UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 2016 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)

Registrant’s telephone number, including area code (617)624-8900

Securities registered pursuant to Section 12(b) of the Act:

Title of each class - Name of each exchange on which registered

None

Securities registered pursuant to Section 12(g) of the Act:

Title of class

Beneficial Assignee Certificates

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ¨ No x

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 x 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 x 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 the definitions 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 x

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

Yes ¨ No x

DOCUMENTS INCORPORATED BY REFERENCE

None.

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2016

TABLE OF CONTENTS

	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	3
Item 1B.	Unresolved Staff Comments	5
Item 2.	Properties	5
Item 3.	Legal Proceedings	38
Item 4.	Mine Safety Disclosures	38
	PART II
Item 5.	Market for the Fund's Limited Partnership Interests and Related Partner Matters and Issuer Purchases of Partnership Interests	39
Item 6.	Selected Financial Data	40
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	41
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	115
Item 8.	Financial Statements and Supplementary Data	115
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	115
Item 9A.	Controls and Procedures	115
Item 9B.	Other Information	116
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance of the Fund	117
Item 11.	Executive Compensation	119
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters	119
Item 13.	Certain Relationships and Related Transactions, and Director  Independence	120
Item 14.	Principal Accountant Fees and Services	121
	PART IV
Item 15.	Exhibits and Financial Statement Schedules	125
	Signatures	140

PART I

Item 1. Business

Organization

Boston Capital Tax Credit Fund IV L.P. (the "Fund") is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 5, 1993. 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 Fund’s general partner is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation. John P. Manning is the principal executive officer of C&M Management, Inc. The limited partner of the Fund’s general partner 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.

The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner are assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

A Registration Statement on Form S-11 and the related prospectus, (together with each subsequently filed prospectus, the "Prospectus") were filed with the Securities and Exchange Commission and became effective December 16, 1993, in connection with a public offering (together with each subsequent offering of BACs described herein, the "Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On April 18, 1996, a 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, a 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, a Form S-11, which registered an additional 8,000,000 BACs for sale to the public, became effective. On July 26, 2000, a Form S-11, which registered an additional 7,500,000 BACs for sale to the public, became effective. On July 23, 2001, a Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 24, 2002, a Form S–11, which registered an additional 7,000,000 BAC’s for sale to the public, became effective. On July 1, 2003, a Form S–11, which registered an additional 7,000,000 BAC’s for sale to the public, became effective. As of March 31, 2016, subscriptions had been received and accepted by the General Partner 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 for 83,651,080 BACs in twenty-seven series representing capital contributions of $836,177,880 in the aggregate.

1 

Description of Business

The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the "Rehabilitation Tax Credit"). Section 236 (f) (ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as tax credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund has invested are receiving their rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.

As of March 31, 2016 the Fund had invested in 4 Operating Partnerships on behalf of Series 20, 2 Operating Partnership on behalf of Series 21, 3 Operating Partnerships on behalf of Series 22, 6 Operating Partnerships on behalf of Series 23, 6 Operating Partnerships on behalf of Series 24, 4 Operating Partnerships on behalf of Series 25, 14 Operating Partnerships on behalf of Series 26, 7 Operating Partnerships on behalf of Series 27, 6 Operating Partnerships on behalf of Series 28, 8 Operating Partnerships on behalf of Series 29, 8 Operating Partnerships on behalf of Series 30, 17 Operating Partnerships on behalf of Series 31, 10 Operating Partnerships on behalf of Series 32, 5 Operating Partnerships on behalf of Series 33, 7 Operating Partnerships on behalf of Series 34, 6 Operating Partnerships on behalf of Series 35, 7 Operating Partnerships on behalf of Series 36, 6 Operating Partnerships on behalf of Series 37, 8 Operating Partnerships on behalf of Series 38, 7 Operating Partnerships on behalf of Series 39, 14 Operating Partnerships on behalf of Series 40, 18 Operating Partnerships on behalf of Series 41, 15 Operating Partnerships on behalf of Series 42, 19 Operating Partnerships on behalf of Series 43, 8 Operating Partnerships on behalf of Series 44, 28 Operating Partnerships on behalf of Series 45 and 15 Operating Partnerships on behalf of Series 46. A description of these Operating Partnerships is set forth in Item 2 herein.

2 

The business objectives of the Fund are to:
(1)	Provide current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor's federal income tax liability from active, portfolio and passive income;
(2)	Preserve and protect the Fund's capital and provide capital appreciation and cash distributions through increases in value of the Fund's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the apartment complexes;
(3)	Provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and
(4)	Provide cash distributions (except with respect to the Fund's investment in some non-profit Operating Partnerships) from capital transaction proceeds.  The Operating Partnerships intend to hold the apartment complexes for appreciation in value.  The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

Employees

The Fund does not have any employees. Services are performed by the general partner and its affiliates and agents retained by them.

Item 1A. Risk Factors

As used in this Item 1A, references to “we, “us” and “our” mean the Fund.

An investment in our BACs and our investments in Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments.

In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.

The ability of limited partners to claim tax losses from their investment in us is limited.

The IRS may audit us or an Operating Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in our BACs. Changes in tax laws could also impact the tax benefits from an investment in our BACs and/or the value of the Operating Partnerships. Until the Operating Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.

3 

The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for BAC holders.

Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.

Poor performance of one housing complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.

Each housing complex is subject to mortgage indebtedness. If an Operating Partnership failed to pay its mortgage, it could lose its housing complex in foreclosure. If foreclosure were to occur during the first 15 years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the housing complex would occur. To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:

- difficulties in obtaining rent increases;

- limitations on cash distributions;

- limitations on sales or refinancing of Operating Partnerships;

- limitations on transfers of interests in Operating Partnerships;

- limitations on removal of local general partners;

- limitations on subsidy programs; and

- possible changes in applicable regulations.

The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.

No trading market for the BACs exists or is expected to develop.

There is currently no active trading market for the BACs. Accordingly, limited partners may be unable to sell their BACs or may have to sell BACs at a discount. Limited partners should consider their BACs to be a long-term investment.

Investors may realize taxable gain on sale or disposition of BACs.

Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.

Investors may have tax liability in excess of cash.

Investors eventually may be allocated profits for tax purposes which exceed any cash distributed to them. For this tax liability, the investor will have to pay federal income tax without a corresponding cash distribution.

4 

Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of BACs, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of such event.

Investors may not receive cash if apartment complexes are sold.

There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale, expenses such as accrued Fund management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.

The sale or refinancing of the apartment complexes is dependent upon the following material factors:

- The necessity of obtaining the consent of the operating general partners;

- The necessity of obtaining the approval of any governmental agency(ies) providing government assistance to the apartment complex; and

- The uncertainty of the market.

Any sale may occur well after the fifteen-year federal housing tax credit compliance period.

We have insufficient sources of cash to pay our existing liabilities.

We currently do not have sufficient cash resources to satisfy our financial liabilities. Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our general partner and its affiliates. Though the amounts payable to the general partner and its affiliates are contractually currently payable, we do not believe that the general partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case. We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Fund's working capital reserves are intended to be utilized to pay our existing and future liabilities.

Item 1B. Unresolved Staff Comments

Not applicable.

Item 2. Properties

The Fund has acquired a limited partnership interest in 258 Operating Partnerships in 27 series, identified in the table set forth below. The apartment complexes owned by the Operating Partnerships are eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each apartment complex which initially complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a designated 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." The Operating Partnerships and the respective apartment complexes are described more fully in the Prospectus. The general partner believes that there is adequate casualty insurance on the properties.

Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

5 

Boston Capital Tax Credit Fund IV L.P. - Series 20

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Concordia Manor I	St. Croix, VI	22	$	1,344,094	8/94	7/95		100	%	$	490,034
Fairoaks Lane Apts.	Rincon, GA	44		1,305,299	7/94	5/95		100	%		339,284
Kristine Apartments	Bakersfield, CA	60		656,345	10/94	10/94		100	%		311,675
Riverview Apartments	Franklinton, LA	47		1,521,835	4/94	10/94		100	%		370,000

6 

Boston Capital Tax Credit Fund IV L.P. - Series 21

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Havelock Manor Apts.	Havelock, NC	60	$	1,641,081	12/94	10/95		100	%	$	347,557
Liveoak Village	Union Springs, AL	24		688,620	10/94	7/95		100	%		176,953

7 

Boston Capital Tax Credit Fund IV L.P. - Series 22

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Concordia Manor II	St. Croix, VI	20	$	1,378,829	1/95	11/95		100	%	$	259,444
Concordia Manor III	St. Croix, VI	20		1,350,117	2/95	12/95		100	%		264,007
Drakes Branch Elderly	Drakes Branch, VA	32		1,147,495	1/95	6/95		100	%		232,722

8 

Boston Capital Tax Credit Fund IV L.P. - Series 23

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Concordia Manor II	St. Croix, VI	20	$	1,378,829	1/95	11/95		100	%	$	259,445
Concordia Manor III	St. Croix, VI	20		1,350,117	2/95	12/95		100	%		264,007
Colonna House	Hempstead, NY	37		59,863	5/95	5/95		100	%		1,551,605
Ithaca Apts. I	Ithaca, MI	28		449,026	11/95	7/95		100	%		164,008
La Pensione K Apts.	Sacramento, CA	129		1,887,192	9/95	12/96		100	%		2,650,580
Mid City Apartments	Jersey City, NJ	58		2,219,350	9/95	6/94		100	%		113,679

9 

Boston Capital Tax Credit Fund IV L.P. - Series 24

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Autumn Ridge Apartments	Shenandoah, VA	34	$	1,425,124	7/96	1/97		100	%	$	319,466
Hillridge Apts	Los Lunas, NM	38		215,000	8/96	6/96		100	%		1,466,007
New Hilltop Apartments	Laurens, SC	72		1,346,150	11/95	11/95		100	%		450,039
Northfield Housing, L.P.	Jackson, MS	5		75,852	12/96	9/96		100	%		217,266
Shadowcreek Apartments	Overton, NV	24		1,132,588	6/96	9/96		100	%		361,320
Woodlands Apartments	Elko, NV	24		1,131,239	11/95	9/95		100	%		269,867

10 

Boston Capital Tax Credit Fund IV L.P. - Series 25

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Dunlap Acres	West Point, MS	50	$	667,704	9/96	4/96		100	%	$	522,160
Hannah Heights Apts.	Ethel,  MS	28		750,550	6/96	12/96		100	%		321,584
Heartland Green Cave	Horse Cave, KY	24		770,347	5/96	11/96		100	%		270,132
Shannon Rentals	Shannon, MS	48		1,157,526	4/96	1/97		100	%		324,990

11 

Boston Capital Tax Credit Fund IV L.P. - Series 26

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Brookhaven Apts.	Shrevport, LA	35	$	926,830	2/97	1/97		100	%	$	726,113
Devonshire II Apts.	London, OH	28		636,843	1/97	12/96		100	%		182,070
Devonshire West Apts.	W. Jefferson, OH	19		432,717	1/97	1/97		100	%		126,983
Hanover Apts.	Ashland, VA	40		1,178,671	11/97	4/98		100	%		295,538
Holly Heights Apts.	Bowling Green, KY	30		827,890	5/97	8/97		100	%		362,738
Lauderdale County Properties	Meriden, MS	48		711,874	12/98	5/99		100	%		444,136
Maxton Green Apts.	Maxton,  NC	32		839,640	9/96	12/96		100	%		263,281
Mason Manor Apts.	Mason,  TN	24		857,794	2/96	1/96		100	%		229,775
New Hope Bailey Apts.	De Ridder,  LA	40		728,444	8/96	9/96		100	%		758,620
Southwind Apts. A LDHA	Jennings, LA	36		741,422	8/96	12/96		100	%		700,216
T.R. Bobb Apts.	New Iberia, LA	30		617,114	8/96	12/96		100	%		714,504
Timmons- Ville Green Apts.	Timmonsville, SC	32		989,251	10/96	2/97		100	%		292,587
Warrensburg Heights	Warrensburg, MO	28		1,008,675	12/96	11/96		100	%		308,825
Westside Apts.	Salem, AR	29		862,898	8/96	10/96		100	%		265,020

12 

Boston Capital Tax Credit Fund IV L.P. - Series 27

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Angelou Court Apts.	New York, NY	23	$	690,000	10/97	8/99		100	%	$	1,791,275
Canisteo Manor	Canisteo,  NY	24		870,338	4/98	4/98		100	%		621,857
Forest Glen At Sulluy Station Phase II Atps.	Centreville, VA	119		4,787,556	8/96	6/97		100	%		1,362,808
Magnolia Place Apts.	Gautier, MS	40		500,000	11/97	1/98		100	%		800,027
Northrock Apts.	Topeka, KS	76		1,483,682	5/00	5/00		100	%		610,365
Summer  Hill Sr. Apts.	Wayne, NJ	164		6,289,253	11/96	4/98		100	%		2,337,000
Sunday Sun Apts.	Bowling Green, KY	30		666,600	10/96	12/96		100	%		714,938

13 

Boston Capital Tax Credit Fund IV L.P. - Series 28

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Cottonwood Apts.	Holly Grove,  AR	24	$	777,087	2/97	4/97		100	%	$	254,856
Fairway Apts. II	Marlette,  MI	48		720,620	12/96	3/97		100	%		255,353
Jackson  Place Apts.	Jackson, LA	40		871,317	7/97	10/97		100	%		983,615
Mapelwood Apts.	Winnfield, LA	40		1,065,275	3/98	8/98		100	%		922,119
Southern  Villa Apts.	Russellville, KY	32		1,246,923	11/97	4/98		100	%		323,500
Senior  Suites of Chicago	Chicago, IL	84		3,857,702	12/97	12/98		100	%		3,208,112

14 

Boston Capital Tax Credit Fund IV L.P. - Series 29

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Colonial Apts.	Poplarville, MS	16	$	364,279	10/97	7/97		100	%	$	86,039
Emerald  Trace Apts.	Ruston,  LA	48		1,206,787	8/98	4/99		100	%		1,199,141
Edgewood Apts.	Baker,  LA	72		1,255,073	3/97	9/98		100	%		1,856,539
Harbor Pointe Apts.	Benton  Harbor,  MI	84		1,192,303	1/99	10/99		100	%		3,209,292
The  Lincoln Hotel	San  Diego, CA	41		714,500	2/97	7/97		100	%		697,511
Palmetto  Place Apts.	Benton, LA	40		1,201,621	10/98	4/99		100	%		1,153,878
Regency Apts.	Poplarville, MS	16		419,920	10/97	7/97		100	%		102,419
Westfield Apts.	Welsh, LA	40		697,771	11/97	8/98		100	%		918,605

15 

Boston Capital Tax Credit Fund IV L.P. - Series 30

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Emerald Trace II Apts	Ruston, LA	24	$	211,336	7/98	12/98		100	%	$	717,594
Farewell  Mills Apts.	Lisbon, ME	27		740,796	8/97	3/98		100	%		662,864
Lakewood Apts.	Clarksville, VA	52		1,449,362	3/98	10/99		100	%		394,349
New  River  Gardens	Radford,  VA	48		1,353,616	10/98	5/99		100	%		637,321
Northgate Apts.	Bryant,  AR	20		539,523	4/99	11/99		100	%		834,557
Pine Forest Apts.	Dahlgren, VA	40		1,742,720	3/98	2/99		100	%		503,181
Western Trails Apts.	Council Bluffs,  IA	30		736,809	7/98	6/99		100	%		912,827
Whistle Stop Apts.	Gentry,  AR	27		596,410	9/97	5/98		100	%		726,507

16 

Boston Capital Tax Credit Fund IV L.P. - Series 31

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Canton Manor Apts.	Canton, MS	32	$	709,980	11/97	7/98		100	%	$	271,306
Canton Village Apts.	Canton, MS	42		1,012,851	11/97	7/98		100	%		363,557
Eagles Ridge Terrace	Decatur, TX	89		1,436,468	12/97	5/98		100	%		467,063
Elmwood Apts.	Ellisville, MS	32		525,958	12/97	6/98		100	%		243,483
Giles  Apts.	Amelia, VA	16		669,378	3/98	2/99		100	%		183,711
Henderson Terrace Apts.	Bridgeport, TX	24		412,375	11/97	9/98		100	%		120,846
Madison Height Apts.	Canton, MS	80		2,025,440	11/97	7/98		100	%		786,614
Lakeview Court	City of Little Elm, TX	24		351,886	11/97	1/99		100	%		83,390
Mesquite Trails	Jacksboro, TX	35		540,207	11/97	11/98		100	%		193,766
Nottoway Manor	Blackstone, VA	28		797,042	3/98	4/99		100	%		214,977
Park Ridge Apts.	McKee, KY	22		822,152	10/97	5/98		100	%		338,464

17 

Boston Capital Tax Credit Fund IV L.P. - Series 31

PROPERTY PROFILE AS OF MARCH 31, 2016

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Pilot Point Apts.	Pilot Point, VA	40	$	606,672	11/97	2/99		100	%	$	142,680
Roth Village	Mechanicsburg, PA	61		1,544,531	10/97	9/98		100	%		2,664,992
Royal Estates Apts.	Canton, MS	32		769,459	11/97	7/98		100	%		282,525
Silver  Creek Apts.	Flat Rock, MI	112		2,899,651	3/98	8/99		100	%		4,535,381
Springs  Manor Apts.	Rawls Spring, MS	32		760,618	12/97	6/98		100	%		328,693
Western Hills Apts.	Ferris, TX	16		364,846	5/00	9/00		100	%	$	91,419

18 

Boston Capital Tax Credit Fund IV L.P. - Series 32

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Cogic  Village Apts.	Benton Harbor, MI	136	$	2,030,971	4/98	7/99		100	%	$	6,669,762
Courtside Apts.	Cottonwood, AZ	44		664,720	6/98	7/98		100	%		1,667,188
Clear  Creek Apts.	N. Manchester, IN	64		1,166,704	7/98	9/99		100	%		2,112,665
Columbia Luxar	Dallas, TX	125		2,849,752	8/98	12/99		100	%		3,947,106
Colony Park Apts.	Pearl, MS	192		678,838	6/98	12/99		100	%		2,911,900
Parkside Plaza Apts	New York, NY	39		1,295,764	7/99	5/01		100	%		2,931,239
Rose Villa Apts.	Ganado, TX	8		134,926	5/01	11/01		100	%		51,582
Pecan Manor Apts.	Natchitoches, LA	40		697,499	7/98	10/98		100	%		1,501,914
Pineridge Apts.	Franklinton, LA	40		714,633	7/98	1/99		100	%		1,497,889
Sterling Creek Apts.	Independence, MO	48		553,283	5/98	5/00		100	%		1,973,594

19 

Boston Capital Tax Credit Fund IV L.P. - Series 33

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Columbia Luxar	Dallas, TX	125	$	2,849,752	8/98	12/99		100	%	$	3,947,106
Harbor Pointe	Benton Harbor, MI	84		1,192,303	1/99	10/99		100	%		1,157,091
Northrock Apts.	Topeka, KS	76		1,483,682	5/99	5/00		100	%		1,133,534
Stearns-Assisted	Millinocket, ME	20		435,500	12/99	3/01		100	%		675,984
Stonewall  Retirement Village	Stonewall, LA	40		1,176,060	7/98	1/99		100	%		1,495,966

20 

Boston Capital Tax Credit Fund IV L.P. - Series 34

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Abby Ridge Apts.	Elizabethtown, KY	24	$	286,215	2/00	1/00		100	%	$	1,577,723
Belmont  Affordable Housing Two Apts.	Philadelphia, PA	20		252,675	1/99	12/99		100	%		1,829,040
Hillside  Club Apts.	Bear Creek Township, MI	56		1,950,000	10/98	12/99		100	%		2,097,333
Kerrville  Meadows Apts.	Kerrville, TX	72		1,191,737	11/98	4/00		100	%		2,335,827
Northwood Homes	Leitchfield, KY	24		514,537	4/99	6/99		100	%		1,185,712
Romeo Village Apts.	Montour Falls, NY	24		998,651	10/98	4/99		100	%		753,362
Washington Courtyards	Houston, TX	74		2,039,668	8/99	8/00		100	%		1,448,573

21 

Boston Capital Tax Credit Fund IV L.P. - Series 35

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Autumn Park	Dickson, TN	104	$	3,043,503	4/99	12/99		100	%	$	1,637,797
Columbia Woods Townhomes	Newman,  GA	120		3,659,531	10/00	6/02		100	%		1,310,103
Cypress  Pointe  Retirement Apts.	Casa Grande,  AZ	104		1,527,459	4/99	3/00		100	%		2,680,499
Garden  Gates Apts. II	New Caney,  TX	32		1,085,007	3/99	3/00		100	%		1,067,950
Washington Courtyards	Houston,  TX	74		2,039,668	8/99	8/00		100	%		606,140
Wedgewood Park Apts.	Evans,  GA	180		4,320,936	12/99	8/00		100	%		3,551,820

22 

Boston Capital Tax Credit Fund IV L.P. - Series 36

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Ashton Ridge	Jackson, MI	144	$	2,317,633	2/00	12/00		100	%	$	1,430,296
Paris Place	Paris, KY	32		1,004,717	6/00	9/00		100	%		930,412
Senior Suites Of Chicago Washington Heights	Chicago, IL	85		3,430,573	12/99	11/00		100	%		2,243,090
Valleyview Estates Apts.	Branson  West, MO	32		259,710	11/99	5/00		100	%		1,306,789
Wedgewood Park Apts.	Evans, GA	180		4,320,936	12/99	8/00		100	%		3,551,820
Willowbrook Apts.	Lafayette, LA	40		675,193	6/99	9/99		100	%		1,200,789
Wingfield Apts.	Kinder, LA	40		629,250	6/99	7/99		100	%		1,645,817

23 

Boston Capital Tax Credit Fund IV L.P. - Series 37

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Ashton Ridge Apts.	Jackson, MS	144	$	2,317,633	02/00	12/00		100	%	$	6,003,938
Baldwin Villas	Pontiac, MI	65		4,901,317	10/99	7/01		100	%		1,678,972
Columbia  Woods Townhomes	Newnan, GA	120		3,659,531	10/00	6/02		100	%		3,285,137
Senior  Suites of Washington Heights	Chicago, IL	85		3,430,573	12/99	11/00		100	%		2,243,090
Silver Pond Apts.	Wallingford, CT	160		2,805,149	6/00	12/01		100	%		1,563,634
Stearns Assisted Apts.	Millinocket, ME	20		435,500	12/99	3/01		100	%		1,407,173

24 

Boston Capital Tax Credit Fund IV L.P. - Series 38

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Andover Crossing Apts.	Andover, KS	80	$	2,173,355	5/00	12/00		100	%	$	1,772,874
Arbors at Eagle Crest Apts.	Mount Pleasant, MI	120		2,112,452	12/00	10/01		100	%		3,512,499
Columbia Creek Apts.	Woodstock, GA	172		4,632,235	8/01	11/01		100	%		2,795,601
Hammond Place Apts.	Hammond, LA	40		406,483	3/00	4/00		100	%		1,706,341
Shoreham Apts.	Houston, TX	120		2,854,155	4/00	7/01		100	%		6,138,485
Vanderbilt Apts.	Edna, TX	12		225,222	5/01	10/01		100	%		104,181
Whitley Park Apts.	Whitley City, KY	21		840,876	6/00	6/00		100	%		302,339
Willowbrook II Apts.	Lafayette, LA	40		574,639	3/00	5/00		100	%		1,247,680

25 

Boston Capital Tax Credit Fund IV L.P. - Series 39

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Arbors at Eagle Crest Apts.	Mount Pleasant,  MI	120	$	2,112,452	12/00	10/01		100	%	$	3,512,499
Austin Acres Apts.	Hopkinsville, KY	32		758,217	11/00	9/01		100	%		1,275,155
Columbia Creek Apts.	Woodstock,  GA	172		4,632,235	8/01	11/01		100	%		2,909,708
Daystar Village Apts.	Bowling Green,  KY	32		634,145	2/01	1/01		100	%		1,113,443
Hillview Apts.	Leitchfield, KY	34		771,839	5/01	12/01		100	%		327,226
Tally-Ho Apts.	Campti, CA	26		488,548	6/01	12/01		100	%		485,057
Timber Trails Apts.	Pineville, LA	32		717,422	6/01	7/01		100	%		499,829

26 

Boston Capital Tax Credit Fund IV L.P. - Series 40

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Baldwin Villas Apts.	Pontiac, MI	65	$	4,901,317	8/01	7/01		100	%	$	344,405
Carlyle Apts.	Aberdeen,  SD	44		380,408	2/01	6/01		100	%		1,359,155
Center Place Apts.	Center, TX	32		702,881	08/01	10/01		100	%		428,835
Eagle Lake Gardens Apts.	Azle, TX	60		954,284	10/01	5/02		100	%		666,179
Londontown Homes Apts.	London,  KY	24		395,298	2/01	6/01		100	%		1,836,027
Mason's Point Apts.	Hopkinsville, KY	41		1,207,740	06/01	7/02		100	%		1,824,270
Meadowside Apts.	Milo, NY	40		1,547,182	05/01	12/01		100	%		855,372
Northrock  Apts. II	Topeka, KS	60		1,784,323	07/01	5/02		100	%		1,838,666
Oakland  Apts.	Oakdale, LA	46		1,137,772	2/01	7/01		100	%		767,451
Parkview Apts.	Springfield, MA	25		1,058,342	2/01	2/02		100	%		1,221,510
Sedgewick Sundance Apts.	Sedgewick, KS	24		280,482	09/01	10/01		100	%		1,372,208
Southbrook Humes Apts.	Kily, KY	24		342,172	04/01	11/01		100	%		1,866,896
Springfield Crossing	Springfield, VA	347		23,895,048	6/02	10/01		100	%		718,652
Western Gardens Apts.	Dequincey,  LA	48		1,191,403	2/01	7/01		100	%		782,188

27 

Boston Capital Tax Credit Fund IV L.P. - Series 41

PROPERTY PROFILE AS OF MARCH 31, 2016

Property  Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Bienville Apts.	Ringhold,  LA	32	$	693,319	12/01	11/01		100	%	$	488,488
Breezewood Villas I	Frederiksted, VI	12		948,298	10/01	6/02		100	%		494,361
Cedar Grove Apartments Phase I	Shepherdsville, KY	36		968,245	5/02	7/01		100	%		424,955
Cranberry Cove Apartments	Beckley, WV	28		936,842	5/02	1/02		100	%		514,844
Franklin Green	Franklin Grove, IL	12		301,070	5/02	9/01		100	%		308,576
Harbor Point II Apts.	Benton Township, MI	72		1,403,427	8/01	10/02		100	%		2,295,523
Hollywood Palms Apts.	San Diego, CA	94		6,705,898	3/02	11/02		100	%		1,895,913
Marina Woods Apts.	Halfmoon, NY	32		1,387,733	7/01	4/02		100	%		1,626,221
Marwood Senior Apts.	Upper Marlboro, MD	155		11,951,167	7/01	8/02		100	%		1,385,308
Meadowside  Apts.	Milo, NY	40		1,547,182	5/01	12/01		100	%		855,372
Mill Creek Village	Mt. Carroll, IL	12		343,345	5/02	9/01		100	%		264,354
Northline Terrace	Mentoda, IL	24		600,343	5/02	6/01		100	%		545,986
Palisades Park	Fulton,  IL	16		440,669	5/02	9/01		100	%		396,066
Red Hill Apts. I	Farmerville, LA	32		752,548	11/01	6/01		100	%		502,692

28 

Boston Capital Tax Credit Fund IV L.P. - Series 41

PROPERTY PROFILE AS OF MARCH 31, 2016

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Sandalwood Apartments	Toppenish, WA	20	$	944,714	5/02	7/01		100	%	$	293,983
Southpark Apts. II	Newton, KS	60		1,395,687	9/01	5/02		100	%		2,117,956
Springfield Crossing	Springfield, VA	347		23,895,048	6/02	10/01		100	%		878,352
Sunshine Village Apts.	Elizabethtown, KY	32		700,916	3/02	8/02		100	%		1,277,070

29 

Boston Capital Tax Credit Fund IV L.P. - Series 42

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Bellamy Mills Apartments	Dover, NH	30	$	1,250,714	4/02	12/02		100	%	$	2,888,317
Breezewood Villas II	Frederiksted, VI	12		940,350	4/02	3/03		100	%		505,416
Chester Townhouses Phase II	Chester, SC	52		1,887,470	4/06	12/06		100	%		421,158
Dorchester Apartments	Port Huron, MI	131		4,074,389	4/02	8/03		100	%		2,578,034
Harbor Pointe Apartments II	Benton Township, MI	72		1,403,427	4/02	10/02		100	%		1,731,786
Hillridge Apartments	Los Lunas, NM	38		215,000	4/03	6/96		100	%		112,211
Hollywood Palm Apartments	San Diego, CA	94		6,705,898	8/02	11/02		100	%		1,283,388
Lynnelle Landing Apts.	Charleston, WV	56		1,224,509	3/02	9/02		100	%		2,009,976
Marwood Senior Apartments	Upper Marlboro, MD	67		11,951,167	09/04	8/02		100	%		160,174

30 

Boston Capital Tax Credit Fund IV L.P. - Series 42

PROPERTY PROFILE AS OF MARCH 31, 2016

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Natchez Place Apartments	Natchez, MS	32	$	739,977	8/02	11/01		100	%	$	554,881
Northfield Housing, LP	Jackson,  MS	5		75,852	4/03	12/96		100	%		24,330
Park Plaza IV	West Memphis, AR	24		601,471	6/02	10/02		100	%		1,219,397
Parkhurst Place	Amherst, NH	42		3,265,275	1/02	9/02		100	%		518,876
Strawberry Lane Apts.	Clayton, NY	71		1,603,438	3/02	8/02		100	%		672,589
Wingfield  Apartments II	Kinder, LA	42		222,478	8/02	11/01		100	%		1,422,373

31 

Boston Capital Tax Credit Fund IV L.P. - Series 43

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Alexander  Mill Apartments	Lawrenceville,GA	224	$	11,300,000	12/02	1/03		100	%	$	1,854,189
Bohannon Place Apts.	Bowling Green, KY	12		203,998	5/03	10/03		100	%		909,561
Carpenter  School	Natchez, MS	38		1,307,639	1/03	12/03		100	%		1,278,002
Charlevoix Apartments	Charlevoix, MI	40		1,130,665	9/02	11/02		100	%		302,357
Chester Townhouses Phase II	Chester, SC	52		1,887,470	4/06	12/06		100	%		226,777
Cloverlane Apartments	Lakeview, MI	24		56,915	9/02	10/02		100	%		356,228
Dorchester Apartments	Port Huron, MI	131		4,074,389	9/02	8/03		100	%		2,578,034
Geneva Sr. Citizen Apts.	Geneva, NY	32		1,398,594	4/03	12/03		100	%		2,035,378
Gilbert Apts.	Corbin, KY	40		623,101	7/03	5/04		100	%		2,780,800
Hollywood Palm Apartments	San Diego, CA	94		6,705,898	12/02	11/02		100	%		2,654,279
Lakewood Apartments	Saranac, MI	24		758,554	9/02	10/02		100	%		475,606
The Landing Apts.	Whitley, KY	24		1,214,278	4/03	6/04		100	%		302,763
Library Square Apts.	Mandan, ND	46		1,881,152	9/03	8/03		100	%		2,752,868

32 

Boston Capital Tax Credit Fund IV L.P. - Series 43

PROPERTY PROFILE AS OF MARCH 31, 2016

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Parkside Plaza Apartments	New York, NY	34	$	1,295,764	1/04	5/01		100	%	$	21,847
Parkside Apartments	Coleman, MI	40		641,897	9/02	12/02		100	%		832,371
Riverview Apartments	Blissfield, MI	32		628,768	9/02	2/02		100	%		509,938
Seven Points Apartments	Seven Points, TX	36		866,672	9/02	3/03		100	%		687,978
Stottville Court Apartments	Stockport, NY	28		1,091,771	9/02	5/03		100	%		1,073,805
Strawberry Lake Apts.	Norway, MI	32		755,709	7/03	12/03		100	%		763,285

33 

Boston Capital Tax Credit Fund IV L.P. - Series 44

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Alexander Mills Apts.	Lawrenceville, GA	224	$	11,300,000	2/03	1/03		100	%	$	2,266,233
Aurora Village Sr.	Aurora, CO	100		3,746,342	2/03	3/03		100	%		1,526,951
Families First II	W. Memphis, AR	66		2,095,027	5/03	6/04		100	%		2,005,916
Northrock Apts. III	Topeka, KS	32		824,379	6/03	11/03		100	%		1,565,194
Orchard Manor Apts.**	Ukiah, CA	64		6,336,102	10/03	9/03		100	%		2,483,087
Orchard River Apts.**	Ukiah, CA	48		**	10/03	7/03		100	%		**
Oxford Manor  Apts.	New Oxford, PA	32		1,226,934	3/03	5/03		100	%		454,862
Post Oak East Apts.	Fort Worth, TX	246		12,848,835	7/04	5/06		100	%		3,874,783
River Gardens Apts.**	Fort Bragg, CA	48		**	10/03	11/03		100	%		**
Villages at Aspen Club	Bealton, VA	30		1,670,318	4/03	10/03		100	%		1,568,815

** 3 properties which make up one Operating Partnership named Orchard River Associates LP with 160 units. Entire mortgage balance and capital contributions paid reported with Orchard Manor Apts.

34 

Boston Capital Tax Credit Fund IV L.P. - Series 45

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Baldwin Villas Apts.	Pontiac, MI	65	$	4,901,317	12/03	6/01		100	%	$	106,137
Bartlett Bayou	Pascagoula, MS	48		808,331	7/03	9/05		100	%		2,675,101
Breezewood Villas II	Frederiksted, VI	12		940,350	12/03	3/03		100	%		53,729
Brookside Square	Boykins,  VA	32		1,172,481	7/03	8/04		100	%		743,039
Dawn Springs Villa	London, KY	24		450,655	5/05	10/05		100	%		1,099,086
Eastview Family	Watonga, OK	16		610,573	9/04	6/04		100	%		187,429
Fairview Manor	Childress, TX	48		693,171	5/03	3/04		100	%		859,892
Harbor Pt. II Apts.	Benton Township, MI	72		1,403,427	12/03	10/02		100	%		201,369
Heritage Christian Home III	Brighton, NY	12		181,632	1/04	10/03		100	%		721,545
Jefferson House	Lynchburg, VA	101		1,931,143	12/04	7/05		100	%		925,273
Kings Pt. Apts.	Sheridan, CO	50		1,972,903	8/03	12/03		100	%		788,729
La Mirage Apts.	Borger, TX	12		732,629	8/03	10/03		100	%		766,945
Lakeview Station	Shepardsville, KY	28		581,492	7/03	9/03		100	%		1,402,270
Lawrence-ville Manor	Lawrenceville, VA	24		834,126	7/03	8/04		100	%		771,671
Lincoln Apts.	Shinnston,  WV	32		580,541	10/03	12/03		100	%		786,619

35 

Boston Capital Tax Credit Fund IV L.P. - Series 45

PROPERTY PROFILE AS OF MARCH 31, 2016

Continued

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
London Village	London, KY	32	$	499,444	4/05	9/05		100	%	$	2,021,436
Lone Terrace	Lone Grove, OK	32		1,198,949	5/03	1/04		100	%		435,193
Lorie Village	Bowling Green, KY	32		781,424	7/03	11/03		100	%		1,288,510
Marina Woods Apts.	Halfmoon, NY	32		1,387,733	12/03	4/02		100	%		4,435
Mill Race Apts.	Plainwell, MI	32		877,014	6/03	12/03		100	%		347,253
Orchard View Apst.	Farmington, MO	40		659,641	7/03	6/04		100	%		2,226,954
Reese Village	Emporia,  VA	40		1,355,019	3/05	11/04		100	%		1,198,088
Ridge Crest Apts.	St. Louis, MO	83		3,179,335	8/03	9/04		100	%		2,020,327
Sulphur Terrace	Sulphur, OK	32		1,172,809	5/03	1/04		100	%		433,759
University Plaza Sr. Complex	Greely, CO	34		956,189	5/03	9/03		100	%		332,128
Valleyview  Apts.	Canneyville, KY	24		672,394	12/05	12/04		100	%		488,540
William B. Quarton	Cedar Rapids, IA	28		1,414,859	1/04	7/03		100	%		1,197,000
Willow Oak and Oroville Apartments	Willows, CA	122		4,060,143	07/04	10/03		100	%		1,619,212

36 

Boston Capital Tax Credit Fund IV L.P. - Series 46

PROPERTY PROFILE AS OF MARCH 31, 2016

Property Name	Location	Units	Mortgage Balance as of 12/31/15		Acq Date	Const Comp	Qualified Occupancy 3/31/16			Cap Con paid thru 3/31/16
Bartlett Bayou Apartments	Pascagoula, MS	48	$	808,331	7/03	9/05		100	%	$	786,153
Clayton Station Apartments	Munfordville, KY	29		694,146	4/04	9/04		100	%		1,274,486
Deer Meadow Apartments	Tishomingo, OK	24		1,091,368	2/04	3/04		100	%		369,626
Elma Gardens	Elma, WA	36		1,442,912	3/05	1/04		100	%		588,701
Jacksonville Square Apts.	Jacksonville, TX	44		1,022,469	11/03	7/04		100	%		621,519
Kensington Heights Apts.	Kansas City, MO	126		4,274,563	10/03	10/04		100	%		2,375,770
Kimberly Place Apartments	Danbury, CT	117		6,323,566	6/04	4/05		100	%		2,450,732
Linden's  Apartments	Shawnee, OK	54		909,852	12/04	2/06		100	%		2,963,132
Ocean East Housing	Portland, ME	32		1,402,619	2/04	6/05		100	%		3,787,273
Panola  Apts.	Carthage, TX	32		700,840	12/03	4/04		100	%		461,573
Rosehill Apts.	Topeka,  KS	48		2,313,648	12/03	9/04		100	%		2,540,503
Sandy Hill Apartments	Greenville, KY	29		440,105	4/04	10/04		100	%		1,849,164
Saint Martin Apartments	McCombs, MS	40		679,114	8/05	4/06		100	%		1,539,454
Tanglewood Village Apartments	Panama, OK	24		1,128,890	9/04	5/04		100	%		402,649
Wagoner Village	Wagoner, OK	31		939,395	1/04	1/04		100	%		341,377

37 

Item 3.	Legal Proceedings
	None.
Item 4.	Mine Safety Disclosures
	Not Applicable

38 

PART II

Item	5.	Market for the Fund's Limited Partnership Interests, Related Partner Matters and Issuer Purchases of Partnership Interests
	(a)	Market Information
		The Fund is classified as a limited partnership and does not have common stock.  There is no established public trading market for the BACs and it is not anticipated that any public market will develop.
	(b)	Approximate number of security holders
		As of March 31, 2016, the Fund has 41,959 BAC holders for an aggregate of 83,651,080 BACs, at a subscription price of $10 per BAC, received and accepted.
		The BACs were issued in series.  Series 20 consists of 2,257 investors holding 3,866,700 BACs, Series 21 consists of 1,141 investors holding 1,892,700 BACs, Series 22 consists of 1,603 investors holding 2,564,400 BACs, Series 23 consists of 2,092 investors holding 3,336,727 BACs, Series 24 consists of 1,270 investors holding 2,169,878 BACs, Series 25 consists of 1,729 investors holding 3,026,109 BACs, Series 26 consists of 2,265 investors holding 3,995,900 BACs, Series 27 consists of 1,297 investors holding 2,460,700 BACs, Series 28 consists of 1,993 investors holding 4,000,738 BACs, Series 29 consists of 2,190 investors holding 3,991,800 BACs, Series 30 consists of 1,318 investors holding 2,651,000 BACs, Series 31 consists of 2,028 investors holding 4,417,857 BACs, Series 32 consists of 2,218 investors holding 4,754,198 BACs, Series 33 consists of 1,218 investors holding 2,636,533 BACs, Series 34 consists of 1,673 investors holding 3,529,319 BACs, Series 35 consists of 1,652 investors holding 3,300,463 BACs, Series 36 consists of 1,000 investors holding 2,106,838 BACs, Series 37 consists of 1,113 investors holding 2,512,500 BACs, Series 38 consists of 1,179 investors holding 2,543,100 BACs, Series 39 consists of 974 investors holding 2,292,151 BACs, Series 40 consists of 1,080 investors holding 2,630,256 BACs, Series 41 consists of 1,345 investors holding 2,891,626 BACs, Series 42 consists of 1,200 investors holding 2,744,262 BACs, Series 43 consists of 1,628 investors holding 3,637,987 BACs, Series 44 consists of 1,281 investors holding 2,701,973 BACs, Series 45 consists of 1,812 investors holding 4,014,367 BACS and Series 46 consists of 1,403 investors holding 2,980,998 BACS at March 31, 2016
	(c)	Dividend history and restriction
		The Fund has made no distributions of net cash flow to its BAC holders from its inception, October 5, 1993, through March 31, 2016.
		The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month.  Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC holder.

39 

	Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they relate.  Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by the holder on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.
	During the year ended March 31, 1999, the Fund made a return of equity distribution to the Series 27 limited partners in the amount of $275,000. The distribution was the result of certain Operating Partnerships not achieving their projected tax credits.
	During the year ended March 31, 2000 the Fund made a return of equity distribution to the Series 29 limited partners in the amount of $238,040.  The distribution was the result of certain Operating Partnerships not achieving their projected tax credits.
	During the year ended March 31, 2006 the Fund made a return of equity distribution to Series 20 limited partners in the amount of $371,349. The distribution was the result of proceeds available from the sale of one Operating Partnership.
	During the year ended March 31, 2006, the Fund made a return of equity distribution to the Series 20 and Series 41 limited partners in the amount of $1,860,003 and $138,998, respectively.  The distributions were the result of proceeds available from the refinancing of one Operating Partnership.
	During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 24 limited partners in the amount of $604,486. The distribution was the result of proceeds available from the sale of Operating Partnerships.
	During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 25 limited partners in the amount of $3,382,746. The distribution was the result of proceeds available from the sale of Operating Partnerships.
	During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 26 limited partners in the amount of $2,190,980. The distribution was the result of proceeds available from the sale of Operating Partnerships.
	During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 28 limited partners in the amount of $6,191,069. The distribution was the result of proceeds available from the sale of Operating Partnerships.
Item 6.	Selected Financial Data
	Not Applicable.

40 

Item 7. Management's Discussion 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 1993, 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 of this Report. 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 was the proceeds of its Public Offering.  Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnerships that are returned to fund reserves.  These sources of liquidity, along with the Fund’s working capital reserve, are available to meet the obligations of the Partnership.  The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

41 

Capital Resources

The Fund offered BACs in the Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received and accepted subscriptions for $836,177,880 representing 83,651,080 BACs from investors admitted as BAC holders in Series 20 through 46 of the Fund. On December 19, 2003, the Fund concluded its public offering of BACs.

(Series 20). The Fund commenced offering BACs in Series 20 on January 21, 1994. The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC holders in Series 20. Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994.

During the fiscal year ended March 31, 2016, none of Series 20 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $27,693,970. As of March 31, 2016, 20 of the properties have been disposed of and 4 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 21). The Fund commenced offering BACs in Series 21 on July 5, 1994. The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC holders in Series 21. Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994.

During the fiscal year ended March 31, 2016, none of Series 21 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728. As of March 31, 2016, 12 of the properties has been disposed of and 2 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 22). The Fund commenced offering BACs in Series 22 on October 12, 1994. The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC holders in Series 22. Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994.

During the fiscal year ended March 31, 2016, none of Series 22 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 22 had been used to invest in 29 Operating Partnerships in an aggregate amount of $18,758,748 and the Fund had completed payment of all installments of its capital contributions to 27 of the Operating Partnerships. As of March 31, 2016, 26 of the properties have been disposed of and 3 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 23). The Fund commenced offering BACs in Series 23 on January 10, 1995. The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995.

42 

During the fiscal year ended March 31, 2016, none of Series 23 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278. As of March 31, 2016, 16 of the properties have been disposed of and 6 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 24). The Fund commenced offering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995.

During the fiscal year ended March 31, 2016, none of Series 24 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 24 had been used to invest in 24 Operating Partnerships in an aggregate amount of $15,796,309. As of March 31, 2016, 18 of the properties have been disposed of and 6 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 25). The Fund commenced offering BACs in Series 25 on September 30, 1995. The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995.

During the fiscal year ended March 31, 2016, none of Series 25 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,324,539. As of March 31, 2016, 18 of the properties have been disposed of and 4 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 26). The Fund commenced offering BACs in Series 26 on January 18, 1996. The Fund received and accepted $39,959,000 representing 3,995,900 BACs from investors admitted as BAC holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.

During the fiscal year ended March 31, 2016, none of Series 26 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 26 had been used to invest in 45 Operating Partnerships in an aggregate amount of $29,401,215. As of March 31, 2016, 31 of the properties have been disposed of and 14 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 27). The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996.

43 

During the fiscal year ended March 31, 2016, none of Series 27 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 27 had been used to invest in 16 Operating Partnerships in an aggregate amount of $17,881,574. As of March 31, 2016, 9 of the properties have been disposed of and 7 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 28). The Fund commenced offering BACs in Series 28 on September 30, 1996. The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997.

During the fiscal year ended March 31, 2016, none of Series 28 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 28 had been used to invest in 26 Operating Partnerships in an aggregate amount of $29,281,983. As of March 31, 2016, 20 of the properties have been disposed of and 6 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 29). The Fund commenced offering BACs in Series 29 on February 10, 1997. The Fund received and accepted $39,918,000 representing 3,991,800 BACs from investors admitted as BAC holders in Series 29. Offer and sales of BACs in Series 29 were completed on June 20, 1997.

During the fiscal year ended March 31, 2016, none of Series 29 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 29 had been used to invest in 22 Operating Partnerships in an aggregate amount of $29,137,877. As of March 31, 2016, 14 of the properties has been disposed of and 8 remain. The Fund had completed payment of all installments of its capital contributions to 20 of the Operating Partnerships. Series 29 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of March 31, 2016. 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. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC holders in Series 30. Offer and sales of BACs in Series 30 were completed on September 10, 1997.

During the fiscal year ended March 31, 2016, none of Series 30 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 30 had been used to invest in 20 Operating Partnerships in an aggregate amount of $19,497,869. As of March 31, 2016, 12 of the properties have been disposed of and 8 remain. The Fund had completed payment of all installments of its capital contributions to 16 of the Operating Partnerships. Series 30 has outstanding contributions payable to 2 Operating Partnerships in the amount of $105,139 as of March 31, 2016. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

44 

(Series 31). The Fund commenced offering BACs in Series 31 on September 11, 1997. The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC holders in Series 31. Offer and sales of BACs in Series 31 were completed on January 18, 1998.

During the fiscal year ended March 31, 2016, none of Series 31 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnership. Proceeds from the offer and sale of BACs in Series 31 had been used to invest in 27 Operating Partnerships in an aggregate amount of $32,569,100. As of March 31, 2016, 10 of the properties have been disposed of and 17 remain. The Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 31 has outstanding contributions payable to 4 Operating Partnerships in the amount of $66,294 as of March 31, 2016. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of another 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. The Fund had received and accepted $47,431,000 representing 4,754,198 BACs from investors admitted as BAC holders in Series 32. Offer and sales of BACs in Series 32 were completed on June 23, 1998.

During the fiscal year ended March 31, 2016, none of Series 32 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnership. As of March 31, 2016, proceeds from the offer and sale of BACs in Series 32 had been used to invest in 17 Operating Partnerships in an aggregate amount of $34,129,677. As of March 31, 2016, 7 of the properties have been disposed of and 10 remain. The Fund had completed payment of all installments of its capital contributions to 16 of the Operating Partnerships. Series 32 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,229 as of March 31, 2016. The remaining contributions will be released when Operating Partnership have achieved the conditions set forth its partnership agreement.

During the fiscal year ended March 31, 1999, the Fund had purchased assignments 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 the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Partnership Agreements. The Fund utilized $1,092,847 of Series 32 net offering proceeds to invest in Operating Partnerships for this investment.

(Series 33). The Fund commenced offering BACs in Series 33 on June 22, 1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACs from investors admitted as BAC holders in Series 33. Offer and sales of BACs in Series 33 were completed on September 21, 1998.

During the fiscal year ended March 31, 2016, none of Series 33 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 33 had been used to invest in 10 Operating Partnerships in an aggregate amount of $19,594,100 and the Fund had completed payment of all installments of its capital contributions to 8 of the Operating Partnerships. As of March 31, 2016, 5 of the properties have been disposed of and 5 remain. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of March 31, 2016. The remaining contributions of will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

45 

(Series 34). The Fund commenced offering BACs in Series 34 on September 22, 1998. The Fund had received and accepted $35,273,000 representing 3,529,319 BACs from investors admitted as BAC holders in Series 34. Offer and sales of BACs in Series 34 were completed on February 11, 1999.

During the fiscal year ended March 31, 2016, none of Series 34 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 34 had been used to invest in 14 Operating Partnerships in an aggregate amount of $25,738,978. As of March 31, 2016, 7 of the properties have been disposed of and 7 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 35). The Fund commenced offering BACs in Series 35 on February 22, 1999. The Fund received and accepted $33,002,000 representing 3,300,463 BACs from investors admitted as BAC holders in Series 35. Offer and sales of BACs in Series 35 were completed on June 28, 1999.

During the fiscal year ended March 31, 2016, none of Series 35 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 35 had been used to invest in 11 Operating Partnerships in an aggregate amount of $24,002,391. As of March 31, 2016, 5 of the properties have been disposed of and 6 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 36). The Fund commenced offering BACs in Series 36 on June 22, 1999. The Fund received and accepted $21,068,375 representing 2,106,837 BACs from investors admitted as BAC holders in Series 36. Offer and sales of BACs in Series 36 were completed on September 28, 1999.

During the fiscal year ended March 31, 2016, none of Series 36 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 36 had been used to invest in 11 Operating Partnerships in an aggregate amount of $15,277,041. As of March 31, 2016, 4 of the properties have been disposed of and 7 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

(Series 37). The Fund commenced offering BACs in Series 37 on October 29, 1999. The Fund received and accepted $25,125,000 representing 2,512,500 BACs from investors admitted as BAC holders in Series 37. Offer and sales of BACs in Series 37 were completed on January 28, 2000.

During the fiscal year ended March 31, 2016, none of Series 37 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 37 had been used to invest in 7 Operating Partnerships in an aggregate amount of $18,735,142. As of March 31, 2016, 1 of the properties has been disposed of and 6 remain. The Fund had completed payment of all installments of its capital contributions to 6 of the Operating Partnerships. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of March 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

46 

(Series 38). The Fund commenced offering BACs in Series 38 on February 1, 2000. The Fund received and accepted $25,431,000 representing 2,543,100 BACs from investors admitted as BAC holders in Series 38. Offer and sales of BACs in Series 38 were completed on July 31, 2000.

During the fiscal year ended March 31, 2016, none of Series 38 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 38 had been used to invest in 10 Operating Partnerships in an aggregate amount of $18,612,287. As of March 31, 2016, 2 of the properties have been disposed of and 8 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

During the fiscal year ended March 31, 2002, the Fund used $420,296 of Series 38 net offering proceeds to acquire a limited partnership equity 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. The series is entitled to a percentage of the

profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 39). The Fund commenced offering BACs in Series 39 on August 1, 2000. The Fund received and accepted $22,921,000 representing 2,292,152 BACs from investors admitted as BAC holders in Series 39. Offer and sales of BACs in Series 39 were completed on January 31, 2001.

During the fiscal year ended March 31, 2016, none of Series 39 net offering proceeds to were used to pay installments of its capital contributions to the Operating Partnership. Proceeds from the offer and sale of BACs in Series 39 had been used to invest in 9 Operating Partnerships in an aggregate amount of $17,115,492. As of March 31, 2016, 2 of the properties have been disposed of and 7 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

During the fiscal year ended March 31, 2002, the Fund used $192,987 of Series 39 net offering proceeds to acquire a limited partnership equity 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. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 40). The Fund commenced offering BACs in Series 40 on February 1, 2001. The Fund received and accepted $26,269,250 representing 2,630,256 BACs from investors admitted as BAC holders in Series 40. Offer and sales of BACs in Series 40 were completed on July 31, 2001.

During the fiscal year ended March 31, 2016, none of Series 40 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 40 had been used to invest in 16 Operating Partnerships in an aggregate amount of $19,030,772. As of March 31, 2016, 2 of the properties have been disposed of and 14 remain. The Fund had completed payment of all installments of its capital contributions to 15 of the Operating Partnerships. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of March 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

47 

During the fiscal year ended March 31, 2002, the Fund used $578,755 of Series 40 net offering proceeds to acquire 5 limited partnership equity interests in limited liability companies, which are the general partners of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 41). The Fund commenced offering BACs in Series 41 on August 1, 2001. The Fund received and accepted $28,916,260 representing 2,891,626 BACs from investors admitted as BAC holders in Series 41. Offer and sales of BACs in Series 41 were completed on January 31, 2002.

During the fiscal year ended March 31, 2016, none of Series 41 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 41 had been used to invest in 23 Operating Partnerships in an aggregate amount of $21,278,631. As of March 31, 2016, 5 of the properties have been disposed of and 18 remain. The Fund had completed payment of all installments of its capital contributions to 22 Operating Partnerships. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of March 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

During the fiscal year ended March 31, 2002, the Fund used $195,249 of Series 41 net offering proceeds to acquire a limited partnership equity 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. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 42). The Fund commenced offering BACs in Series 42 on February 1, 2002. The Fund received and accepted $27,442,620 representing 2,744,262 BACs from investors admitted as BAC holders in Series 42. Offer and sales of BACs in Series 42 were completed on July 31, 2002.

During the fiscal year ended March 31, 2016, none of Series 42 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 42 had been used to invest in 23 Operating Partnerships in an aggregate amount of $20,661,120. As of March 31, 2016, 8 of the properties has been disposed of and 15 remain. The Fund had completed payment of all installments of its capital contributions to 21 Operating Partnerships. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of March 31, 2016. 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 $9,757 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. The Fund received and accepted $36,379,870 representing 3,637,987 BACs from investors admitted as BAC holders in Series 43. Offer and sales of BACs in Series 43 were completed on December 31, 2002.

48 

During the fiscal year ended March 31, 2016, none of Series 43 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 43 had been used to invest in 23 Operating Partnerships in an aggregate amount of $27,400,154. As of March 31, 2016, 4 of the properties has been disposed of and 19 remain. The Fund had completed payment of all installments of its capital contributions to 21 of the Operating Partnerships. Series 43 has outstanding contributions payable to 2 Operating Partnerships in the amount of $99,265 as of March 31, 2016. 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 $35,589 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

During the fiscal year ended March 31, 2005, the Fund used $268,451 of Series 43 net offering proceeds to acquire 1 limited partnership equity 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. During the fiscal year ended March 31, 2003, the Fund used $805,160 of Series 43 net offering proceeds to acquire 7 limited partnership equity 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. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies. The investments are reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 44). The Fund commenced offering BACs in Series 44 on January 14, 2003. The Fund received and accepted $27,019,730 representing 2,701,973 BACs from investors admitted as BAC holders in Series 44. Offer and sales of BACs in Series 44 were completed on April 30, 2003.

During the fiscal year ended March 31, 2016, none of Series 44 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 44 had been used to invest in 10 Operating Partnerships in an aggregate amount of $20,248,519. As of March 31, 2016, 2 of the properties have been disposed of and 8 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

During the fiscal year ended March 31, 2004, the Fund used $164,164 of Series 44 net offering proceeds to acquire 1 limited partnership equity 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. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 45). The Fund commenced offering BACs in Series 45 on July 1, 2003. The Fund received and accepted $40,143,670 representing 4,014,367 BACs from investors admitted as BAC holders in Series 45. Offer and sales of BACs in Series 45 were completed on September 16, 2003.

During the fiscal year ended March 31, 2016, none of Series 45 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 45 had been used to invest in 31 Operating Partnerships in an aggregate amount of $30,232,512. As of March 31, 2016, 3 of the properties has been disposed of and 28 remain. The Fund had completed payment of all installments of its capital contributions to 30 of the Operating Partnerships. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of March 31, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

49 

During the fiscal year ended March 31, 2004, the Fund used $302,862 of Series 45 net offering proceeds to acquire 1 limited partnership equity interest in limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

(Series 46). The Fund commenced offering BACs in Series 46 on September 23, 2003. The Fund received and accepted $29,809,980 representing 2,980,998 BACs from investors admitted as BAC holders in Series 46. Offer and sales of BACs in Series 46 were completed on December 19, 2003.

During the fiscal year ended March 31, 2016, none of Series 46 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 46 had been used to invest in 15 Operating Partnerships in an aggregate amount of $22,495,082, and the Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.

During the fiscal year ended March 31, 2004, the Fund used $228,691 of Series 46 net offering proceeds to acquire 1 limited partnership equity 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. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

50 

Results of Operations

The Fund incurs a fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal years ended March 31, 2016 and 2015 was $3,064,018 and $3,348,748, respectively.

The Fund's investment objectives do not include receipt of significant cash flow 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.

As funds are utilized by the individual series for payment of fund management fees, operating expenses and capital contributions to the Operating Partnerships, it is anticipated that the “cash and cash equivalents” amounts for each series will decrease. As a result of the reduction, it is expected that interest income reported by each series will begin to decrease after the first full year of operations. Occasionally the Fund will make interest-bearing loans to Operating Partnerships against contributions due for release at a later date.

(Series 20). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 4 Operating Partnerships at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $(283,085) and $1,275,449, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 20 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(66,671) and $88,834, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In December 2014, the investment general partner transferred its interest in Northfield Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,609,616 and cash proceeds to the investment partnership of $121,186. Of the total proceeds received, $119,686 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which included third party legal costs. 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 or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

51 

In December 2014, the investment general partner transferred its interest in Shady Lane Seniors Apartments, A Louisiana Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $858,917 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Harrisonburg Seniors Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $627,177 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Coushatta Seniors II Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $659,429 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

52 

(Series 21). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $1,045,858 and $(160,636), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 21 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $279,798 and $(46,655), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In June 2015, the investment general partner transferred its interest in Centrum – Fairfax Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,185,225 and cash proceeds to the investment partnership of $331,096. Of the total proceeds received, $8,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $323,096 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $323,096 as of June 30, 2015.

In August 2015, the investment general partner transferred its interest in Fort Halifax Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $913,861 and cash proceeds to the investment partnership of $3,177. The total proceeds of approximately $3,177 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,177 as of September 30, 2015.

53 

(Series 22). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had total of 3 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $530,470 and $398,002, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 22 was $0. By using the equity method, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $178,017 and $100,765, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In December 2014, the investment general partner transferred its interest in Marksville Square Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $883,578 and cash proceeds to the investment partnership of $27,280. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,780 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,780 as of December 31, 2014.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, 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. 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 $142,116 and $426,346, for Series 22 and Series 23, respectively, as of December 31, 2014.

54 

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 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. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in Swedesboro Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,331,558 and cash proceeds to the investment partnership of $1,593. The total proceeds of approximately $1,593 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,593 as of September 30, 2015.

In February 2016, the investment general partner transferred its interest in Elks Tower Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $583,910 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,500 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,500 as of March 31, 2016. In addition, equity outstanding for the Operating Partnership in the amount of $8,659 was recorded as gain on the sale of the Operating Partnership as of March 31, 2016.

55 

(Series 23). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $152,424 and $868,095, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 23 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $168,719 and $430,054, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, 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. 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 $142,116 and $426,346, for Series 22 and Series 23, respectively, as of December 31, 2014.

56 

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO.  Despite average physical occupancy of 90% in the third quarter of 2014, the property operated below breakeven due to low economic occupancy caused by a soft rental market and insufficient rental rates. Historically, the operating general partner had continued to fund operating deficits despite the expiration of the operating deficit guarantees and had advanced $146,810 to date. However, in the second quarter of 2014, the operating general partner indicated that he would not continue to support the operations due to financial constraints. As the result, the Operating Partnership was not able to pay its real estate taxes due to cash flow shortfalls.  In August 2014, the investment general partner has been notified that the collector of the City of St. Louis has filed a lawsuit against the property and that lender had issued a notice of default due to delinquent real estate taxes. The lender promptly initiated a foreclosure action and the foreclosure sale occurred on August 29, 2014. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Halls Ferry Apartments LP. A foreclosure sale occurring in 2014 would not result in any recapture or penalties because the property is beyond the compliance period. 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 or loss on the foreclosure of the Operating Partnership has been recorded as of September 30, 2014.

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 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. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

In July 2015 the investment general partner transferred its interest in Hurleyville Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,020,330 and cash proceeds to the investment partnership of $2,369. The total proceeds of approximately $2,369 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,369 as of September 30, 2015.

57 

In February 2016, the investment general partner transferred its interest in Village Woods Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,458,813 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $8,030 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $31,970 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $31,970 as of March 31, 2016.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Colonna Redevelopment Company

(Series 24). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $51,846 and $85,154, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015 Investments in Operating Partnerships for Series 24 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015 the net income (loss) of the Series was $27,462 and $191,861, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

58 

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively was paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, 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 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 $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

(Series 25). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $(133,393) and $(87,990), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 25 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(33,376) and $1,261,858, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

59 

In October 2014, the investment general partner transferred its interest in Dublin Housing Associates, Phase II to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $633,541 and cash proceeds to the investment partnership of $78,529. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $73,529 were returned to cash reserves held by Series 25. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $73,529 as of December 31, 2014.

In April 2014, the investment general partner transferred its interest in Hurricane Hills, LC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $790,385 and cash proceeds to the investment partnership of $1,225,624. Of the total proceeds received, $4,029 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,221,595 were returned to cash reserves held by Series 25. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,221,595 as of June 30, 2014.

(Series 26). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $762,538 and $(1,053,955), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 26 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(66,471) and $557,776, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

60 

In November 2014 the investment general partner transferred its interest in M.B. Apartments Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,608 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $27,292 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $208 were returned to cash reserves held by Series 26. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $208 as of December 31, 2014.

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,818 and $66,236 for Series 26 and Series 32, respectively as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $1,127 and $2,257 for Series 26 and Series 32, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In February 2014, the operating general partner of East Park Apartments II, LP approved an agreement to sell the property to a third party buyer to and the transaction closed in June 2014. The sales price for the property is $850,000, which includes the outstanding mortgage balance of approximately $395,000 and cash proceeds to the investment partnership of $275,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $235,500 were returned to cash reserves held by Series 26. 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 $235,500 as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $36,272, which were returned to the cash reserves held by Series 26.

61 

In February 2014, the operating general partner of Grandview Apartments, LP approved an agreement to sell the property to a third party buyer and the transaction closed in June 2014. The sales price for the property is $1,700,000, which includes the outstanding mortgage balance of approximately $880,000 and cash proceeds to the investment partnership of $200,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $160,500 were returned to cash reserves held by Series 26. 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 $160,500 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $166 was recorded as gain on the sale of the Operating Partnership as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $24,534, which were returned to the cash reserves held by Series 26.

In August 2014, the investment general partner transferred its interest in Grayson Manor Village to an entity affiliated to the operating general partner for its assumption of the outstanding mortgage balance of approximately $911,170 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 26. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,000 as of September 30, 2014.

62 

In August 2014, the investment general partner transferred its interest in Powell Valley Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,427 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,000 were returned to cash reserves held by Series 26. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $11,000 as of September 30, 2014.

In March 2015, the investment general partner transferred its interest in V.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,076,922 and cash proceeds to the investment partnership of $72,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $69,000 were returned to cash reserves held by Series 26. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $69,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015.

In May 2015, the investment general partner transferred its interest in Butler Estates, A LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $221,740 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 26. 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 or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of June 30, 2015.

63 

In July 2015, the investment general partner transferred its interest in G.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,064,433 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 were returned to cash reserves held by Series 26. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in W.P.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,074,108 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 were returned to cash reserves held by Series 26. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $29,500 as of September 30, 2015.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Beckwood Manor One Limited Partnership

Southwind Apartments, A L.D.H.A.

T.R. Bobb Apartments Partnership, A L.D.H.A.

Warrensburg Heights, L.P.

64 

(Series 27). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $(545,513) and $(1,215,854), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 27 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(152,027) and $49,734, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

In August 2014, the investment general partner transferred its interest in C.R. Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,847,909 and cash proceeds to the investment partnership of $15,000. The proceeds received of $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. 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 of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded. However, equity outstanding for the Operating Partnership in the amount of $1,338 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

65 

In June 2014, the investment general partner transferred its interest in AHAB Project I, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $389,876 and cash proceeds to the investment partnership of $235,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $230,000 were returned to cash reserves held by Series 27. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,000 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $2,182 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Angelou Court

(Series 28). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $51,018 and $(4,456,750), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 28 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $1,295,112 and $6,008,855, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

66 

In January 2015, the investment general partner transferred its interest in 1374 Boston Road Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $176,311 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $22,400 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $472,600 were returned to cash reserves held by Series 28 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $472,600 as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $6,000 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In May 2013, the investment general partner transferred 49% of its interest in Sumner House LP to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $122,500. Of the total proceeds received, $65,000 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 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $50,000 were returned to cash reserves held by Series 28. The remaining 51% investment limited partner interest in the Operating Partnership was transferred on June 30, 2014 for cash proceeds of $133,450, which were returned to the cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $50,000 as of June 30, 2013, and $133,450 as of June 30, 2014.

In April 2014, the investment general partner transferred its interest in Pin Oak Elderly Associates LP to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $8,275,570 and cash proceeds to the investment partnership of $4,582,400. Of the total proceeds received, $17,628 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,966 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $4,560,806 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,560,806 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $25,000 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

67 

In April 2014, the investment general partner transferred its interest in Sand Lane Manor Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $650,168 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $22,000 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of June 30, 2014.

In August 2014, the investment general partner transferred its interest in Neighborhood Restorations VII to an entity affiliated with the operating general partner resulting in cash proceeds to the investment partnership of $535,000. There was no existing mortgage debt encumbering the property. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $531,500 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $531,500 as of September 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $9,968 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In December 2014 the investment general partner transferred its interest in Blanchard Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $842,985 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

68 

In December 2014 the investment general partner transferred its interest in Bienville III Apartments, A Louisiana Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $896,580 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

69 

In June 2015, the investment general partner transferred its interest in Fort Bend NHC, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,589,698 and cash proceeds to the investment partnership of $1,200,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,197,000 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,197,000 as of June 30, 2015.

In January 2016, the investment general partner transferred its interest in Terraceview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $535,454 and cash proceeds to the investment partnership of $182,521. Of the total proceeds received, $2,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $175,521 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $175,521 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Chandler Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $833,586 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of March 31, 2016.

70 

In March 2016, the investment general partner transferred its interest in Wellston Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $347,986 and cash proceeds to the investment partnership of $10,500. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,000 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $8,000 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Yale Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $183,702 and cash proceeds to the investment partnership of $6,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 were returned to cash reserves held by Series 28. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,500 as of March 31, 2016.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Jackson Place Apartments, L.P.

Maplewood Apartments Partnership, A LA Partnership

(Series 29). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100% and 99.2%, respectively. The series had a total of 8 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

71 

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $1,074,818 and $2,810,845, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 29 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $355,117 and $44,840, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

Lombard Partners, LP (Lombard Heights Apts.) was a 24-unit family property located in Springfield, Missouri. It was sold at a foreclosure sale on July 31, 2008. As a result of the foreclosure, the operating partnership lost remaining credits of $47,840 and experienced recapture and interest penalties of $199,516. This represented a loss of tax credits, and recapture and interest penalties of $12 and $49, respectively, per 1,000 BACs. Since the foreclosure sale, the investment general partner has pursued legal action against the operating general partner and guarantors in an effort to recover a portion of the lost tax credits, recapture costs and interest penalties. Counsel for the investment general partner initially needed to resolve jurisdictional issues which ultimately allowed pursuit of the guarantors in Massachusetts. After much legal maneuvering in 2009 thru early 2011, a Massachusetts court approved a damages judgment of $389,043, plus legal costs and interest of $29,726.

As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion “in aid of judgment” in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to quash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This sent the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner’s motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner was notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery.

72 

Counsel for the investment general partner took a deposition from the operating general partner on August 8, 2012 in an effort to ascertain whether the operating general partner has the financial capacity to pay the judgment and penalties that have been awarded to date. Based on information revealed during the deposition, it appeared that the operating general partner had been depleting its assets via transfers of assets to various family members. Counsel for the investment general partner filed a petition in Missouri Circuit Court on October 30, 2012 arguing that the aforementioned asset transfers were fraudulent, notifying the transferees that the assets they received from the guarantors were transferred to them fraudulently, and requesting that the subject transfers be voided. In late December 2012, the guarantors filed a motion with the court denying that the conveyance of assets was fraudulent. Counsel for the investment general partner responded in early January 2013 by requesting documentation on the asset transfers and explanations from the guarantors as to why the transfers were not fraudulent in nature under the Missouri Uniform Fraudulent Transfer Act. The defendant filed an appeal of the judgment in Massachusetts Court on January 22, 2013. On March 7, 2013, counsel for the investment general partner filed its appeal brief with the Massachusetts Court. The Appellate Court Hearing was held on September 17, 2013. On February 27, 2014, the Appellate Court ruled in favor of the plaintiff (i.e. the investment limited partner) and re-affirmed the March 30, 2011 judgment. With this favorable ruling from the Massachusetts appellate judge counsel for the plaintiff filed a motion in Missouri Court in October 2014 to record the aforementioned judgment and lift the stay. On January 6, 2015, the defendant’s counsel confirmed that it was not contesting the judgment and motion to lift the stay. Consequently, the judgement and order to lift the stay were finally approved by the Missouri Court in late February 2015. As a result, the defendant began to provide piecemeal information on its current financial situation to the investment general partner in March and April 2015. This led investment general partner to conclude that the guarantor had the financial wherewithal to pay some portion of the judgement amount. In mid-July 2015, the Missouri court issued an ordered for non-binding mediation to both the plaintiff and the defendant. The mediation conference took place on September 10, 2015 and a settlement was agreed to at $275,000. Full payment of the settlement amount by the defendant was completed in January 2016 to conclude this matter.

In December 2014, the investment general partner transferred its interest in Bryson Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $304,849 and cash proceeds to the investment partnership of $41,978. Of the total proceeds received, $1,719 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,759 were returned to cash reserves held by Series 29. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,759 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Northfield Apartments III Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,250,000 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $13,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. 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, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

73 

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Jackson Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,755,000 and cash proceeds to the investment partnership of $3,000. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. 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, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Rhome Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,667 and cash proceeds to the investment partnership of $113,221. Of the total proceeds received, $1,175 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $109,546 were returned to cash reserves held by Series 29. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $109,546 as of December 31, 2014.

74 

In December 2014 the investment general partner transferred its interest in Jacksboro Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $478,389 and cash proceeds to the investment partnership of $3,125. Of the total proceeds received, $625 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. 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, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Glenbrook Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $394,599 and cash proceeds to the investment partnership of $13,453. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,753 were returned to cash reserves held by Series 29. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $9,753 as of December 31, 2014.

In February 2015, the operating general partner of Forest Hill Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 29, 2015. The sales price of the property was $5,200,000, which included the outstanding mortgage balance of approximately $4,223,181 and cash proceeds to the investment partnership of $158,500. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $153,500 were returned to cash reserves held by Series 29. 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 $153,500 as of June 30, 2015.

75 

In July 2015, the investment general partner transferred its interest in Dogwood Rural Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,258,767 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,500 were returned to cash reserves held by Series 29. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $45,500 as of September 30, 2015.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

(Series 30). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $(1,066,817) and $(529,484), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 30 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

76 

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $191,558 and $(935), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In December 2014 the investment general partner transferred its interest in Nocona Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $592,788 and cash proceeds to the investment partnership of $35,230. Of the total proceeds received, $11,100 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,630 were returned to cash reserves held by Series 30. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $21,630 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Madison Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,454,045 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $46,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. 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, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Graham Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,228,988 and cash proceeds to the investment partnership of $3,975. Of the total proceeds received, $1,475 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. 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, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

77 

In December 2014, the investment general partner transferred its interest in Bowie Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,020 and cash proceeds to the investment partnership of $3,425. Of the total proceeds received, $925 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. 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, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In March 2015, the investment general partner transferred its interest in F.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $840,102 and cash proceeds to the investment partnership of $54,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $51,000 were returned to cash reserves held by Series 30. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $51,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $22,257 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

78 

In August 2015, the investment general partner transferred its interest in Trinity Life Gardens, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $806,889 and cash proceeds to the investment partnership of $261,945. Of the total proceeds received, $6,484 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $255,461 were returned to cash reserves held by Series 30. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $255,461 as of September 30, 2015.

In December 2015 the investment general partner transferred its interest in West Swanzey Affordable Housing Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $601,570 and cash proceeds to the investment partnership of $45,233. Of the total proceeds received, $30,240 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,993 were returned to cash reserves held by Series 30. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $11,993 as of December 31, 2015.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Pyramid One, LP

Bellwood Four Limited Partnership

JMC Limited Liability Company

Linden Partners II, L.L.C.

79 

(Series 31). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $2,141,375 and $(2,605,161), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 31 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $1,144,794 and $2,566,425, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In December 2014, the investment general partner transferred its interest in Windsor Park Partners Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $6,500,000 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 31. 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, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Cleveland Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,415,234 and cash proceeds to the investment partnership of $205,201. Of the total proceeds received, $16,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $187,701 were returned to cash reserves held by Series 31. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $187,701 as of December 31, 2014.

80 

The operating general partner of Level Creek Partners, L.P. entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on March 18, 2015. The sales price of the property was $16,005,000, which included the outstanding mortgage balance of approximately $11,301,146 and cash proceeds to the investment partnership of $2,660,062. Of the total proceeds received by the investment partnership, $2,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,652,562 will be returned to cash reserves held by Series 31. 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 has been recorded in the amount of $2,652,562 as of March 31, 2015. On September 2, 2015, and February 4, 2016, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $213,572 and $25,086, respectively, which were returned to the cash reserves held by Series 31 and recognized as gain on sale of the Operating Partnership.

In August 2015, the investment general partner transferred its interest in Montfort Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,647,963 and cash proceeds to the investment partnership of $1,048,605. Of the total proceeds received, $6,075 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,042,530 were returned to cash reserves held by Series 31. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,042,530 as of September 30, 2015.

In November 2015, the operating general partner entered into an agreement to sell Riverbend Housing Associates, LP to a third-party buyer and the transaction closed on March 23, 2016. The sales price of the property was $760,655, which included the outstanding mortgage balance of approximately $660,916 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received by the investment partnership, $3,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $47,000 were returned to cash reserves held by Series 31. 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 $47,000 as of March 31, 2016

81 

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Mesquite Trails Apartments

Seagraves Apartments, L.P., A Texas Limited Partnership

Sencit Hampden Associates L.P.

(Series 32). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $2,065,671 and $(1,789,880), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 32 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $615,369 and $(149,466), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In September 2014, the investment general partner transferred its interest in Chardonnay Limited Partnership to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $15,000. The mortgage has been paid off. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 32. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $12,000 as of September 30, 2014.

82 

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,818 and $66,236 for Series 26 and Series 32, respectively as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $1,127 and $2,257 for Series 26 and Series 32, respectively, was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In August 2015, the operating general partner of Pearl Partners, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2015. The sales price of the property was $10,245,000, which included the outstanding mortgage balance of approximately $7,762,016 and cash proceeds to the investment partnership of $832,886. Of the total proceeds received by the investment partnership, $7,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $825,886 were returned to cash reserves held by Series 32. 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 $825,886 as of December 31, 2015.

83 

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Indiana Development Limited Partnership

Parkside Plaza, LP

(Series 33). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $(67,573) and $(650,953), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 33 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the Series was $1,023,616 and $(32,528), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, 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, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

84 

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $53,079 and $502,727 for Series 33 and Series 34, respectively, as of March 31, 2015.

In June 2015, the investment general partner transferred its interest in NHC Partnership 5, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,472,725 and cash proceeds to the investment partnership of $1,100,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,097,000 were returned to cash reserves held by Series 33. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,097,000 as of June 30, 2015.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Stearns Assisted Housing Associates, LP

(Series 34). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

85 

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $2,386,600 and $(2,138,035), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015 Investments in Operating Partnerships for Series 34 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the Series was $316,271 and $359,261, respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, 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, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, 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, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

86 

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $53,079 and $502,727 for Series 33 and Series 34, respectively, as of March 31, 2015.

In April 2015, the investment general partner transferred its interest in Howard Park, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $400,000 and cash proceeds to the investment partnership of $42,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,000 were returned to cash reserves held by Series 34. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,000 as of June 30, 2015.

In January 2016, the investment general partner transferred its interest in Boerne Creekside Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,796,900 and cash proceeds to the investment partnership of $300,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $291,000 were returned to cash reserves held by Series 34. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $291,000 as of March 31, 2016.

87 

In May 2016, the investment general partner transferred its interest in Northwood Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,053 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $4,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,500 were returned to cash reserves held by Series 34. 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.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Belmont Affordable Housing II, L.P.

RHP 96-I, L.P.

(Series 35). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(1,640,437) and $(807,933), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 35 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $1,374,252 and $(196,280), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner’s operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

88 

In January 2015, the investment general partner transferred its interest in Ashton Cove, Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,397,813 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 35. 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, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, 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 limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

In March 2015, the operating general partner of Mulvane Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 7, 2015. The sales price of the property was $2,800,000, which included the outstanding mortgage balance of approximately $1,186,526 and cash proceeds to the investment partnership of $865,000. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $860,000 were returned to cash reserves held by Series 35. 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 $860,000 as of June 30, 2015. On September 9, 2015, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash in the amount of $68,250, which were returned to the cash reserves held by Series 35 and recognized as gain on sale of the Operating Partnership.

89 

In January 2016 the investment general partner transferred its interest in Riverwalk Apartment Homes, Phase II LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $287,847 and cash proceeds to the investment partnership of $537,353. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $532,353 were returned to cash reserves held by Series 35. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $532,353 as of March 31, 2016.

(Series 36). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(214,295) and $(707,500), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 36 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $444,498 and $(100,022), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

90 

In March 2012, the operating general partner of Aloha Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 21, 2012. The sales price of the property was $5,500,000, which included the outstanding mortgage balance of approximately $1,749,703, a seller’s note equal to $750,000 (which the investment limited partnership has a 50% ownership interest), and cash proceeds to the investment partnership of $1,324,272. Of the total proceeds received by the investment partnership, $77,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,242,272 were returned to cash reserves held by Series 36. 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. The buyer executed a Post Transfer Compliance and Indemnity Agreement indemnifying Series 36 in the event of recapture. Note that the operating general partner wired an additional $131,000 from its share of the net sale proceeds to the investment general partner to be held as security for the Post Transfer Compliance and Indemnity Agreement. The $131,000 will be returned to the operating general partner approximately three years after the expiration of the compliance period assuming there is no event of recapture. 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 has been recorded in the amount of $1,242,272 as of December 31, 2012. In April 2014, the investment partnership received additional proceeds for its share of the Operating Partnership’s cash accounts in the amount of $25,054, which were returned to the cash reserves held by Series 36.

In December 2015 the investment general partner transferred its interest in Riverview Bend LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,145,000 and cash proceeds to the investment partnership of $566,354. Of the total proceeds received, $13,243 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $553,111 were returned to cash reserves held by Series 36. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $553,111 as of December 31, 2015.

In March 2016, the investment general partner transferred its interest in Nowata Village, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,914 and cash proceeds to the investment partnership of $21,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,500 were returned to cash reserves held by Series 36. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $18,500 as of March 31, 2016.

91 

In May 2016, the investment general partner transferred its interest in Paris Place Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,065,498 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 36. 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.

In May 2016, the investment general partner transferred its interest in Valleyview Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $259,710 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,000 were returned to cash reserves held by Series 36. 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.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Wingfield Apartments Limited Partnership

(Series 37). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $700,086 and $(957,445), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 37 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(161,074) and $(157,664), respectively. The major components of these amounts are the miscellaneous income and the fund management fee.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner’s operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

92 

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the “First Settlement Agreement”) with the lender resulting in a new mortgage note (the “New Note”) being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the “Second Settlement Agreement”) with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a “confession judgment” issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner. On December 29, 2015, MHT Housing IV, Inc. purchased the Deficiency Note. MHT Housing IV, Inc. is also an affiliate of the operating general partner.

From inception through March 31, 2016, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,528,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the first quarter of 2016, this sales program had not commenced. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expired on December 31, 2015.

93 

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, 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, net of the overhead and expense reimbursement, has been recorded as of March 31, 2015.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Stearns Assisted Housing Associates, LP

(Series 38). As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $(699,749) and $(536,626), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 38 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(91,569) and $(120,423), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Due to high operating expenses and high debt service payments the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. The mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner’s operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

In March 2016, the investment general partner transferred its interest in Bristow Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,164,556 and cash proceeds to the investment partnership of $19,538. Of the total proceeds received, $2,326 will bepaid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,212 were returned to cash reserves held by Series 38. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,212 as of March 31, 2016.

94 

In March 2016, the investment general partner transferred its interest in Cushing Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,037,747 and cash proceeds to the investment partnership of $17,662. Of the total proceeds received, $2,453 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,209 were returned to cash reserves held by Series 38. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $15,209 as of March 31, 2016.

(Series 39). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(1,744,129) and $(584,306), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 39 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $49,450 and $(112,061), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Due to high operating expenses and high debt service payments the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. The mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner’s operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

95 

In November 2014, the investment general partner transferred 50% of its interest in Gouverneur Senior Housing Associates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $529,091 and cash proceeds to the investment partnership of $34,999. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,999 were returned to cash reserves held by Series 39. The remaining 50% investment limited partner interest in the Operating Partnership was transferred on December 1, 2015 for the assumption of approximately $592,091 of the remaining outstanding mortgage balance and nominal consideration. 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 transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $29,999 as of December 31, 2014.

In March 2016, the investment general partner transferred its interest in Arbors at Ironwood, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,488,022 and cash proceeds to the investment partnership of $107,668. Of the total proceeds received, $4,894 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $102,774 were returned to cash reserves held by Series 39. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $102,774 as of March 31, 2016.

In May 2016, the investment general partner transferred its interest in Hillview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,823 and cash proceeds to the investment partnership of $25,500. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $22,500 were returned to cash reserves held by Series 39. 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.

96 

(Series 40). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(1,133,669) and $(771,819), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 40 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $584,797 and $(209,771), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships and the fund management fee.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the “First Settlement Agreement”) with the lender resulting in a new mortgage note (the “New Note”) being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the “Second Settlement Agreement”) with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a “confession judgment” issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner. On December 29, 2015, MHT Housing IV, Inc. purchased the Deficiency Note. MHT Housing IV, Inc. is also an affiliate of the operating general partner.

97 

From inception through March 31, 2016, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,528,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the first quarter of 2016, this sales program had not commenced. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expired on December 31, 2015.

Sedgwick Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. Due to insufficient rental rates and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and its affiliated management company to monitor and improve operations. The operating general partner continues to advance funds and accrue management fees to fund the deficit. The operating deficit guarantee remains in place through the end of the tax credit compliance period. The low income housing tax credit compliance period expires on December 31, 2016.

In March 2016, the investment general partner transferred its interest in Arbors at Ironwood II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,529 and cash proceeds to the investment partnership of $33,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,000 were returned to cash reserves held by Series 40. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,000 as of March 31, 2016.

Capitol Five Limited Partnership (Mason’s Points Apartments) is a 41-unit family property in Hopkinsville, Kentucky. Due to low occupancy and high operating expenses, the property has historically operated below breakeven. However, operations have recently improved to above breakeven because of reduced operating expenses, particular maintenance and administrative costs. The investment general partner will continue to work with the operating general partner and the management company to maintain strong occupancy and reduced operating costs. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Capitol Five Limited Partnership expires on December 31, 2016. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Capitol Five Limited Partnership subsequent to March 31, 2016.

98 

MA NO 2. LLC (Parkview Apartments) is a 25-unit family property located in Springfield, MA. Due to high maintenance cost (unit turnover and plumbing), the property operated below breakeven in 2015. The operating deficit is funded by operating advances made by the general partner. The investment general partner will continue to work with the operating general partner and the management company to reduce operating expenses. The operating general partner’s operating deficit guarantee expired on December 31, 2006. The 15-year low income housing tax credit compliance period with respect to MA NO 2, LLC expires on December 31, 2016.

In December 2015, the investment general partner transferred its interest in KC Shalom LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $3,145,941 and cash proceeds to the investment partnership of $776,152. Of the total proceeds received, $14,141 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $762,011 were returned to cash reserves held by Series 40. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $762,011 as of December 31, 2015.

In May 2016, the investment general partner transferred its interest in Londontown Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $385,627 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,500 were returned to cash reserves held by Series 40. 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.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Center Place Apartments II Limited Partnership

Oakland Partnership

Western Gardens Partnership

(Series 41) As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

99 

For the tax years ended December 31, 2015 and 2014, the series, in total, generated $(384,461) and $(400,579), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 41 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For years ended March 31, 2016 and 2015, the net income (loss) of the series was $302,913 and $(246,035), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property in Mt. Carroll, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mt. Carroll, LP expires on December 31, 2016.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. Due to high operating expenses the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce expenses and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mendota, LP expires on December 31, 2016.

Rural Housing Partners of Franklin Grove, LP (Franklin Green) is a 12-unit family property in Franklin Grove, IL. Due to low occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Franklin Grove, LP expires on December 31, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. During 2015, the property operated above breakeven due to the management company’s success reducing operating expenses compared to expenses incurred during 2014. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Cranberry Cove, LP expires on December 31, 2016.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven in 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

100 

In July 2015, the investment general partner transferred its interest in DS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,806,690 and cash proceeds to the investment partnership of $466,222. Of the total proceeds received, $8,782 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $457,440 were returned to cash reserves held by Series 41. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $457,440 as of September 30, 2015.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Red Hill Apartments I Partnership

(Series 42). As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(903,528) and $(429,225), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.02 and $0.07, respectively, in tax credits per BAC to the investors.

As of March 31, 2016 and 2015 Investments in Operating Partnerships for Series 42 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015 the net income (loss) of the series was $3,133,162 and $(56,734), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, miscellaneous income, and the fund management fee.

101 

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively.  Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale.  Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively was paid to BCAMLP for expenses related to the sale, which include third party legal costs.  The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, 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 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 $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership’s final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, LA. The property continues to perform below breakeven due to high operating expenses despite a slight increase in occupancy. The investment general partner will work with the operating general partner and the management company to increase occupancy and reduce operating costs. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2016.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) owns a 56-unit property located in Charleston, West Virginia. A new third party management company was hired by the Operating Partnership in August 2015 which began providing monthly financial statements in September. Based on monthly financial statements that the new management company started providing in September 2015, it appears that the property is operated above breakeven the last five months of the year. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Lynnelle Landing Limited Partnership expires on December 31, 2017.

Natchez Place Apartments II, LP (Natchez Place Apartments) is a 32-unit property located in Natchez, Louisiana. Occupancy at the property has improved and expenses have leveled allowing the property to operate at breakeven. The investment general partner will continue to work with the operating general partner and the management company to ensure operations have stabilized. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Natchez Place Apartments II, LP expires on December 31, 2016.

102 

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven in 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

In July 2015, the investment general partner transferred its interest in CC Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $795,600 and cash proceeds to the investment partnership of $630,264. Of the total proceeds received, $9,755 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $620,509 were returned to cash reserves held by Series 42. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $620,509 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in CT Housing Limited Partnership an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,144,603 and cash proceeds to the investment partnership of $852,446. Of the total proceeds received, $11,055 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $841,391 were returned to cash reserves held by Series 42. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $841,391 as of September 30, 2015.

103 

In July 2015, the investment general partner transferred its interest in HS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,418,804 and cash proceeds to the investment partnership of $513,359. Of the total proceeds received, $9,054 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $504,305 were returned to cash reserves held by Series 42. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $504,305 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,506 and cash proceeds to the investment partnership of $560,788. Of the total proceeds received, $9,327 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $551,461 were returned to cash reserves held by Series 42. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $551,461 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in TS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,875,600 and cash proceeds to the investment partnership of $698,864. Of the total proceeds received, $10,160 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $688,704 were returned to cash reserves held by Series 42. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $688,704 as of September 30, 2015.

(Series 43) As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties as of March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(644,934) and $211,222, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.01 and $0.10, respectively, in tax credits per BAC to the investors.

104 

As of March 31, 2016 and 2015 Investments in Operating Partnerships for Series 43 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $2,323,909 and $(634,723), respectively. The major components of these amounts are the Fund's share of income from Operating Partnerships, the fund management fee and impairment loss.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property operated above breakeven in 2015; however, replacement reserve account is underfunded. The investment general partner will continue to work with the operating general partner to improve operations. The mortgage, real estate taxes, insurance, and account payables are all current. The operating deficit guarantee expired in December 2014. The low income housing tax credit compliance period expires on December 31, 2017.

In July 2015, the investment general partner transferred its interest in AM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,031,810 and cash proceeds to the investment partnership of $1,168,898. Of the total proceeds received, $12,963 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs, and $2,827 will be applied against outstanding receivables. The remaining proceeds of approximately $1,153,108 were returned to cash reserves held by Series 43. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,153,108 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in AP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,480,510 and cash proceeds to the investment partnership of $575,871. Of the total proceeds received, $9,415 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $566,456 were returned to cash reserves held by Series 43. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $566,456 as of September 30, 2015.

105 

In July 2015, the investment general partner transferred its interest in KP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,576,140 and cash proceeds to the investment partnership of $296,983. Of the total proceeds received, $7,759 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $289,224 were returned to cash reserves held by Series 43. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $289,224 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SG Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,026,283 and cash proceeds to the investment partnership of $492,220. Of the total proceeds received, $8,914 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $483,306 were returned to cash reserves held by Series 43. 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 transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $483,306 as of September 30, 2015.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Parkside Plaza, LP

(Series 44) As of March 31, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(1,075,932) and $(1,150,739), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.18 and $0.24, respectively, in tax credits per BAC to the investors.

106 

As of March 31, 2016 and 2015 Investments in Operating Partnerships for Series 44 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(323,040) and $(359,371), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships and the fund management fee.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the “Servicer”). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $27,710, and incurred recapture and interest penalty costs of $59,646, equivalent to approximately $10 and $22 per 1,000 BACs 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 sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

107 

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. 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. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it is the third party property management company and the investment general partner who are directing property operations. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances were made by the investment limited partner through the remainder of the fourth quarter of 2015 or during the first quarter of 2016. Since November 2015, mortgage payments have not been made by the Operating Partnership. On December 8, 2015, the lender issued a default notice declaring an event of default and accelerating payment of the mortgage principal balance. On February 10, 2016 the court appointed a receiver to manage the property during the period of time of the judicial foreclosure proceedings. The foreclosure of the property is expected to occur in 2016 resulting in estimated tax credit recapture cost and interest penalty of $772,789 which is equivalent to recapture and interest of $286 per 1,000 BACs. Note that the 15-year low income housing tax credit compliance period for Families First II expires on December 31, 2018.

(Series 45) As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 28 properties as of March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(957,637) and $18,124, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.18 and $0.01, respectively, in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 45 was $0 and $838,105, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(1,050,682) and $(1,442,530), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships, the fund management fee, and impairment losses.

108 

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the “First Settlement Agreement”) with the lender resulting in a new mortgage note (the “New Note”) being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the “Second Settlement Agreement”) with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a “confession judgment” issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner. On December 29, 2015, MHT Housing IV, Inc. purchased the Deficiency Note. MHT Housing IV, Inc. is also an affiliate of the operating general partner.

From inception through March 31, 2016, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,528,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the first quarter of 2016, this sales program had not commenced. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expired on December 31, 2015.

109 

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the “Servicer”). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $742,037, and incur recapture and interest penalty costs of $1,597,239, equivalent to approximately $185 and $398 per 1,000 BACs 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 sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

Farmington Associates I, L.P. (Orchard View Apartments) is a 40-unit family property in Farmington, MO. The property previously had low economic occupancy due to new competition in the immediate area. The investment general partner continued to work with the operating general partner and the management company to monitor and improve operations. Upon review of the 2015 audit, both occupancy and operations improved to above breakeven status. Operations remain above breakeven in 2016. The operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Farmington Associates I, L.P. subsequent to March 31, 2016.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. Due to a workout agreement with the Lender, VHDA, the property is operating above breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with the Virginia Housing Development Authority’s workout plan. The operating general partner’s has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

110 

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven in 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2015 due to higher than average unit turnover resulting in an increase in maintenance costs. The investment general partner will continue to work with the operating general partner and the management company to improve operations and reduce turnover. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

(Series 46) As of March 31, 2016 and 2015 the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties as of March 31, 2016, all of which were at 100% Qualified Occupancy.

For the tax years ended December 31, 2015 and 2014 the series, in total, generated $(1,092,788) and $(1,422,698), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.23 and $0.73, respectively, in tax credits per BAC to the investors.

As of March 31, 2016 and 2015, Investments in Operating Partnerships for Series 46 was $0 and $960,613, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.

For the years ended March 31, 2016 and 2015, the net income (loss) of the series was $(1,197,088) and $(2,374,424), respectively. The major components of these amounts are the Fund's share of loss from Operating Partnerships, the fund management fee and impairment loss.

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) owns a 48-unit senior apartment complex in Topeka, Kansas.  Due to burdensome debt service and elevated repair costs caused by heavy rains and resulting erosion repairs the property operated below breakeven during 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee expired at the end of May 2008. The 15-year low income housing tax credit compliance period with respect to Rosehill Place of Topeka, LLC expires on December 31, 2018.

Deer Meadow Apartments, LP (Deer Meadow Apartments) is a 24-unit property in Tishomingo, OK. Due to fluctuating low occupancy and high operating expenses in 2014, the property operated below breakeven. Operations improved to above breakeven status in 2015. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner’s operating deficit guarantee expired on January 1, 2009. The 15-year low income housing tax credit compliance period with respect to Deer Meadow Apartments, LP expires on December 31, 2018. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Deer Meadow Apartments, LP subsequent to March 31, 2016.

111 

Jacksonville Square Ltd (Jacksonville Square Apartments) is a 44-unit family property in Jacksonville, TX. The property is operating at breakeven due to high operating expenses despite an increase to occupancy. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs and maintain the increase in occupancy. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property continues to operate above breakeven due to increased occupancy and income. The investment general partner continues to work with the operating general partner and the management company to monitor operations. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2015 due to higher than average unit turnover resulting in an increase in maintenance costs. The investment general partner will continue to work with the operating general partner and the management company to improve operations and reduce turnover. The operating general partner’s operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

Linden - Shawnee Partners, Limited Partnership is a 54-unit family property in Shawnee, OK. The property operated above breakeven in 2015; however, occupancy declined throughout 2015 and continues to decline during the first quarter of 2016. The investment general partner will continue to work with the operating general partner and management company to improve occupancy. The operating general partners operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period expires on December 31, 2020.

Off Balance Sheet Arrangements

None.

112 

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.

The main reason an impairment losses 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, 2015 and 2014. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment losses 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. 

113 

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations.  However, management does not consolidate the Fund’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities.  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, advances made to 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 general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund has determined that there is no material impact to its financial statements as a result of this guidance.

114 

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk
	Not Applicable
Item 8.	Financial Statements and Supplementary Data
	The information required by this item is contained in Part IV, Item 15 of this Annual Report on Form 10-K.
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
	None

Item 9A.		Controls and 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 in the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15, with respect to each series individually, as well as the Fund as a whole.  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 disclosure controls and procedures with respect to each series individually, as well as the Fund as a whole, were adequate and effective in timely alerting them to material information relating to any series or the Fund as a whole required to be included in the Fund’s periodic SEC filings.
	(b)	Management's Annual Report on Internal Control over Financial Reporting
		Management of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) of each series individually, as well as the Fund as a whole. The Fund’s internal control system over financial reporting is designed to provide reasonable assurance to the Fund’s management regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States.
		Due to inherent limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.

115 

		The Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of Boston Capital Associates IV LLC, assessed the effectiveness of the internal controls and procedures over financial reporting with respect to each series individually, as well as the Fund as a whole, as of March 31, 2016. In making this assessment, the Fund's management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework. Based on this assessment, management believes that, as of March 31, 2016, its internal control over financial reporting with respect to each series individually, as well as the Fund as a whole was effective. On May 14, 2013, COSO issued an updated version of its Internal Control - Integrated Framework (the “2013 Framework”).  As of March 31, 2016, the Fund is in the process of transitioning to the 2013 Framework and expects to complete the implementation of the 2013 Framework during the fiscal year ending March 31, 2017.
	(c)	Changes in Internal Controls
		There were no changes in the Fund management's internal control over financial reporting that occurred during the quarter ended March 31, 2016 that materially affected, or are reasonably likely to materially affect, the Fund management's internal control over financial reporting.
Item 9B.		Other Information
		Not Applicable

116 

PART III

Item 10.	Directors, Executive Officers and Corporate Governance of the Fund
	(a), (b), (c), (d) and (e)

The Fund has no directors or executives officers of its own. The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital")) with principal responsibility for the Partnership's affairs.

John P. Manning, age 67, is co-founder, and since 1974 has been the President and Chief Executive Officer, of Boston Capital Corporation. As co-founder and CEO of Boston Capital, Mr. Manning’s primary responsibilities include strategic planning, business development and the continued oversight of newopportunities.In addition to his responsibilities at Boston Capital Corporation, Mr. Manning is a proactive leader in the multifamily real estate industry. He served in 1990 as a member of the Mitchell-Danforth Task Force, which reviewed and suggested reforms to the Low Income Housing Tax Credit program. He was the founding President of the Affordable Housing Tax Credit Coalition and is a former member of the board of the National Leased Housing Association. During the 1980s, he served as a member of the Massachusetts Housing Policy Committee as an appointee of the Governor of Massachusetts. In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit. In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton appointed Mr. Manning to the President’s Export Council, the premiere committee comprised of major corporate CEOs that advise the President on matters of foreign trade and commerce. In 2003, he was appointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manning sits on the Board of Directors of the John F. Kennedy Presidential Library in Boston where he serves as Chairman of the Distinguished Visitors Program. He is also on the Board of Directors of the Beth Israel Deaconess Medical Center in Boston. Mr. Manning is a graduate of Boston College.

Mr. Manning is the managing member of Boston Associates. Mr. Manning is also the principal of Boston Capital Corporation. While Boston Capital is not a direct subsidiary of Boston Capital Corporation, each of the entities is under the common control of Mr. Manning.

Jeffrey H. Goldstein, age 54, is Chief Operating Officer and has been the Director of Real Estate of Boston Capital Corporation since 1996. He directs Boston Capital Corporation’s comprehensive real estate services, which include all aspects of origination, underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Mr. Goldstein previously served as the Director of the Asset Management division as well as the head of the dispositions and troubled assets group. Utilizing his 16 years experience in the real estate syndication and development industry, Mr. Goldstein has been instrumental in the diversification and expansion of Boston Capital Corporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as Manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

117 

Kevin P. Costello, age 69, is Executive Vice President and has been the Director of Institutional Investing of Boston Capital Corporation since 1992 and serves on the firm’s Executive Committee. He is responsible for all corporate investment activity and has spent over 20 years in the real estate syndication and investment business. Mr. Costello’s prior responsibilities at Boston Capital Corporation have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit private placements. Prior to joining Boston Capital Corporation in 1987, he held positions with First Winthrop, Reynolds Securities and Bache & Company. Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

Marc N. Teal, age 52, has been Chief Financial Officer of Boston Capital Corporation since May2003. Mr. Teal previously served as Senior Vice President and Director of Accounting and prior to that served as Vice President of Partnership Accounting. He has been with Boston Capital Corporation since 1990. In his current role as CFO he oversees all of the accounting, financial reporting, SEC reporting, budgeting, audit, tax and compliance for Boston Capital Corporation, its affiliated entities and all Boston Capital Corporation sponsored programs. Additionally, Mr. Teal is responsible for maintaining all banking and borrowing relationships of Boston Capital Corporation and treasury management of all working capital reserves. He also oversees Boston Capital Corporation’s information and technology areas, including the strategic planning for Boston Capital Corporation and its affiliaties. Prior to joining Boston Capital in 1990, Mr.

Teal was a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted real estate company, and prior to that was a Senior Accountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancy from Bentley College and a Masters in Finance from Suffolk University.

(f)	Involvement in certain legal proceedings.
	None.
(g)	Promoters and control persons.
	None.
(h) and (i)	The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert.  The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934.
	The general partner of the Fund, Boston Capital Associates IV LP, has adopted a Code of Ethics which applies to the Principal Executive Officer and Principal Financial Officer of C&M Management, Inc.  The Code of Ethics will be provided without charge to any person who requests it. Such request should be directed to, Marc N. Teal, Boston Capital Corp., One Boston Place, Boston, MA 02108.

118 

Item 11.	Executive Compensation
	(a), (b), (c), (d) and (e)

The Fund has no officers or directors and no compensation committee. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the general partner and its affiliates for the following fees during the 2016 fiscal year:

1.   An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships, less the amount of reporting fees received, has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fees charged to operations for the year ended March 31, 2016 was $3,064,018.

2.   The Fund has reimbursed or accrued as a payable to an affiliate of the general partner a total of $335,752 for amounts charged to operations during the year ended March 31, 2016. The reimbursement is for items like postage, printing, travel, and overhead allocations.

Item 12.	Security Ownership of Certain Beneficial Owners and
	Management and Related Partner Matters
	(a)	Security ownership of certain beneficial owners.
		As of March 31, 2016, 83,651,080 BACs had been issued.  The following Series are known to have an investor, Everest Housing, 199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.
		Series 21	6.13%
		Series 22	8.66%
		Series 23	6.75%
		Series 26	8.59%
		Series 27	9.26%
		Series 28	6.29%
		Series 32	5.92%
		Series 41	9.68%
		Series 42	6.84%
		Series 43	7.35%
		Series 44	7.33%
		Series 45	5.27%
		Series 46	7.10%
		As of March 31, 2016, 83,651,080 BACs had been issued.  The following Series are known to have an investor, Summit Venture, P.O. Box 47638, Phoenix, AZ 85068, with holdings in excess of 5% of the total outstanding BACs in the series.
		Series 20	6.44%
		Series 25	6.90%

119 

As of March 31, 2016, 83,651,080 BACs had been issued.  The following Series are known to have an investor, David Lesser, 199 S Los Robles Ave Suite 200, Pasadena CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.
Series 33	6.81%
Series 34	7.75%
Series 35	6.64%
Series 36	5.40%
Series 37	7.35%
Series 38	7.79%
Series 39	7.42%
Series 40	5.31%

	(b)	Security ownership of management.
		The general partner has a 1% interest in all profits, losses, credits and distributions of the Fund.
	(c)	Changes in control.
		There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund.  There is a provision in the Fund’s Partnership Agreement which allows, under certain circumstances, the ability to change control.
		The Fund has no compensation plans under which interests in the Fund are authorized for issuance.
Item 13.		Certain Relationships and Related Transactions, and Director Independence
	(a)	Transactions with related persons
		The Fund has no officers or directors. However, under the terms of the Prospectus, various kinds of compensation and fees are payable to the general partner and its affiliates during the organization and operation of the Fund. Additionally, the general partner will receive distributions from the Fund if there is cash available for distribution or residual proceeds as defined in the Fund Agreement. See Note B of Notes to Financial Statements in Item 15 of this Annual Report on Form 10-K for amounts accrued or paid to the general partner and its affiliates for the period April 1, 1995 through March 31, 2016.
	(b)	Review, Approval or Ratification of transactions with related persons.
		The Fund’s response to Item 13(a) is incorporated herein by reference.
	(c)	Promoters and certain control persons.
		Not applicable.
	(d)	Independence.
		The Fund has no directors.

120 

Item 14.	Principal Accountant Fees and Services
	Fees paid to the Fund’s independent auditors for fiscal year 2016 were comprised of the following:

Fee Type	Ser. 20		Ser. 21		Ser. 22		Ser. 23		Ser. 24
Audit Fees	$	12,577	$	8,677	$	11,427	$	12,627	$	10,452
Audit Related Fees		-		-		-		-		-
Tax Fees		4,570		3,690		4,790		5,230		4,570
All Other Fees		1,513		763		1,068		1,398		850
Total	$	18,660	$	13,130	$	17,285	$	19,255	$	15,872

Fee Type	Ser. 25		Ser. 26		Ser. 27		Ser. 28		Ser. 29
Audit Fees	$	10,627	$	20,702	$	12,802	$	19,277	$	17,902
Audit Related Fees		-		-		-		-		-
Tax Fees		4,350		8,090		5,010		6,990		6,550
All Other Fees		1,156		1,19		876		1,385		1,535
Total	$	16,133	$	30,311	$	18,688	$	27,652	$	25,987

Fee Type	Ser. 30		Ser. 31		Ser. 32		Ser. 33		Ser. 34
Audit Fees	$	16,352	$	17,602	$	14,402	$	11,427	$	13,602
Audit Related Fees		-		-		-		-		-
Tax Fees		6,330		8,090		5,890		4,570		5,670
All Other Fees		939		1,478		1,571		918		1,273
Total	$	23,621	$	27,170	$	21,863	$	16,915	$	20,545

121 

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2016 were comprised of the following:

Fee Type	Ser. 35		Ser. 36		Ser. 37		Ser. 38		Ser. 39
Audit Fees	$	11,652	$	10,677	$	10,452	$	11,077	$	11,252
Audit Related Fees		-		-		-		-		-
Tax Fees		5,010		5,010		4,350		5,010		4,790
All Other Fees		1,255		749		837		908		746
Total	$	17,917	$	16,436	$	15,639	$	16,995	$	16,788

Fee Type	Ser. 40		Ser. 41		Ser. 42		Ser. 43		Ser. 44
Audit Fees	$	13,477	$	14,677	$	16,052	$	16,277	$	10,277
Audit Related Fees		-		-		-		1,050		-
Tax Fees		6,330		6,990		7,430		7,870		5,230
All Other Fees		811		899		804		1,083		853
Total	$	20,618	$	22,566	$	24,286	$	26,280	$	16,360

Fee Type	Ser. 45		Ser. 46
Audit Fees	$	18,277	$	13,083
Audit Related Fees		4,900		4,200
Tax Fees		9,190		6,110
All Other Fees		1,193		935
Total	$	33,560	$	24,328

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Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2015 were comprised of the following:

Fee Type	Ser. 20		Ser. 21		Ser. 22		Ser. 23		Ser. 24
Audit Fees	$	13,149	$	9,599	$	12,174	$	11,424	$	15,674
Audit Related Fees		-		-		-		-		-
Tax Fees		5,020		3,970		5,020		5,020		5,440
All Other Fees		1,553		788		1,100		1,428		879
Total	$	19,722	$	14,357	$	18,294	$	17,872	$	21,993

Fee Type	Ser. 25		Ser. 26		Ser. 27		Ser. 28		Ser. 29
Audit Fees	$	10,399	$	23,449	$	13,949	$	16,174	$	17,724
Audit Related Fees		-		-		-		-		-
Tax Fees		4,390		9,640		5,440		7,120		7,120
All Other Fees		1,184		1,555		895		1,377		1,504
Total	$	15,973	$	34,644	$	20,284	$	24,671	$	26,348

Fee Type	Ser. 30		Ser. 31		Ser. 32		Ser. 33		Ser. 34
Audit Fees	$	13,424	$	18,749	$	13,599	$	10,224	$	12,799
Audit Related Fees		-		-		-		-		-
Tax Fees		6,070		7,960		5,860		4,390		4,810
All Other Fees		906		1,395		1,524		833		1,145
Total	$	20,400	$	28,104	$	20,983	$	15,447	$	18,754

123 

Item 14.	Principal Accountant Fees and Services - continued
	Fees paid to the Fund’s independent auditors for fiscal year 2015 were comprised of the following:

Fee Type	Ser. 35		Ser. 36		Ser. 37		Ser. 38		Ser. 39
Audit Fees	$	11,024	$	10,624	$	9,824	$	11,024	$	10,624
Audit Related Fees		-		-		-		-		-
Tax Fees		4,810		4,810		4,180		4,810		4,600
All Other Fees		1,130		689		760		792		667
Total	$	16,964	$	16,123	$	14,764	$	16,626	$	15,891

Fee Type	Ser. 40		Ser. 41		Ser. 42		Ser. 43		Ser. 44
Audit Fees	$	13,424	$	15,599	$	15,424	$	16,224	$	12,174
Audit Related Fees		-		-		1,750		3,500		1,400
Tax Fees		6,070		6,910		7,120		7,540		5,230
All Other Fees		742		915		815		1,111		867
Total	$	20,236	$	23,424	$	25,109	$	28,375	$	19,671

Fee Type	Ser. 45		Ser. 46
Audit Fees	$	20,174	$	13,024
Audit Related Fees		9,100		5,250
Tax Fees		9,010		5,860
All Other Fees		1,231		960
Total	$	39,515	$	25,094

Audit Committee

The Fund has no Audit Committee.  All audit services and any permitted non-audit services performed by the Fund’s independent auditors are pre-approved by C&M Management, Inc.

124 

PART IV

Item 15.	Exhibits and Financial Statement Schedules
(a) 1 & 2	Financial Statements and Financial Statement Schedules; Filed herein as Exhibit 13
	Boston Capital Tax Credit IV L.P.; filed herein as Exhibit 13
	Report of Independent Registered Public Accounting Firm
	Balance Sheets, March 31, 2016 and 2015
	Statements of Operations for the years ended March 31, 2016 and 2015
	Statements of Changes in Partners' Capital (Deficit) for the years ended March 31, 2016 and 2015
	Statements of Cash Flows for the years ended March 31, 2016 and 2015
	Notes to Financial Statements, March 31, 2016 and 2015
	Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.
(b) 1	Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

Exhibit No. 3 - Organization Documents.

a. Certificate of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 3 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993).

Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.

a. Agreement of Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporated by reference from Exhibit 4 to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993).

Exhibit No. 10 - Material contracts.

a. Beneficial Assignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund's Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993).

Exhibit No. 13 - Financial Statements.

a. Financial Statement of Boston Capital Tax Credit Fund IV L.P.; Filed herein

125 

Exhibit No. 28 - Additional exhibits.

a. Agreement of Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).

b. Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).

c. Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995).

d. Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996).

e. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

f. Agreement of Limited Partnership of Smith House II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

g. Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997).

h. Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997).

i. Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

j. Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

126 

k. Agreement of Limited Partnership of Hurricane Hills, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

l. Agreement of Limited Partnership of Main Everett Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

m. Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

n. Agreement of Limited Partnership of Autumn Ridge L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

o. Agreement of Limited Partnership of Century East Apartments II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

p. Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

q. Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

r. Agreement of Limited Partnership of East Park Apartments II Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

s. Agreement of Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

t. Agreement of Limited Partnership of Ethel Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

u. Agreement of Limited Partnership of Los Lunas Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

v. Agreement of Limited Partnership of New Devonshire West, Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

127 

w. Agreement of Limited Partnership of Northfield Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

x. Agreement of Limited Partnership of Ohio Investors Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

y. Agreement of Limited Partnership of Osborne Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

z. Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

aa. Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ab. Agreement of Limited Partnership of Osborne Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ac. Agreement of Limited Partnership of Shannon Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ad. Agreement of Limited Partnership of Sutton Place Apartments (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

ae. Agreement of Limited Partnership of West Point Housing, L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

af. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

ag. Agreement of Limited Partnership of Laurelwood Park Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

ah. Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

128 

ai. Agreement of Limited Partnership of Roxbury Housing Veterans Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

aj. Agreement of Limited Partnership of Elm Street Associates, L.P. (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 7, 1997.)

ak. Agreement of Limited Partnership of Brookhaven Apartments Partnership (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 21, 1997.)

al. Agreement of Limited Partnership of Maple Limited Partnership (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 16, 1997.)

am. Agreement of Limited Partnership of Byam Limited Partnership (Incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

an. Agreement of Limited Partnership of Harbor Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

ao. Agreement of Limited Partnership of Bradley Phase II Limited Partnership (Incorporated by Reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

ap. Agreement of Limited Partnership of Butler Street/Hanover Towers Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

aq. Agreement of Limited Partnership of Bradley Phase I Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

ar. Agreement of Limited Partnership of 1374 Boston Road Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 5, 1997.)

as. Agreement of Limited Partnership of Centenary Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 5, 1997.)

at. Agreement of Limited Partnership of Lake Apartments II Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 5, 1997.)

129 

au. Agreement of Limited Partnership of AHAB Project One, LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 8, 1997.)

av. Agreement of Limited Partnership of Grandview Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 23, 1998.)

aw. Agreement of Limited Partnership of Angelou Associates, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 23, 1998.)

ax. Agreement of Limited Partnership of Country Edge Apartments I Limited Partnership (Incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 24, 1998.)

ay. Agreement of Limited Partnership of Sumner House Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 27, 1998.)

az. Agreement of Limited Partnership of Magnolia Place Apartments Partnerships (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

ba. Agreement of Limited Partnership of Edgewood Apartments Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

bb. Agreement of Limited Partnership of Harrisonville Heights L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

bc. Agreement of Limited Partnership of Neighborhood Restorations Limited Partnership VII (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.)

bd. Agreement of Limited Partnership of Escher SRO Project, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 1, 1998.)

be. Agreement of Limited Partnership of Silver Creek/MHT Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on June 30, 1999.)

bf. Agreement of Limited Partnership of Meridian Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on June 30, 1999.)

130 

bg. Agreement of Limited Partnership of Southaven Partners I, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange on July 27, 1999.)

bh. Agreement of Limited Partnership of Athens Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 27, 1999.)

bi. Agreement of Limited Partnership of Pearl Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 30, 1999.)

bj. Agreement of Limited Partnership of Harbor Pointe/MHT Limited Dividend Housing Association Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on December 28, 1999.)

bk. Agreement of Limited Partnership of Level Creek Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on December 29, 1999.)

bl. Agreement of Limited Partnership of Lake City Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on February 3, 2000.)

bm. Agreement of Limited Partnership of Pine Ridge Apartments Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange on on February 9, 2000.)

bn. Agreement of Limited Partnership of Pecan Manor Apartments Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on February 10, 2000.)

bo. Agreement of Limited Partnership of Pyramid Four Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on February 16, 2000.)

bp. Agreement of Limited Partnership of Lombard Partners, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 26, 2000.)

bq. Agreement of Limited Partnership of Belmont Affordable Housing II LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.)

br. Agreement of Limited Partnership of Jackson Bond LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.)

131 

bs. Agreement of Limited Partnership of Fort Bend NHC, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.)

bt. Agreement of Limited Partnership of Breezewood II, L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on October 30, 2002.)

bu. Agreement of Limited Partnership of Wingfield Apartments II L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 12, 2002.)

bv. Agreement of Limited Partnership of Natchez Place Apartments L.P. (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 13, 2002.)

bw. Agreement of Limited Partnership of Rural Housing Partners of Mendota LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on December 30, 2002.)

bx. Agreement of Limited Partnership of Springfield Metro (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

by. Agreement of Limited Partnership of Rural Housing Partners of Mt. Carroll LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

bz. Agreement of Limited Partnership of Meadowside Associates (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

ca. Agreement of Limited Partnership of Los Lunas Apts. LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cb. Agreement of Limited Partnership of Edna Vanderbilt (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cc. Agreement of Limited Partnership of Hawthorne Assoc. LP (Incorporated by reference from registrants current report on form 8- K as filed Eith the Securities and Exchange Commission on January 21, 2003.)

cd. Agreement of Limited Partnership of Rural Housing Partners of Franklin Grove LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

132 

ce. Agreement of Limited Partnership of Rural Housing Partners of Fulton LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cf. Agreement of Limited Partnership of Heritage Two LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

cg. Agreement of Limited Partnership of Parkhurst Place (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.)

ch. Agreement of Limited Partnership of Hattiesburg Housing LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

ci. Agreement of Limited Partnership of 1374 Boston Road LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cj. Agreement of Limited Partnership of 200 East Avenue Associates LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

ck. Agreement of Limited Partnership of Casa Rosa Apartments (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cl. Agreement of Limited Partnership of Lake Apartments II LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cm. Agreement of Limited Partnership of Northrock Housing Associates LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cn. Agreement of Limited Partnership of AHAB Project One LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

co. Agreement of Limited Partnership of Randolph Village Associates LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cp. Agreement of Limited Partnership of Sr. Suites Chicago Austin LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

133 

cq. Agreement of Limited Partnership of Clubview Partners LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cr. Agreement of Limited Partnership of Edgewood Apartments Partnership (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cs. Agreement of Limited Partnership of Harbor Pointe/MHT LDHA LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

ct. Agreement of Limited Partnership of Lombard Partners LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cu. Agreement of Limited Partnership of Millwood Park LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

cv. Agreement of Limited Partnership of Hillside Terrace Associates LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cw. Agreement of Limited Partnership of San Angelo Bent Tree Apts. LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cx. Agreement of Limited Partnership of Montfort Housing LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cy. Agreement of Limited Partnership of Summerdale Partners LP II (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

cz. Agreement of Limited Partnership of Seagraves Apartments LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

da. Agreement of Limited Partnership of FFLM Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

db. Agreement of Limited Partnership of COGIC Village LDHA LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

134 

dc. Agreement of Limited Partnership of FFLM Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dd. Agreement of Limited Partnership of FFLM Associates LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

de. Agreement of Limited Partnership of Pyramid Four Limited Partnership (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

df. Agreement of Limited Partnership of 200 East Avenue Associates LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dg. Agreement of Limited Partnership of Parkside Plaza LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dh. Agreement of Limited Partnership of Granada Rose LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

di. Agreement of Limited Partnership of Northrock Housing Assoc. LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dj. Agreement of Limited Partnership of Southaven Partners I LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dk. Agreement of Limited Partnership of Howard Park Ltd (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dl. Agreement of Limited Partnership of Washington Courtyards LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dm. Agreement of Limited Partnership of Highway Partners 18 LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dn. Agreement of Limited Partnership of Wedgewood Park LP (Incorporated by reference from registrants current report on form 8-K as filed filed with the Securities and Exchange Commission on March 31, 2003.)

do. Agreement of Limited Partnership of Washington Courtyards LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

135 

dp. Agreement of Limited Partnership of Annadale Housing Partners (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dq. Agreement of Limited Partnership of Ashton Ridge LDHA LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dr. Agreement of Limited Partnership of FAH Silver Pond LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ds. Agreement of Limited Partnership of Ashton Ridge LDHA LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dt. Agreement of Limited Partnership of Aldine Westfield Apts., LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

du. Agreement of Limited Partnership of Arbors at Eagle Crest LDHA LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dv. Agreement of Limited Partnership of KC Shalom Housing LP (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dw. Agreement of Limited Partnership of Breeze Cove Limited Partnership (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on March 31, 2003.)

dx. Agreement of Limited Partnership of DS Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dy. Agreement of Limited Partnership of CC Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

dz. Agreement of Limited Partnership of TS Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ea. Agreement of Limited Partnership of Carpenter School I Elderly Apts. LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

eb. Agreement of Limited Partnership of Lyceum Housing LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

136 

ec. Agreement of Limited Partnership of New Shinnston I LP (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.)

ed. Agreement of Limited Partnership of Lyceum Housing Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2004.)

ee. Agreement of Limited Partnership of New Shinniston I Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2004.)

ef. Agreement of Limited Partnership of Gilbert Apartments Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.)

eg. Agreement of Limited Partnership of HS Housing Limited Partnership (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on April 26, 2004.)

eh. Agreement of Limited Partnership of SM Housing Limited Partnership (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on April 26, 2004.)

ei. Agreement of Limited Partnership of CT Housing Limited Partnership (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on April 26, 2004.)

ej. Agreement of Limited Partnership of North Fort Aspen Plus Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26,2004.)

ek. Agreement of Limited Partnership of Strawberry Lake Apartments Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.)

el. Agreement of Limited Partnership of Byam Village Limited Partnership (Incorporated by reference from registrants current report on form 8- K as filed with the Securities and Exchange Commission on April 28, 2004.)

em. Agreement of Limited Partnership of Kiehl Partners Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 28, 2004.)

en. Agreement of Limited Partnership of Trinity Life Gardens Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 29,2004.)

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eo. Agreement of Limited Partnership of Athens Partners, LP Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 3, 2004.)

ep. Agreement of Limited Partnership of San Diego/Fox Hollow Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on June 1, 2004.)

eq. Agreement of Limited Partnership of Elma Gardens of Grays Harbor Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 2, 2004.)

er. Agreement of Limited Partnership of Kimberly Danbury Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 2, 2004.)

es. Agreement of Limited Partnership of Tanglewood Village Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 4, 2004.)

et. Agreement of Limited Partnership of Portland Ocean East I Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.)

eu. Agreement of Limited Partnership of Clayton Station Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.)

ev. Agreement of Limited Partnership of Deer Meadows Limited Partnership (Incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.)

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Exhibit No. 31 Certification 302
a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein
b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herein
Exhibit No. 32 Certification 906
a.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein
b.	Certification pursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein
Exhibit No. 101
	The following materials from the Boston Capital Tax Credit Fund IV L.P. Annual Report on Form 10-K for the year ended March 31, 2016 formatted in Extensible Business Reporting Language (XBRL): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Changes in Partners' Capital (Deficit), (iv) the Statements of Cash Flows and (v) related notes, filed herein

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SIGNATURES

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto 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: June 23, 2016		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:
June 23, 2016	/s/ John P. Manning	Director, President
	John P. Manning	(Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
June 23, 2016	/s/ Marc N. Teal	Sr. Vice President,
	Marc N. Teal	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.

140