tax, mortgage, and insurance payments are current.

Dorchester Court Apartments (Dorchester Court Limited Dividend Housing Association, LP) is a 131-unit apartment complex located in Port Huron, MI, with 75% of the units devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow from the onset. Further, one of the two original members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, that member was replaced and a new member was inserted as the second member of the operating general partner entity. Although the new second member did not assume the obligations of the guarantor, it had significant resources and contributed over $190,000 to the Operating Partnership to fund the property's operating deficits during the 2006-2007 periods. In 2008, however, growing tensions between the two members resulted in less attention to management of the property and diminished willingness of the operating general partner to fund deficits. In May 2009, the Operating Partnership approved the transfer of interests within the operating general partner entity; the new second member transferred its interest to the remaining single member. As noted above, the members had been at odds and the transfer was deemed likely to clarify control of the entity and result in improved performance of the property. In addition, the management company was replaced in May 2009 with a management company affiliated with the remaining single member of the operating general partner.

Occupancy averaged 90% for 2009 and 91% the first three quarters of 2010. The property operated below breakeven in 2009, but has improved to above breakeven through the third quarter of 2010. The operating general partner believes that with the change in the operating general partner entity and management company noted above, operations will stabilize above breakeven. The Operating Partnership has been funding the replacement reserve, in accordance with the loan and Operating Partnership agreements, since September 2007 when the debt was refinanced. The mortgage, taxes and insurance payments are all current. Accounts payable and accrued expenses stood at approximately $41,000 as of September 2010, down approximately $16,500 from December 2009.

HS Housing, LP (Helios Station Apartments) is a 30-unit family property located in Lafayette, CO. The property operated well above breakeven in 2009 and occupancy remained strong for the year averaging 97%. Through the third quarter of 2010 the property continues to have strong occupancy and operate above breakeven. All real estate taxes, insurance, and mortgage payments are current as of September 30, 2010. The operating general partner's obligation to fund operating deficits is unlimited in time and amount. A site visit conducted in September 2008 revealed that although the property was in good physical condition, housekeeping and maintenance needed improvement. Additionally, the tenant file audit disclosed incomplete and disorganized files which could be attributed to the site manager's limited tax credit experience and knowledge of the program. A new, experienced site manager was hired at the end of October 2008 in an effort to address these issues; however, this manager was also not able to proactively tackle the property's issues and a new site manager began in the beginning of May 2009. This manager has previous tax credit experience as an assistant manager and was promoted from a larger property with the idea that she can deliver focus to this smaller property. Another site visit was conducted at the property in July 2009. Housekeeping and maintenance had improved, but tenant files continued to require attention. The site manager and regional compliance manager corrected all file issues. A 100% recertification and state management review occurred in October 2009, resulting in a satisfactory score. The investment general partner also had a consultant perform a site inspection in June of 2010. The consultant advised that the property was in good physical condition and the files were in excellent condition.

Effective July 1, 2008, the operating general partner brought in a new management company to manage its entire portfolio of 18 properties in Colorado. The change in management was intended to address unsatisfactory operations at several properties in the Colorado portfolio. The operating general partner is attempting to recapitalize its Colorado portfolio, including HS Housing, but the plan's likelihood for success continues to be uncertain at this time. However, improved management has resulted in increased cash flow across the entire portfolio. The investment general partner has turned its focus toward obtaining a commitment from the operating general partner to fund the portfolio's identified near term capital improvements and payables out of the improved cash flow from the entire portfolio. The operating general partner signed a letter agreeing to fund capital needs at the Colorado properties, and advanced funds to two properties in June 2009. In the second quarter of 2010 the investment general partner had requested that the management company put together a capital needs plan for the entire Colorado portfolio. In June of 2010 the management company completed the requested capital needs plan for HS Housing and submitted a copy to both the investment general partner and HUD. The plan calls for $180,000 in capital improvement over the next 5 years. The plan includes roof replacement, exterior painting, and installation of a new irrigation system and concrete replacement. The investment general partner will monitor the progress of the capital needs plan. The operating general partner will be required to advance funds to each partnership that will not have sufficient replacement reserve money to complete the capital improvements that are needed.

TS Housing, LP (Tiffany Square Apartments) is a 52-unit family property located just outside Denver in Lakewood, CO. Parts of the property developed structural issues related to the floor joists, which resulted in uneven floors and required extensive repairs. Ten units were off-line for over six months while management attempted to remediate the issue. As results of lower revenue from the down units, and increased maintenance expenditures, the property expended cash of ($19,023) in 2006. During 2007, average occupancy was 91% and the property expended cash of ($65,739) due to increased maintenance expenditures and structural repairs of the eight units.

In 2006, the Colorado Housing and Finance Authority issued 8823s, citing the ten units that were unsuitable for occupancy for an extended period of time due to the structural issues noted above. As of April 2007, the ten units had been repaired and reoccupied. In May 2008, corrected 8823s for the ten units that were off-line were filed with the IRS by the Colorado Finance Housing Agency. In 2009, two units were discovered to be in need of structural repairs related to the floor joists. Management obtained bids and work was completed in June 2009 on the first unit. The bid was for $5,000 and was paid from operating cash. This unit was brought back on-line and was re-tenanted in late June. A second unit was vacated in August 2009 and received structural repairs that were completed in November 2009. The repairs were anticipated to be completed during the third quarter of 2009; however, the scope of work increased after further investigation. The contractor honored the original bid of $4,000 and was paid from operating cash. The unit was re-tenanted in December 2009. No additional units in need of structural repairs have been identified. The property operated above breakeven in 2008 and 2009 with the help of strong occupancy. Through the third quarter of 2010, occupancy has averaged 97%, and the property continues to operate above breakeven. All real estate taxes, insurance, and mortgage payments are current as of September 30, 2010. The operating general partner's obligation to fund operating deficits is unlimited in time and amount.

Effective July 1, 2008, the operating general partner brought in a new management company to manage its entire portfolio of 18 properties in Colorado. The change in management was intended to address unsatisfactory operations at several properties in the Colorado portfolio. The operating general partner is attempting to recapitalize its Colorado portfolio, including TS Housing, but the plan's likelihood for success continues to be uncertain at this time. However, improved management has resulted in increased cash flow across the entire portfolio. The investment general partner has turned its attention toward obtaining a commitment from the operating general partner to fund the portfolio's identified near term capital improvement needs and aged payables out of the improved cash flow from the entire portfolio. The operating general partner signed a letter agreeing to fund capital needs at the Colorado properties, and advanced funds to two properties in June 2009. In the second quarter of 2010 the investment general partner had requested that the management company put together a capital needs plan for the entire Colorado portfolio. In June of 2010 the management company completed the requested capital needs plan for TS Housing and submitted a copy to both the investment general partner and HUD. The plan calls for $176,715 in capital improvement over the next 5 years. The plan includes window replacement, exterior painting, and installation of a new irrigation system and concrete replacement. The investment general partner will monitor the progress of the capital needs plan. The operating general partner will be required to advance funds to each Operating Partnership that will not have sufficient replacement reserve money to complete the capital improvements that are needed. The investment general partner also had a consultant perform a site inspection in June of 2010. The consultant advised that the property was in good physical condition and the files were in excellent condition.

Due to the property being shut down in 2007, investors lost 2007 tax credits and experienced recapture. The Operating Partnership lost $44,252 in tax credits and experienced recapture of $65,954. This represents credits and recapture of $16 and $24, respectively, per 1,000 BACs. The operating general partner has unlimited guarantees and the investment general partner intends to pursue payment under these guarantees in order to offset some or all of the expected recapture of tax credits. However, it is not certain at this time how much can be collected under the guarantees, based on the unknown financial strength of the guarantors.

Series 43

For the six month periods ended September 30, 2010 and 2009, Series 43 reflects a net loss from Operating Partnerships of $(339,767) and $(623,313), respectively, which includes depreciation and amortization of $1,078,601 and $1,183,840, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Henderson Fountainhead, L.P. (Seven Points Apartments) is a 36-unit family property located in Seven Points, TX. There was a fire at the property on May 12, 2010. The fire started in the attic of Building 7, severally damaging two units and causing minor damage in the remaining two units in the building. Wiring that was not replaced when the property was rehabbed in 2003 caught fire in the attic and quickly spread throughout the building. Unit fire alarms functioned properly and all residents were able to escape without injury. Insurance proceeds will be sufficient to cover the cost of construction and with the use of an affiliated construction company, the operating general partner anticipates saving additional funds, which will then be deposited in the operating account to offset the loss in rental income. Construction is projected to be completed in November and no credit loss or recapture is anticipated, as the work will be completed well before December 31, 2010. Through the end of the third quarter of 2010, occupancy was 79% with above breakeven operations. All real estate tax, insurance and mortgage payments are current.

Lakewood Apartments-Saranac, LP (Lakewood Apartments) is a 24-unit property located in Saranac, MI. The area suffers from very low employment, lack of public transportation and limited retail stores. In addition, the property only has seven subsidized units while other area properties are 100% subsidized. As a result, the property has struggled to maintain consistent occupancy and has operated below breakeven every year since inception. In recent years, management has implemented a variety of concessions including lowering the security deposit from one month's rent to $99, waiving the $20 application fee, and offering one month free rent. In addition, private rental assistance of up to $200/month has been offered for qualified applicants. While these concessions improved occupancy, the property continued to operate at a deficit. In an effort to improve cash flow, management removed the concessions after occupancy reached 100% in March 2009. Afterwards, occupancy immediately began to decline and ended September 2009 at 83%. The concessions were then reinstated and occupancy improved to 88% by year-end 2009. Occupancy has remained steady in 2010, averaging 90% year-to-date and ending the third quarter of 2010 at 88%. In addition, the property is operating above breakeven for the year due in part to a $5 rent increase effective November 1, 2009, and the successful recovery of $2,400 of previously written-off bad debt. Real estate taxes, insurance and mortgage payments are current. The operating general partner's operating deficit guaranty expired in February 2009 but he continues to fund deficits as needed. The low income housing tax credit compliance period expires on December 31, 2010.

Riverview Apartments - Blissfield L.D.H.A., LP (Riverview Apartments) is a 32-unit property located in Blissfield, MI. The property has suffered from inconsistent occupancy in recent years due to its isolated location and the decline of the Michigan economy. A new manager was hired in July 2009 who increased marketing and leasing efforts. Occupancy stabilized and averaged 94% in 2009, allowing the property to generate cash for the year. In early 2010, the local Public Housing Authority began using HUD's new Enterprise Income Verification System, an electronic income verification system designed to increase the efficiency and accuracy of tenant income and rent determinations as well as deter housing fraud. A brochure was distributed to the residents to inform them of the new system, and five tenants immediately vacated the property causing occupancy to drop from 94% in December 2009 to 78% in January 2010. Management has aggressively marketed the vacant units and occupancy has since increased to 82% year-to-date; however, revenue for the year is down 12% and the property has operated at a deficit. Although operations have begun to improve as the occupancy has slowly increased, the property is expected to operate at a deficit for the year. Real estate taxes, insurance and mortgage payments are current. The operating general partner's operating deficit guaranty expires at the end of September 2012 and he continues to fund deficits as required. The low income housing tax credit compliance period expires on December 31, 2017.

Carpenter School I Elderly Apartments, L.P. (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, MS. The property operated with a negative cash flow during 2009, mostly as a result of decreased occupancy and low rental rates. Average physical occupancy in 2009 was 89%. Through the third quarter of 2010, occupancy improved and as of September 30 the property was 93% occupied. However, it was still unable to achieve breakeven. Although occupancy is high and expenses remain reasonable, low rental rates in the area continue to negatively impact cash flow. The management company continues to market the available units by working closely with the housing authority, and by continuing various marketing efforts to attract qualified residents. Marketing consists of advertisements in the local newspaper and distributing fliers to local business, churches, and schools. Management has also contacted the local housing authority and has instituted a resident referral program. To help retain residents, management is organizing on-site events to enhance the sense of community at the property. The investment general partner emphasized the importance of resident retention and is working with management to develop more regular social programs and activities at the property. The investment general partner will continue to work with the operating general partner in an effort to stabilize operations above breakeven. The mortgage, real estate taxes, insurance, and account payables are all current.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located about 30 miles northeast of Atlanta, in Lawrenceville, GA. Occupancy, which averaged 94% during 2008, began to decline in the fourth quarter of 2008, reaching 89% occupancy in December 2008. Occupancy was relatively stable during 2009 and the first two quarters of 2010 at 90%, but this could only be achieved with rent concessions. During the third quarter of 2010 occupancy regressed to levels not seen since July 2009 and only averaged 85% and ended the quarter at 83% occupancy due to move-outs, evictions and fewer new leases. The major employers in the area have cut either staffing levels or worker's hours and this situation has not started to improve as of September 30, 2010. As most residents are hourly employees, those who have retained their jobs have had their income significantly reduced. Also, the decline in the construction industry has led to additional vacancies at the site. Management does not expect the job market to turn around in the near future. Management has been very proactive in managing expenses, collecting tenant receivables, and developing rent payment workout plans to retain residents where possible. In spite of these efforts, the management company reported a material increase in bad debt expense in the second quarter of 2010. Bad debt expense did decline in the third quarter of 2010 compared to the second quarter of 2010; however, it is still significantly above what would be considered normal for a multi-family apartment community. The investment general partner performed a site visit in May 2010. The property was found to be in excellent condition. The investment general partner will continue to monitor operations to ensure stabilization. The September 2009 mortgage payment was late and the operating general partner indicated it was unwilling to continue to advance funds to subsidize the Operating Partnership's below breakeven operations. In addition, the operating general partner hoped that its decision to stop mortgage payments would trigger negotiations with the first mortgage lender on a possible loan re-structure or forbearance agreement. This tactic resulted in a forbearance agreement that closed on April 13, 2010, and converted the loan to an interest only payment schedule through December 31, 2011, at which time the contractual mortgage amortization re-starts. At closing on the forbearance agreement, the past due interest was paid and a $200,000 operating deficit reserve was established. At the time the forbearance agreement closed in April 2010, the investment general partner expected that property operations would be able to pay the interest only debt service payments through year end 2011 without needing to access monies in the newly established operating deficit reserve. That has not turned out to be the case with approximately half of the operating deficit reserve used through September 30, 2010. If this continues, the operating deficit reserve will be depleted before the end of first quarter of 2011. If the rental market in Atlanta does not start to materially improve by the fourth quarter of 2010 or first quarter of 2011, the Operating Partnership may not be able to make its monthly interest only mortgage payments through year end 2011, or in 2012 when amortization re-starts. This could expose the Operating Partnership to foreclosure risk and potential recapture costs in 2011 or 2012. The interest only mortgage payment, real estate taxes and insurance payments are current as of September 30, 2010.

Series 44

As of September 30, 2010 and 2009, the average Qualified Occupancy was 100%. The series had a total of 10 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 44 reflects a net loss from Operating Partnerships of $(578,691) and $(633,163), respectively, which includes depreciation and amortization of $1,199,060 and $1,235,926, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Post Oak East Apartments (Post Oak East L.P.) is a 240-unit family property located in Fort Worth, Texas. Occupancy began to decline in the fourth quarter of 2009, reaching 85% in December 2009. A new management company, hired in December 2009, has implemented a comprehensive marketing and resident retention program in an effort to increase occupancy and find more qualified residents. As a result, occupancy has averaged 92% year-to-date and 95% in the third quarter of 2010. The property is operating above breakeven. However, debt payments under the construction loan currently include payment of interest only with no principal amortization. The property is currently financed with floating rate, tax-exempt bonds. If the loan were to convert to permanent financing and the property maintains the current levels of bad debt expense, unit turnover costs, and real estate taxes, operations would be below breakeven. In addition, were the floating interest rate to increase significantly, the property could experience a further deficit. In the past, Post Oak Apartments has experienced higher resident turnover than expected, primarily because of delinquencies and evictions. Also, there are a number of comparably priced market rate communities in the immediate vicinity, some of which have better amenities and offer significant concessions. The new management company has implemented a "no tolerance" policy to enforce collection rules, and although bad debt expense needs further improvement, it is projected to be significantly lower in 2010 than it was in 2009. Residents are now charged for damages and lease violations, and are being evicted if necessary. In addition, the operating general partner has received approval from the Texas Department of Housing and Community Affairs to allow 38 units that were set aside for families earning 30% of the Area Median Income or less to be rented by families earning up to 60%. This change will increase the pool of potential residents.

As a result of the high expenses noted above, the property is unable to support the originally underwritten permanent debt amount of $13,600,000 and the Operating Partnership has been unable to convert from construction to permanent financing. In the third quarter of 2010, the operating general partner submitted a request for approval from the Texas Department of Housing and Community Affairs, as well as the investment general partner, for the admission of a new operating general partner. It is anticipated that this new operating general partner will be able to obtain a full abatement of the real estate taxes, due to its non-profit status. In August 2010, a conventional permanent mortgage lender issued a commitment letter for a permanent loan in the full amount of the construction loan subject to a full abatement of the taxes being confirmed. The permanent loan closing and operating general partner transfer are anticipated to occur simultaneously in the fourth quarter of 2010. The operating general partner has an unlimited guarantee until rental achievement, which has not yet occurred. The property's construction mortgage, real estate tax and insurance payments are current as of September 30, 2010.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. Due to an operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011. In 2009, the property operated well below breakeven. All operating deficits are funded by the operating general partner through operating deficit loans. At the end of the second quarter 2010 the property increased occupancy to 93%. Through the third quarter of 2010, occupancy increased to 96%. The increase in occupancy is attributed to a decrease in criminal activity surrounding the property, as well as new leasing specials. The new leasing specials include $299 move in, $300 lease renewal and a $300 resident referral special. Though occupancy increased, the property is operating just below breakeven through the third quarter of 2010. This drop in cash flow is attributable to high tenant receivables and higher than budgeted rental concessions. Management indicated that over the last half of 2009, the property experienced a handful of home invasions. To combat the recent influx in crime, management restructured its security approach by releasing the ineffective courtesy officer. The property stationed a part time police officer in the front of the property during the predominantly higher crime times. During the fourth quarter of 2009, management implemented a surety bond as an incentive for new residents. The residents will pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit. The property's mortgage, real estate tax and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

United Development CO. 2001 LP (Memphis 102), is a 102-unit scattered site family development, located in Memphis, TN. Occupancy in 2009 averaged 87% and the property operated below breakeven. Bad debt was an issue in 2009 due to the overall economy with tenants losing their jobs. Maintenance expenses were $861 higher than the state average on a per unit basis. As of December 31, 2009, accrued taxes totaled $452,574. As of September 2010, occupancy was 90% with a significant improvement in maintenance expenses. The operating general partner is currently paying between $15,000 and $25,000 per month towards accrued real estate taxes depending on available cash flow. As of September 30, 2010 the balance of accrued taxes was $379,700. The operating general partner is no longer funding operating deficits as needed. The mortgage payments, insurance, and accounts payables are all current. The low income housing tax credit compliance period expires on December 31, 2018.

North Forty Aspen Plus, L.P. (Aspen Village Townhomes), is a 30-unit apartment complex located in Bealeton, Virginia. Bealeton is located approximately 45 miles southwest of Washington D.C. The property consists of thirty low income housing tax credit units located in fifteen duplex townhomes, each having three bedrooms. Between the years 2004 and 2008, the property maintained an average occupancy of 95%-98%. In 2009 occupancy averaged 88% for the year. The property operated below breakeven in 2009 with negative cash flow of ($28,388). Total revenue decreased while operating expenses increased from the prior year. Operating expenses are 13% above the state average. The property had tenant receivables of $16,679 as of year-end 2009 and bad debt of $11,852. As of the third quarter of 2010, the property is 97% occupied. The property is operating slightly below breakeven but projects to show a significant improvement by year-end. The investment general partner has initiated monthly conference calls with the operating general partner to discuss operations and will monitor operations until above breakeven operations can be verified. The property was inspected in June 2010 and was found to be in excellent condition. All real estate taxes, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2017.

Series 45

As of September 30, 2010 and 2009, the average Qualified Occupancy for the series was 100%. The series had a total of 30 properties at September 30, 2010, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2010 and 2009, Series 45 reflects a net loss from Operating Partnerships of $(610,451) and $(728,847), respectively, which includes depreciation and amortization of $1,464,297 and $1,558,879 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. Due to a recent operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011. In 2009, the property operated well below breakeven. All operating deficits are funded by the operating general partner through operating deficit loans. At the end of the second quarter 2010 the property increased occupancy to 93%. Through the third quarter of 2010, occupancy increased to 96%. The increase in occupancy is attributed to a decrease in criminal activity surrounding the property, as well as new leasing specials. The new leasing specials include $299 move in, $300 lease renewal and a $300 resident referral special. Though occupancy increased, the property is operating just below breakeven through the third quarter 2010. This drop in cash flow is attributable to high tenant receivables and higher than budgeted rental concessions. Management indicated that over the last half of 2009, the property experienced a handful of home invasions. To combat the recent influx in crime, management restructured its security approach by releasing the ineffective courtesy officer. The property stationed a part time police officer in the front of the property during the predominantly higher crime times. During the fourth quarter of 2009, management implemented a surety bond as an incentive for new residents. The residents will pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit. The property's mortgage, real estate tax and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2019.

Series 46

For the six month periods ended September 30, 2010 and 2009, Series 46 reflects a net loss from Operating Partnerships of $(447,037) and $(314,417), respectively, which includes depreciation and amortization of $685,678 and $654,478, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Linden-Shawnee Partners, L.P. (Linden's Apartments) is a 54-unit family development, located in Shawnee, OK. Occupancy averaged 92% in 2008, but decreased to an average of 85% during 2009. The local economy in Shawnee experienced negative effects due to decreasing employment levels, causing the local resident population to seek employment in Oklahoma City where there were more available job opportunities. The property rents are lower than the area fair market rents. This prompted management to target the competing properties by sending a mass mailing to over 700 residences to promote lower rents at Linden's Apartments. The mailing revealed that of those 700 apartments, at least 85 units were vacant as the mailings were returned. Management sent another mass mailing in October 2009 to over 500 units with slightly lower rents. The mailing was to all rental units excluding nursing homes and offered leasing incentives of up to two months free rent. This action resulted in eleven leases. In order to increase visibility of the property from the street, management cleared trees between the property and the road in the fall of 2009. These assertive leasing initiatives proved to be effective as the occupancy level rebounded to 94% by December of 2009 and remains strong averaging 94% through the third quarter of 2010. The property continues to operate above breakeven through the first nine months of 2010. The low income housing tax credit compliance period expires on December 31, 2020.

Wagoner Village Apartments, LP (Wagoner Village Apartments) is a 31-unit family property located in Wagoner, OK. Wagoner is a small town with limited employment opportunities. Consequently, Wagoner Village has struggled to maintain a stabilized occupancy and to keep operations above breakeven. A more experienced manager took over the property in 2009 and has increased marketing efforts and worked closely with local businesses to improve occupancy through referrals. With the increased marketing efforts and successful unit conversions, occupancy improved to an average of 91% in 2009, but rental rates remained insufficient to cover increased maintenance and insurance costs. The majority of maintenance costs were replacement items that were not reimbursed from the replacement reserve account due to Rural Development restrictions. Insurance premiums increased due to an increase in insurance claims in 2008/2009, and are expected to remain high through 2010. However, the operating general partner is working with a local insurance agent in an effort to reduce those costs. Rural Development approved a $30-60 rent increase on all units effective January 1, 2010 that was projected to bring operations back above breakeven. However, operations remain below breakeven, with occupancy averaging 84% through the third quarter of 2010 and continued high expenses. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2018.

Rosehill Apartments (Rosehill Place of Topeka, L.L.C.) is a 48-unit elderly apartment complex located in Topeka, Kansas. Despite strong occupancy, averaging 97% in 2009 and the first three quarters of 2010, the property is operating just below breakeven. In the first quarter of 2010, the investment general partner discussed with the operating managing member filing a real estate tax appeal, as the taxes are higher than the state average. The operating managing member is considering an appeal of the assessed value via the Payment Under Protest process in December 2010; however, the first half of the 2010 taxes will also need to be paid at that time of appeal. In addition, because occupancy is very strong, the investment general partner discussed with the operating managing member a potential rent increase. In September, a $15 per unit per month rent increase was approved by the state tax credit-allocating agency and will go into effect in November 2010. With the rent increase and a slight reduction in real estate taxes, the property should be able to operate above breakeven. The operating managing member has also received preliminary approval from the lender to re-set the principal balance of the first mortgage from its current balance to its original commitment amount. If approved, this will provide enough capital to pay the past due real estate taxes, which are approximately two and a half years in arrears. The operating managing member has been making and will continue to make monthly payments on these past due taxes, until the debt modification is completed. The monthly mortgage payment and insurance escrow were current as of September 30, 2010.

Panola Housing Ltd. (Panola Housing) is a 32-unit multifamily development located in Carthage, TX. In 2009, despite average occupancy of 99%, the property operated below breakeven. There was a 25% increase in operating expenses in 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenance costs was the result of required repairs following the 2009 Rural Development audit. Expenses are expected to return back to 2008 levels once the repairs are completed. There was $10,000 in Rural Development required repairs in the first quarter of 2010 that caused operations to remain below breakeven in 2010. These repairs were later funded out of reserves. According to the operating general partner, all repairs have been completed as of March 31, 2010, and maintenance expenses have normalized. Management implemented a $40 per unit rent increase in April that applies to new tenants as well as renewals. Occupancy ended the third quarter of 2010 at 100% and the property is operating just below breakeven. According to the operating general partner, they have a strong manager in place and they anticipate continued improvement in operations. The investment general partner will monitor operations quarterly and discuss issues with the operating general partner and management as needed. The low income housing tax credit compliance period expires in 2018. All real estate tax, mortgage, and insurance payments are current.

Howard Park Limited (Howard Park Apartments) is a 16 unit family property located in Florida City, FL. The property operated at below breakeven operations in 2009 due to high real estate taxes. In 2007, the taxes significantly increased due to a reassessment error. The property was improperly assessed as market rate. The increase in the tax bills also included adjustments for prior years. The operating general partner filed a petition for reassessment. Due to the tax increase, the operating general partner received a personal loan to pay the past year adjustments plus the taxes due through 2008. A hearing was held with the Valuation Adjustment Board, which resulted in a reduction in the assessed value for tax year 2010 and forward. The operating general partner is currently seeking additional personal financing to pay the balance of the 2009 taxes during the fourth quarter of 2010. The occupancy through the third quarter of 2010 has averaged 96% and the property is operating above breakeven with the lower tax expense. The investment general partner will continue to monitor property operations and ensure that the tax payment is made. The low income housing tax credit compliance period expires in 2014.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership and includes this reduction in equity in loss of investment of limited partnerships.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended, March 31, 2010 and 2009. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the local general partners and their guarantee against credit recapture.

Recent Accounting Changes

In September 2006, the Financial Accounting Standards Board ("FASB") issued accounting guidance for Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value and expands disclosure about fair value measurements. This guidance is effective for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited transactions. In February 2008, the FASB delayed for one year implementation of the guidance as it pertains to certain non-financial assets and liabilities. The Fund adopted GAAP for Fair Value Measurements effective April 1, 2008, except as it applies to those non-financial assets and liabilities, for which the effective date was April 1, 2009. The Fund has determined that adoption of this guidance has no material impact on the Fund's financial statements.

In November 2008, the FASB issued accounting guidance on Equity Method Investment Accounting Considerations that addresses how the initial carrying value of an equity method investment should be determined, how an impairment assessment of an underlying indefinite-lived intangible asset of an equity method investment should be performed, how an equity method investee's issuance of shares should be accounted for, and how to account for a change in an investment from the equity method to the cost method. This guidance is effective in fiscal years beginning on or after December 15, 2008, and interim periods within those fiscal years. The Fund adopted the guidance for the interim quarterly period beginning April 1, 2009. Adoption of the guidance does not have a material impact on the Fund's financial condition or results of operations.

In April 2009, the FASB issued accounting guidance for Interim Disclosures about Fair Value of Financial Instruments. This requires disclosure about the method and significant assumptions used to establish the fair value of financial instruments for interim reporting periods as well as annual statements. It became effective for Boston Capital Tax Credit Fund IV L.P. as of and for the interim period ended June 30, 2009 and has no impact on the Fund's financial condition or results of operations.

Recent Accounting Changes - continued

In May 2009, the FASB issued guidance regarding subsequent events, which was subsequently updated in February 2010. This guidance established general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. In particular, this guidance sets forth the period after the balance sheet date during which management of a reporting entity should evaluate events or transactions that may occur for potential recognition or disclosure in the financial statements, the circumstances under which an entity should recognize events or transactions occurring after the balance sheet date in its financial statements, and the disclosures that an entity should make about events or transactions that occurred after the balance sheet date. This guidance was effective for financial statements issued for fiscal years and interim periods ending after June 15, 2009, and was therefore adopted by the Fund for the quarter ended June 30, 2009. The adoption did not have a significant impact on the subsequent events that the Fund reports, either through recognition or disclosure, in the financial statements. In February 2010, the FASB amended its guidance on subsequent events to remove the requirement to disclose the date through which an entity has evaluated subsequent events, alleviating conflicts with current SEC guidance. This amendment was effective immediately and therefore the Company did not include the disclosure in this Form 10-Q.

In June 2009, the FASB issued the Accounting Standards Codification (Codification). Effective July 1, 2009, the Codification is the single source of authoritative accounting principles recognized by the FASB to be applied by non-governmental entities in the preparation of financial statements in conformity with GAAP. The Codification is intended to reorganize, rather than change, existing GAAP. Accordingly, all references to currently existing GAAP have been removed and have been replaced with plain English explanations of the Fund's accounting policies. The adoption of the Codification did not have a material impact on the Fund's financial position or results of operations.

Item 3	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4	Controls & Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
	(b)	Changes in Internal Controls

		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended September 30, 2010 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings

	None

Item 1A.	Risk Factors

	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2010.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

	None

Item 3.	Defaults upon Senior Securities

	None

Item 4.	(Removed and Reserved.)

Item 5.	Other Information

	None

Item 6.	Exhibits

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

SIGNATURES

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 hereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.

	By:	Boston Capital Associates IV L.P. General Partner


	By:	BCA Associates Limited Partnership General Partner

	By:	C&M Management, Inc. General Partner

Date: November 15, 2010		By:	/s/ John P. Manning John P. Manning

Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
Fund and in the capacities and on the dates indicated:

DATE:	SIGNATURE:	TITLE:

November 15, 2010	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning






November 15, 2010	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.

Attached files

BF Garden Tax Credit Fund IV L.P. Reports

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