UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X)   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended December 31, 2006
or
( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number        0-26200

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

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

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

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [ ] No [ X ]

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

Large accelerated filer[ ] Accelerated filer[ ] Non-accelerated filer[ 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 ]

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2006

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
				Pages
	Item 1. Financial Statements
		Balance Sheets	3-30
		Statements of Operations	31-86
		Statements of Changes in Partners'  Capital	87-101
		Statements of Cash Flows	102-129
		Notes to Financial Statements	130-163
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		164-212
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		213
	Item 4. Controls and Procedures		213
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		214
	Item 1A. Risk Factors		214
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		214
	Item 3. Defaults Upon Senior Securities		214
	Item 4. Submission of Matters to a Vote of Security Holders		214
	Item 5. Other Information		214
	Item 6. Exhibits		214
	Signatures		215

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	289,916,280	$	307,258,793
OTHER ASSETS
Cash and cash equivalents		10,994,828		11,837,413
Investments		-		2,556,017
Notes receivable		2,136,090		2,714,233
Acquisition costs net		33,033,910		34,090,520
Other assets		2,255,354		2,044,932
	$	338,336,462	$	360,501,908
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	51,792	$	61,961
Accounts payable affiliates		34,393,359		30,288,894
Capital contributions payable		5,775,630		7,887,559
		40,220,781		38,238,414
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  83,651,080 issued and outstanding		302,300,745		326,207,079
General Partner		(4,185,064)		(3,943,585)
		298,115,681		322,263,494
	$	338,336,462	$	360,501,908

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 20

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	495,224	$	1,039,598
OTHER ASSETS
Cash and cash equivalents		337,415		802,957
Investments		-		-
Notes receivable		-		-
Acquisition costs net		70,551		73,230
Other assets		26,773		43,325
	$	929,963	$	1,959,110
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,635,250		2,973,288
Capital contributions payable		-		-
		2,635,250		2,973,288
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,866,700 issued and outstanding		(1,379,983)		(695,785)
General Partner		(325,304)		(318,393)
		(1,705,287)		(1,014,178)
	$	929,963	$	1,959,110

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 21

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	373,040	$	507,276
OTHER ASSETS
Cash and cash equivalents		19,991		60,403
Investments		-		-
Notes receivable		236,476		236,476
Acquisition costs net		38,589		40,054
Other assets		280,232		280,232
	$	948,328	$	1,124,441
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,448,930		1,279,550
Capital contributions payable		236,479		236,479
		1,685,409		1,516,029
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  1,892,700 issued and outstanding		(567,758)		(225,720)
General Partner		(169,323)		(165,868)
		(737,081)		(391,588)
	$	948,328	$	1,124,441

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 22

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	979,715	$	1,125,992
OTHER ASSETS
Cash and cash equivalents		174,627		170,119
Investments		-		-
Notes receivable		-		-
Acquisition costs net		121,261		125,866
Other assets		5,437		5,437
	$	1,281,040	$	1,427,414
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,469,640		2,278,697
Capital contributions payable		18,770		20,270
		2,488,410		2,298,967
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,564,400 issued and outstanding		(976,215)		(643,756)
General Partner		(231,155)		(227,797)
		(1,207,370)		(871,553)
	$	1,281,040	$	1,427,414

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 23

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,975,020	$	2,647,858
OTHER ASSETS
Cash and cash equivalents		90,840		84,479
Investments		-		-
Notes receivable		-		-
Acquisition costs net		180,332		187,180
Other assets		6,135		6,135
	$	2,252,327	$	2,925,652
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,975,203		1,795,005
Capital contributions payable		-		-
		1,975,203		1,795,005
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,336,727 issued and outstanding		559,199		1,404,187
General Partner		(282,075)		(273,540)
		277,124		1,130,647
	$	2,252,327	$	2,925,652

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 24

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,287,877	$	1,590,415
OTHER ASSETS
Cash and cash equivalents		176,772		172,640
Investments		-		-
Notes receivable		-		-
Acquisition costs net		201,541		209,194
Other assets		201,640		201,640
	$	1,867,830	$	2,173,889
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	678	$	678
Accounts payable affiliates		1,970,486		1,799,684
Capital contributions payable		9,999		9,999
		1,981,163		1,810,361
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,169,878 issued and outstanding		73,099		545,191
General Partner		(186,432)		(181,663)
		(113,333)		363,528
	$	1,867,830	$	2,173,889

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 25

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	6,782,144	$	7,307,685
OTHER ASSETS
Cash and cash equivalents		318,007		263,159
Investments		-		-
Notes receivable		-		-
Acquisition costs net		202,403		210,089
Other assets		40,320		40,320
	$	7,342,874	$	7,821,253
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	978	$	978
Accounts payable affiliates		1,795,917		1,606,410
Capital contributions payable		61,733		61,733
		1,858,628		1,669,121
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,026,109 issued and outstanding		5,686,848		6,348,055
General Partner		(202,602)		(195,923)
		5,484,246		6,152,132
	$	7,342,874	$	7,821,253

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 26

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,507,280	$	10,433,834
OTHER ASSETS
Cash and cash equivalents		297,654		285,372
Investments		-		-
Notes receivable		129,062		129,062
Acquisition costs net		359,207		371,885
Other assets		28,478		28,478
	$	10,321,681	$	11,248,631
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	90	$	90
Accounts payable affiliates		3,036,390		2,760,320
Capital contributions payable		29,490		29,490
		3,065,970		2,789,900
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,995,900 issued and outstanding		7,523,407		8,714,397
General Partner		(267,696)		(255,666)
		7,255,711		8,458,731
	$	10,321,681	$	11,248,631

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 27

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	8,549,810	$	9,322,441
OTHER ASSETS
Cash and cash equivalents		111,535		116,714
Investments		-		-
Notes receivable		-		-
Acquisition costs net		295,198		306,408
Other assets		104,014		104,014
	$	9,060,557	$	9,849,577
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,222,126		1,985,723
Capital contributions payable		39,749		39,749
		2,261,875		2,025,472
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,460,700 issued and outstanding		6,937,142		7,952,311
General Partner		(138,460)		(128,206)
		6,798,682		7,824,105
	$	9,060,557	$	9,849,577

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 28

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	13,303,622	$	14,091,283
OTHER ASSETS
Cash and cash equivalents		386,949		433,154
Investments		-		-
Notes receivable		-		-
Acquisition costs net		65,187		67,662
Other assets		2,595		2,595
	$	13,758,353	$	14,594,694
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		334,703		159,116
Capital contributions payable		40,968		40,968
		375,671		200,084
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,000,738 issued and outstanding		13,592,603		14,594,412
General Partner		(209,921)		(199,802)
		13,382,682		14,394,610
	$	13,758,353	$	14,594,694

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 29

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,327,572	$	10,142,930
OTHER ASSETS
Cash and cash equivalents		227,251		134,976
Investments		-		134,706
Notes receivable		-		-
Acquisition costs net		65,347		67,831
Other assets		573		573
	$	9,620,743	$	10,481,016
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,475,222		1,261,737
Capital contributions payable		45,783		45,783
		1,521,005		1,307,520
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,991,800 issued and outstanding		8,357,388		9,420,408
General Partner		(257,650)		(246,912)
		8,099,738		9,173,496
	$	9,620,743	$	10,481,016

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 30

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,743,251	$	8,375,824
OTHER ASSETS
Cash and cash equivalents		364,845		412,161
Investments		-		-
Notes receivable		-		-
Acquisition costs net		419,418		435,347
Other assets		19,167		-
	$	8,546,681	$	9,223,332
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	12,907	$	-
Accounts payable affiliates		733,249		626,247
Capital contributions payable		127,396		127,396
		873,552		753,643
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,651,000 issued and outstanding		7,823,455		8,612,049
General Partner		(150,326)		(142,360)
		7,673,129		8,469,689
	$	8,546,681	$	9,223,332

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 31

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,858,967	$	12,900,025
OTHER ASSETS
Cash and cash equivalents		126,462		128,337
Investments		-		-
Notes receivable		570,454		570,454
Acquisition costs net		-		-
Other assets		134,137		134,137
	$	12,690,020	$	13,732,953
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		960,480		662,400
Capital contributions payable		611,150		611,150
		1,571,630		1,273,550
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,417,857 issued and outstanding		11,386,465		12,714,068
General Partner		(268,075)		(254,665)
		11,118,390		12,459,403
	$	12,690,020	$	13,732,953

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 32

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	16,386,416	$	17,553,871
OTHER ASSETS
Cash and cash equivalents		316,347		386,782
Investments		-		-
Notes receivable		46,908		46,908
Acquisition costs net		600,476		623,273
Other assets		312,486		312,486
	$	17,662,633	$	18,923,320
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,490,853		1,292,198
Capital contributions payable		484,756		484,756
		1,975,609		1,776,954
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,754,198 issued and outstanding		15,936,514		17,381,263
General Partner		(249,490)		(234,897)
		15,687,024		17,146,366
	$	17,662,633	$	18,923,320

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 33

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,621,798	$	10,309,424
OTHER ASSETS
Cash and cash equivalents		257,809		197,136
Investments		-		-
Notes receivable		-		32,300
Acquisition costs net		538,775		559,233
Other assets		125,000		125,000
	$	10,543,382	$	11,223,093
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		945,767		815,294
Capital contributions payable		194,154		194,154
		1,139,921		1,009,448
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,636,533 issued and outstanding		9,535,207		10,337,289
General Partner		(131,746)		(123,644)
		9,403,461		10,213,645
	$	10,543,382	$	11,223,093

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 34

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	12,759,176	$	13,515,476
OTHER ASSETS
Cash and cash equivalents		95,556		124,985
Investments		-		-
Notes receivable		-		-
Acquisition costs net		856,244		888,761
Other assets		-		-
	$	13,710,976	$	14,529,222
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,696,480		1,476,583
Capital contributions payable		8,244		8,244
		1,704,724		1,484,827
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,529,319 issued and outstanding		12,186,580		13,214,342
General Partner		(180,328)		(169,947)
		12,006,252		13,044,395
	$	13,710,976	$	14,529,222

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 35

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	13,586,432	$	14,288,223
OTHER ASSETS
Cash and cash equivalents		421,862		481,041
Investments		-		-
Notes receivable		-		-
Acquisition costs net		2,426,504		2,518,655
Other assets		14,109		14,109
	$	16,448,907	$	17,302,028
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		743,172		611,902
Capital contributions payable		163,782		163,782
		906,954		775,684
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,300,463 issued and outstanding		15,668,558		16,643,105
General Partner		(126,605)		(116,761)
		15,541,953		16,526,344
	$	16,448,907	$	17,302,028

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 36

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,235,615	$	9,558,174
OTHER ASSETS
Cash and cash equivalents		97,262		79,450
Investments		-		-
Notes receivable		-		-
Acquisition costs net		1,666,117		1,729,387
Other assets		3,061		3,061
	$	11,002,055	$	11,370,072
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,122,774		993,893
Capital contributions payable		-		-
		1,122,774		993,893
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,106,837 issued and outstanding		9,959,152		10,451,081
General Partner		(79,871)		(74,902)
		9,879,281		10,376,179
	$	11,002,055	$	11,370,072

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 37

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,371,089	$	11,987,598
OTHER ASSETS
Cash and cash equivalents		361,125		268,593
Investments		-		-
Notes receivable		-		67,239
Acquisition costs net		1,867,404		1,934,893
Other assets		81,235		81,235
	$	13,680,853	$	14,339,558
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		861,883		723,235
Capital contributions payable		138,438		138,438
		1,000,321		861,673
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,512,500 issued and outstanding		12,769,290		13,558,669
General Partner		(88,758)		(80,784)
		12,680,532		13,477,885
	$	13,680,853	$	14,339,558

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 38

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	12,504,987	$	12,865,213
OTHER ASSETS
Cash and cash equivalents		271,822		193,474
Investments		-		-
Notes receivable		-		-
Acquisition costs net		2,133,801		2,205,726
Other assets		4,875		4,875
	$	14,915,485	$	15,269,288
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	406	$	-
Accounts payable affiliates		919,123		784,873
Capital contributions payable		-		-
		919,529		784,873
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,543,100 issued and outstanding		14,074,281		14,557,855
General Partner		(78,325)		(73,440)
		13,995,956		14,484,415
	$	14,915,485	$	15,269,288

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 39

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	10,933,148	$	11,473,299
OTHER ASSETS
Cash and cash equivalents		356,604		368,313
Investments		-		-
Notes receivable		-		-
Acquisition costs net		1,975,110		2,040,945
Other assets		-		-
	$	13,264,862	$	13,882,557
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		856,099		782,919
Capital contributions payable		-		-
		856,099		782,919
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,292,152 issued and outstanding		12,481,117		13,165,083
General Partner		(72,354)		(65,445)
		12,408,763		13,099,638
	$	13,264,862	$	13,882,557

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 40

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	14,118,935	$	14,641,314
OTHER ASSETS
Cash and cash equivalents		190,973		216,126
Investments		-		-
Notes receivable		-		-
Acquisition costs net		2,410,944		2,487,742
Other assets		9,873		37,381
	$	16,730,725	$	17,382,563
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	36,733	$	36,733
Accounts payable affiliates		1,316,329		1,194,877
Capital contributions payable		8,694		8,694
		1,361,756		1,240,304
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,630,256 issued and outstanding		15,440,222		16,205,779
General Partner		(71,253)		(63,520)
		15,368,969		16,142,259
	$	16,730,725	$	17,382,563

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 41

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,439,996	$	12,365,495
OTHER ASSETS
Cash and cash equivalents		8,115		83,998
Investments		-		-
Notes receivable		-		-
Acquisition costs net		2,628,347		2,714,999
Other assets		18,034		18,034
	$	14,094,492	$	15,182,526
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	16,522
Accounts payable affiliates		1,544,706		1,266,487
Capital contributions payable		100		80,566
		1,544,806		1,363,575
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,891,626 issued and outstanding		12,673,359		13,929,931
General Partner		(123,673)		(110,980)
		12,549,686		13,818,951
	$	14,094,492	$	15,182,526

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 42

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	14,933,867	$	15,197,400
OTHER ASSETS
Cash and cash equivalents		483,134		971,373
Investments		-		-
Notes receivable		666,564		494,442
Acquisition costs net		2,709,803		2,772,969
Other assets		67,969		67,969
	$	18,861,337	$	19,504,153
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		748,424		547,004
Capital contributions payable		775,421		613,343
		1,523,845		1,160,347
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,744,262 issued and outstanding		17,405,055		18,401,306
General Partner		(67,563)		(57,500)
		17,337,492		18,343,806
	$	18,861,337	$	19,504,153

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 43

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	19,371,369	$	19,990,185
OTHER ASSETS
Cash and cash equivalents		767,696		189,255
Investments		-		-
Notes receivable		186,626		837,352
Acquisition costs net		3,523,676		3,622,795
Other assets		104,439		261,996
	$	23,953,806	$	24,901,583
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		765,405		611,452
Capital contributions payable		490,522		399,811
		1,255,927		1,011,263
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,637,987 issued and outstanding		22,792,422		23,972,939
General Partner		(94,543)		(82,619)
		22,697,879		23,890,320
	$	23,953,806	$	24,901,583

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 44

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	15,813,614	$	16,680,157
OTHER ASSETS
Cash and cash equivalents		1,105,614		1,356,192
Investments		-		228,762
Notes receivable		-		-
Acquisition costs net		2,491,168		2,567,428
Other assets		196,604		-
	$	19,607,000	$	20,832,539
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		138,526		-
Capital contributions payable		781,022		1,014,622
		919,548		1,014,622
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,701,973 issued and outstanding		18,738,026		19,857,186
General Partner		(50,574)		(39,269)
		18,687,452		19,817,917
	$	19,607,000	$	20,832,539

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 45

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	25,585,694	$	26,768,832
OTHER ASSETS
Cash and cash equivalents		1,572,445		1,167,018
Investments		-		1,046,688
Notes receivable		300,000		300,000
Acquisition costs net		2,990,091		3,081,642
Other assets		268,168		267,543
	$	30,716,398	$	32,631,723
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	6,960
Accounts payable affiliates		119,527		-
Capital contributions payable		918,437		1,437,480
		1,037,964		1,444,440
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,014,367 issued and outstanding		29,735,311		31,229,072
General Partner		(56,877)		(41,789)
		29,678,434		31,187,283
	$	30,716,398	$	32,631,723

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
BALANCE SHEETS

Series 46

		December 31, 2006 (Unaudited)		March 31, 2006 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	20,070,622	$	20,578,971
OTHER ASSETS
Cash and cash equivalents		2,056,116		2,689,206
Investments		-		1,145,861
Notes receivable		-		-
Acquisition costs net		2,196,416		2,247,326
Other assets		200,000		4,357
	$	24,523,154	$	26,665,721
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		66,695		-
Capital contributions payable		590,543		2,120,652
		657,238		2,120,652
PARTNERS' EQUITY (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,980,998 issued and outstanding		23,890,001		24,562,362
General Partner		(24,085)		(17,293)
		23,865,916		24,545,069
	$	24,523,154	$	26,665,721

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

		2006		2005
Income
Interest income	$	107,350	$	197,792
Other income		64,403		56,708
		171,753		254,500
Share of loss from Operating  Partnerships(Note D)		(5,669,553)		(5,548,996)
Expenses
Professional fees		178,305		97,751
Fund management fee (Note C)		1,700,407		1,692,918
Amortization		402,331		408,448
General and administrative expenses		231,437		297,581
		2,512,480		2,496,698
NET INCOME (LOSS)	$	(8,010,280)	$	(7,791,194)
Net income (loss) allocated to limited partners	$	(7,930,179)	$	(7,713,282)
Net income (loss) allocated to general partner	$	(80,101)	$	(77,912)
Net income (loss) per BAC	$	(.09)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 20

		2006		2005
Income
Interest income	$	3,000	$	4,876
Other income		300		-
		3,300		4,876
Share of loss from Operating  Partnerships(Note D)		(96,828)		(64,824)
Expenses
Professional fees		4,878		4,494
Fund management fee (Note C)		81,538		86,097
Amortization		893		893
General and administrative expenses		9,876		11,562
		97,185		103,046
NET INCOME (LOSS)	$	(190,713)	$	(162,994)
Net income (loss) allocated to limited partners	$	(188,806)	$	(161,364)
Net income (loss) allocated to general partner	$	(1,907)	$	(1,630)
Net income (loss) per BAC	$	(.05)	$	(.04)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 21

		2006		2005
Income
Interest income	$	269	$	71
Other income		900		1,121
		1,169		1,192
Share of loss from Operating  Partnerships(Note D)		(27,031)		(59,956)
Expenses
Professional fees		11,406		2,183
Fund management fee (Note C)		55,534		49,844
Amortization		488		488
General and administrative expenses		6,889		7,344
		74,317		59,859
NET INCOME (LOSS)	$	(100,179)	$	(118,623)
Net income (loss) allocated to limited partners	$	(99,177)	$	(117,437)
Net income (loss) allocated to general partner	$	(1,002)	$	(1,186)
Net income (loss) per BAC	$	(.05)	$	(.06)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 22

		2006		2005
Income
Interest income	$	1,301	$	241
Other income		14,684		725
		15,985		966
Share of loss from Operating  Partnerships(Note D)		(51,892)		(139,644)
Expenses
Professional fees		5,970		2,231
Fund management fee (Note C)		59,642		56,273
Amortization		1,535		1,535
General and administrative expenses		8,716		8,990
		75,863		69,029
NET INCOME (LOSS)	$	(111,770)	$	(207,707)
Net income (loss) allocated to limited partners	$	(110,652)	$	(205,630)
Net income (loss) allocated to general partner	$	(1,118)	$	(2,077)
Net income (loss) per BAC	$	(.04)	$	(.08)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 23

		2006		2005
Income
Interest income	$	413	$	98
Other income		14,084		801
		14,497		899
Share of loss from Operating  Partnerships(Note D)		(260,711)		(255,695)
Expenses
Professional fees		4,629		2,056
Fund management fee (Note C)		50,239		54,877
Amortization		2,283		2,283
General and administrative expenses		9,664		10,293
		66,815		69,509
NET INCOME (LOSS)	$	(313,029)	$	(324,305)
Net income (loss) allocated to limited partners	$	(309,899)	$	(321,062)
Net income (loss) allocated to general partner	$	(3,130)	$	(3,243)
Net income (loss) per BAC	$	(.09)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 24

		2006		2005
Income
Interest income	$	1,010	$	186
Other income		-		-
		1,010		186
Share of loss from Operating  Partnerships(Note D)		(104,650)		(106,149)
Expenses
Professional fees		4,706		2,055
Fund management fee (Note C)		56,209		51,651
Amortization		2,551		2,551
General and administrative expenses		7,217		7,862
		70,683		64,119
NET INCOME (LOSS)	$	(174,323)	$	(170,082)
Net income (loss) allocated to limited partners	$	(172,580)	$	(168,381)
Net income (loss) allocated to general partner	$	(1,743)	$	(1,701)
Net income (loss) per BAC	$	(.08)	$	(.08)

The accompanying notes are an integral part of this statement




Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 25

		2006		2005
Income
Interest income	$	1,546	$	2,418
Other income		1,200		-
		2,746		2,418
Share of loss from Operating  Partnerships(Note D)		(183,071)		(73,350)
Expenses
Professional fees		4,990		4,000
Fund management fee (Note C)		50,973		62,644
Amortization		3,805		3,805
General and administrative expenses		8,978		9,662
		68,746		80,111
NET INCOME (LOSS)	$	(249,071)	$	(151,043)
Net income (loss) allocated to limited partners	$	(246,580)	$	(149,533)
Net income (loss) allocated to general partner	$	(2,491)	$	(1,510)
Net income (loss) per BAC	$	(.08)	$	(.05)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 26

		2006		2005
Income
Interest income	$	2,021	$	802
Other income		1,800		-
		3,821		802
Share of loss from Operating  Partnerships(Note D)		(238,955)		(146,785)
Expenses
Professional fees		7,370		3,889
Fund management fee (Note C)		100,508		101,515
Amortization		4,226		4,226
General and administrative expenses		10,788		10,464
		122,892		120,094
NET INCOME (LOSS)	$	(358,026)	$	(266,077)
Net income (loss) allocated to limited partners	$	(354,446)	$	(263,416)
Net income (loss) allocated to general partner	$	(3,580)	$	(2,661)
Net income (loss) per BAC	$	(.09)	$	(.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 27

		2006		2005
Income
Interest income	$	577	$	118
Other income		750		-
		1,327		118
Share of loss from Operating  Partnerships(Note D)		(279,175)		(162,441)
Expenses
Professional fees		3,866		1,583
Fund management fee (Note C)		76,135		71,536
Amortization		3,914		3,914
General and administrative expenses		7,211		7,446
		91,126		84,479
NET INCOME (LOSS)	$	(368,974)	$	(246,802)
Net income (loss) allocated to limited partners	$	(365,284)	$	(244,334)
Net income (loss) allocated to general partner	$	(3,690)	$	(2,468)
Net income (loss) per BAC	$	(.15)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 28

		2006		2005
Income
Interest income	$	2,682	$	6,328
Other income		1,885		-
		4,567		6,328
Share of loss from Operating  Partnerships(Note D)		(235,385)		(307,392)
Expenses
Professional fees		5,094		4,187
Fund management fee (Note C)		75,279		75,663
Amortization		825		825
General and administrative expenses		9,005		11,629
		90,203		92,304
NET INCOME (LOSS)	$	(321,021)	$	(393,368)
Net income (loss) allocated to limited partners	$	(317,811)	$	(389,434)
Net income (loss) allocated to general partner	$	(3,210)	$	(3,934)
Net income (loss) per BAC	$	(.08)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 29

		2006		2005
Income
Interest income	$	2,848	$	2,898
Other income		1,950		-
		4,798		2,898
Share of loss from Operating  Partnerships(Note D)		(258,075)		(288,852)
Expenses
Professional fees		4,840		3,143
Fund management fee (Note C)		66,146		76,370
Amortization		828		828
General and administrative expenses		9,350		10,471
		81,164		90,812
NET INCOME (LOSS)	$	(334,441)	$	(376,766)
Net income (loss) allocated to limited partners	$	(331,097)	$	(372,998)
Net income (loss) allocated to general partner	$	(3,344)	$	(3,768)
Net income (loss) per BAC	$	(.08)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 30

		2006		2005
Income
Interest income	$	2,609	$	881
Other income		1,650		-
		4,259		881
Share of loss from Operating  Partnerships(Note D)		(194,901)		(323,051)
Expenses
Professional fees		4,257		3,699
Fund management fee (Note C)		45,042		48,580
Amortization		5,310		5,310
General and administrative expenses		8,805		7,686
		63,414		65,275
NET INCOME (LOSS)	$	(254,056)	$	(387,445)
Net income (loss) allocated to limited partners	$	(251,515)	$	(383,571)
Net income (loss) allocated to general partner	$	(2,541)	$	(3,874)
Net income (loss) per BAC	$	(.09)	$	(.14)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 31

		2006		2005
Income
Interest income	$	536	$	95
Other income		2,700		-
		3,236		95
Share of loss from Operating  Partnerships(Note D)		(259,171)		(378,178)
Expenses
Professional fees		5,405		2,113
Fund management fee (Note C)		97,860		98,378
Amortization		-		-
General and administrative expenses		9,691		9,834
		112,956		110,325
NET INCOME (LOSS)	$	(368,891)	$	(488,408)
Net income (loss) allocated to limited partners	$	(365,202)	$	(483,524)
Net income (loss) allocated to general partner	$	(3,689)	$	(4,884)
Net income (loss) per BAC	$	(.08)	$	(.11)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 32

		2006		2005
Income
Interest income	$	1,722	$	4,653
Other income		2,400		-
		4,122		4,653
Share of loss from Operating  Partnerships(Note D)		(417,684)		(328,590)
Expenses
Professional fees		4,776		2,362
Fund management fee (Note C)		81,564		72,290
Amortization		9,181		9,181
General and administrative expenses		9,382		13,350
		104,903		97,183
NET INCOME (LOSS)	$	(518,465)	$	(421,120)
Net income (loss) allocated to limited partners	$	(513,280)	$	(416,909)
Net income (loss) allocated to general partner	$	(5,185)	$	(4,211)
Net income (loss) per BAC	$	(.11)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 33

		2006		2005
Income
Interest income	$	4,414	$	492
Other income		750		-
		5,164		492
Share of loss from Operating  Partnerships(Note D)		(228,431)		(154,403)
Expenses
Professional fees		3,235		1,233
Fund management fee (Note C)		36,822		31,991
Amortization		6,820		6,820
General and administrative expenses		6,850		8,687
		53,727		48,731
NET INCOME (LOSS)	$	(276,994)	$	(202,642)
Net income (loss) allocated to limited partners	$	(274,224)	$	(200,616)
Net income (loss) allocated to general partner	$	(2,770)	$	(2,026)
Net income (loss) per BAC	$	(.10)	$	(.08)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 34

		2006		2005
Income
Interest income	$	717	$	136
Other income		1,200		-
		1,917		136
Share of loss from Operating  Partnerships(Note D)		(244,931)		(393,490)
Expenses
Professional fees		3,623		1,346
Fund management fee (Note C)		73,299		72,099
Amortization		10,984		10,984
General and administrative expenses		8,066		10,044
		95,972		94,473
NET INCOME (LOSS)	$	(338,986)	$	(487,827)
Net income (loss) allocated to limited partners	$	(335,596)	$	(482,949)
Net income (loss) allocated to general partner	$	(3,390)	$	(4,878)
Net income (loss) per BAC	$	(.10)	$	(.14)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 35

		2006		2005
Income
Interest income	$	1,403	$	1,018
Other income		1,500		-
		2,903		1,018
Share of loss from Operating  Partnerships(Note D)		(228,097)		(216,748)
Expenses
Professional fees		3,368		3,017
Fund management fee (Note C)		57,090		57,090
Amortization		32,309		32,309
General and administrative expenses		7,686		9,834
		100,453		102,250
NET INCOME (LOSS)	$	(325,647)	$	(317,980)
Net income (loss) allocated to limited partners	$	(322,391)	$	(314,800)
Net income (loss) allocated to general partner	$	(3,256)	$	(3,180)
Net income (loss) per BAC	$	(.10)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 36

		2006		2005
Income
Interest income	$	392	$	73
Other income		1,050		-
		1,442		73
Share of loss from Operating  Partnerships(Note D)		(92,443)		(139,536)
Expenses
Professional fees		3,128		1,407
Fund management fee (Note C)		38,116		39,716
Amortization		22,116		22,116
General and administrative expenses		6,465		7,991
		69,825		71,230
NET INCOME (LOSS)	$	(160,826)	$	(210,693)
Net income (loss) allocated to limited partners	$	(159,218)	$	(208,586)
Net income (loss) allocated to general partner	$	(1,608)	$	(2,107)
Net income (loss) per BAC	$	(.08)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 37

		2006		2005
Income
Interest income	$	9,588	$	3,824
Other income		900		-
		10,488		3,824
Share of loss from Operating  Partnerships(Note D)		(205,719)		(98,417)
Expenses
Professional fees		2,957		5,895
Fund management fee (Note C)		51,216		51,216
Amortization		23,705		23,705
General and administrative expenses		7,537		10,263
		85,415		91,079
NET INCOME (LOSS)	$	(280,646)	$	(185,672)
Net income (loss) allocated to limited partners	$	(277,840)	$	(183,815)
Net income (loss) allocated to general partner	$	(2,806)	$	(1,857)
Net income (loss) per BAC	$	(.11)	$	(.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 38

		2006		2005
Income
Interest income	$	1,342	$	488
Other income		1,800		-
		3,142		488
Share of loss from Operating  Partnerships(Note D)		(109,098)		(108,323)
Expenses
Professional fees		4,967		4,604
Fund management fee (Note C)		33,985		41,100
Amortization		24,728		24,728
General and administrative expenses		7,713		9,286
		71,393		79,718
NET INCOME (LOSS)	$	(177,349)	$	(187,553)
Net income (loss) allocated to limited partners	$	(175,576)	$	(185,677)
Net income (loss) allocated to general partner	$	(1,773)	$	(1,876)
Net income (loss) per BAC	$	(.07)	$	(.07)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 39

		2006		2005
Income
Interest income	$	1,775	$	1,539
Other income		1,050		-
		2,825		1,539
Share of loss from Operating  Partnerships(Note D)		(161,969)		(149,080)
Expenses
Professional fees		4,818		4,843
Fund management fee (Note C)		34,200		34,200
Amortization		22,581		22,581
General and administrative expenses		7,300		11,973
		68,899		73,597
NET INCOME (LOSS)	$	(228,043)	$	(221,138)
Net income (loss) allocated to limited partners	$	(225,763)	$	(218,927)
Net income (loss) allocated to general partner	$	(2,280)	$	(2,211)
Net income (loss) per BAC	$	(.10)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 40

		2006		2005
Income
Interest income	$	1,689	$	657
Other income		900		-
		2,589		657
Share of loss from Operating  Partnerships(Note D)		(167,985)		(150,250)
Expenses
Professional fees		5,326		3,374
Fund management fee (Note C)		57,352		48,806
Amortization		28,433		28,433
General and administrative expenses		7,993		10,349
		99,104		90,962
NET INCOME (LOSS)	$	(264,500)	$	(240,555)
Net income (loss) allocated to limited partners	$	(261,855)	$	(238,149)
Net income (loss) allocated to general partner	$	(2,645)	$	(2,406)
Net income (loss) per BAC	$	(.10)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 41

		2006		2005
Income
Interest income	$	265	$	91
Other income		3,600		-
		3,865		91
Share of loss from Operating  Partnerships(Note D)		(269,290)		(248,984)
Expenses
Professional fees		46,364		3,667
Fund management fee (Note C)		68,610		66,273
Amortization		33,482		33,482
General and administrative expenses		8,995		11,389
		157,451		114,811
NET INCOME (LOSS)	$	(422,876)	$	(363,704)
Net income (loss) allocated to limited partners	$	(418,647)	$	(360,067)
Net income (loss) allocated to general partner	$	(4,229)	$	(3,637)
Net income (loss) per BAC	$	(.14)	$	(.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 42

		2006		2005
Income
Interest income	$	4,478	$	8,057
Other income		3,150		-
		7,628		8,057
Share of loss from Operating  Partnerships(Note D)		(200,558)		(166,303)
Expenses
Professional fees		5,547		3,470
Fund management fee (Note C)		63,144		59,520
Amortization		29,131		29,055
General and administrative expenses		8,848		14,339
		106,670		106,384
NET INCOME (LOSS)	$	(299,600)	$	(264,630)
Net income (loss) allocated to limited partners	$	(296,604)	$	(261,984)
Net income (loss) allocated to general partner	$	(2,996)	$	(2,646)
Net income (loss) per BAC	$	(.11)	$	(.10)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 43

		2006		2005
Income
Interest income	$	5,658	$	537
Other income		3,000		-
		8,658		537
Share of loss from Operating  Partnerships(Note D)		(248,860)		(348,968)
Expenses
Professional fees		7,608		6,070
Fund management fee (Note C)		74,158		75,623
Amortization		41,757		41,219
General and administrative expenses		10,007		12,412
		133,530		135,324
NET INCOME (LOSS)	$	(373,732)	$	(483,755)
Net income (loss) allocated to limited partners	$	(369,995)	$	(478,917)
Net income (loss) allocated to general partner	$	(3,737)	$	(4,838)
Net income (loss) per BAC	$	(.10)	$	(.13)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 44

		2006		2005
Income
Interest income	$	11,750	$	12,614
Other income		1,200		54,061
		12,950		66,675
Share of loss from Operating  Partnerships(Note D)		(267,916)		(254,997)
Expenses
Professional fees		3,571		7,364
Fund management fee (Note C)		68,175		71,336
Amortization		28,252		36,425
General and administrative expenses		8,944		20,645
		108,942		135,770
NET INCOME (LOSS)	$	(363,908)	$	(324,092)
Net income (loss) allocated to limited partners	$	(360,269)	$	(320,851)
Net income (loss) allocated to general partner	$	(3,639)	$	(3,241)
Net income (loss) per BAC	$	(.13)	$	(.12)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 45

		2006		2005
Income
Interest income	$	19,119	$	90,109
Other income		-		-
		19,119		90,109
Share of loss from Operating  Partnerships(Note D)		(432,317)		(298,140)
Expenses
Professional fees		7,935		7,390
Fund management fee (Note C)		89,636		83,265
Amortization		36,221		34,566
General and administrative expenses		10,644		18,529
		144,436		143,750
NET INCOME (LOSS)	$	(557,634)	$	(351,781)
Net income (loss) allocated to limited partners	$	(552,058)	$	(348,263)
Net income (loss) allocated to general partner	$	(5,576)	$	(3,518)
Net income (loss) per BAC	$	(.14)	$	(.09)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 46

		2006		2005
Income
Interest income	$	24,226	$	54,492
Other income		-		-
		24,226		54,492
Share of loss from Operating  Partnerships(Note D)		(204,410)		(186,450)
Expenses
Professional fees		3,671		6,076
Fund management fee (Note C)		57,935		54,965
Amortization		25,973		26,186
General and administrative expenses		8,817		15,247
		96,396		102,474
NET INCOME (LOSS)	$	(276,580)	$	(234,432)
Net income (loss) allocated to limited partners	$	(273,814)	$	(232,088)
Net income (loss) allocated to general partner	$	(2,766)	$	(2,344)
Net income (loss) per BAC	$	(.09)	$	(.08)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

		2006		2005
Income
Interest income	$	365,322	$	455,662
Other income		84,791		240,183
		450,113		695,845
Share of loss from Operating  Partnerships(Note D)		(17,401,098)		(17,007,136)
Expenses
Professional fees		692,678		745,003
Fund management fee (Note C)		4,908,680		4,880,798
Amortization		1,206,698		1,207,557
General and administrative expenses		388,772		562,180
		7,196,828		7,395,538
NET INCOME (LOSS)	$	(24,147,813)	$	(23,706,829)
Net income (loss) allocated to limited partners	$	(23,906,334)	$	(23,469,763)
Net income (loss) allocated to general partner	$	(241,479)	$	(237,066)
Net income (loss) per BAC	$	(.29)	$	(.28)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 20

		2006		2005
Income
Interest income	$	7,318	$	33,061
Other income		3,080		9,653
		10,398		42,714
Share of income (loss) from Operating  Partnerships(Note D)		(441,473)		152,995
Expenses
Professional fees		28,990		35,191
Fund management fee (Note C)		211,618		222,684
Amortization		2,679		2,679
General and administrative expenses		16,747		24,485
		260,034		285,039
NET INCOME (LOSS)	$	(691,109)	$	(89,330)
Net income (loss) allocated to limited partners	$	(684,198)	$	(88,437)
Net income (loss) allocated to general partner	$	(6,911)	$	(893)
Net income (loss) per BAC	$	(.18)	$	(.02)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 21

		2006		2005
Income
Interest income	$	510	$	240
Other income		5,197		1,121
		5,707		1,361
Share of loss from Operating  Partnerships(Note D)		(133,310)		(207,464)
Expenses
Professional fees		44,622		28,777
Fund management fee (Note C)		160,688		159,226
Amortization		1,465		1,465
General and administrative expenses		11,115		11,475
		217,890		200,943
NET INCOME (LOSS)	$	(345,493)	$	(407,046)
Net income (loss) allocated to limited partners	$	(342,038)	$	(402,976)
Net income (loss) allocated to general partner	$	(3,455)	$	(4,070)
Net income (loss) per BAC	$	(.18)	$	(.21)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 22

		2006		2005
Income
Interest income	$	2,180	$	755
Other income		22,412		6,408
		24,592		7,163
Share of loss from Operating  Partnerships(Note D)		(136,577)		(612,558)
Expenses
Professional fees		27,727		30,407
Fund management fee (Note C)		177,924		167,455
Amortization		4,605		4,605
General and administrative expenses		13,576		13,895
		223,832		216,362
NET INCOME (LOSS)	$	(335,817)	$	(821,757)
Net income (loss) allocated to limited partners	$	(332,459)	$	(813,539)
Net income (loss) allocated to general partner	$	(3,358)	$	(8,218)
Net income (loss) per BAC	$	(.13)	$	(.32)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 23

		2006		2005
Income
Interest income	$	725	$	333
Other income		14,885		5,627
		15,610		5,960
Share of loss from Operating  Partnerships(Note D)		(655,993)		(1,007,803)
Expenses
Professional fees		24,232		27,701
Fund management fee (Note C)		167,057		167,760
Amortization		6,848		6,848
General and administrative expenses		15,003		15,954
		213,140		218,263
NET INCOME (LOSS)	$	(853,523)	$	(1,220,106)
Net income (loss) allocated to limited partners	$	(844,988)	$	(1,207,905)
Net income (loss) allocated to general partner	$	(8,535)	$	(12,201)
Net income (loss) per BAC	$	(.25)	$	(.36)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 24

		2006		2005
Income
Interest income	$	1,708	$	599
Other income		-		2,798
		1,708		3,397
Share of loss from Operating  Partnerships(Note D)		(270,144)		(266,910)
Expenses
Professional fees		25,087		27,089
Fund management fee (Note C)		164,026		151,720
Amortization		7,653		7,653
General and administrative expenses		11,659		12,209
		208,425		198,671
NET INCOME (LOSS)	$	(476,861)	$	(462,184)
Net income (loss) allocated to limited partners	$	(472,092)	$	(457,562)
Net income (loss) allocated to general partner	$	(4,769)	$	(4,622)
Net income (loss) per BAC	$	(.22)	$	(.21)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 25

		2006		2005
Income
Interest income	$	2,694	$	3,545
Other income		1,200		-
		3,894		3,545
Share of loss from Operating  Partnerships(Note D)		(441,028)		(249,765)
Expenses
Professional fees		24,590		38,049
Fund management fee (Note C)		180,112		190,883
Amortization		11,414		11,414
General and administrative expenses		14,636		15,381
		230,752		255,727
NET INCOME (LOSS)	$	(667,886)	$	(501,947)
Net income (loss) allocated to limited partners	$	(661,207)	$	(496,928)
Net income (loss) allocated to general partner	$	(6,679)	$	(5,019)
Net income (loss) per BAC	$	(.22)	$	(.16)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 26

		2006		2005
Income
Interest income	$	5,213	$	1,522
Other income		5,946		14,586
		11,159		16,108
Share of loss from Operating  Partnerships(Note D)		(854,957)		(555,143)
Expenses
Professional fees		38,239		41,979
Fund management fee (Note C)		291,576		297,324
Amortization		12,678		12,678
General and administrative expenses		16,729		16,539
		359,222		368,520
NET INCOME (LOSS)	$	(1,203,020)	$	(907,555)
Net income (loss) allocated to limited partners	$	(1,190,990)	$	(898,479)
Net income (loss) allocated to general partner	$	(12,030)	$	(9,076)
Net income (loss) per BAC	$	(.30)	$	(.22)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 27

		2006		2005
Income
Interest income	$	1007	$	370
Other income		750		2,413
		1,757		2,783
Share of loss from Operating  Partnerships(Note D)		(771,602)		(522,226)
Expenses
Professional fees		19,563		22,434
Fund management fee (Note C)		212,597		213,789
Amortization		11,741		11,741
General and administrative expenses		11,677		11,889
		255,578		259,853
NET INCOME (LOSS)	$	(1,025,423)	$	(779,296)
Net income (loss) allocated to limited partners	$	(1,015,169)	$	(771,503)
Net income (loss) allocated to general partner	$	(10,254)	$	(7,793)
Net income (loss) per BAC	$	(.41)	$	(.31)

The accompanying notes are an integral part of this statement

Boston Capital Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 28

		2006		2005
Income
Interest income	$	4,512	$	9,939
Other income		1,885		14,479
		6,397		24,418
Share of loss from Operating  Partnerships(Note D)		(780,277)		(1,075,012)
Expenses
Professional fees		25,909		32,606
Fund management fee (Note C)		195,332		201,858
Amortization		2,475		2,475
General and administrative expenses		14,332		17,269
		238,048		254,208
NET INCOME (LOSS)	$	(1,011,928)	$	(1,304,802)
Net income (loss) allocated to limited partners	$	(1,001,809)	$	(1,291,754)
Net income (loss) allocated to general partner	$	(10,119)	$	(13,048)
Net income (loss) per BAC	$	(.25)	$	(.32)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 29

		2006		2005
Income
Interest income	$	9,175	$	6,335
Other income		1,950		7,240
		11,125		13,575
Share of loss from Operating  Partnerships(Note D)		(814,158)		(1,094,969)
Expenses
Professional fees		24,180		29,516
Fund management fee (Note C)		228,848		233,407
Amortization		2,484		2,484
General and administrative expenses		15,213		17,914
		270,725		283,321
NET INCOME (LOSS)	$	(1,073,758)	$	(1,364,715)
Net income (loss) allocated to limited partners	$	(1,063,020)	$	(1,351,068)
Net income (loss) allocated to general partner	$	(10,738)	$	(13,647)
Net income (loss) per BAC	$	(.27)	$	(.34)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 30

		2006		2005
Income
Interest income	$	6,715	$	1,455
Other income		1,650		-
		8,365		1,455
Share of loss from Operating  Partnerships(Note D)		(608,224)		(855,240)
Expenses
Professional fees		23,093		35,493
Fund management fee (Note C)		144,252		153,702
Amortization		15,929		15,929
General and administrative expenses		13,427		12,116
		196,701		217,240
NET INCOME (LOSS)	$	(796,560)	$	(1,071,025)
Net income (loss) allocated to limited partners	$	(788,594)	$	(1,060,315)
Net income (loss) allocated to general partner	$	(7,966)	$	(10,710)
Net income (loss) per BAC	$	(.30)	$	(.40)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 31

		2006		2005
Income
Interest income	$	928	$	344
Other income		2,700		-
		3,628		344
Share of loss from Operating  Partnerships(Note D)		(1,039,277)		(1,200,988)
Expenses
Professional fees		25,743		34,429
Fund management fee (Note C)		264,449		291,189
Amortization		-		-
General and administrative expenses		15,172		15,530
		305,364		341,148
NET INCOME (LOSS)	$	(1,341,013)	$	(1,541,792)
Net income (loss) allocated to limited partners	$	(1,327,603)	$	(1,526,374)
Net income (loss) allocated to general partner	$	(13,410)	$	(15,418)
Net income (loss) per BAC	$	(.30)	$	(.35)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 32

		2006		2005
Income
Interest income	$	3,076	$	7,504
Other income		2,400		7,240
		5,476		14,744
Share of loss from Operating  Partnerships(Note D)		(1,162,710)		(1,091,331)
Expenses
Professional fees		29,215		30,095
Fund management fee (Note C)		230,334		233,059
Amortization		27,542		27,542
General and administrative expenses		15,017		20,260
		302,108		310,956
NET INCOME (LOSS)	$	(1,459,342)	$	(1,387,543)
Net income (loss) allocated to limited partners	$	(1,444,749)	$	(1,373,668)
Net income (loss) allocated to general partner	$	(14,593)	$	(13,875)
Net income (loss) per BAC	$	(.30)	$	(.29)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 33

		2006		2005
Income
Interest income	$	25,274	$	857
Other income		750		2,413
		26,024		3,270
Share of loss from Operating  Partnerships(Note D)		(683,812)		(475,318)
Expenses
Professional fees		14,216		15,074
Fund management fee (Note C)		106,384		118,973
Amortization		20,458		20,458
General and administrative expenses		11,338		13,785
		152,396		168,290
NET INCOME (LOSS)	$	(810,184)	$	(640,338)
Net income (loss) allocated to limited partners	$	(802,082)	$	(633,935)
Net income (loss) allocated to general partner	$	(8,102)	$	(6,403)
Net income (loss) per BAC	$	(.30)	$	(.24)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 34

		2006		2005
Income
Interest income	$	1,214	$	489
Other income		1,200		-
		2,414		489
Share of loss from Operating  Partnerships(Note D)		(755,864)		(1,242,833)
Expenses
Professional fees		18,927		21,996
Fund management fee (Note C)		219,897		218,696
Amortization		32,953		32,953
General and administrative expenses		12,916		15,922
		284,693		289,567
NET INCOME (LOSS)	$	(1,038,143)	$	(1,531,911)
Net income (loss) allocated to limited partners	$	(1,027,762)	$	(1,516,592)
Net income (loss) allocated to general partner	$	(10,381)	$	(15,319)
Net income (loss) per BAC	$	(.29)	$	(.43)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 35

		2006		2005
Income
Interest income	$	3,413	$	2,635
Other income		1,500		-
		4,913		2,635
Share of loss from Operating  Partnerships(Note D)		(697,016)		(677,040)
Expenses
Professional fees		11,566		14,703
Fund management fee (Note C)		171,270		158,975
Amortization		96,926		96,926
General and administrative expenses		12,526		16,357
		292,288		286,961
NET INCOME (LOSS)	$	(984,391)	$	(961,366)
Net income (loss) allocated to limited partners	$	(974,547)	$	(951,752)
Net income (loss) allocated to general partner	$	(9,844)	$	(9,614)
Net income (loss) per BAC	$	(.30)	$	(.29)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 36

		2006		2005
Income
Interest income	$	669	$	233
Other income		1,050		4,826
		1,719		5,059
Share of loss from Operating  Partnerships(Note D)		(307,492)		(401,371)
Expenses
Professional fees		13,030		15,015
Fund management fee (Note C)		101,219		108,252
Amortization		66,347		66,347
General and administrative expenses		10,529		14,419
		191,125		204,033
NET INCOME (LOSS)	$	(496,898)	$	(600,345)
Net income (loss) allocated to limited partners	$	(491,929)	$	(594,342)
Net income (loss) allocated to general partner	$	(4,969)	$	(6,003)
Net income (loss) per BAC	$	(.24)	$	(.28)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 37

		2006		2005
Income
Interest income	$	49,855	$	4,599
Other income		900		-
		50,755		4,599
Share of loss from Operating  Partnerships(Note D)		(607,412)		(405,379)
Expenses
Professional fees		13,438		18,971
Fund management fee (Note C)		143,148		143,130
Amortization		71,115		71,115
General and administrative expenses		12,995		15,291
		240,696		248,507
NET INCOME (LOSS)	$	(797,353)	$	(649,287)
Net income (loss) allocated to limited partners	$	(789,379)	$	(642,794)
Net income (loss) allocated to general partner	$	(7,974)	$	(6,493)
Net income (loss) per BAC	$	(.31)	$	(.26)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 38

		2006		2005
Income
Interest income	$	3,406	$	868
Other income		1,800		4,826
		5,206		5,694
Share of loss from Operating  Partnerships(Note D)		(292,511)		(340,226)
Expenses
Professional fees		16,052		19,868
Fund management fee (Note C)		97,635		120,725
Amortization		74,184		74,184
General and administrative expenses		13,283		15,205
		201,154		229,982
NET INCOME (LOSS)	$	(488,459)	$	(564,514)
Net income (loss) allocated to limited partners	$	(483,574)	$	(558,869)
Net income (loss) allocated to general partner	$	(4,885)	$	(5,645)
Net income (loss) per BAC	$	(.19)	$	(.22)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 39

		2006		2005
Income
Interest income	$	3,337	$	4,290
Other income		1,050		4,826
		4,387		9,116
Share of loss from Operating  Partnerships(Note D)		(500,934)		(528,879)
Expenses
Professional fees		19,130		21,947
Fund management fee (Note C)		94,950		98,229
Amortization		67,743		67,743
General and administrative expenses		12,505		14,410
		194,328		202,329
NET INCOME (LOSS)	$	(690,875)	$	(722,092)
Net income (loss) allocated to limited partners	$	(683,966)	$	(714,871)
Net income (loss) allocated to general partner	$	(6,909)	$	(7,221)
Net income (loss) per BAC	$	(.30)	$	(.31)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 40

		2006		2005
Income
Interest income	$	4,701	$	2,507
Other income		900		7,240
		5,601		9,747
Share of loss from Operating  Partnerships(Note D)		(515,902)		(540,865)
Expenses
Professional fees		23,884		25,263
Fund management fee (Note C)		140,114		126,969
Amortization		85,297		85,297
General and administrative expenses		13,694		15,839
		262,989		253,368
NET INCOME (LOSS)	$	(773,290)	$	(784,486)
Net income (loss) allocated to limited partners	$	(765,557)	$	(776,641)
Net income (loss) allocated to general partner	$	(7,733)	$	(7,845)
Net income (loss) per BAC	$	(.29)	$	(.30)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 41

		2006		2005
Income
Interest income	$	534	$	895
Other income		4,236		4,826
		4,770		5,721
Share of loss from Operating  Partnerships(Note D)		(908,936)		(757,641)
Expenses
Professional fees		72,560		26,232
Fund management fee (Note C)		176,817		175,625
Amortization		100,446		100,446
General and administrative expenses		15,276		17,200
		365,099		319,503
NET INCOME (LOSS)	$	(1,269,265)	$	(1,071,423)
Net income (loss) allocated to limited partners	$	(1,256,572)	$	(1,060,709)
Net income (loss) allocated to general partner	$	(12,693)	$	(10,714)
Net income (loss) per BAC	$	(.43)	$	(.37)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 42

		2006		2005
Income
Interest income	$	16,059	$	17,108
Other income		3,150		4,826
		19,209		21,934
Share of loss from Operating  Partnerships(Note D)		(712,509)		(544,634)
Expenses
Professional fees		34,272		25,526
Fund management fee (Note C)		175,193		153,078
Amortization		87,242		87,166
General and administrative expenses		16,307		18,157
		313,014		283,927
NET INCOME (LOSS)	$	(1,006,314)	$	(806,627)
Net income (loss) allocated to limited partners	$	(996,251)	$	(798,561)
Net income (loss) allocated to general partner	$	(10,063)	$	(8,066)
Net income (loss) per BAC	$	(.37)	$	(.29)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 43

		2006		2005
Income
Interest income	$	17,195	$	6,445
Other income		3,000		-
		20,195		6,445
Share of loss from Operating  Partnerships(Note D)		(822,576)		(1,029,497)
Expenses
Professional fees		28,544		32,481
Fund management fee (Note C)		219,134		209,736
Amortization		125,192		123,658
General and administrative expenses		17,190		23,712
		390,060		389,587
NET INCOME (LOSS)	$	(1,192,441)	$	(1,412,639)
Net income (loss) allocated to limited partners	$	(1,180,517)	$	(1,398,513)
Net income (loss) allocated to general partner	$	(11,924)	$	(14,126)
Net income (loss) per BAC	$	(.32)	$	(.38)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 44

		2006		2005
Income
Interest income	$	36,990	$	17,872
Other income		1,200		134,835
		38,190		152,707
Share of loss from Operating  Partnerships(Note D)		(858,043)		(598,795)
Expenses
Professional fees		17,419		30,289
Fund management fee (Note C)		192,326		174,144
Amortization		84,760		92,727
General and administrative expenses		16,107		65,458
		310,612		362,618
NET INCOME (LOSS)	$	(1,130,465)	$	(808,706)
Net income (loss) allocated to limited partners	$	(1,119,160)	$	(800,619)
Net income (loss) allocated to general partner	$	(11,305)	$	(8,087)
Net income (loss) per BAC	$	(.41)	$	(.30)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 45

		2006		2005
Income
Interest income	$	67,937	$	176,143
Other income		-		-
		67,937		176,143
Share of loss from Operating  Partnerships(Note D)		(1,149,939)		(624,608)
Expenses
Professional fees		32,020		38,563
Fund management fee (Note C)		264,775		239,692
Amortization		108,663		102,949
General and administrative expenses		21,389		61,365
		426,847		442,569
NET INCOME (LOSS)	$	(1,508,849)	$	(891,034)
Net income (loss) allocated to limited partners	$	(1,493,761)	$	(882,124)
Net income (loss) allocated to general partner	$	(15,088)	$	(8,910)
Net income (loss) per BAC	$	(.37)	$	(.22)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 46

		2006		2005
Income
Interest income	$	88,977	$	154,719
Other income		-		-
		88,977		154,719
Share of loss from Operating  Partnerships(Note D)		(478,422)		(253,636)
Expenses
Professional fees		16,430		25,309
Fund management fee (Note C)		177,005		150,518
Amortization		77,859		78,075
General and administrative expenses		18,414		50,144
		289,708		304,046
NET INCOME (LOSS)	$	(679,153)	$	(402,963)
Net income (loss) allocated to limited partners	$	(672,361)	$	(398,933)
Net income (loss) allocated to general partner	$	(6,792)	$	(4,030)
Net income (loss) per BAC	$	(.23)	$	(.13)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Partners' capital (deficit)   April 1, 2006	$	326,207,079	$	(3,943,585)	$	322,263,494
Distribution		-		-		-
Net income (loss)		(23,906,334)		(241,479)		(24,147,813)
Partners' capital (deficit),   December 31, 2006	$	302,300,745	$	(4,185,064)	$	298,115,681

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)


Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 20
Partners' capital (deficit)   April 1, 2006	$	(695,785)	$	(318,393)	$	(1,014,178)
Distribution		-		-		-
Net income (loss)		(684,198)		(6,911)		(691,109)
Partners' capital (deficit),   December 31, 2006	$	(1,379,983)	$	(325,304)	$	(1,705,287)

		Limited Partners		General Partner		Total
Series 21
Partners' capital (deficit)   April 1, 2006	$	(225,720)	$	(165,868)	$	(391,588)
Distribution		-		-		-
Net income (loss)		(342,038)		(3,455)		(345,493)
Partners' capital (deficit),   December 31, 2006	$	(567,758)	$	(169,323)	$	(737,081)

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 22
Partners' capital (deficit)   April 1, 2006	$	(643,756)	$	(227,797)	$	(871,553)
Distribution		-		-		-
Net income (loss)		(332,459)		(3,358)		(335,817)
Partners' capital (deficit),   December 31, 2006	$	(976,215)	$	(231,155)	$	(1,207,370)

		Limited Partners		General Partner		Total
Series 23
Partners' capital (deficit)   April 1, 2006	$	1,404,187	$	(273,540)	$	1,130,647
Distribution		-		-		-
Net income (loss)		(844,988)		(8,535)		(853,523)
Partners' capital (deficit),   December 31, 2006	$	559,199	$	(282,075)	$	277,124

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 24
Partners' capital (deficit)   April 1, 2006	$	545,191	$	(181,663)	$	363,528
Distribution		-		-		-
Net income (loss)		(472,092)		(4,769)		(476,861)
Partners' capital (deficit),   December 31, 2006	$	73,099	$	(186,432)	$	(113,333)

		Limited Partners		General Partner		Total
Series 25
Partners' capital (deficit)   April 1, 2006	$	6,348,055	$	(195,923)	$	6,152,132
Distribution		-		-		-
Net income (loss)		(661,207)		(6,679)		(667,886)
Partners' capital (deficit),   December 31, 2006	$	5,686,848	$	(202,602)	$	5,484,246

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PRTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 26
Partners' capital (deficit)   April 1, 2006	$	8,714,397	$	(255,666)	$	8,458,731
Distribution		-		-		-
Net income (loss)		(1,190,990)		(12,030)		(1,203,020)
Partners' capital (deficit),   December 31, 2006	$	7,523,407	$	(267,696)	$	7,255,711

		Limited Partners		General Partner		Total
Series 27
Partners' capital (deficit)   April 1, 2006	$	7,952,311	$	(128,206)	$	7,824,105
Distribution		-		-		-
Net income (loss)		(1,015,169)		(10,254)		(1,025,423)
Partners' capital (deficit),   December 31, 2006	$	6,937,142	$	(138,460)	$	6,798,682

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 28
Partners' capital (deficit)   April 1, 2006	$	14,594,412	$	(199,802)	$	14,394,610
Distribution		-		-		-
Net income (loss)		(1,001,809)		(10,119)		(1,011,928)
Partners' capital (deficit),   December 31, 2006	$	13,592,603	$	(209,921)	$	13,382,682

		Limited Partners		General Partner		Total
Series 29
Partners' capital (deficit)   April 1, 2006	$	9,420,408	$	(246,912)	$	9,173,496
Distribution		-		-		-
Net income (loss)		(1,063,020)		(10,738)		(1,073,758)
Partners' capital (deficit),   December 31, 2006	$	8,357,388	$	(257,650)	$	8,099,738

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 30
Partners' capital (deficit)   April 1, 2006	$	8,612,049	$	(142,360)	$	8,469,689
Distribution		-		-		-
Net income (loss)		(788,594)		(7,966)		(796,560)
Partners' capital (deficit),   December 31, 2006	$	7,823,455	$	(150,326)	$	7,673,129

		Limited Partners		General Partner		Total
Series 31
Partners' capital (deficit)   April 1, 2006	$	12,714,068	$	(254,665)	$	12,459,403
Distribution		-		-		-
Net income (loss)		(1,327,603)		(13,410)		(1,341,013)
Partners' capital (deficit),   December 31, 2006	$	11,386,465	$	(268,075)	$	11,118,390

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 32
Partners' capital (deficit)   April 1, 2006	$	17,381,263	$	(234,897)	$	17,146,366
Distribution		-		-		-
Net income (loss)		(1,444,749)		(14,593)		(1,459,342)
Partners' capital (deficit),   December 31, 2006	$	15,936,514	$	(249,490)	$	15,687,024

		Limited Partners		General Partner		Total
Series 33
Partners' capital (deficit)   April 1, 2006	$	10,337,289	$	(123,644)	$	10,213,645
Distribution		-		-		-
Net income (loss)		(802,082)		(8,102)		(810,184)
Partners' capital (deficit),   December 31, 2006	$	9,535,207	$	(131,746)	$	9,403,461

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 34
Partners' capital (deficit)   April 1, 2006	$	13,214,342	$	(169,947)	$	13,044,395
Distribution		-		-		-
Net income (loss)		(1,027,762)		(10,381)		(1,038,143)
Partners' capital (deficit),   December 31, 2006	$	12,186,580	$	(180,328)	$	12,006,252

		Limited Partners		General Partner		Total
Series 35
Partners' capital (deficit)   April 1, 2006	$	16,643,105	$	(116,761)	$	16,526,344
Distribution		-		-		-
Net income (loss)		(974,547)		(9,844)		(984,391)
Partners' capital (deficit),   December 31, 2006	$	15,668,558	$	(126,605)	$	15,541,953

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 36
Partners' capital (deficit)   April 1, 2006	$	10,451,081	$	(74,902)	$	10,376,179
Distribution		-		-		-
Net income (loss)		(491,929)		(4,969)		(496,898)
Partners' capital (deficit),   December 31, 2006	$	9,959,152	$	(79,871)	$	9,879,281

		Limited Partners		General Partner		Total
Series 37
Partners' capital (deficit)   April 1, 2006	$	13,558,669	$	(80,784)	$	13,477,885
Distribution		-		-		-
Net income (loss)		(789,379)		(7,974)		(797,353)
Partners' capital (deficit),   December 31, 2006	$	12,769,290	$	(88,758)	$	12,680,532

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 38
Partners' capital (deficit)   April 1, 2006	$	14,557,855	$	(73,440)	$	14,484,415
Distribution		-		-		-
		(483,574)		(4,885)		(488,459)
Net income (loss)
Partners' capital (deficit),   December 31, 2006	$	14,074,281	$	(78,325)	$	13,995,956

		Limited Partners		General Partner		Total
Series 39
Partners' capital (deficit)   April 1, 2006	$	13,165,083	$	(65,445)	$	13,099,638
Distribution		-		-		-
Net income (loss)		(683,966)		(6,909)		(690,875)
Partners' capital (deficit),   December 31, 2006	$	12,481,117	$	(72,354)	$	12,408,763

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 40
Partners' capital (deficit)   April 1, 2006	$	16,205,779	$	(63,520)	$	16,142,259
Distribution		-		-		-
Net income (loss)		(765,557)		(7,733)		(773,290)
Partners' capital (deficit),   December 31, 2006	$	15,440,222	$	(71,253)	$	15,368,969

		Limited Partners		General Partner		Total
Series 41
Partners' capital (deficit)   April 1, 2006	$	13,929,931	$	(110,980)	$	13,818,951
Distribution		-		-		-
Net income (loss)		(1,256,572)		(12,693)		(1,269,265)
Partners' capital (deficit),   December 31, 2006	$	12,673,359	$	(123,673)	$	12,549,686

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 42
Partners' capital (deficit)   April 1, 2006	$	18,401,306	$	(57,500)	$	18,343,806
Distribution		-		-		-
Net income (loss)		(996,251)		(10,063)		(1,006,314)
Partners' capital (deficit),   December 31, 2006	$	17,405,055	$	(67,563)	$	17,337,492

		Limited Partners		General Partner		Total
Series 43
Partners' capital (deficit)   April 1, 2006	$	23,972,939	$	(82,619)	$	23,890,320
Distribution		-		-		-
Net income (loss)		(1,180,517)		(11,924)		(1,192,441)
Partners' capital (deficit),   December 31, 2006	$	22,792,422	$	(94,543)	$	22,697,879

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 44
Partners' capital (deficit)   April 1, 2006	$	19,857,186	$	(39,269)	$	19,817,917
Distribution		-		-		-
Net income (loss)		(1,119,160)		(11,305)		(1,130,465)
Partners' capital (deficit),   December 31, 2006	$	18,738,026	$	(50,574)	$	18,687,452

		Limited Partners		General Partner		Total
Series 45
Partners' capital (deficit)   April 1, 2006	$	31,229,072	$	(41,789)	$	31,187,283
Distribution		-		-		-
Net income (loss)		(1,493,761)		(15,088)		(1,508,849)
Partners' capital (deficit),   December 31, 2006	$	29,735,311	$	(56,877)	$	29,678,434

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2006
(Unaudited)

		Limited Partners		General Partner		Total
Series 46
Partners' capital (deficit)   April 1, 2006	$	24,562,362	$	(17,293)	$	24,545,069
Distribution		-		-		-
Net income (loss)		(672,361)		(6,792)		(679,153)
Partners' capital (deficit),   December 31, 2006	$	23,890,001	$	(24,085)	$	23,865,916

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(24,147,813)	$	(23,706,829)
Adjustments
Amortization		1,206,698		1,207,557
Distributions from Operating    Partnerships		419,349		326,459
Share of Loss from Operating    Partnerships		17,401,098		17,007,136
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(10,169)		2,752,448
Decrease (Increase) in accounts    receivable		(213,169)		(31,970)
(Decrease) Increase in accounts    payable affiliates		4,104,465		4,833,241
Net cash (used in) provided by  operating activities		(1,239,541)		2,388,042
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		(49,051)		(113,021)
Capital contributions paid to     Operating Partnerships		(2,774,986)		(15,089,601)
Proceeds from sale of operating Limited partnerships:		86,833		401,525
Advances to Operating Partnerships		578,143		56,700
Investments		2,556,017		8,214,904
Net cash (used in) provided by investing activities		396,956		(6,529,493)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		(2,370,350)
Net cash (used in) provided by financing activities		-		(2,370,350)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(842,585)		(6,511,801)
Cash and cash equivalents, beginning		11,837,413		18,346,447
Cash and cash equivalents, ending	$	10,994,828	$	11,834,646
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	168,463	$	8,931,021

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 20

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(691,109)	$	(89,330)
Adjustments
Amortization		2,679		2,679
Distributions from Operating    Partnerships		16,068		9,659
Share of Loss from Operating    Partnerships		441,473		(152,995)
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		16,552		(148,880)
(Decrease) Increase in accounts    payable affiliates		(338,038)		194,356
Net cash (used in) provided by  operating activities		(552,375)		(184,511)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		86,833		401,525
Advances to Operating Partnerships		-		-
Investments		-		(231,498)
Net cash (used in) provided by investing activities		86,833		170,027
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		(2,231,352)
Net cash (used in) provided by financing activities		-		(2,231,352)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(465,542)		(2,245,836)
Cash and cash equivalents, beginning		802,957		2,435,923
Cash and cash equivalents, ending	$	337,415	$	190,087
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 21

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(345,493)	$	(407,046)
Adjustments
Amortization		1,465		1,465
Distributions from Operating    Partnerships		926		-
Share of Loss from Operating    Partnerships		133,310		207,464
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable				-
(Decrease) Increase in accounts    payable affiliates		169,380		169,380
Net cash (used in) provided by  operating activities		(40,412)		(28,737)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(40,412)		(28,737)
Cash and cash equivalents, beginning		60,403		100,468
Cash and cash equivalents, ending	$	19,991	$	71,731
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 22

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(335,817)	$	(821,757)
Adjustments
Amortization		4,605		4,605
Distributions from Operating    Partnerships		9,700		3,863
Share of Loss from Operating    Partnerships		136,577		612,558
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		190,943		165,943
Net cash (used in) provided by  operating activities		6,008		(34,788)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		(1,500)		(1,500)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		(1,500)		(1,500)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,508		(36,288)
Cash and cash equivalents, beginning		170,119		272,446
Cash and cash equivalents, ending	$	174,627	$	236,158
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 23

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(853,523)	$	(1,220,106)
Adjustments
Amortization		6,848		6,848
Distributions from Operating    Partnerships		16,845		-
Share of Loss from Operating    Partnerships		655,993		1,007,803
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		180,198		180,198
Net cash (used in) provided by  operating activities		6,361		(25,257)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		6,361		(25,257)
Cash and cash equivalents, beginning		84,479		126,832
Cash and cash equivalents, ending	$	90,840	$	101,575
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 24

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(476,861)	$	(462,184)
Adjustments
Amortization		7,653		7,653
Distributions from Operating    Partnerships		32,394		1,224
Share of Loss from Operating    Partnerships		270,144		266,910
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		170,802		144,380
Net cash (used in) provided by  operating activities		4,132		(42,017)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,132		(42,017)
Cash and cash equivalents, beginning		172,640		220,367
Cash and cash equivalents, ending	$	176,772	$	178,350
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 25

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(667,886)	$	(501,947)
Adjustments
Amortization		11,414		11,414
Distributions from Operating    Partnerships		80,785		9,535
Share of Loss from Operating    Partnerships		441,028		249,765
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		16
(Decrease) Increase in accounts    payable affiliates		189,507		179,508
Net cash (used in) provided by  operating activities		54,848		(51,709)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		(126,618)
Net cash (used in) provided by investing activities		-		(126,618)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		54,848		(178,327)
Cash and cash equivalents, beginning		263,159		378,135
Cash and cash equivalents, ending	$	318,007	$	199,808
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 26

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,203,020)	$	(907,555)
Adjustments
Amortization		12,678		12,678
Distributions from Operating    Partnerships		71,597		40,544
Share of Loss from Operating    Partnerships		854,957		555,143
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		276,070		276,069
Net cash (used in) provided by  operating activities		12,282		(23,121)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		12,282		(23,121)
Cash and cash equivalents, beginning		285,372		353,640
Cash and cash equivalents, ending	$	297,654	$	330,519
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 27

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,025,423)	$	(779,296)
Adjustments
Amortization		11,741		11,741
Distributions from Operating    Partnerships		498		590
Share of Loss from Operating    Partnerships		771,602		522,226
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		236,403		236,404
Net cash (used in) provided by  operating activities		(5,179)		(8,335)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,179)		(8,335)
Cash and cash equivalents, beginning		116,714		127,380
Cash and cash equivalents, ending	$	111,535	$	119,045
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 28

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,011,928)	$	(1,304,802)
Adjustments
Amortization		2,475		2,475
Distributions from Operating    Partnerships		7,384		167,129
Share of Loss from Operating    Partnerships		780,277		1,075,012
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		225,587
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		175,587		-
Net cash (used in) provided by  operating activities		(46,205)		165,401
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		(501,622)
Net cash (used in) provided by investing activities		-		(501,622)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(46,205)		(336,221)
Cash and cash equivalents, beginning		433,154		428,256
Cash and cash equivalents, ending	$	386,949	$	92,035
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 29

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,073,758)	$	(1,364,715)
Adjustments
Amortization		2,484		2,484
Distributions from Operating    Partnerships		1,200		-
Share of Loss from Operating    Partnerships		814,158		1,094,969
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		209
(Decrease) Increase in accounts    payable affiliates		213,485		228,486
Net cash (used in) provided by  operating activities		(42,431)		(38,567)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		134,706		(6,136)
Net cash (used in) provided by investing activities		134,706		(6,136)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		92,275		(44,703)
Cash and cash equivalents, beginning		134,976		253,902
Cash and cash equivalents, ending	$	227,251	$	209,199
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 30

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(796,560)	$	(1,071,025)
Adjustments
Amortization		15,929		15,929
Distributions from Operating    Partnerships		24,349		12,870
Share of Loss from Operating    Partnerships		608,224		855,240
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		12,907		-
Decrease (Increase) in accounts    receivable		(19,167)		-
(Decrease) Increase in accounts    payable affiliates		107,002		165,690
Net cash (used in) provided by  operating activities		(47,316)		(21,296)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(47,316)		(21,296)
Cash and cash equivalents, beginning		412,161		300,371
Cash and cash equivalents, ending	$	364,845	$	279,075
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 31

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,341,013)	$	(1,541,792)
Adjustments
Amortization		-		-
Distributions from Operating    Partnerships		1,781		4,118
Share of Loss from Operating    Partnerships		1,039,277		1,200,988
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		298,080		298,080
Net cash (used in) provided by  operating activities		(1,875)		(38,606)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,875)		(38,606)
Cash and cash equivalents, beginning		128,337		134,942
Cash and cash equivalents, ending	$	126,462	$	96,336
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 32

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,459,342)	$	(1,387,543)
Adjustments
Amortization		27,542		27,542
Distributions from Operating    Partnerships		-		-
Share of Loss from Operating    Partnerships		1,162,710		1,091,331
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		198,655		248,653
Net cash (used in) provided by  operating activities		(70,435)		(20,017)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		(360,659)
Net cash (used in) provided by investing activities		-		(360,659)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(70,435)		(380,676)
Cash and cash equivalents, beginning		386,782		439,407
Cash and cash equivalents, ending	$	316,347	$	58,731
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 33

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(810,184)	$	(640,338)
Adjustments
Amortization		20,458		20,458
Distributions from Operating    Partnerships		3,814		5,298
Share of Loss from Operating    Partnerships		683,812		475,318
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		130,473		130,473
Net cash (used in) provided by  operating activities		28,373		(8,791)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		32,300		18,399
Investments		-		-
Net cash (used in) provided by investing activities		32,300		18,399
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		60,673		9,608
Cash and cash equivalents, beginning		197,136		191,000
Cash and cash equivalents, ending	$	257,809	$	200,608
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 34

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,038,143)	$	(1,531,911)
Adjustments
Amortization		32,953		32,953
Distributions from Operating    Partnerships		-		1,539
Share of Loss from Operating    Partnerships		755,864		1,242,833
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		11,473
(Decrease) Increase in accounts    payable affiliates		219,897		219,896
Net cash (used in) provided by  operating activities		(29,429)		(23,217)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		(40,500)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		(40,500)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(29,429)		(63,717)
Cash and cash equivalents, beginning		124,985		198,385
Cash and cash equivalents, ending	$	95,556	$	134,668
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 35

				2006		2005
Cash flows from operating activities:
Net income (loss)			$	(984,391)	$	(961,366)
Adjustments
Amortization				96,926		96,926
Distributions from Operating    Partnerships				-		-
Share of Loss from Operating    Partnerships				697,016		677,040
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses				-		-
Decrease (Increase) in accounts    receivable				-		-
(Decrease) Increase in accounts    payable affiliates				131,270		146,270
Net cash (used in) provided by  operating activities				(59,179)		(41,130)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired				-		-
Capital contributions paid to     Operating Partnerships				-		-
Proceeds from sale of operating Limited partnerships:				-		-
Advances to Operating Partnerships				-		-
Investments				-		-
Net cash (used in) provided by investing activities				-		-
Cash flows from financing activities:
Sales and registration costs paid				-		-
Distribution				-		-
Net cash (used in) provided by financing activities				-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS				(59,179)		(41,130)
Cash and cash equivalents, beginning				481,041		636,348
Cash and cash equivalents, ending	$			421,862	$	595,218
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships		$		-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 36

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(496,898)	$	(600,345)
Adjustments
Amortization		66,347		66,347
Distributions from Operating    Partnerships		11,990		2,493
Share of Loss from Operating    Partnerships		307,492		401,371
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		128,881		131,233
Net cash (used in) provided by  operating activities		17,812		1,099
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		17,812		1,099
Cash and cash equivalents, beginning		79,450		76,718
Cash and cash equivalents, ending	$	97,262	$	77,817
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 37

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(797,353)	$	(649,287)
Adjustments
Amortization		71,115		71,115
Distributions from Operating    Partnerships		5,471		2,495
Share of Loss from Operating    Partnerships		607,412		405,379
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		138,648		128,648
Net cash (used in) provided by  operating activities		25,293		(41,650)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		67,239		38,301
Investments		-		(282,647)
Net cash (used in) provided by investing activities		67,239		(244,346)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		92,532		(285,996)
Cash and cash equivalents, beginning		268,593		390,428
Cash and cash equivalents, ending	$	361,125	$	104,432
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 38

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(488,459)	$	(564,514)
Adjustments
Amortization		74,184		74,184
Distributions from Operating    Partnerships		65,456		204
Share of Loss from Operating    Partnerships		292,511		340,226
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		406		-
Decrease (Increase) in accounts    receivable		-		-
(Decrease) Increase in accounts    payable affiliates		134,250		135,461
Net cash (used in) provided by  operating activities		78,348		(14,439)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		-
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		78,348		(14,439)
Cash and cash equivalents, beginning		193,474		200,256
Cash and cash equivalents, ending	$	271,822	$	185,817
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 39

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(690,875)	$	(722,092)
Adjustments
Amortization		67,743		67,743
Distributions from Operating    Partnerships		37,309		-
Share of Loss from Operating    Partnerships		500,934		528,879
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		182,662
(Decrease) Increase in accounts    payable affiliates		73,180		89,326
Net cash (used in) provided by  operating activities		(11,709)		146,518
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		(156,537)
Net cash (used in) provided by investing activities		-		(156,537)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(11,709)		(10,019)
Cash and cash equivalents, beginning		368,313		198,542
Cash and cash equivalents, ending	$	356,604	$	188,523
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 40

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(773,290)	$	(784,486)
Adjustments
Amortization		85,297		85,297
Distributions from Operating    Partnerships		725		29,260
Share of Loss from Operating    Partnerships		515,902		540,865
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		24,761		288,037
(Decrease) Increase in accounts    payable affiliates		121,452		162,701
Net cash (used in) provided by  operating activities		(25,153)		321,674
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		-		(143,730)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		-		(143,730)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(25,153)		177,944
Cash and cash equivalents, beginning		216,126		30,695
Cash and cash equivalents, ending	$	190,973	$	208,639
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 41

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,269,265)	$	(1,071,423)
Adjustments
Amortization		100,446		100,446
Distributions from Operating    Partnerships		2,769		419
Share of Loss from Operating    Partnerships		908,936		757,641
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(16,522)		-
Decrease (Increase) in accounts    receivable		-		222,571
(Decrease) Increase in accounts    payable affiliates		278,219		220,986
Net cash (used in) provided by  operating activities		4,583		230,640
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		-
Capital contributions paid to     Operating Partnerships		(80,466)		(175,670)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		-		-
Net cash (used in) provided by investing activities		(80,466)		(175,670)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		(138,998)
Net cash (used in) provided by financing activities		-		(138,998)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(75,883)		(84,028)
Cash and cash equivalents, beginning		83,998		178,767
Cash and cash equivalents, ending	$	8,115	$	94,739
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 42

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,006,314)	$	(806,627)
Adjustments
Amortization		87,242		87,166
Distributions from Operating    Partnerships		3,519		9,936
Share of Loss from Operating    Partnerships		712,509		544,634
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		-		93,359
(Decrease) Increase in accounts    payable affiliates		201,420		169,759
Net cash (used in) provided by  operating activities		(1,624)		98,227
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		(21,798)		-
Capital contributions paid to     Operating Partnerships		(292,695)		-
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		(172,122)		-
Investments		-		(150,584)
Net cash (used in) provided by investing activities		(486,615)		(150,584)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(488,239)		(52,357)
Cash and cash equivalents, beginning		971,373		943,069
Cash and cash equivalents, ending	$	483,134	$	890,712
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	168,463	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 43

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,192,441)	$	(1,412,639)
Adjustments
Amortization		125,192		123,658
Distributions from Operating    Partnerships		8,682		19,250
Share of Loss from Operating    Partnerships		822,576		1,029,497
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		157,557		1,243
(Decrease) Increase in accounts    payable affiliates		153,953		240,659
Net cash (used in) provided by  operating activities		75,519		1,668
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		(11,738)		-
Capital contributions paid to     Operating Partnerships		(136,066)		(380,551)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		650,726		-
Investments		-		385,946
Net cash (used in) provided by investing activities		502,922		5,395
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		578,441		7,063
Cash and cash equivalents, beginning		189,255		332,509
Cash and cash equivalents, ending	$	767,696	$	339,572
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	-

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 44

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,130,465)	$	(808,706)
Adjustments
Amortization		84,760		92,727
Distributions from Operating    Partnerships		-		-
Share of Loss from Operating    Partnerships		858,043		598,795
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		2,752,448
Decrease (Increase) in accounts    receivable		(196,604)		5,465
(Decrease) Increase in accounts    payable affiliates		138,526		177,507
Net cash (used in) provided by  operating activities		(245,740)		2,818,236
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		(10,252)
Capital contributions paid to     Operating Partnerships		(233,600)		(3,871,878)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		228,762		3,227,548
Net cash (used in) provided by investing activities		(4,838)		(654,582)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(250,578)		2,163,654
Cash and cash equivalents, beginning		1,356,192		1,764,709
Cash and cash equivalents, ending	$	1,105,614	$	3,928,363
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	3,932,068

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 45

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(1,508,849)	$	(891,034)
Adjustments
Amortization		108,663		102,949
Distributions from Operating    Partnerships		16,087		1,308
Share of Loss from Operating    Partnerships		1,149,939		624,608
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(6,960)		-
Decrease (Increase) in accounts    receivable		(625)		(683,617)
(Decrease) Increase in accounts    payable affiliates		119,527		-
Net cash (used in) provided by  operating activities		(122,218)		(845,786)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		-		(49,846)
Capital contributions paid to     Operating Partnerships		(519,043)		(4,622,369)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		1,046,688		4,327,499
Net cash (used in) provided by investing activities		527,645		(344,716)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		405,427		(1,190,502)
Cash and cash equivalents, beginning		1,167,018		2,145,548
Cash and cash equivalents, ending	$	1,572,445	$	955,046
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	3,194,351

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 46

		2006		2005
Cash flows from operating activities:
Net income (loss)	$	(679,153)	$	(402,963)
Adjustments
Amortization		77,859		78,075
Distributions from Operating    Partnerships		-		4,725
Share of Loss from Operating    Partnerships		478,422		253,636
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		-		-
Decrease (Increase) in accounts    receivable		(195,643)		(4,508)
(Decrease) Increase in accounts    payable affiliates		66,695		167,588
Net cash (used in) provided by  operating activities		(251,820)		96,553
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		(15,515)		(52,923)
Capital contributions paid to     Operating Partnerships		(1,511,616)		(5,853,403)
Proceeds from sale of operating Limited partnerships:		-		-
Advances to Operating Partnerships		-		-
Investments		1,145,861		2,090,212
Net cash (used in) provided by investing activities		(381,270)		(3,816,114)
Cash flows from financing activities:
Sales and registration costs paid		-		-
Distribution		-		-
Net cash (used in) provided by financing activities		-		-
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(633,090)		(3,719,561)
Cash and cash equivalents, beginning		2,689,206		5,487,404
Cash and cash equivalents, ending	$	2,056,116	$	1,767,843
Supplemental schedule of non-cash investing and financing activities the fund has increased its investments for unpaid capital contributions due to the Operating Partnerships	$	-	$	1,804,602

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there was a restructuring and, as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership. The general partner of the general partner of the Fund is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. One April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002 an amendment to Form S- 11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003 an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

Below is a summary of the BACs sold and total equity raised by series as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$38,667,000
Series 21	December 31, 1994	1,892,700	$18,927,000
Series 22	December 28, 1994	2,564,400	$25,644,000
Series 23	June 23, 1995	3,336,727	$33,366,000
Series 24	September 22, 1995	2,169,878	$21,697,000
Series 25	December 29, 1995	3,026,109	$30,248,000
Series 26	June 25, 1996	3,995,900	$39,959,000
Series 27	September 17, 1996	2,460,700	$24,607,000
Series 28	January 29, 1997	4,000,738	$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2006
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,837	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,152	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,629,250
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2006 and for the nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2006
(Unaudited)

Amortization

The Fund began amortizing unallocated and deferred acquisition costs over 330 months as of June 1999. Accumulated amortization of acquisition costs by Series as of December 31, 2006 and 2005 is as follows:

	2006	2005
Series 20	$   27,685	$   24,112
Series 21	15,142	13,189
Series 22	47,583	41,444
Series 23	66,437	57,306
Series 24	79,085	68,881
Series 25	79,424	69,176
Series 26	133,244	116,340
Series 27	115,838	100,891
Series 28	25,576	22,276
Series 29	25,523	22,211
Series 30	164,463	143,226
Series 32	234,294	203,897
Series 33	210,497	183,217
Series 34	334,224	290,868
Series 35	948,493	825,625
Series 36	646,809	562,449
Series 37	604,125	514,138
Series 38	503,460	407,558
Series 39	438,891	351,111
Series 40	404,966	302,568
Series 41	547,670	432,137
Series 42	421,554	308,294
Series 43	546,055	398,425
Series 44	304,095	202,539
Series 45	345,050	223,732
Series 46	240,828	152,272
	$7,511,011	$6,037,882

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2006
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securites, Inc., and Boston Capital Asset Management L.P. as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partner, the amounts accrued are not net of reporting fees received. The partnership management fees accrued for the quarters ended December 31, 2006 and 2005 are as follows:

	2006	2005
Series 20	$   84,438	$   40,410
Series 21	56,460	56,460
Series 22	63,648	38,648
Series 23	60,066	60,066
Series 24	56,934	31,460
Series 25	68,169	43,169
Series 26	108,690	58,689
Series 27	78,801	78,801
Series 28	83,529	58,529
Series 29	84,495	59,495
Series 30	46,542	55,230
Series 31	99,360	99,360
Series 32	82,884	82,886
Series 33	43,491	43,491
Series 34	73,299	73,299
Series 35	57,090	32,090
Series 36	40,149	40,149
Series 37	51,216	26,216
Series 38	41,100	41,100
Series 39	34,200	9,200
Series 40	50,001	50,001
Series 41	68,610	69,042
Series 42	63,144	35,839
Series 43	76,795	75,623
Series 44	71,175	71,337
Series 45	92,136	-
Series 46	61,035	61,036
	$1,797,457	$1,391,626

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2006
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the quarters ended December 31, 2006 and 2005 are as follows:

	2006	2005
Series 20	$      -	$ 50,000
Series 22	-	25,000
Series 24	-	25,000
Series 25	-	25,000
Series 26	-	50,000
Series 28	-	25,000
Series 29	-	25,000
Series 35	-	25,000
Series 37	-	25,000
Series 39	-	25,000
Series 42	-	25,000
Series 45	43,926	90,471
Series 46	32,595	-
	$ 76,521	$415,471

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

During the nine months ended December 31, 2006 the Fund received proceeds of $60,390 from the partial transfer on one operating limited partnership in Series 20, and $26,443 from one operating limited partnership in Series 20 which was disposed of in the prior year.

During the nine months ended December 31, 2005 the Fund received proceeds of $401,525 from one operating limited partnership in Series 20 which was disposed of as of December 31, 2005.

The gain (loss) described above from the dispositions of properties is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from operating partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the operating partnership. As such, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

At December 31, 2006 and 2005 the Fund has limited partnership interests in 515 and 517 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2006 and 2005 is as follows:

	2006	2005
Series 20	22	23
Series 21	14	14
Series 22	29	29
Series 23	22	22
Series 24	24	24
Series 25	22	22
Series 26	45	45
Series 27	16	16
Series 28	26	26
Series 29	22	22
Series 30	18	20

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

	2006	2005
Series 31	27	27
Series 32	17	17
Series 33	10	10
Series 34	14	14
Series 35	11	11
Series 36	11	11
Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	22	23
Series 42	23	22
Series 43	23	22
Series 44	10	10
Series 45	31	31
Series 46	14	14
	515	517

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at December 31, 2006 and 2005 are as follows:

	2006	2005
Series 20	$       -	$   388,026
Series 21	236,479	457,642
Series 22	18,770	476,496
Series 23	-	117,796
Series 24	9,999	368,239
Series 25	61,733	768,198
Series 26	29,490	1,443,838
Series 27	39,749	39,749
Series 28	40,968	40,968
Series 29	45,783	66,718
Series 30	127,396	128,167
Series 31	611,150	682,058
Series 32	484,756	520,571
Series 33	194,154	202,285
Series 34	8,244	8,244
Series 35	163,782	603,740
Series 36	-	657,998
Series 37	138,438	155,363
Series 38	-	-
Series 39	-	-
Series 40	8,694	8,694
Series 41	100	304,884
Series 42	775,421	680,975
Series 43	490,522	602,890
Series 44	781,022	1,789,414
Series 45	918,437	4,268,900
Series 46	590,543	2,354,516
	$5,775,630	$17,136,369

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2006
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2006.

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 20

		2006		2005
Revenues
Rental	$	6,967,189	$	7,199,438
Interest and other		472,167		405,134
		7,439,356		7,604,572
Expenses
Interest		1,973,484		2,089,335
Depreciation and amortization		1,757,098		2,045,378
Operating expenses		4,397,911		4,093,030
		8,128,493		8,227,743
NET LOSS	$	(689,137)	$	(623,171)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(682,246)	$	(616,939)
Net loss allocated to other Partners	$	(6,891)	$	(6,232)

* Amounts include $214,330 and $368,409 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 21

		2006		2005
Revenues
Rental	$	3,818,390	$	3,901,101
Interest and other		128,619		91,168
		3,947,009		3,992,269
Expenses
Interest		1,429,757		1,350,717
Depreciation and amortization		631,192		663,477
Operating expenses		3,149,851		3,108,476
		5,210,800		5,122,670
NET LOSS	$	(1,263,791)	$	(1,130,401)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,251,153)	$	(1,119,097)
Net loss allocated to other Partners	$	(12,638)	$	(11,304)

* Amounts include $1,117,843 and $911,633 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 22

		2006		2005
Revenues
Rental	$	4,316,358	$	4,191,694
Interest and other		243,334		206,430
		4,559,692		4,398,124
Expenses
Interest		950,256		1,013,093
Depreciation and amortization		1,191,019		1,407,574
Operating expenses		3,012,453		2,863,766
		5,153,728		5,284,433
NET LOSS	$	(594,036)	$	(886,309)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(588,096)	$	(877,446)
Net loss allocated to other Partners	$	(5,940)	$	(8,863)

* Amounts include $451,519 and $264,888 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 23

		2006		2005
Revenues
Rental	$	3,934,960	$	3,845,496
Interest and other		136,424		200,734
		4,071,384		4,046,230
Expenses
Interest		1,029,758		1,091,734
Depreciation and amortization		950,742		1,094,871
Operating expenses		2,753,503		2,877,609
		4,734,003		5,064,214
NET LOSS	$	(662,619)	$	(1,017,984)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(655,993)	$	(1,007,803)
Net loss allocated to other Partners	$	(6,626)	$	(10,181)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 24

		2006		2005
Revenues
Rental	$	3,458,723	$	3,552,144
Interest and other		75,573		78,786
		3,534,296		3,630,930
Expenses
Interest		719,375		755,609
Depreciation and amortization		970,252		1,003,817
Operating expenses		2,335,913		2,256,342
		4,025,540		4,015,768
NET LOSS	$	(491,244)	$	(384,838)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(486,332)	$	(380,990)
Net loss allocated to other Partners	$	(4,912)	$	(3,848)

* Amounts include $216,188 and $114,080 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 25

		2006		2005
Revenues
Rental	$	6,296,980	$	6,482,487
Interest and other		162,916		169,886
		6,459,896		6,652,373
Expenses
Interest		1,502,646		1,721,928
Depreciation and amortization		1,424,101		1,545,382
Operating expenses		4,266,935		4,186,075
		7,193,682		7,453,385
NET LOSS	$	(733,786)	$	(801,012)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(726,448)	$	(793,002)
Net loss allocated to other Partners	$	(7,338)	$	(8,010)

* Amounts include $285,420 and $543,237 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 20060
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 26

		2006		2005
Revenues
Rental	$	7,687,325	$	7,427,980
Interest and other		340,944		262,091
		8,028,269		7,690,071
Expenses
Interest		1,858,530		1,764,122
Depreciation and amortization		2,030,090		2,128,175
Operating expenses		5,299,814		4,570,004
		9,188,434		8,462,301
NET LOSS	$	(1,160,165)	$	(772,230)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,148,563)	$	(764,508)
Net loss allocated to other Partners	$	(11,602)	$	(7,722)

* Amounts include $293,606 and $209,365 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 27

		2006		2005
Revenues
Rental	$	5,331,927	$	5,151,901
Interest and other		150,974		134,617
		5,482,901		5,286,518
Expenses
Interest		2,097,738		2,076,674
Depreciation and amortization		1,394,268		1,292,767
Operating expenses		2,866,473		2,593,946
		6,358,479		5,963,387
NET LOSS	$	(875,578)	$	(676,869)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(866,822)	$	(670,100)
Net loss allocated to other Partners	$	(8,756)	$	(6,769)

* Amounts include $95,220 and $147,874 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 28

		2006		2005
Revenues
Rental	$	4,935,800	$	4,648,700
Interest and other		113,832		108,205
		5,049,632		4,756,905
Expenses
Interest		1,229,141		1,132,267
Depreciation and amortization		1,624,430		1,712,754
Operating expenses		3,007,048		3,011,760
		5,860,619		5,856,781
NET LOSS	$	(810,987)	$	(1,099,876)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(802,877)	$	(1,088,877)
Net loss allocated to other Partners	$	(8,110)	$	(10,999)

* Amounts include $22,600 and $13,865 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 29

		2006		2005
Revenues
Rental	$	4,899,542	$	5,412,986
Interest and other		421,296		221,505
		5,320,838		5,634,491
Expenses
Interest		1,273,422		1,392,279
Depreciation and amortization		1,859,896		1,977,174
Operating expenses		3,059,499		3,504,159
		6,192,817		6,873,612
NET LOSS	$	(871,979)	$	(1,239,121)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(863,259)	$	(1,226,730)
Net loss allocated to other Partners	$	(8,720)	$	(12,391)

* Amounts include $49,101 and $131,761 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 30

		2006		2005
Revenues
Rental	$	3,671,831	$	3,692,006
Interest and other		158,786		158,229
		3,830,617		3,850,235
Expenses
Interest		827,227		902,313
Depreciation and amortization		981,237		1,034,489
Operating expenses		2,780,248		2,777,312
		4,588,712		4,714,114
NET LOSS	$	(758,095)	$	(863,879)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(750,515)	$	(855,240)
Net loss allocated to other Partners	$	(7,580)	$	(8,639)

* Amounts include $142,291 and $0 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 31

		2006		2005
Revenues
Rental	$	7,711,345	$	7,468,717
Interest and other		325,320		282,717
		8,036,665		7,751,434
Expenses
Interest		1,734,789		1,546,979
Depreciation and amortization		2,286,318		2,455,361
Operating expenses		5,085,697		4,962,067
		9,106,804		8,964,407
NET LOSS	$	(1,070,139)	$	(1,212,973)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,059,438)	$	(1,200,988)
Net loss allocated to other Partners	$	(10,701)	$	(11,985)

* Amounts include $20,161 and $0 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 32

		2006		2005
Revenues
Rental	$	4,260,868	$	4,175,807
Interest and other		219,997		191,217
		4,480,865		4,367,024
Expenses
Interest		1,124,185		1,073,288
Depreciation and amortization		1,797,359		1,705,193
Operating expenses		2,795,996		2,799,486
		5,717,540		5,577,967
NET LOSS	$	(1,236,675)	$	(1,210,943)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,224,308)	$	(1,198,834)
Net loss allocated to other Partners	$	(12,367)	$	(12,109)

* Amounts include $61,598 and $107,503 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 33

		2006		2005
Revenues
Rental	$	2,243,285	$	2,090,918
Interest and other		65,671		55,403
		2,308,956		2,146,321
Expenses
Interest		686,653		680,562
Depreciation and amortization		917,883		709,910
Operating expenses		1,395,139		1,235,968
		2,999,675		2,626,440
NET LOSS	$	(690,719)	$	(480,119)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(683,812)	$	(475,318)
Net loss allocated to other Partners	$	(6,907)	$	(4,801)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 34

		2006		2005
Revenues
Rental	$	4,376,705	$	3,980,759
Interest and other		181,919		199,321
		4,558,624		4,180,080
Expenses
Interest		1,220,222		1,205,544
Depreciation and amortization		1,553,799		1,661,242
Operating expenses		2,548,102		2,568,682
		5,322,123		5,435,468
NET LOSS	$	(763,499)	$	(1,255,388)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(755,864)	$	(1,242,833)
Net loss allocated to other Partners	$	(7,635)	$	(12,555)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,

Series 35

		2006		2005
Revenues
Rental	$	3,243,298	$	3,187,800
Interest and other		150,354		197,789
		3,393,652		3,385,589
Expenses
Interest		892,834		841,661
Depreciation and amortization		1,102,613		1,160,671
Operating expenses		2,102,261		2,067,137
		4,097,708		4,069,469
NET LOSS	$	(704,056)	$	(683,880)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(697,016)	$	(677,040)
Net loss allocated to other Partners	$	(7,040)	$	(6,840)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 36

		2006		2005
Revenues
Rental	$	2,463,484	$	2,373,461
Interest and other		95,627		68,227
		2,559,111		2,441,688
Expenses
Interest		722,348		773,859
Depreciation and amortization		764,963		796,193
Operating expenses		1,382,856		1,278,692
		2,870,167		2,848,744
NET LOSS	$	(311,056)	$	(407,056)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(307,945)	$	(402,985)
Net loss allocated to other Partners	$	(3,111)	$	(4,071)

* Amounts include $453 and $1,614 for 2006 and 2005, respectively, of income loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 37

		2006		2005
Revenues
Rental	$	3,367,421	$	3,262,083
Interest and other		117,915		205,083
		3,485,336		3,467,166
Expenses
Interest		834,697		1,006,765
Depreciation and amortization		1,332,499		1,012,381
Operating expenses		1,931,686		1,857,493
		4,098,882		3,876,639
NET LOSS	$	(613,546)	$	(409,473)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(607,412)	$	(405,379)
Net loss allocated to other Partners	$	(6,134)	$	(4,094)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 38

		2006		2005
Revenues
Rental	$	2,546,630	$	2,311,597
Interest and other		106,793		84,461
		2,653,423		2,396,058
Expenses
Interest		664,403		629,046
Depreciation and amortization		874,292		734,297
Operating expenses		1,410,194		1,376,377
		2,948,889		2,739,720
NET LOSS	$	(295,466)	$	(343,662)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(292,511)	$	(340,226)
Net loss allocated to other Partners	$	(2,955)	$	(3,436)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 39

		2006		2005
Revenues
Rental	$	1,845,210	$	1,638,608
Interest and other		104,424		118,083
		1,949,634		1,756,691
Expenses
Interest		456,275		488,768
Depreciation and amortization		810,281		624,827
Operating expenses		1,189,072		1,177,317
		2,455,628		2,290,912
NET LOSS	$	(505,994)	$	(534,221)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(500,934)	$	(528,879)
Net loss allocated to other Partners	$	(5,060)	$	(5,342)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 40

		2006		2005
Revenues
Rental	$	2,865,719	$	2,656,408
Interest and other		82,679		92,385
		2,948,398		2,748,793
Expenses
Interest		752,277		732,034
Depreciation and amortization		1,055,959		1,091,454
Operating expenses		1,661,276		1,471,633
		3,469,512		3,295,121
NET LOSS	$	(521,114)	$	(546,328)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(515,902)	$	(540,865)
Net loss allocated to other Partners	$	(5,212)	$	(5,463)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 41

		2006		2005
Revenues
Rental	$	3,872,779	$	3,844,735
Interest and other		154,211		145,192
		4,026,990		3,989,927
Expenses
Interest		1,564,041		1,481,078
Depreciation and amortization		1,464,293		1,489,200
Operating expenses		2,121,076		2,003,019
		5,149,410		4,973,297
NET LOSS	$	(1,122,420)	$	(983,370)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,111,196)	$	(973,536)
Net loss allocated to other Partners	$	(11,224)	$	(9,834)

* Amounts include $202,260 and $215,895 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

        Series 42

		2006		2005
Revenues
Rental	$	3,959,537	$	4,136,943
Interest and other		135,299		139,456
		4,094,836		4,276,399
Expenses
Interest		1,162,266		1,273,535
Depreciation and amortization		1,328,035		1,406,247
Operating expenses		2,328,521		2,146,752
		4,818,822		4,826,534
NET LOSS	$	(723,986)	$	(550,135)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(716,746)	$	(544,634)
Net loss allocated to other Partners	$	(7,240)	$	(5,501)

* Amounts include $4,237 and $0 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 43

		2006		2005
Revenues
Rental	$	5,025,239	$	4,547,981
Interest and other		217,856		179,644
		5,243,095		4,727,625
Expenses
Interest		1,151,775		1,254,050
Depreciation and amortization		1,952,118		1,845,683
Operating expenses		3,175,599		2,667,788
		6,279,492		5,767,521
NET LOSS	$	(1,036,397)	$	(1,039,896)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,026,033)	$	(1,029,497)
Net loss allocated to other Partners	$	(10,364)	$	(10,399)

* Amounts include $203,457 and $0 for 2006 and 2005, respectively, of loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 44

		2006		2005
Revenues
Rental	$	4,069,581	$	2,816,496
Interest and other		210,327		88,578
		4,279,908		2,905,074
Expenses
Interest		1,527,159		1,000,232
Depreciation and amortization		1,311,354		1,040,487
Operating expenses		2,308,105		1,469,199
		5,146,618		3,509,918
NET LOSS	$	(866,710)	$	(604,844)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(858,043)	$	(598,795)
Net loss allocated to other Partners	$	(8,667)	$	(6,049)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 45

		2006		2005
Revenues
Rental	$	5,829,654	$	4,256,864
Interest and other		390,327		321,905
		6,219,981		4,578,769
Expenses
Interest		1,837,674		1,358,664
Depreciation and amortization		2,054,748		1,134,676
Operating expenses		3,489,114		2,716,346
		7,381,536		5,209,686
NET LOSS	$	(1,161,555)	$	(630,917)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(1,149,939)	$	(624,608)
Net loss allocated to other Partners	$	(11,616)	$	(6,309)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2006

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine months Ended September 30,
(Unaudited)

Series 46

		2006		2005
Revenues
Rental	$	3,076,972	$	2,601,939
Interest and other		71,941		31,130
		3,148,913		2,633,069
Expenses
Interest		1,030,679		739,401
Depreciation and amortization		936,763		754,101
Operating expenses		1,664,726		1,395,764
		3,632,168		2,889,266
NET LOSS	$	(483,255)	$	(256,197)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(478,422)	$	(253,636)
Net loss allocated to other Partners	$	(4,833)	$	(2,561)

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2006
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS-CONTINUED

When comparing the results of operations from the Operating Partnerships for the nine months ended December 31, 2006 and 2005, numerous variances, some material in nature, exist. The variances, in most cases, are the result of a number of factors, including an increase in the number of Operating Partnerships owned, an increase in the number which have completed construction, and an increase in the number which have completed the lease-up phase.

NOTE E - TAXABLE LOSS

The Fund's taxable loss for the fiscal year ended December 31, 2006 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods. No provision or benefit for income taxes has been included in these financial statements since taxable income or loss passes through to, and is reportable by, the partners and assignees individually.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

Liquidity

The Fund's primary source of funds is the proceeds of the Offering. Other sources of liquidity will include (i) interest earned on capital contributions held pending investment and on working capital and (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee for 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. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives sales or refinancing proceeds from the Operating Partnerships, which will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends which would create insufficient liquidity to meet future third party obligations.

Capital Resources

The Fund offered BACs in the Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,257, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, 2006.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in two of the Operating Partnerships.

Prior to the quarter ended December 31, 2006, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 1, 1994. Offers and sales of BACs in Series 21 were completed on December 31, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728.

During the quarter ended December 31, 2006, Series 21 did not record any releases of capital contributions. Series 21 has outstanding contributions payable to 1 Operating Partnership in the amount of $236,479 as of December 31, 2006, all of which has been loaned to the Operating Partnership. The loans will be converted to capital when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 22

The Fund commenced offering BACs in Series 22 on October 10, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748.

During the quarter ended December 31,2006, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $18,770 as of December 31, 2006. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on September 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278.

Prior to the quarter ended December 31, 2006, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309.

During the quarter ended December 31,2006, Series 24 did not record any releases of capital contributions. Series 24 has outstanding contributions payable to 1 Operating Partnership in the amount of $9,999 as of December 31, 2006. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 25

The Fund commenced offering BACs in Series 25 on December 31, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,540.

During the quarter ended December 31, 2006, Series 25 did not record any releases of capital contributions. Series 25 has outstanding contributions payable to 2 Operating Partnerships in the amount of $61,733 as of December 31, 2006. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 25, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215.

During the quarter ended December 31, 2006, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable to 3 Operating Partnerships in the amount of $29,490, as of December 31, 2006. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 27

The Fund commenced offering BACs in Series 27 on June 24, 1996. Offers and sales of BACs in Series 27 were completed on September 17, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,573.

During the quarter ended December 31, 2006, Series 27 did not record any releases of capital contributions. Series 27 has outstanding contributions payable to 3 Operating Partnerships in the amount of $39,749 as of December 31, 2006. Of the amount outstanding, $6,500 has been advanced to one of the Operating Partnerships. The advance will be converted to capital and the remaining contributions of $33,249 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 28

The Fund commenced offering BACs in Series 28 on December 31,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983.

During the quarter ended December 31, 2006, Series 28 did not record any releases of capital contributions. Series 28 has outstanding contributions payable to 3 Operating Partnerships in the amount of $40,968 as of December 31, 2006. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,872.

During the quarter ended December 31, 2006, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 4 Operating Partnerships in the amount of $45,783 as of December 31, 2006. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in two of the Operating Partnerships.

During the quarter ended December 31, 2006, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 4 Operating Partnerships in the amount of $127,396 as of December 31, 2006. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100.

During the quarter ended December 31, 2006, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 5 Operating Partnerships in the amount of $611,150 as of December 31, 2006. Of the amount outstanding, $544,766 has been advanced or loaned to some of the Operating Partnerships. In addition, $25,000 has been funded into an escrow account on behalf of another Operating Partnership. The advances and loans will be converted to capital and the remaining contributions of $66,384, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. The series has also 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 various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended December 31, 2006, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 5 Operating Partnerships in the amount of $484,756 as of December 31, 2006. Of the amount outstanding, $225,756 has been advanced or loaned to some of the Operating Partnerships. In addition, $125,000 has been funded into escrow accounts on behalf of another Operating Partnership. The loans will be converted to capital and the remaining contributions of $259,000, as well as the escrowed funds, will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100.

During the quarter ended December 31, 2006, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 3 Operating Partnerships in the amount of $194,154 as of December 31, 2006. Of the amount outstanding, $21,806 has been loaned to one of the Operating Partnerships. In addition, $125,000 has been funded into an escrow account on behalf of another Operating Partnership. The loans will be converted to capital and the remaining contributions of $172,348, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 34

The Fund commenced offering BACs in Series 34 on September 22, 1998. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978.

During the quarter ended June 30, 2006, Series 34 did not record any releases of capital contributions. Series 34 has outstanding contributions payable to 1 Operating Partnership in the amount of $8,244 as of December 31, 2006. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its respective partnership agreement.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 25, 1999. The Fund has committed

proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391.

During the quarter ended December 31, 2006, Series 35 did not record any releases of capital contributions. Series 35 has outstanding contributions payable to 1 Operating Partnership in the amount of $163,782 as of March 31, 2006. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041.

Prior to the quarter ended December 31, 2006, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142.

During the quarter ended December 31, 2006, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of December 31, 2006. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a 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.

Prior to the quarter ended December 31, 2006, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of December 31, 2006. In addition, the Fund committed and 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.

Prior to the quarter ended December 31, 2006, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,033,519 as of December 31, 2006. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire 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.

During the quarter ended December 31, 2006, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,694 as of December 31, 2006. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a 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. As of December 31, 2006 1 of the properties has been disposed of and 22 remain.

During the quarter ended December 31, 2006, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of December 31, 2006. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,577,586.

During the quarter ended December 31, 2006, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 7 Operating Partnerships in the amount of $775,421 as of December 31, 2006. Of the amount outstanding, $355,417 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $420,004 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in December 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,293,091. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire 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. In addition, the Fund committed and used $268,451 of net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 43.

During the quarter ended December 31, 2006, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 6 Operating Partnerships in the amount of $490,522 as of December 31, 2006. Of the amount outstanding, $250,302 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $240,220 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 44.

During the quarter ended December 31, 2006, Series 44 did not record any releases of capital contributions. Series 44 has outstanding contributions payable to 3 Operating Partnerships in the amount of $781,022 as of December 31, 2006. Of the amount outstanding, $196,604 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $584,418 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,212,698. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 45.

During the quarter ended December 31, 2006, Series 45 recorded capital contribution releases of $207,010. Series 45 has outstanding contributions payable to 5 Operating Partnerships in the amount of $918,437 as of December 31, 2006. Of the amount outstanding, $567,543 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $350,894 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $21,634,875. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 46.

During the quarter ended December 31, 2006, Series 46 did not record any releases of capital contributions. Series 46 has outstanding contributions payable to 5 Operating Partnerships in the amount of $590,543 as of December 31, 2006. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Results of Operations

As of December 31, 2006 and 2005, the Fund held limited partnership interests in 515 and 517 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2006 is as follows:

	3 Months Management Fee	3 Months Reporting Fee	9 Months Management Fee	9 Months Reporting Fee
Series 20	$   81,538	$ 2,900	$ 253,314	$ 41,696
Series 21	55,534	926	169,380	8,692
Series 22	59,642	4,006	190,943	13,019
Series 23	50,239	9,827	180,198	13,141
Series 24	56,209	725	170,802	6,776
Series 25	50,973	17,196	204,507	24,395
Series 26	100,508	8,182	326,070	34,494
Series 27	76,135	2,666	236,403	23,806
Series 28	75,279	8,250	250,587	55,255
Series 29	66,146	18,349	253,485	24,637
Series 30	45,042	1,500	157,002	12,750
Series 31	97,860	1,500	298,080	33,631
Series 32	81,564	1,320	248,654	18,320
Series 33	36,822	6,669	130,473	24,089
Series 34	73,299	-	219,897	-
Series 35	57,090	-	171,270	-
Series 36	38,116	2,033	120,449	19,230
Series 37	51,216	-	153,648	10,500
Series 38	33,985	7,115	123,300	25,665
Series 39	34,200	-	102,600	7,650
Series 40	57,352	(7,351)	150,014	9,900
Series 41	68,610	-	205,830	29,013
Series 42	63,144	-	189,176	13,983
Series 43	74,158	2,637	229,935	10,801
Series 44	68,175	3,000	213,526	21,200
Series 45	89,636	2,500	276,407	11,632
Series 46	57,935	3,100	183,105	6,100
	$1,700,407	$97,050	$5,409,055	$500,375

The Fund's investment objectives do not include receipt of significant cash distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of federal housing tax credits for allocation to its partners and BAC holders.

Series 20

As of December 31, 2006 and 2005 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 20 reflects net loss from Operating Partnerships of $(689,137) and $(623,171), respectively, which includes depreciation and amortization of $1,757,098 and $2,045,378, respectively. This is an interim period estimate; it is not indicative of the final year end results.

The operating general partner of Breeze Cove Limited Partnership entered into an agreement to sell the property and the transaction closed in March 2006. As part of the purchase agreement, the buyer is required to maintain the property as affordable housing through the end of the tax credit compliance period, and to provide a recapture bond to avoid the recapture of the tax credits that have been taken. After payment of the outstanding mortgage balance of approximately $1,828,883, the proceeds to the investment general partner were $508,616, all of which were allocated to Series 20. Of the total investment partnership proceeds received, $10,000 represents payment of outstanding reporting fees due to an affiliate of the investment partnership; approximately $14,501 represents reimbursement of expenses incurred related to the sale, which includes due diligence and legal costs; and $484,115 represents partial reimbursement for outstanding operating advances made by the investment partnership to the property. Annual losses generated by the Operating Partnership, which were applied against the investment general partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Advances made by the investment general partner that were not repaid from the sale proceeds totaled $954,317 and have been recorded as a loss on the sale of the Operating Partnership as of March 31, 2006. Additional gains on the sale of $7,016 and $19,427 were realized in the quarters ended June 30, 2006 and December 31, 2006.

East Douglas Apartments Limited Partnership (East Douglas Apartments) has historically operated at or just below break even due to a combination of the low rent structure allowed by the state tax credit monitoring agency, the Illinois Housing Development Authority (IHDA), and high debt. The property operated at just below break even in 2004 and generated $12,406 in 2005. Physical occupancy averaged 94% in 2004 and 93% in 2005. In the fourth quarter of 2006, occupancy was 94% and the year to date occupancy was 93%. The most recent rental rates and utility allowances released by IDHA resulted in an approximate 1% decrease in rents and 3-5% increase in the utility allowance. The property has expended cash for 2006; however, the deficit is due to capital needs expenses that may be reimbursed from the replacement and operating reserves. In addition, it should be noted that the majority of the deficit is associated with expenses incurred in the first half of 2006, as the third and fourth quarters of 2006 have improved cash flow. The mortgage, property taxes and insurance are all current. The operating general partner has attempted to refinance the first mortgage with IDHA to replace the high interest first mortgage loan held by Arbor Commercial Mortgage, but was not successful because, with the recently decreased rental rates and increased utility allowances, operations did not meet the lenders' underwriting criteria. The operating general partner plans to review the refinancing analysis and consider other refinancing options.

A physical needs assessment was completed in 2004 which enumerated many needed repairs, including tuck pointing, replacement or repair of the windows and deteriorating wooden trim. During the fourth quarter of 2005, the lender released

funds from the operating deficit reserve in the amount of $61,426 which covered much of the cost of the repairs. The Tax Increment Financing, a program that provides financing to blighted areas through bond issuance, was set to expire in May of 2006, but was extended by the City Council through the end of the City's Enterprise Zone Redevelopment Plan in 2009.

Parkside Housing, LP (Parkside Apartments) is a 54 unit family apartment complex in Avondale, Arizona. In March 2005, the operating general partner entered into an agreement to sell the property and the transaction closed in the second quarter of 2005. As part of the purchase agreement, the buyer is required to maintain the property as affordable housing through the end of the tax credit compliance period, and to provide a recapture bond to avoid the recapture of the tax credits that have been taken. After payment of the outstanding mortgage balance of approximately $960,068, the proceeds to the investment general partner were $441,525. Of the total investment general partner proceeds received, $12,000 represented payment of outstanding reporting fees due to an affiliate of the investment general partner. Of the remaining proceeds, the net distribution to investors was approximately $371,348. This represented a per BAC distribution of $.10. The total return to the investors was distributed based on the number of BACs held by each investor. The remaining proceeds of $58,177 was paid to Boston Capital Asset Management L.P. or other related entities for fees and expenses related to the sale and partial reimbursement of amounts payable to affiliates. The breakdown of the amount paid to BCAMLP is as follows: $49,177 represented partial reimbursement for outstanding advances and asset management fees; and $9,000 represented reimbursement for expenses incurred related to the sale, which included legal and mailing costs. Annual losses generated by the Operating Partnership, which were applied against the investment general partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the reimbursement of overhead and expenses incurred for overseeing and managing the disposition of the property, has been recorded in the amount of $401,525 as of June 30, 2005 and an additional $19,000 was received in March 31, 2006.

Northfield Apartments L.P. (Willow Point Apartments I) is a 120 unit property located in Jackson, MS. Occupancy, which averaged 94% through the first half of 2006, dropped to the mid-80% range in the second half. Consequently, the property was unable to break even in 2006. The property, located in the back of a four phase apartment community, has lost potential residents to sister phases that are in more desirable locations and are slightly newer. Occupancy has suffered further due to recent evictions of non-paying and problem residents. Management is in the process of adding new light fixtures and ceiling fans to the units to make them competitive with newer apartment communities in the market. Management will also enhance curb appeal by planting new grass cover and flowers in the spring. A small one-time leasing special is being run to entice potential residents. Management is confident that occupancy will improve given that the three other phases in the apartment community are maintaining occupancy in the high 90% range and generating cash. The partnership's operating deficit guarantee is unlimited in time and amount and the operating general partner has a longstanding history of funding operating deficits as necessary. The mortgage, taxes, and insurance payments are current.

2730 Lafferty Street Apartments L.P. (Gardenview Apartments) is a 309-unit property approximately 20 miles from Houston, Texas. The property suffered a fire in the second quarter of 2006, causing 20 units to come off-line. In addition, leases of 50 units, occupied by hurricane evacuees, expired in the last half of 2006. As a result, occupancy fell to an average of 75% in the fourth quarter and was at 74% in December 2006. Work on the fire-damaged units is in progress and they are expected to be ready for occupancy in the second quarter of 2007. Once this work is complete, the operating general partner will apply for recovery of lost rent through insurance proceeds. Management is offering new concessions, including one month free rent and an increased bonus to locators. The property also offers a $300 resident referral. A nearby grocery store, shopping mall and elementary school are all being targeted by management. Despite the low occupancy, the property was still able to generate cash in 2006. The mortgage, taxes, and insurance payments are current.

In December 2006, Boston Capital Tax Credit Fund II - Series 14, Boston Capital Tax Credit Fund III - Series 17 and Boston Capital Tax Credit Fund IV - Series 20 (the "Investment Limited Partners") transferred 33% of their interest in College Greene Rental Associates Limited Partnership to entities affiliated with the operating general partners for their assumption of one third of the outstanding mortgage balance. The cash proceeds received by Series 14, Series 17, and Series 20 were $25,740, $7,920, and $65,340, respectively. Of the proceeds received, $1,950, $799, and $4,951 for Series 14, Series 17, and Series 20, respectively, was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds received by Series 14, Series 17, and Series 20 of $23,790, $7,320 and $60,390, respectively, were applied against the investment general partner's investment in the Operating Partnership in accordance with the equity method of accounting. The remaining 67% Investment Limited Partner interest is anticipated to be transferred as follows: 50% in January 2010 for $150,000 and 17% in February 2011 for $51,000. The future proceeds will be allocated to the investment limited partnerships based on their original equity investments in the operating partnership.

Harrisonburg Seniors Apartments Partnership, (Harrisonburg Seniors Apartments) is a 24 unit development located in Harrisonburg, Louisiana. Despite occupancy averaging 100% during 2006, the un-audited financials indicate the property is operating at a cash deficit due to stagnant rental rates and high operating expenses. In the second quarter of 2006, the property suffered a loss directly attributable to an increase in routine maintenance and administration costs, as well as a lump sum payment for real estate taxes. Although no major expenditures were related to hurricane damage, there were additional maintenance items completed above the normal operating maintenance, including the replacement of original floor coverings in many units that were in very poor condition. The maintenance staff is attempting to replace the floors in two units each quarter and anticipate additional flooring replacements to continue through 2007. Additionally, all buildings were treated for carpenter ant infestation and fire stop devices were installed in all range vents due to the findings of the annual fire extinguisher inspection. The mortgage, taxes, and insurance payments are current. The investment general partner will continue to work with the operating general partner to monitor operations and expenses at the property.

Series 21

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 21 reflects net loss from Operating Partnerships of $(1,263,791) and $(1,130,401), respectively, which includes depreciation and amortization of $631,192 and $663,477, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Atlantic City Housing Urban Renewal Associates, LP (Atlantic City Apartments) filed for protection under Chapter 11 of the Bankruptcy Code in June of 2001 and remains in bankruptcy at this time. A Plan of Reorganization propounded by a large bondholder was confirmed in September 2003. That Plan included the bondholders receiving a new issue of bonds at $0.60 per dollar of the existing principal balance ($2.31 million of new debt) as well as a partial paydown funded by a $400,000 payment by the withdrawing general partner and a $500,000 unsecured loan from the investment general partner.

The Plan confirmation was not immediately followed by an effective date, as is typical in most bankruptcy cases. Numerous issues among the large number of constituents with disparate interests resulted in a delay, which was prolonged until July 2006. During this period, the Plan proponent effectively took control of and managed the property through a management company that was engaged in late 2004. Despite significant improvements to the physical condition of the property, property expenses (especially security, maintenance and insurance) remained stubbornly high and the property was not able to generate cash flow as projected under the Plan.

For the first half of 2006, despite occupancy in excess of 90% both net operating income and cash flow were negative ($123,893). (Cash flow equals net operating income because the partnership is not currently making debt payments.) This performance was not sufficient to service the debt contemplated under the Plan of Reorganization. Starting in the first quarter of 2006, the investment general partner began raising its concern that, given this performance, the Plan was no longer feasible. The concern was raised first with the proponent and later before the court. In June 2006, HUD threatened to terminate the Housing Assistance Payment contract supporting the property if the closing/effective date did not occur within 30 days. HUD's action caused the property management company to resign. At the same time, the prospective indenture trustee withdrew.

At a hearing in July 2006, the Judge acknowledged that the proponent's Plan was unlikely to become effective and the parties began discussing immediate steps to ensure stability at the property. On September 6, 2006, the Court converted the case from Chapter 11 to Chapter 7 and a Trustee was appointed to oversee the sale of the property. The Trustee has concluded the bidding process and it appears that the property will be sold in the first quarter of 2007. Initial indications were that the property could sell for $1,300,000 to $1,700,000, far less than the amount of secured bond debt. The investment general partner could lose the small amount of tax credits that remain and experience recapture of the accelerated credits as early as the first quarter of 2007.

Centrum-Fairfax I, LP (Forest Glen at Sully Station, Phase I) is a 119 unit property located in Centrville, VA. The property continues to incur operating deficits due to low occupancy. The average occupancy through the fourth quarter of 2005 was 71%. Through the third quarter 2006, average physical occupancy was 61% and in the fourth quarter occupancy decreased to 50%. The operating general partner is in the process of reconfiguring the property to have only 83 units, which would reduce the number of 1 bedroom units from 100 to 29 while increasing the number of two bedroom units from 19 to 55. The conversion of the units started in early June 2006 and it was originally anticipated to be complete by mid-October 2006. However, the construction of the property was delayed due to issues with subcontractors. The construction is now expected to be complete by March 1, 2007. The management team expects to have all converted units 100% occupied by the end of the summer. The funding to complete the work will come from the Virginia Housing Authority in the amount of $580,000. The operating general partner continues to fund operating deficits and through the end of 2006 funded $837,502.

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a 48 unit family property located in Chippewa, Wisconsin. The property operated with an average occupancy of 95% in 2005. Through the fourth quarter of 2006, the average occupancy was 94%. Operating expenses are below the investment general partner's state average. Although occupancy is high and expenses remain reasonable, low rental rates in the area prevented the property from achieving break even operations through the fourth quarter of 2006. The management company continues to market the available units by working closely with the housing authority, and by continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Black River Run, LP (River Run Apartments) is a 48 unit, family property located in Black River Falls, Wisconsin. The property operated with an average occupancy of 90% for the year 2005. Occupancy has been consistent with the prior year through the fourth quarter 2006, averaging 89%. Even though operating expenses are below the investment general partner's state average, low rental rates in the area prevented the property from achieving break even operations through the fourth quarter of 2006. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Lookout Ridge LP (Lookout Ridge Apts.) is a 30 unit development located in Covington, KY. The property is operating below break even due to high operating expenses and low occupancy, which are the result of a lack of subsidy and unit turnover costs. Through the fourth quarter of 2006 occupancy at the property has averaged 88%. Part-time management and subcontracted maintenance services have helped to lower operating costs. The investment general partner will continue to work with the operating general partner to identify ways in which to improve the overall operations of the property. Through the third quarter of 2006, management had been pursuing rehabilitation financing through the Cincinnati Development Fund in order to fund non-essential preventative maintenance. During the fourth quarter of 2006, changes in administrative personnel occurred at the CDF, leaving the viability of this financing option in doubt. The operating general partner is now seeking alternative financing options. The mortgage and tax payments are current. To date, the operating general partner has funded $296,613 in deficits. The property's compliance period ends in 2010.

Pinedale II, LP (Pinedale Apartments II) is a 60 unit, family property located in Menomonie, Wisconsin. The property operated with an average occupancy of 91% in 2005. Occupancy has been consistent with the prior year through the fourth quarter of 2006, averaging 92%. The property's operating expenses are below the investment general partner's state average. Despite occupancy in the 90%s, low rental rates in the area prevented the property from achieving break even operations through the fourth quarter of 2006. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the partnership. The mortgage, taxes, insurance and payables are current.

Series 22

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 22 reflects net loss from Operating Partnerships of $(594,036) and $(886,309), respectively, which includes depreciation and amortization of $1,191,019 and $1,407,574, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Elks Tower Apartments, LP (Elks Tower Apartments) is a 27 unit development located in Litchfield, IL. The property suffered a downturn in operations in 2004 with occupancy averaging 79%. In 2005 this trend reversed and occupancy finished the year averaging 89%. Occupancy remained stable in the fourth quarter of 2006 at 89%; however, occupancy at year's end of 2006 averaged 85%. The reasons for low occupancy include job relocations, new competition to the area, and older residents leaving for health reasons. The operating general partner has made changes this year with increased marketing by advertising with new signage and increasing newspaper advertisements that cover three counties. The operating general partner is also using tenant referral incentives to help increase occupancy. The operating expenses for 2006 were $2,995/unit, which is $202 lower then 2005 level and is considerably lower then the 2005 state average of $5,222/unit. The mortgage, taxes, and insurance payments are current.

Black River Run, LP (River Run Apartments) is a 48 unit, family property located in Black River Falls, Wisconsin. The property operated with an average occupancy of 90% for the year 2005. Occupancy has been consistent with the prior year through the fourth quarter 2006, averaging 89%. Even though operating expenses are below the investment general partner's state average, low rental rates in the area prevented the property from achieving break even operations through the fourth quarter of 2006. The management agent continues to market the available units by working closely with the housing authority and continuing various marketing efforts to attract qualified residents. The operating general partner continues to financially support the Operating Partnership. The mortgage, taxes, insurance and payables are current.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 290 unit property located in Hillsborough County, Florida. During the early part of 2005, management performed a large number of evictions in order to rid the property of undesirable residents. These evictions caused a drop in occupancy and increases in administrative and maintenance expenses, resulting in substantial cash expenditure in 2005. The resident turnover caused by these evictions greatly improved the resident base, which has had a very positive impact on partnership operations. Through the fourth quarter of 2006, occupancy has averaged 97% and economic occupancy has improved from 83% in first quarter to 90% in the fourth quarter. Un-audited financial statements show an improvement in cash flow in 2006. This improvement in cash flow is the result of a significant decrease in maintenance expenses, which suggests that the operating general partner may have directed management to defer needed repair work in order to improve financial performance as the operating general partner looks to sell its interest in the partnership. An investment general partner site visit consultant who visited the property in July of 2006 reported deteriorating landscaping, oil stains in the parking lot, buildings in need of power-washing and paint, and a community center which had been closed to residents due to vandalism. The investment general partner will discuss these issues with the operating general partner and ensure that proper maintenance is being performed and the integrity of the asset is maintained. Management continues to effectively enforce stringent resident screening policies in order to sustain improvements in the quality of the resident population. Marketing efforts continue to generate traffic, allowing management to taper rental concessions at the end of 2006. The property's real estate taxes, insurance and mortgage payments are current. The operating deficit guarantee is unlimited until December 2011.

Roxbury Veterans Housing, LP (Highland House) is a 14-unit property located in Roxbury, Massachusetts. The 2005 audit showed that the property expended cash of ($45,385) and that the first mortgage on the property was in default, triggering a default with the second mortgage. The default is related to the property failing to fully fund replacement reserves due to a lack of cash. Reported occupancy for the first three quarters of 2006 is 91%, a slight improvement from the average 2005 occupancy of 88%. A recent discussion with the partnership's auditing firm confirmed fourth quarter occupancy remained at 91%. This discussion also revealed that the operating general partner and third-party management company ended their contract in the fourth quarter and, at this time, the operating general partner is managing the property. The requisite reporting has not been available and the status of the loans is unclear at this time. The investment general partner has been unable to discuss these issues with the operating general partner. The operating general partner has a guarantee that is unlimited in time and amount and continues to fund operating deficits as necessary.

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) is a 48-unit family development located in Longmont, CO. The property is suffering from low occupancy due to a weak rental market. In addition, the property has mostly three-bedrooms (42 of the 48) and these units have comparable rents to three-bedroom single-family rental homes, which are more desirable. The property is also located in a rough neighborhood, with an inferior school system, making it difficult to market to families with children. The site manager developed a good relationship with the local police who have initiated nighttime patrols. To attract applicants, management continues to offer rental concessions and resident referral fees. Banners and signs are being redesigned for increased visibility; a model unit has been prepared for showing to applicants; and advertising on the internet and in adjacent towns has increased. In the third quarter of 2006, average occupancy was 85%, which is consistent with the prior quarter average of 87%. Fourth quarter occupancy improved slightly to 89%. In April 2006, the Longmont Housing Authority began discussions to acquire the operating general partner's interest. The Housing Authority, as a public non-profit entity, has more resources available to improve the property's operations, including rent subsidies and low-interest permanent financing. The parties have been negotiating and reviewing multiple proposals since that time and an outcome is expected by mid-2007. The investment general partner will work closely with the operating general partner in evaluating the conditions of the proposed transactions. The operating general partner continues to fund all operating deficits and accounts payable are current. The mortgage, taxes, and insurance payments are current.

Edmond Properties, LP (Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK. Despite an average occupancy of 83% in 2005 the property was able to operate above break even. The average occupancy in 2006 was 85%. Due to low occupancy levels the property operated below break even. All taxes, insurance and mortgage payments are current. The investment general partner will continue to monitor the property to ensure that occupancy stabilizes and the property operates above break even.

Series 23

As of December 31, 2006 and 2005 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 23 reflects net loss from Operating Partnerships of $(662,619) and $(1,017,984), respectively, which includes depreciation and amortization of $950,742 and $1,094,871, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Bayou Crossing, LP (Bayou Crossing Apartments) is a 290 unit property located in Hillsborough County, Florida. During the early part of 2005, management performed a large number of evictions in order to rid the property of undesirable residents. These evictions caused a drop in occupancy and increases in administrative and maintenance expenses, resulting in substantial cash expenditure in 2005. The resident turnover caused by these evictions greatly improved the resident base, which has had a very positive impact on partnership operations. Through the fourth quarter of 2006, occupancy has averaged 97% and economic occupancy has improved from 83% in first quarter to 90% in the fourth quarter. Un-audited financial statements show an improvement in cash flow in 2006. This improvement in cash flow is the result of a significant decrease in maintenance expenses, which suggests that the operating general partner may have directed management to defer needed repair work in order to improve financial performance as the operating general partner looks to sell its interest in the partnership. An investment general partner site visit consultant who visited the property in July of 2006 reported deteriorating landscaping, oil stains in the parking lot, buildings in need of power-washing and paint, and a community center which had been closed to residents due to vandalism. The investment general partner will discuss these issues with the operating general partner and ensure that proper maintenance is being performed and the integrity of the asset is maintained. Management continues to effectively enforce stringent resident screening policies in order to sustain improvements in the quality of the resident population. Marketing efforts continue to generate traffic, allowing management to taper rental concessions at the end of 2006. The property's real estate taxes, insurance and mortgage payments are current. The operating deficit guarantee is unlimited until December 2011.

South Hills Apartments, LP (South Hills Apartments) is a 72 unit, family property located in Bellevue, Nebraska. The property operated with an average occupancy of 77% in 2005. There are few qualified prospective residents that can afford the tax credit rents without obtaining rental assistance. Currently there is limited assistance as evidenced by a nine-month waiting list at the local housing authority. There are also newer competing properties offering more attractive amenities. Over the past three years, there have been five different managers at the property. This inconsistency has contributed to the cash flow and compliance problems. The operating general partner completed another site management change in July 2006. Since the new manager has taken over, operations have improved through the fourth quarter of 2006 with average occupancy of 96%; however, the property was not able to break even. A third party shopping report, conducted in December, confirmed that the property manager is doing an effective job. Management has increased concessions (they are currently offering a $100/month rent reduction for the first 12 months for all new tenants) and increased resident referral rewards. Management is in constant communication with the nearby Air Force Base and local employers, runs ads in the weekly newspaper and has a website for the property. Management's efforts have resulted in an increase in occupancy to 96% in the fourth quarter of 2006, but because of the added concessions needed to market the property, economic occupancy was 88%. Per an agreement with the operating general partner, the management company (an affiliate of the general partner) is deferring all fees until operations improve. The operating general partner continues to fund the operating deficits, as needed. The mortgage, taxes, and insurance payments are current.

Sacramento SRO, LP (La Pensione K Apartments), is a 129-unit single-room occupancy property, for special needs residents, located in Sacramento, CA. In 2004, the tax lien was discovered upon follow-up with the operating general partner regarding the extraordinary penalties recorded in the audit. According to the city of Sacramento, this lien was for the period between tax exemption application and receipt of tax exemption status. The operating general partner thought the period was covered by the exemption. The amount of the tax lien is approximately $95,190 ($63,249 for actual taxes due, the balance for penalties). The operating general partner is working with the city to get this tax lien overturned. The operating general partner has retained legal counsel to represent them with regards to this matter. There has been no resolution to date. In the meantime, the partnership continues to make payments in accordance with a payment plan as required by the city to avoid being declared in default. Through the fourth quarter 2006, this property operated at a surplus with average physical occupancy of 98%. The property's mortgage, taxes and insurance are all current.

Edmond Properties, LP (Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK. Despite an average occupancy of 83% in 2005 the property was able to operate above break even. The average occupancy in 2006 was 85%. Due to low occupancy levels the property operated below break even. All taxes, insurance and mortgage payments are current. The investment general partner will continue to monitor the property to ensure that occupancy stabilizes and the property operates above break even.

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) is a 48-unit family development located in Longmont, CO. The property is suffering from low occupancy due to a weak rental market. In addition, the property has mostly three-bedrooms (42 of the 48) and these units have comparable rents to three-bedroom single-family rental homes, which are more desirable. The property is also located in a rough neighborhood, with an inferior school system, making it difficult to market to families with children. The site manager developed a good relationship with the local police who have initiated nighttime patrols. To attract applicants, management continues to offer rental concessions and resident referral fees. Banners and signs are being redesigned for increased visibility; a model unit has been prepared for showing to applicants; and advertising on the internet and in adjacent towns has increased. In the third quarter of 2006, average occupancy was 85%, which is consistent with the prior quarter average of 87%. Fourth quarter occupancy improved slightly to 89%. In April 2006, the Longmont Housing Authority began discussions to acquire the operating general partner's interest. The Housing Authority, as a public non-profit entity, has more resources available to improve the property's operations, including rent subsidies and low-interest permanent financing. The parties have been negotiating and reviewing multiple proposals since that time and an outcome is expected by mid-2007. The investment general partner will work closely with the operating general partner in evaluating the conditions of the proposed transactions. The operating general partner continues to fund all operating deficits and accounts payable are current. The mortgage, taxes, and insurance payments are current.

Broderick Housing Associates, LP (Country Hill Apartments, Phase II) is a 92-unit family complex located in Cedar Rapids, Iowa. The property was unable to break even in 2005 due to increased operating costs. Occupancy has fluctuated throughout 2006, ranging from a low of 87% to a high of 99% as of December 31, 2006, averaging the year at 93%. The property continued to operate at a deficit it 2006 due to the expense levels. In the third quarter of 2006 management replaced the Regional Manager and occupancy dramatically increased by year end. Management intends to continue to watch expenditures closely and work to reduce turnover by implementing various resident retention programs. Despite an expired guarantee, the operating general partner has funded all operating deficits. All taxes, insurance and mortgage payments are current.

Series 24

As of December 31, 2006 and 2005 the average Qualified Occupancy for the series was 99.9%. The series had a total of 24 properties at December 31, 2006. Out of the total 23 were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 24 reflects net loss from Operating Partnerships of $(491,244) and $(384,838), respectively, which includes depreciation and amortization of $970,252 and $1,003,817, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Elm Street Associates, Limited Partnership (Elm Street Apartments) is located in Yonkers, New York. The neighborhood has been a difficult one in which to operate due in part to high crime. Almost all tenants have some public subsidy, making this a very management-intensive property. Poor tenancy has historically resulted in operating deficits. Management issues, including poor rent collections and deferred maintenance, have negatively impacted the property. The property is operating below break even due to the vacancies and bad debt. Occupancy showed some improvement in the fourth quarter, averaging 91% in December 2006. The improvement can be attributed to management's decision to decrease rents by $50 per unit. Management is also working with a local agency called Cluster Housing which assists people in transitioning from being homeless. The program provides families with emergency relief and tenant education. The operating general partner has instituted the Nodine Hill program which is housed in a local community building. The program offers neighborhood residents access to after school children's programs, job training for adults and teens, and work services programs for adults. Management has done a good job in controlling operating expenses in 2006, including successful negotiations with the property tax assessor to get relief in property taxes. As of June 2006 the taxes were reduced to and fixed at $600 per unit resulting in an annual savings of $27,567. Although expenses have decreased, the property continues to operate below break even due to the occupancy and rental collection issues. The mortgage, taxes, insurance and required reserves are all current. The operating general partner has funded the operating deficits by deferring management fees, and infusions of cash. The investment general partner had a meeting with the operating general partner to further discuss the project's viability. The operating general partner restated their commitment to the property and expressed a willingness to continue funding deficits until the property stabilizes. They have a significant investment in the community in which the property is located, and all attempts to stabilize the property are geared for the long term. The City of Yonkers is currently undergoing significant growth. A casino has opened in the Yonkers Racetrack, and a water shuttle service has just come on line that connects to the financial district in Manhattan. A minor league ballpark is in development and will be built in close proximity to Elm Street. It is hoped that this growth will make this neighborhood a better place to live. In the short term, the operating general partner is advertising on Craig's List, holding open houses for homeless families, and exploring

various programs to lease units. It is also offering incentives, such as one month free rent when signing a one year lease. The investment general partner will continue to monitor this Operating Partnership until property operations have stabilized.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Average occupancy through 2006 was 95%. The property is operating below break even due to high operating costs which are attributed to foundation and stress cracks identified in an engineer's report conducted in 2003. The report revealed foundation movement in five buildings. Between 2001 and 2003 a total of $61,310 in foundation work was completed. In 2004 capital expenditures reflect monies for immediate repair to rebuild three stair towers and two landings related to foundation movement at total cost of $23,140; metal perimeter fence repair on the west side of the community that re-braced due to ground movement and car damage at total cost of $5,290 were completed in March 2004. Other capital work consisted of carpet replacements, vinyl replacement, boiler repairs, a new heat exchanger and swimming pool repair work related to code changes. The overall estimate to complete the foundation work and address the interior issues as a result of the movement was estimated at $170,000. Several emergency repairs were needed to rebuild three deteriorating stair towers, resulting from foundation movement. The operating general partner continues to monitor movement in the five buildings identified in the engineer's report and address the issues as they are presented. In 2006, $111,300 in repairs was included in the budget to address the structural issues; however to date the high operating expenses are not allowing for the cash to be available to make the improvements. The results from the oil test have been received and the operating general partner has determined the course of action that needs to be taken to fix the shifting buildings. The operating general partner has obtained a bid to complete the necessary repairs to the building. Work is anticipated to begin in February 2007. The investment general partner continues to visit the property and review the work as it is completed. Discussions regarding the future improvements with the operating general partner are ongoing. The investment general partner will continue to work with the operating general partner through the completion of the improvements and the reduction of the operating expenses. The mortgage, trade payables, property taxes and insurance are current.

Los Lunas Apartments, LP (Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property. The operating general partner felt the management company was not overseeing the property sufficiently and stepped in as the management agent in June 2005. Since the new management has taken over, operations have improved. Average physical occupancy through the fourth quarter 2006 was 86%. Occupancy in 2006 fluctuated from 97% to 82%. Such fluctuation was due to some evictions at the property. According to the operating general partner, the occupancy downturn is the result of natural cycles that was noticed from time to time at the properties. To increase and maintain the occupancy management continues to market the property through local media and civic organizations. Physical occupancy is expected to stabilize at 93% in the first quarter 2007. The operating general partner has also renegotiated the laundry contract with the vendor and all of the machines were upgraded. The property has received funds from the vendor for re-signing the contract.

New Hilltop Apartments, Phase II (Hilltop Apartments) is a 72-unit property located in Laurens, SC. Industrial decline in the area has led to a dwindling population base from which to draw qualified residents. Only 21 of the 72 units have rental assistance. Consequently, the property has trouble competing with properties that receive full rental assistance. The reasons for the cash flow deficit include: declining occupancy, insufficient rental rates and additional replacement reserve funding per the Rural Housing workout plan. Through November of 2006 average occupancy has declined to 76% from an average of 93% in 2005 as the qualified resident base continues to decline. Management will continue to market the property through local media and civic organizations and investigate the possibility of acquiring rental assistance subsidies. The mortgage, taxes, insurance and payables to non-related entities are current. The operating general partner's guarantee is unlimited in time and amount, with the compliance period for this property ending in 2009.

Century East IV, LP (Century East IV Apartments) is a 24 unit development located in Bismarck, ND. In 2005 the property operated with an average occupancy of 91%, and was able to achieve break even operations. Through the fourth quarter of 2006 the average occupancy was to 98.61%. Average occupancy continues showing improvement as the third quarter average was 92%. Despite the uptrend in occupancy, the property still will operate below break even in 2006. The property is located in a highly competitive area and in an attempt to maintain occupancy levels the operating general partner lowers rental rates whenever occupancy levels drop below 90%. The investment general partner will continue to work with the operating general partner to monitor operations and occupancy at the property. The operating general partner continues to fund all operating deficits, despite the expiration of their guarantee. There are no deferred maintenance items at this time. The mortgage, trade payables, property taxes, and insurance are current.

Century East V, LP (Century East V Apartments) is a 24 unit development located in Bismarck, ND. In 2005 the property operated with an average occupancy of 90% and operated slightly below break even. Through the fourth quarter of 2006 average occupancy was 90.27%. The property operated below break even in 2006. The property is located in a highly competitive area and in an attempt to maintain occupancy levels the operating general partner lowers rental rates whenever occupancy levels drop below 90%. The investment general partner will continue to work with the operating general partner to monitor operations and occupancy at the property. The operating general partner continues to fund all operating deficits, despite the expiration of their guarantee. There are no deferred maintenance items at this time. The mortgage, trade payables, property taxes, and insurance are current.

North Hampton Place, LP (North Hampton Place Apartments) is a 36-unit family property located in Columbia, Missouri. In February 2006, there was a fire in

one unit that completely destroyed the unit. There were no injuries reported from the fire. The unit required a complete rehab with repairs totaling $25,000. The repairs were funded with proceeds from the insurance claim filed by management. As of May 2, 2006, all repairs were made and the unit was ready to be occupied. After higher than normal turnover in the first quarter of 2006, occupancy dropped to an average of 82% for the quarter. Management increased the frequency of their newspaper advertising and occupancy improved to average 89% for the second and third quarters of 2006. Fourth quarter occupancy shows consistent improvement with an average of 90%. The mortgage, property taxes, and insurance are current.

Centenary Housing, LP. (Centenary Tower Apartments) is a 100 unit senior property located in St. Louis, MO. The partnership expended cash of $150 per unit in 2005, due to operating expenses which exceeded the state average by 25%. In the summer of 2006 the property was spotlighted in a local news article as being an undesirable place to live. The development is located across the street from a homeless shelter and many transients were trespassing and damaging the building. In response to the negative publicity, management hired an experienced Regional Manager and met with HUD to secure a grant for a Resident Services Coordinator to provide additional services to those residents with special needs. Occupancy dropped to 83% in the fourth quarter of 2006 as a result of the eviction of those residents involved in illegal activity. A new site manager was hired in December 2006 and has begun to screen and move-in qualified occupants. Once occupancy is improved, management will work to re-build the waiting list. Throughout 2006, the investment limited partner worked with management to sustain reductions in administrative and maintenance costs, to improve collections and to promote energy efficient practices. Decreased operating expenses have allowed the partnership to generate annualized cash of $95 per unit through the fourth quarter of 2006. All real estate tax, insurance and mortgage payments are current. The operating general partner's obligation to fund operating deficits is unlimited in time and amount.

Series 25

As of December 31, 2006 and 2005 the average Qualified Occupancy for the series was 99.9%. The series had a total of 22 properties at December 31, 2006. Out of the total 21 were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 25 reflects net loss from Operating Partnerships of $(733,786) and $(801,012), respectively, which includes depreciation and amortization of $1,424,101 and $1,545,382, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Ohio Investors, LP (Bancroft Apartments) is a 93-unit property located in Dayton, Ohio. The property's original mortgage interest rate of 8.21% has resulted in a high debt service. The property has also suffered from increased bad debt, maintenance expenses, and real estate taxes. The operating general partner applied to refinance the mortgage with a rate that has been locked as of July 20, 2006 with a 6.03% floor. The refinance went through in the fourth quarter of 2006 and the funds are in the process of being properly disbursed as of January 2007. The refinance resulted in a reduction of annual debt service by more than $90,000. The property's average occupancy rate was 94% at the end of 2006, with December 2006 averaging 97%. The operating general partner will continue to fund any deficits as needed. Although the 2006 audit will likely show an operating loss, the reduced debt service is expected to allow the property to operate at an above break-even level in 2007.

Sutton Place Apartments, LP (Sutton Place Apartments) is a 360 unit apartment complex located in Indianapolis, Indiana. In January of 2005, the partnership underwent a change in operating general partner, which was accompanied by a change in management. Despite average occupancy of 93% for the year, the property did not break even in 2005 due to operating expenses which averaged 14% above the state average. The new operating general partner and management company continue to work to leverage their considerable strengths in the Indianapolis market in order to lower operating expenses, which have declined through October of 2006 and are now just 5% higher than the state average. Occupancy has averaged 90% through December of 2006, slightly below the 93% average achieved in 2005. Operations through October of 2006 have yielded annualized cash generated of $160 per unit as a result of continued reductions in operating expenses. Operating reports for November and December of 2006 have been requested from the operating general partner and are presently being prepared. The operating general partner is presently working with lenders in an attempt to refinance partnership debt and increase the partnership's ability to sustain improved operations and generate cash. The operating general partner continues to fund operating deficits. The operating general partner's obligation to fund operating deficits is limited to $150,000 in subordinate loans outstanding at any one time.

M.R.H., LP (The Mary Ryder Home), a 48 unit property located in St. Louis, MO, received a 60-day letter issued by the IRS proposing to reduce the amount of low income housing tax credits allowable because it asserts that certain fees and other expenditures were not includible in the eligible basis of the property. The 60-day letter was the result of an IRS audit of the Operating Partnership's books and records. As a result of their audit, the IRS proposed an adjustment that would disallow approximately 18% of past and future tax credits. The adjustment would also include interest. The investment general partner and its counsel, along with the

operating general partner and its counsel, filed an appeal on June 30, 2003 and continued negotiations with the IRS Appeals Office.

On March 23, 2004, the Operating Partnership received a Notice of Final Partnership Administrative Adjustment denying the appeal of June 30, 2003. The Operating Partnership had the opportunity to challenge the denial and petition the tax court.

On June 22, 2004, the operating general partner and its counsel filed a petition in tax court for the tax years ending 2000 and 2001. The investment general partner and its counsel continued to monitor the court proceedings.

Final Closing Agreements were issued in October 2005. Under the agreement, the general partner reached a resolution with the IRS so the adjustments to the tax credits and depreciation expense will be made only for the tax years 2005 and 2006, avoiding amending tax returns already filed for the years 2000 and 2001.

On November 23, 2005 the United States Tax Court issued final agreements reporting no changes for the tax years ending 2000 and 2001. Additionally, on December 28, 2005 the Internal Revenue Service issued a Partial Agreement, Closing Agreement on Final Determination Covering Specific Matters for the years ending 2005 and 2006. Under this agreement the credits and depreciation expense adjustments applicable to 2000 and 2001 will be made in the years ending in 2005 and 2006 to avoid amending tax returns for the years 2000 and 2001. M.R.H. lost approximately $52,688 in tax credits (.18%) and $16,436 in depreciation expense for each year 2005 and 2006. The 2000 and 2001 audits are closed.

Rose Square, LP (Rose Square Apartments) is an 11 unit property located in Connellsville, PA. The property was operating with deficits caused by low occupancy. The property operated above break even in 2005 due to increased occupancy and revenues, combined with operating expenses that are below the state average. The site manager has focused on maintaining communication with the housing agency and hosting neighborhood events, helping to increase interest in the property. The property is operating above break even through the fourth quarter of 2006. Occupancy has shown improvement in the fourth quarter with 1 vacant unit in December 2006, averaging 85% for the quarter. The last vacant unit is rented, and the site manager is currently waiting for the housing authority to complete unit inspection so that the tenant can move in. In order to improve cash flow and help the property stabilize, Pennsylvania Housing Finance Agency has granted a request to defer replacement reserve deposits for the remainder of 2006.

Century East II Apartments, LP (Century East II Apartments) is a 24 unit property located in Bismarck, ND. During 2005 the property operated with an average occupancy of 87% and operated below break even. Through the fourth quarter of 2006 occupancy improved to average 95.83%. The property operated above break even in 2006. The property is located in a highly competitive area. The investment general partner will continue to work with the operating general partner to monitor operations and occupancy at the property. The operating general partner continues to fund all operating deficits, despite the expiration of their guarantee. Although the property has had low occupancy, there are no deferred maintenance items at this time. The mortgage, trade payables, property taxes, and insurance are current.

Series 26

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 45 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 26 reflects net loss from Operating Partnerships of $(1,160,165) and $(772,230), respectively, which includes depreciation and amortization of $2,030,090 and $2,128,175, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Cameron Apartments Partnership (Cameron Apartments) is a 40 unit apartment complex originally located in Cameron, Louisiana which was completely destroyed by Hurricane Rita. The National Flood Insurance Program has underwritten the project as a complete loss. The investment general partner and the operating general partner are working in tandem to sell the partnership and re-syndicate the partnership into another fund. The sale is expected to occur the first quarter of 2007. Construction should commence in the first quarter of 2007 and is expected to take a period of approximately nine months.

Country Edge, LP (Country Edge Apts.) is a 48 unit property located in Fargo, North Dakota. During 2005 the property operated with an average occupancy of 88% and as a result operated below break even. Average occupancy through the fourth quarter of 2006 was 90.28%, however year end average occupancy was 80%, and as a result operated below break even. The property's occupancy issues arose because of issues surrounding a large refugee population in the area. A number of refugees had rented apartments after meeting the resident selection criteria. However, a few of the residents had criminal backgrounds that were not exposed during the typical background check. Management has been evicting problem and non-paying residents; however, due to overbuilding in the Fargo, North Dakota area, units are remaining vacant. The operating general partner/management company continues to offer rent concessions and rate reductions as a rental incentive. Security has been increased at the property and Lutheran Social Services is counseling the existing population to help curtail any issues. The investment general partner will continue to work with the operating general partner to stabilize occupancy. The operating general partner continues to fund all operating deficits, despite the expiration of their guarantee. Although the property has had low occupancy, there are no deferred maintenance items at this time. The mortgage, trade payables, property taxes, and insurance are current.

Grandview Apartments, LP (Grandview Apts.) is a 36 unit property located in Fargo, North Dakota. During 2005 the property operated with an average occupancy of 89% and as a result operated below break even. Average occupancy through the fourth quarter of 2006 was 83%, and as a result operated below break even. Overbuilding and a soft rental market in the Fargo, North Dakota area are causing high vacancy rates. The management company continues to offer rental concessions and rate reductions until occupancy has stabilized. Turnover at this property remains high. Concessions, rate reductions and fluctuating occupancy levels have contributed to the negative cash flow at the property. The investment general partner will continue to work with the operating general partner to stabilize the physical occupancy. The operating general partner continues to fund all operating deficits, despite the expiration of their guarantee. The mortgage, trade payables, property taxes, and insurance are current.

Jackson Bond, LP (Park Ridge Apartments) is a 136 unit property located in Jackson, TN. This property operated below break even in 2006 due to low occupancy caused by ineffective management. The investment general partner visited the property in January 2006, and gave management recommendations to improve the performance of the property. These recommendations included building a stronger rapport with the residents, offering social programs on-site, and employing closing techniques to encourage potential residents to initiate the application process. Management implemented these suggestions and occupancy trended upward throughout 2006. In December 2006 the community was 96% occupied. Management anticipates occupancy will remain strong through the first quarter of 2007. The investment general partner performed a rental analysis to determine if the property could support a rent increase. After analyzing the property's rental rates in relation to the market, the investment general partner suggested that management implement a rent increase. The property's current rental rates are priced approximately 12% lower than the maximum allowable rental rates. Management stated that the property's rents had not been adjusted in over two years, and concurred that a rent increase is necessary. Effective January 1, 2007, management will implement a rent increase that should generate approximately $16,000 in additional rental revenue. The rent increase, combined with improved occupancy, should allow the property to operate above break even in 2007. The operating general partner continues to fund operating deficits at the property. Since the property never converted to fixed rate financing, any operating deficits through the compliance period are guaranteed by the operating general partner's construction guaranty.

Lake Apartments IV Limited Partnership (Lake Apartments IV) is a 24-unit property located in Fargo, ND. During 2005 the property operated with an average occupancy of 87% but was able to operate above break even. Average occupancy through the fourth quarter of 2006 was 81.94%, and as a result the property operated below break even. The property is located in a highly competitive area and in an attempt to maintain occupancy levels the operating general partner lowers rental rates whenever occupancy levels drop below 90%. The investment general partner will continue to work with the operating general partner to monitor operations and occupancy at the property. The operating general partner continues to fund all operating deficits, despite the expiration of their guarantee. Although the property has had low occupancy, there are no deferred maintenance items at this time. The mortgage, trade payables, property taxes, and insurance are current.

Series 27

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 27 reflects net loss from Operating Partnerships of $(875,578) and $(676,869), respectively, which includes depreciation and amortization of $1,394,268 and $1,292,767, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Magnolia Place Apartments Partnership (Magnolia Place Apartments) is a 40 unit development located in Gautier, Mississippi. Due to Hurricane Katrina, the property suffered major flood damage as well as damage to flooring, appliances, decking, sheetrock, roof vents, shingles and siding. Carpets and fixtures that could create an environment for mold were immediately removed and 28 apartments required the removal of both wall and ceiling drywall. Additionally, kitchen cabinets were installed, roofs were replaced and all apartments were treated for mold prevention. Insurance proceeds of $1,236,866 were allocated to roofing, full restoration of the interiors and exteriors, as well as appliances and carpeting. Renovations were completed costing approximately $1,066,238. The investment general partner continues to work with the management company for a breakdown of repairs and costs as any remaining proceeds will be distributed in accordance with the partnership agreement. The partnership suffered a large cash deficit due to the vacancy and the renovation process throughout the year. According to the 2006 un-audited financials, the loss through 2006 is expected to exceed approximately ($85,000). For a period of several months, there were no occupied units; therefore the rental income could not support the necessary operating expenses; however, the mortgage, taxes and insurance are current. Management reports the property to be 100% occupied at year end and expects to continue to see improvement through the first quarter of 2007. The investment general partner will continue to work with the operating general partner to monitor operations and occupancy at the property.

Centrum Fairfax II, LP (Forest Glen at Sully Station Phase II) is a 119 unit senior complex located in Fairfax, VA. As of December 2006, this property was operating with 100% physical occupancy. Many of the residents from the adjacent property moved into this property when the operating general partner started converting one bedroom apartments to two bedroom apartments at the adjacent project (Centrum Fairfax I, Forest Glen at Sully Station Phase I). Through 2006 the operating general partner was relocating the one bedroom residence from adjacent phase I to phase II which improved the overall performance of the project. The property is in excellent physical condition and is expected to stay fully occupied through to 2007. The operating general partner's contractual obligation to fund operating deficits expired in the third quarter of 2003. Despite this expiration, the operating general partner has continued to fund deficits and has indicated a commitment to continue to do so through the compliance period. The mortgage, taxes, insurance and payables are current.

Holly Heights, LP (Holly Heights Apartments) is a 30 unit property located in Storm Lake, Iowa. The property continues to incur operating deficits due to high tenant turnover and low rental rates. This property operated with an average occupancy of 92% in 2005. Occupancy averaged 90% through the fourth quarter of 2006. Despite the recent upswing in occupancy, there are still limited job opportunities in the area and, as a result, residents continue to move to other areas to find work. In response to declining occupancy, the management agent intensified leasing efforts by offering concessions of one month free rent and other incentives, including lower rents, no security deposits and increased resident referral rewards. As a result of low occupancy combined with low rental rents, the property experienced negative cash flow and high payables. In addition, the property suffers from a high interest rate on the permanent mortgage. Debt service at the property adversely affects the property's overall operations. Management has presented the loan to various lenders, but net operating income cannot support a new loan. The investment general partner will continue to closely monitor the property. The operating general partner continues to fund the operating deficits, as needed. The mortgage, taxes, and insurance are all current.

Angelou Court (Angelou Court Apts.) is a 23 unit co-op property located in Harlem, New York. The partnership operated below break even in 2006 due to increasing resident receivables and high operating expenses. Management had some success in the second quarter with aggressive eviction proceedings resulting in a third quarter decrease of $11,068 in tenant accounts receivables. However, accounts receivable has increased over the fourth quarter and collections remain an ongoing problem. The operating general partner and the investment general partner continue to monitor collections closely. Also, the operating general partner and management continue to explore options to reduce utility costs, including educating residents about conservation and seeking grants from utility companies. The investment general partner met with the operating general partner and management in March 2006 and found the property to be in excellent condition. Harlem is undergoing a great deal of urban revitalization. The property pays no property taxes as the result of their non-profit, tax-exempt status. The mortgage and insurance are current and the operating general partner is funding deficits.

Kiehl Partners (Park Crest Apartments) is a 216 unit property located in Sherwood, AR. In 2005, occupancy averaged 85% and the property expended $42,000. Low occupancy and a dramatic rise in administrative, bad debt and maintenance expenses due to mismanagement were responsible for the cash deficit. At year-end, new on-site and regional staffs were hired to focus on strengthening the resident base and improving collections. Despite the replacement of the on-site property manager at year-end 2005 the property's occupancy did not improve. Occupancy averaged 82% through the fourth quarter of 2006. Third party shopping reports, conducted in both April and July, confirmed that the site continued to suffer from poor leasing technique. Consequently, the regional manager replaced the property manager in December 2006 and hired an experienced leasing consultant. With the new staff structure now in place, management anticipates that occupancy will improve in the first quarter of 2007. The investment general partner will continue to conduct monthly conferences calls with management to ensure that the proper controls and procedures are in place. The operating general partner continues to fund operating deficits at the property. Since the property never converted to fixed rate financing, any operating deficits through the compliance period are guaranteed by the operating general partner's construction guaranty.

Series 28

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 28 reflects net loss from Operating Partnerships of $(810,987) and $(1,099,876), respectively, which includes depreciation and amortization of $1,624,430 and $1,712,754, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Bienville III Apartments Partnership (Bienville III Apartments) is a 32 unit development located in Ringgold, Louisiana. Occupancy has averaged 98% during 2006; however the un-audited financials indicate the property is operating at a cash deficit due to stagnant rental rates and high operating expenses. In the first and second quarters of 2006, the property suffered a loss directly attributable to an increase in maintenance and administration costs, as well as a large lump sum payment for interest and real estate taxes. The increase in maintenance spending is correlated to findings from the Rural Housing site visit performed at the onset of 2006. Although no 8823 was issued, the property was required to refurbish the siding and replace porches on the majority of the buildings. The bulk of materials were purchased during the second quarter of 2006 and renovations commenced, as specified in the audit findings. Additional expenditures are expected to be incurred in 2007 for the remainder of the ongoing work to the porch and vinyl siding. The management company is working with the Louisiana Housing Agency in an effort to obtain a rental increase for the project, but has not yet received approval. The mortgage, taxes and insurance are current. The investment general partner will continue to work with the operating general partner to monitor operations and occupancy at the property.

1374 Boston Road, LP (1374 Boston Road) is a 15-unit property located in the Bronx, New York. The operating general partner verbally reported that the occupancy for the fourth quarter of 2006 was 100%. This is a notable achievement, as this property has historically struggled with a high vacancy rate. In 2003, the partnership recorded a $112,000 loan from the operating general partner to pay for a tax lien. Further investigation showed that the tax lien was incurred during the construction period, and should have been funded by the operating general partner, without reimbursement, as part of his obligation to complete construction of the property per the partnership agreement and the development agreement. The investment general partner's repeated requests to restructure the loan went unheeded. In September 2005, legal counsel for the investment general partner sent a letter demanding a removal of the loan from the partnership account and the return of all payments made on this loan. The operating general partner's response did not address the issue satisfactorily. Additionally, in December 2005, a title search on the partnership showed at least $60,000 in liens incurred by the operating general partner that were never reported to the investment general partner. The investment general partner evaluated what the impact of removing the operating general partner would be since these issues remain unresolved. The investment general parnter has decided not to proceed due to the inadequate value of the property (based on size and location), as well as the operating general partner's continued funding, neither of which support an extended legal battle for removal. The investment general partner continues to monitor this property. The mortgage, property taxes and insurance are current.

Sumner House LP (Sumner House Apartments) is a 79 unit property located in Hartford, CT. In 2005 this property had an average occupancy of 74% and high operating expenses, which resulted in negative cash flow. Through the fourth quarter in 2006, average occupancy improved to 94%; however, the property expended $9,861 of cash. The property spent over $17,000 in repairs in first quarter 2006 in order to update units and change carpeting. These repairs were needed in order to increase the overall appeal of the property. Revenues increased 5% in 2006 as compared to 2005 and expenses remained flat. The operating general partner is focused on building a better reputation for the neighborhood surrounding the property and is working with the local police to increase patrols. For the past year, the operating general partner implemented a strict resident selection process and offered concessions to increase occupancy with the strong resident base. All taxes, insurance, and mortgage payments are current for this property.

Series 29

As of December 31, 2006 and 2005 the average Qualified Occupancy for the Series was 100%. The series had a total of 22 properties at December 31, 2006 all of which were 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 29 reflects net loss from Operating Partnerships of $(871,979) and $(1,239,121), respectively, which includes depreciation and amortization of $1,859,896 and $1,977,174, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Lombard Partners, LP (Lombard Heights Apts.) located in Springfield, Missouri, operated below break even in 2005 and 2006 due to low occupancy, which averaged 72% in 2005 and fell to 47% in 2006. Occupancy was at 46% in December 2006. The operating general partner attributed the poor performance to the management company and took over management in the first quarter of 2005. At that time, they evicted a number of non-paying residents and rather than hire a professional management company, the operating general partner directly hired a succession of underperforming site managers and executed a 'hands-off' management style. The site has no central office and the laundry room has been boarded up due to vandalism. The operating general partner has funded all deficits. The property is bordered by three apartment communities and it is the only property that offers three bedroom units. The operating general partner has made contact with the managers of the adjacent communities who have indicated they will refer applicants looking for three bedroom units to Lombard Partners, LP. In the past the operating general partner has had difficulty reporting in a timely manner. The operating general partner has submitted a below break even budget for 2007. A consultant to the operating general partner reports that if the laundry room were converted into a site office and a stronger management presence was fostered, operations could improve. The consultant cites plentiful retail, restaurant and tourist-related jobs in the area as evidence that occupancy can improve if the operating general partner can be persuaded to take a more active role in management. The investment general parnter is unable to confirm the current status of taxes, insurance and mortgage at this time, however, no notification of liens or defaults has been received.

Bryson Apartments, Limited Partnership (Pecan Hill Apartments) is a 16-unit development located in Bryson, TX. The property operated at a deficit of ($5,323) in 2005. The property achieved 100% occupancy as of the end of the third quarter of 2006, which is a significant increase from year end of 2005, which reflected 81% occupancy. Although occupancy reportedly dropped slightly in the fourth quarter, to an average of 96%, overall operations are expected to continue improving. The operating general partner continues to fund all deficits. The mortgage, taxes and insurance are all current.

Forest Hill Apartments, L.P. (The Arbors) is an 85 unit, senior property located in Richmond, VA. In the first quarter of 2004, the property was severely damaged by a fire. There were no reported injuries as a result of the loss and all of the residents were successfully relocated. The fire marshal has been unable to definitively determine the cause of the fire. The operating general partner received an initial insurance payment totaling $500,000 and at that time it was determined that the building should be razed due to the significant fire and water damage. In the third quarter 2004, the lender approved the release of sufficient insurance proceeds of $148,000 to raze the property. After bidding the property repairs, the operating general partner determined that there were additional costs of approximately $1.4 million due to building code changes since its original construction in 1998. The operating general partner's primary underwriter, and their excess property insurance carrier, determined that the policy did not cover code changes of more then $10,000. The operating general partner appealed their initial determination regarding additional coverage and in February 2006 the appeal was denied.

The operating general partner received an additional insurance payment totaling $3 million dollars, representing the insurance company's estimate to rebuild the community minus the code change upgrades in dispute. The insurance proceeds are currently being held by the lender. The operating general partner was able to reduce

the original construction budget by $1,167,306. The main reductions in costs were site work, verticals and contingency. The reduction of the construction budget eliminated the originally anticipated shortfall of $1,257,519. As a result, in early October 2006, the operating general partner received a commitment letter from VHDA indicating approval of the additional debt of $1,600,000. The construction of the project stared in early November 2006 and is expected to be completed within nine months. The investment general partner is closely monitoring the construction progress of the property and reviews construction draws on a monthly basis. As of December 31,2006, this property was 15% completed.

Kiehl Partners (Park Crest Apartments) is a 216 unit property located in Sherwood, AR. In 2005, occupancy averaged 85% and the property expended $42,000. Low occupancy and a dramatic rise in administrative, bad debt and maintenance expenses due to mismanagement were responsible for the cash deficit. At year-end, new on-site and regional staffs were hired to focus on strengthening the resident base and improving collections. Despite the replacement of the on-site property manager at year-end 2005 the property's occupancy did not improve. Occupancy averaged 82% through the fourth quarter of 2006. Third party shopping reports, conducted in both April and July, confirmed that the site continued to suffer from poor leasing technique. Consequently, the regional manager replaced the property manager in December 2006 and hired an experienced leasing consultant. With the new staff structure now in place, management anticipates that occupancy will improve in the first quarter of 2007. The investment general partner will continue to conduct monthly conference calls with management to ensure that the proper controls and procedures are in place. The operating general partner continues to fund operating deficits at the property. Since the property never converted to fixed rate financing, any operating deficits through the compliance period are guaranteed by the operating general partner's construction guaranty.

Ozark Associates, LP (Regency Apartments) is a 16 unit property located in Poplarville, MS. During the third quarter 2006 the property experienced low occupancy from damage to 7 units from Hurricane Katrina. Occupancy has been poor because 7 of the property's 16 units have been uninhabitable due to damage caused by Hurricane Katrina. Management did not list the 7 units as vacant in 2005 because the partnership was still receiving 100% of its rental subsidies for the 7 units through Rural Development. Excluding the 7 down units, occupancy has averaged 100% in 2006. An insurance claim was filed and the partnership received a check in November 2006 in the amount of $69,790 to cover the cost of the repairs. Repair work includes replacement of doors, carpets, countertops and cabinets, drywall repairs, painting of walls and ceilings, and HVAC repairs. Repair work commenced in January 2007 and management expects the work to be completed by the end of the second quarter of 2007. Management received money to cover lost rent through June. The partnership will receive the remainder of the lost rent proceeds once the repair work is complete. The investment general partner will conduct monthly conference calls with management to ensure that repair work is completed on schedule and the partnership receives funds to cover the lost rent in a timely fashion. All taxes, insurance, and mortgage payments are current for this property.

Series 30

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 30 reflects net loss from Operating Partnerships of $(758,095) and $(863,879), respectively, which includes depreciation and amortization of $981,237 and $1,034,489, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Bellwood Four, LP (Whistle Stop Apartments) is a 28 unit family complex in Gentry, AR. Occupancy through fourth quarter 2006 averaged 92% as compared to 91% average occupancy for 2005. Through December of 2006, the property expended $3,191 of cash as compared to expending cash of $32,898 in 2005. In 2006, expenses increased 35% compared to 2005 due to completion of many deferred maintenance items. A new site manager was hired in November 2006 and has been very successful in increasing the appeal of the property, improving the resident selection criteria, and collecting rent from residents. Taxes, mortgage, and insurance are all current for this property.

Mesa Grande, LP (Mesa Grande Apartments) is a 72 unit, family property located in Carlsbad, New Mexico. In April 2003, the mortgage lender issued a default notice and, after the operating general partner took no steps to remedy the situation, accelerated the note. In November 2003, the investment general partner replaced the management company. In 2004, the investment general partner filed a civil action against the operating general partner to force it to honor its obligation to fund operating deficits. In October 2004, the investment general partner removed the operating general partner.

In September 2004, the original lender sold the non-performing loan to a new lender who accelerated the loan. The investment general partner met with the lender to propose a work-out plan that included restructuring the debt to allow for a significant cash infusion for deferred maintenance and back taxes. The lender refused to restructure the debt and began the foreclosure process in December 2004.

Throughout 2005, the investment general partner made several attempts to resolve the debt, all of which were rejected by the lender. On November 16, 2005, the investment general partner received a Notice of Non-Compliance with Section 42 from the New Mexico Mortgage Finance Authority. The management company addressed as many of the cited issues as it could with funds available from the property, but was unable to make some roof and exterior repairs because the lender declined to release insurance proceeds it had received related to these repairs.

The lender suspended active efforts to foreclose its mortgage throughout most of 2005, but renewed its efforts in January 2006, by filing a Motion for Summary Judgment in the foreclosure action. The partnership and New Mexico Mortgage Finance Authority agreed to stipulate to a judgment of foreclosure. The Stipulation was recorded and the property was sold at foreclosure sale in July 2006, with the lender bidding in the property for the amount of its debt claim. The lender has been in possession of the property, collecting rents and directing the operations of the property, since May 1, 2006. Annual losses generated by the Operating Partnership, which were applied against the investment general partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment general partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the investment general partner interest has been recorded. Recapture and interest resulting from this 2006 event are estimated to be $741,543 and $209,111, respectively.

Sunrise Homes, LP (Sunrise Homes and Broadway Place Apartments) consists of two family properties containing a total of 44 units, located in Hobbs, New Mexico. In April 2003, the mortgage lender issued a default notice and, after the operating general partner took no steps to remedy the situation, accelerated the note. In November 2003, the investment general partner replaced the management company. In 2004, the investment general partner filed a civil action against the operating general partner to force it to honor its obligation to fund operating deficits. In October 2004, the investment general partner removed the operating general partner.

In September 2004, the original lender sold the non-performing loan to a new lender who accelerated the loan. The investment general partner met with the lender to propose a work-out plan that included restructuring the debt to allow for a significant cash infusion for deferred maintenance and back taxes. The lender refused to restructure the debt and began the foreclosure process in December 2004.

Throughout 2005, the investment general partner made several attempts to resolve the debt, all of which were rejected by the lender. On November 16 2005, the investment general partner received a Notice of Non-Compliance with Section 42 from the New Mexico Mortgage Finance Authority. The management company addressed as many of the cited issues as it could with funds available from the property, but was unable to make some roof and exterior repairs because the lender declined to release insurance proceeds it had received related to these repairs.

The lender suspended active efforts to foreclose its mortgage throughout most of 2005, but renewed its efforts in January 2006, by filing a Motion for Summary Judgment in the foreclosure action. The partnership and the New Mexico Mortgage Finance Authority agreed to stipulate to a judgment of foreclosure. The Stipulation was recorded and the property was sold at foreclosure sale in July 2006, with the lender bidding in the property for the amount of its debt claim. The lender has been in possession of the property, collecting rents and directing the operations of the property, since May 1, 2006. Annual losses generated by the Operating Partnership, which were applied against the investment general partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment general partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the investment general partner's interest has been recorded. Recapture and interest resulting from this 2006 event are estimated to be $642,208 and $184,459, respectively.

JMC, LLC (Farwell Mills Apts.) is a 27 unit development located in Lisbon, ME. Ineffective management caused ccupancy to average 88% in 2006. Occupancy was high during the first quarter of 2006, but steadily trended downward due to application processing delays at the management company's corporate office. The department in the corporate office that handles application processing has been under-staffed for the majority of the year. Thus, lack of manpower has lead to delays of up to eight weeks in processing applications. Most of the prospective residents that submitted applications have been discouraged by the extensive wait and have chosen to live elsewhere. The project was 77% occupied as of December 31, 2006. The investment general partner conducted a site evaluation of the property in July 2006 and found the property in good physical condition. Given the property's central location and demand in the market, it could sustain high occupancy if applications were processed in a timely manner. The investment general partner addressed this issue with the operating general partner, who is working to improve his affiliated management company's policies and procedures in an effort to improve application processing speed. In the meantime, senior management will consider allowing on-site staff to initiate the application process until the corporate office's occupancy department is adequately staffed. Despite low occupancy, the property broke even in 2006 due to the management company's successful effort to control operating expenses. Bad debt, administrative, and maintenance expenses were reduced significantly as compared to the prior year. The operating general partner's operating deficit guarantee, capped at $400,000, expires in July 2013.

Linden Partners II (Western Trails Apartments II) is a 30 unit property located in Council Bluffs, IA. This property has had inconsistent occupancy since 2003. In 2004 occupancy averaged 89%, in 2005 93%, and through the fourth quarter 2006 occupancy averaged 89%. The operating general partner took over management of the property in 2005. With in-house management, the operating general partner decreased all operating expenses. Through fourth quarter 2006 expenses decreased 30%, mostly in maintenance. This decline in maintenance expense had a negative impact on the property and caused a decline in occupancy in 2006. Through the fourth quarter 2006, un-audited results show the property expended ($5,038) of cash. The investment limited partner will continue to monitor operations with the general partner and has requested they submit a plan to the investment limited partner to address the deferred maintenance issues. Taxes, insurance, and mortgage payments are all current for this property.

Nocona Apartments, LP (Nocona Apartments) is a 36-unit property located in Nocona, Texas. Historically, the property has been plagued with low occupancy due to a slowed local economy and a challenging rural location. 2005 was a year of improvement for the property. The property operated at a surplus of$2,230. The property achieved 81% occupancy as of the end of the third quarter of 2006, with average occupancy for the fourth quarter reported as 84%. The managing agent has expanded their marketing to include networking with local businesses and providing brochures at the local chamber of commerce in order to increase occupancy. The operating general partner has an unlimited guarantee in time and amount and continues to fund any shortfalls. The mortage, taxes, and insurance are all current.

Millwood Park, LP (Millwood Park Apartments) is a 172 unit new construction family property located in Douglasville, Georgia. The property's occupancy has struggled in a highly competitive market. Occupancy was at a low of 65% in August 2005 and the property expended approximately ($300,000) in 2005. The operating general partner responded with move-in specials and heavy advertising with local businesses and rental guides. Although occupancy has improved, averaging 88% for 2006, it has slipped in the fourth quarter to an average of 83% and was at 83% as of December 2006. Revenue increased by 12% in 2006 over 2005. Expenses over the same period have decreased by 7%. The net result is that the NOI has improved, according to unaudited financials provided by the operating general partner, by $250,000. However, the property still lost cash in 2006. The operating general partner continues to honor an operating deficit guarantee that remains in effect until 2011. The mortgage, taxes and insurance are all current.

Series 31

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 31 reflects net loss from Operating Partnerships of $(1,070,139) and $(1,212,973), respectively, which includes depreciation and amortization of $2,286,318 and $2,455,361, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Summerdale Partners LP, II (Summerdale Commons - Phase II) is a 108 unit property located in Atlanta, GA. In 2004, operations at the property declined as a result of decreased occupancy and greater than average operating expenses. In 2005, although operating expenses decreased from the prior year, the property continued to struggle with occupancy, bad debt, and high resident receivables. Physical occupancy through the fourth quarter of 2006 is averaging 80%. Current occupancy levels are not sufficient to allow the property to operate at break even. In May 2006 a new site management team was brought in to improve property operations. The new manager has established strict screening criteria for new residents, as well as enforcing rigid collection policies. Although site staff is trying to improve the resident profile, no improvements have been made in occupancy because a majority of the vacant units are not ready to rent. Many units require appliances, carpeting and various repairs. The operating general partner has not made much progress in bringing these units online due to the lack of operating cash. The operating general partner has maintained that the Public Housing units bring a stigma to the property, making it difficult to rent units. The operating general partner has been in negotiations with the Housing Authority to opt out of the Public Housing Program. As part of the proposed agreement with the Housing Authority, the operating general partner has requested the release of an operating reserve account currently held by the Housing Authority. The funds would be utilized to pay down existing payables, and to make necessary physical improvements to the property, including making vacant units rent ready. Formal approval of the opt-out process has been delayed several times at both the state and national level. The investment general partner continues to monitor the progress of the negotiations, as no reserve funds will be released to the partnership until formal approval is granted. All mortgages, taxes, and insurance are current. Operating deficits are currently being funded by accruing payables. The partnership has an operating guaranty in place by the operating general partner. The investment general partner has been working with the operating general partner in order to ensure steps are taken to increase occupancy, as well as improve rental collections. A consultant has been contracted to work with the operating general partner in improving operations at the property. The investment general partner has begun to engage the operating general partner in discussions regarding the potential replacement of both the management company and the general partner interest in the partnership in order to bring in someone qualifed to improve and stabilize property operations. The investment general partner will continue to closely monitor the efforts of the operating general partner until operations have stabilized.

Canton Housing One, LP (Madison Heights Apartments) is an 80 unit property located in Canton, Mississippi. Occupancy averaged 87% in 2005. The property was unable to break even in 2005 due to low occupancy and ineffective site management. In addition, management continues to struggle with the weak resident profile that required a strong campaign of evicting residents who do not pay their rent. Management has taken several measures in its effort to increase occupancy including advertisements in local newspapers, rental concessions, and the hiring of a fulltime, onsite manager in March of 2006. As a direct result, the occupancy increased to 91% in December 2006. Based on unaudited financial reports, the property was able to operate above break even in 2006. The mortgage, property taxes and insurance are current.

Canton Housing Four, LP (Canton Manor Apartments) is a 32 unit property located in Canton, Mississippi. In 2005 the property was unable to break even due to low occupancy and ineffective site management. Occupancy averaged 85% in 2005. As a direct result of management's efforts to advertise the property in local newspapers, offer attractive rental concessions and employ a full-time onsite manager, occupancy increased to an average of 90% in December 2006. Based on unaudited financial reports, the property was able to operate above break even in 2006. The mortgage, property taxes and insurance are current.

Riverbend Housing Associates (Riverbend Estates) is a 28 unit property located in Biddeford, ME. Vacancy loss and high operating expenses were responsible for this property's cash deficit in 2005. Historically, management has had difficulty finding residents who qualify for the property's 60% income level units. In addition to the difficulty in attracting renters that qualify at the 60% income level, the investment general partner believes corporate management's approach to leasing and application processing has hindered the property's ability to achieve higher occupancy. The investment general partner addressed this issue and is currently working with the operating general partner to improve his management company's policies and procedures. Improvements have been realized to date. Occupancy, which averaged 89% through the third quarter, climbed to 93% in December 2006. Management was able to decrease the 2006 cash deficit as compared to the prior year total by controlling operating expenses. Bad debt, administrative, and maintenance expenses were reduced significantly compared to the prior year averages. All tax, mortgage, and insurance payments are current. The operating general partner will continue to defer fees due to an affiliated management company and maintenance company, to fund the deficit. The operating deficit guarantee is capped at $300,000 and expires on December 31, 2012.

Pilot Point Apartments, LP (Pilot Point Apartments) is a 40-unit property located in Pilot Point, TX. During 2005 the property operated below break even due to high operating expenses and an average occupancy of 88%. Average occupancy in 2006 was 84%. The property continues to operate below break even due to continued high expenses and occupancy that remains below 90%. The local town where the property is located has a very poor economy. There are two other apartment complexes in the town that both experienced a drop in occupancy in 2006. The closest large employers are 30 to 40 miles away. In an effort to attract and retain residents, management offers a $50 cash award for all friends referred to the complex that rent an apartment. Advertising is in local newspapers and with the local housing authority. The investment general partner will continue to monitor the property to ensure that occupancy improves and stabilizes. All taxes, insurance and mortgage payments are current.

San Angelo Bent Tree, LP (Bent Tree Apartments) is a 112-unit family complex located in San Angelo, Texas. During 2005 the property operated below break even due to high operating expenses and an average occupancy of 91%. Occupancy declined in the third and fourth quarters of 2005, averaging 87%, as a result of the housing authority cutting back on funds and having removed several residents from the program. In addition, the threat of the nearby air base closing sent many of the military wives home to live with family outside of San Angelo. The unit turnover caused operating expenses, specifically maintenance expenses, to be higher in 2005 then they had been in 2004. In the second quarter of 2006, San Angelo Air Base was taken off the closure list and housing received additional funds. The management agent continues to market the available units by working closely with the housing authority and by various marketing efforts, such as advertising in local and rental publications, to attract qualified residents. Because of the management's marketing efforts, occupancy has rebounded to an average of 98% in the fourth quarter 2006. The investment general partner will continue to monitor the property to ensure the stabilization of occupancy levels and operating expenses. The property's mortgage, real estate taxes, and insurance are current.

Series 32

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at December 31, 2006, all of which were at 100% Qualified Occupancy

For the period ended December 31, 2006 and 2005, Series 32 reflects net loss from Operating Partnerships of $(1,236,675) and $(1,210,943), respectively, which includes depreciation and amortization of $1,797,359 and $1,705,193, respectively. This is an interim period estimate; it is not indicative of the final year end results.

FFLM Associates is an Operating Partnership that owns 3 limited partner interests, one of which is Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) is an 18 unit, two building property in Old Bridge, New Jersey. Historically this property suffered from negative cash flow, high accounts payable, and under-funded replacement reserves. Average occupancy through the fourth quarter of 2006 was 98%. The operating general partner was successful in 2004 in getting the lender to reduce the interest rate on the loan by 2%; however, debt service is still 49% of the property's total income. The operating general partner will continue to attempt to reduce the debt service. The property increased revenues by 12% in 2006 and was able to generate cash through the fourth quarter. The mortgage, taxes, insurance and payables are current.

Indiana Development, LP (Clear Creek Apartments) is a 64-unit development, located in North Manchester, Indiana. The property has historically operated below break even as a result of low occupancy which averaged 75% in the fourth quarter of 2006. The property suffered cash losses of ($113,684) and ($53,329) for the years 2004 and 2005, respectively. The property's physical appearance and condition is good. Management, however, has been ineffective. The operating general partner does not have an affiliated management company and has sought to manage the property using third party management companies. The operating general partner has engaged four management companies in four years. The most recent management company assumed management in April 2006 and is still sorting out issues created by the previous management companies. To date, the operating general partner has funded all operating deficits. Although an unlimited operating deficit guarantee is still in effect, the operating general partner's ability to fund continued operating deficits is in question.

Jackson Bond, LP (Park Ridge Apartments) is a 136 unit property located in Jackson, TN. This property operated below break even in 2006 due to low occupancy caused by ineffective management. The investment general partner visited the property in January 2006, and gave management recommendations to improve the performance of the property. These recommendations included building a stronger rapport with the residents, offering social programs on-site, and employing closing techniques to encourage potential residents to initiate the application process. Management implemented these suggestions and occupancy trended upward throughout 2006. In December 2006 the community was 96% occupied. Management anticipates occupancy will remain strong through the first quarter of 2007. The investment general partner performed a rental analysis to determine if the property could support a rent increase. After analyzing the property's rental rates in relation to the market, the investment general partner suggested that management implement a rent increase. The property's current rental rates are priced approximately 12% lower than the maximum allowable rental rates. Management stated that the property's rents had not been adjusted in over two years, and concurred that a rent increase is necessary. Effective January 1, 2007, management will implement a rent increase that should generate approximately $16,000 in additional rental revenue. The rent increase, combined with improved occupancy, should allow the property to operate above break even in 2007. The operating general partner continues to fund operating deficits at the property. Since the property never converted to fixed rate financing, any operating deficits through the compliance period are guaranteed by the operating general partner's construction guaranty.

Martinsville I Limited (Martinsville Apartments) is a 13-apartment project located in

Shelbyville, KY. The property operated at a deficit of ($20,000) in 2005 and has expended ($9,598) through the fourth quarter 2006. The average occupancy declined to 80% through fourth quarter of 2006 from an average occupancy of 94% in 2005. As of December 2006, there were only 2 vacant units. The decline in average occupancy is due to 6 move outs in the month of August 2006. Operating expenses through the fourth quarter of 2006 are lower then 2005 levels on an annualized basis. Operating expenses for 2006 were $3,558/unit, which is $863 lower than 2005 operating expenses. However, per unit operating expenses are still much higher than the state average which was $2,455. The property performed better in 2006, but still did not operate above break even. The mortgage is currently up to date, but the property taxes are delinquent. The 2006 real estate taxes in the amount of $5,796.86 are past due. They were unable to make their property tax payments for 2006 due to insufficient cash flow. The current management company, will cease managing the property effective January 31, 2007, and the operating general partner will take over property management.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, New York. The property operated below break even in 2005 and in the first two quarters of 2006 due to low rental income, collections loss, and high expenses. With reduced administrative, maintenance and utility costs in the third and fourth quarters of 2006, the property operated above break even and payables were reduced. In the fourth quarter 2005, the operating general partner discovered that $24,000 was owed to the partnership for overpayment of taxes on a tax exempt property. Management requested a refund and it was received in the fourth quarter of 2006 and used to reduce outstanding utility payables. The partnership received approval of a 10% rent increase effective January 2006 which added approximately $20,000 to the annual rent revenue in 2006 and the operating general partner stated that they were going to request another increase effective January 1, 2007. The investment general partner visited the property in March 2006 to discuss issues with the operating general partner and management and found that the property is maintained in excellent condition. Management is working to reduce tenant delinquencies by aggressively filing late notices and pursuing evictions through the housing court. However, collections remain an ongoing issue and tenant receivables continued to increase in the fourth quarter. In line with the cooperative documents, management is assessing unit maintenance charges to the residents. Other methods of improving collections, including posting payments received in common areas, improving relations with residents, and a proposal to assess property debt and collection charges to residents are also being reviewed and considered. Management continues to explore options to reduce utility costs, including tenant education on conservation and applications were filed in the first quarter to a non-profit agency for assistance and grants to cover increased utility expenses. The investment general partner continues to work with the operating general partner to improve operations. All mortgages and insurance payments are current. The property pays no property taxes as the result of a tax-exempt status.

Courtside Housing Associates, Limited Partnership (Courtside Apartments) is a 44-unit property located in Cottonwood, Arizona. The property operated below break even in the third quarter of 2006 due to higher than normal maintenance expenses. The operating general partner has been proactive and is working closely with the third-party management company to reduce operating expenses and replenish the property's diminishing replacement reserve account. The fourth quarter showed a marked improvement with a large decrease in operating expenses and an average occupancy of 98%. Replacement reserves are being funded monthly and the property operated above break even in the fourth quarter. The operating general partner expects this trend to continue in 2007. Although the operating general partner's operating deficit guarantee expired in 2004, they have indicated that they will fund deficits this year. The mortgage, real estate taxes and insurance payments are all current.

Chardonnay Limited Partnership (Chardonnay Apartments) is a 14-unit property located in Oklahoma City, OK. The operating general partner has requested the approval of the investment general partner to refinance the mortgage loan. The proceeds from the refinancing will be used to pay the deferred development fee of $95,000. Chardonnay has not been able to generate sufficient cash to pay down the fee, and due to construction cost overruns, the development fee was deferred. According to Section 6.11 of the partnership agreement, the first source of funds for construction cost overruns should be a non-interest bearing developer loan in an amount up to $150,000. As stated in Section 6.12, the second source of funds should be the deferment of the developer's fee, which will bear an interest of 7% per annum. The partnership's 2005 balance sheets do not reflect a developer loan outstanding. Thus, the deferred development fee will be treated as a non-interest bearing developer loan. Occupancy for the fourth quarter of 2006 was 100%. The refinance is under review by the investment general partner. The mortgage, taxes and insurance are all current.

Series 33

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 33 reflects net loss from Operating Partnerships of $(690,719) and $(480,119), respectively, which includes

depreciation and amortization of $917,883 and $709,910, respectively. This is an interim period estimate; it is not indicative of the final year end results.

FFLM Associates is an Operating Partnership that owns 3 limited partner interests, one of which is Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) is an 18 unit, two building property in Old Bridge, New Jersey. Historically this property suffered from negative cash flow, high accounts payable, and under-funded replacement reserves. Average occupancy through the fourth quarter of 2006 averaged 98%. The operating general partner was successful in 2004 in getting the lender to reduce the interest rate on the loan by 2%; however, debt service is still 49% of the property's total income. The operating general partner will continue to attempt to reduce the debt service. The property increased revenues by 12% in 2006 and was able to generate cash through the fourth quarter. The mortgage, taxes, insurance and payables are current.

Forest Park Apartments (Stonewall Retirement Village) is a 40 unit development located in Stonewall, Louisiana. Despite an average occupancy rate of 98% in 2005, the property operated at a deficit as a result of insufficient rental rates. Occupancy has remained strong through 2006 averaging 99% and the property received a much needed $40 per unit rent increase, effective September 1, 2006. The rental increase and managements attention to expenses has allowed the property to produce positive cash flow as the un-audited financials indicate the property is generating cash.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing), is a 20-unit property in Millinocket, ME providing congregate housing to seniors. In 2005, occupancy averaged 96%, but the property operated with a deficit of approximately $14,000 due to high maintenance and utility expenses. The site was originally a high school, and the high ceilings and wide hallways make the site expensive to heat in the winter months. Oil costs rose from $1.669 per gallon in 2005 to $2.419/gallon in 2006; consequently, the partnership continues to operate with a cash deficit. Occupancy declined in the fourth quarter, however, averaging 84%, due to several deaths of seniors living in the community. Management will market heavily through the media and direct outreach and offer small incentives to fill the vacant units. High occupancy is necessary to offset the high utility costs at the property. In an effort to reduce operating expenses, management allowed Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency at the property. The recommendations were broken down two categories: low cost do-it-yourself operations and maintenance procedures, and capital improvement projects. Per the audit, the main problem is that too much of the building is heated but not occupied due to inefficient use of space. The commission recommended that the heating system be rezoned and an energy management system that sets back the temperature in areas when they become unoccupied should be in place. Per the audit, improving the controls on the heating distribution system and adding zoning valves, in addition to insulating the walls and pipes, will significantly reduce energy usage. Management has hired an energy efficiency engineer to perform a pay-back analysis of the capital improvement recommendations noted in the audit. Based on the analysis, the operating general partner may implement some or all of these recommendations. In the meantime, management will also implement the low cost operations and maintenance procedures recommendations such as weather-stripping and adding caulking around doors and windows, and shutting down the ventilation system during unoccupied times. The investment general partner will conduct monthly conference calls with the operating general partner and his affiliated management company to monitor their progress in implementing energy-efficient improvements and procedures. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary.

Bradford Group Partners of Jefferson County, LP (Bradford Park Apartments) is a 50 unit senior complex located in Jefferson City, TN. Occupancy at this property averaged 88% in 2005 and is up to 93% through December 2006. The site manager has been successful in retaining current residents by offering different types of incentives, such as one month free rent and a $50 referral fee. The property is also being advertised in the local newspapers. The property expended $2,074 through three quarters in 2006 and fourth quarter financials have been requested. The taxes and insurance are being properly escrowed and the mortgage is current.

Merchants Court, LP (Merchants Court Apartment) is a 192-unit property located in Dallas, GA. The property struggled with occupancy problems due to competitive homeownership programs. In early 2006, a new Wal-Mart Superstore opened nearby, increasing the applicant pool. As a result, third quarter 2006 occupancy increased to 99% from the first quarter 2006 average of 94%, and the leasing agent maintains a wait list. Although fourth quarter occupancy dropped slightly to an average of 92%, this is due to staff maternity leave and applicants reluctant to move over the holidays. Occupancy is expected to rise to the high 90% range by the first quarter of 2007. Management is now focusing on increasing economic occupancy. Concessions are no longer being offered to new move-ins and the site staff is increasing their rent collection efforts to reduce delinquencies. The average delinquency in 2006 was reduced to 6% of the monthly income from an average of 12% in 2005. Tenant retention is also a priority, and the site manager implemented a kids' club (a social club for the residents' children) and a one-day maintenance turnaround guarantee, and is planning various social events for the families. To encourage lease renewals, they are giving renewing residents coupons for free maintenance services to be performed by the on-site maintenance staff, such as carpet cleaning and window cleaning. Third-party accounts payable are slowly being paid down with operating cash. Mortgage and insurance payments are all current. In the first quarter of 2006, the operating general partner confirmed that taxes would be paid by an affiliate as an advance, but due to funding difficulties, the tax payment remained outstanding. In September 2006, the permanent lender issued a default letter for non-payment of taxes and underfunding the operating reserve account. The operating general partner has paid the outstanding taxes and continues to work with the lender toward a waiver of the operating reserve requirement. As of October 2006, no tax lien has been filed on the property. The property is now generating sufficient cash that the tax and insurance escrow is being funded on a monthly basis. The investment general partner continues to monitor the status of the tax payments and the improving performance of this property on a weekly basis.

Series 34

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 34 reflects net loss from Operating Partnerships of $(763,499) and $(1,255,388), respectively, which includes depreciation and amortization of $1,553,799 and $1,661,242, respectively. This is an interim period estimate; it is not indicative of the final year end results.

RHP 96-I, LP (Hillside Club I Apartments), is a 56-unit property located in Petosky, Michigan, which has operated below break even as a result of low occupancy, which averaged 79% through the fourth quarter of 2006. The property suffered cash losses of ($80,898) and ($50,619) for the years 2004 and 2005, respectively. The property's physical appearance and condition is good. Management, however, has been ineffective. The operating general partner does not have an affiliated management company and has sought to manage the property using third-party management companies. The operating general partner has engaged four management companies in four years. The most recent management company assumed management in April 2006, and is still sorting out issues created by the previous management companies. To date, the operating general partner has funded all operating deficits. Although an unlimited operating deficit guarantee is still in effect, the operating general partner's ability to fund continued operating deficits is in question. In the fourth quarter of 2006, the partnership fell three months behind on its payment to the first mortgage lender. To date, the lender has not declared a default. The investment general partner is actively exploring alternatives, which include a workout plan with the existing operating general partner or the replacement of that operating general partner.

Merchants Court, LP (Merchants Court Apartment) is a 192-unit property located in Dallas, GA. The property struggled with occupancy problems due to competitive homeownership programs. In early 2006, a new Wal-Mart Superstore opened nearby, increasing the applicant pool. As a result, third quarter 2006 occupancy increased to 99% from the first quarter 2006 average of 94%, and the leasing agent maintains a wait list. Although fourth quarter occupancy dropped slightly to an average of 92%, this is due to staff maternity leave and applicants reluctant to move over the holidays. Occupancy is expected to rise to the high 90% range by the first quarter of 2007. Management is now focusing on increasing economic occupancy. Concessions are no longer being offered to new move-ins and the site staff is increasing their rent collection efforts to reduce delinquencies. The average delinquency in 2006 was reduced to 6% of the monthly income from an average of 12% in 2005. Tenant retention

is also a priority, and the site manager implemented a kids' club (a social club for the residents' children) and a one-day maintenance turnaround guarantee, and is planning various social events for the families. To encourage lease renewals, they are giving renewing residents coupons for free maintenance services to be performed by the on-site maintenance staff, such as carpet cleaning and window cleaning. Third-party accounts payable are slowly being paid down with operating cash. Mortgage and insurance payments are all current. In the first quarter of 2006, the operating general partner confirmed that taxes would be paid by an affiliate as an advance, but due to funding difficulties, the tax payment remained outstanding. In September 2006, the permanent lender issued a default letter for non-payment of taxes and underfunding the operating reserve account. The operating general partner has paid the outstanding taxes and continues to work with the lender toward a waiver of the operating reserve requirement. As of October 2006, no tax lien has been filed on the property. The property is now generating sufficient cash that the tax and insurance escrow is being funded on a monthly basis. The investment general partner continues to monitor the status of the tax payments and the improving performance of this property on a weekly basis.

Millwood Park, LP (Millwood Park Apartments) is a 172 unit new construction family property located in Douglasville, Georgia. The property's occupancy has struggled in a highly competitive market. Occupancy was at a low of 65% in August 2005 and the property expended approximately ($300,000) in 2005. The operating general partner responded with move-in specials and heavy advertising with local businesses and rental guides. Although occupancy has improved, averaging 88% for 2006, it has slipped in the fourth quarter to an average of 83% and was at 83% as of December 2006. Revenue increased by 12% in 2006 over 2005. Expenses over the same period have decreased by 7%. The net result is that the NOI has improved, according to unaudited financials provided by the operating general partner, by $250,000. However, the property still lost cash in 2006. The operating general partner continues to honor an operating deficit guarantee that remains in effect until 2011. The mortgage, taxes and insurance are all current.

Series 35

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 35 reflects net loss from Operating Partnerships of $(704,056) and $(683,880), respectively, which includes depreciation and amortization of $1,102,613 and $1,160,671, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Tennessee Partners XII, LP (Autumn Park) is a 104 unit property located in Dickson, Tennessee. In the first and second quarters of 2006, the investment general partner worked with the management company to enhance overall management by improving resident selection and collections. This approach cut the 2006 bad debt expense by half as compared to the prior year; however, occupancy declined as many non-paying residents were evicted. Despite the decline in occupancy in the first and second quarters, occupancy recovered quickly and remained high in the third and fourth quarters averaging 92% for the year. The investment general partner will continue to conduct monthly conference calls with management to ensure that the proper controls and procedures are enforced. The operating general partner continues to fund cash shortfalls at the property. Any operating deficits through the compliance period are guaranteed by the operating general partner's construction guaranty unless the partnership converts to fixed rate permanent financing. The operating general partner is very active in the tax credit business, and has ample incentive and resources to continue supporting deficits.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120 unit property located in Newnan, GA. Through the fourth quarter of 2006, the partnership expended annualized cash of $800 per unit as a result of high operating expenses, concessions and bad debt. This expenditure represents a reduction of 44% from 2005 levels. Operating expenses have risen from 2005 levels and exceed the state average by 13% through the fourth quarter of 2006. This rise in operating expenses has been off-set by a 17% rise in income per unit, which is the result of a significant increase in average occupancy levels. Historically, occupancy has been a concern at this property due to competition from low priced homes nearby and an immature Newnan, GA, affordable housing market. Occupancy averaged 86% in 2005, but has averaged 92% through the fourth quarter of 2006 as new jobs have brought additional qualified residents to the market. Despite increases in occupancy levels, management continues to offer rental concessions to attract and retain residents. Management continues to aggressively market the property through local media and to promote community building activities, including summer breakfast and lunch programs for children and holiday parties. Additional focus placed on improving collections has helped management to maximize rental income. All real estate taxes, insurance and mortgage payments are current. The operating general partner's obligation to fund operating deficits is unlimited in amount until the time of rental achievement, which has not yet occurred.

Series 36

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 36 reflects net loss from Operating Partnerships of $(311,056) and $(407,056), respectively, which includes depreciation and amortization of $764,963 and $796,193, respectively. This is an interim period estimate; it is not indicative of the final year end results.

New Caney Housing II, LP (Garden Gates Apartments) is a 32 unit family property located in New Caney, TX. In 2005 the property operated at 71% occupancy and was unable to break even due to low occupancy caused by soft market conditions coupled with ineffective site management. The property is in a very competitive market with the competition offering significant specials to retain and increase occupancy rates. There were 250 new affordable units built in the radius of 2 miles from New Caney Housing II within the last two years. In addition, the property suffered from inexperienced site management. The property has had five different managers within the past two years, including some periods without management presence at the site. In September 2005, the site manager and a regional manager were replaced. The new staff focused on improving marketing efforts and occupancy remained in the mid-80% range, which was comparable to the competition. However, the property experienced a negative trend in occupancy in the fourth quarter of 2006 ending it with 78% occupancy in December. As result of this a new site manager was hired in November of 2006. In addition to poor site management there were other factors which contributed to the decline in occupancy. The property lost some households who moved in after Hurricane Katrina and then had to move out after being declared ineligible for continued hurricane assistance. In addition, in order to lease units, significant rental concessions were offered such as "the second month rent free", which were having negative results in the third tenancy month with skips. The regional manager has advised that the market area offers a limited number of eligible prospects because the maximum income limits used to qualify residents are too low. The new manager is focusing on strengthening the resident base, retention and improving collections. Management is also working with a local housing authority in an effort to increase referral of prospective residents. Operating expenses were in line with the investment general partner's prior year state average expense per unit. The mortgage, taxes and insurance are all current. The management company is deferring all fees until operations improve.

Series 37

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 37 reflects net loss from Operating Partnerships of $(613,546) and $(409,473), respectively, which includes depreciation and amortization of $1,332,499 and $1,012,381, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120 unit property located in Newnan, GA. Through the fourth quarter of 2006, the partnership expended annualized cash of $800 per unit as a result of high operating expenses, concessions and bad debt. This expenditure represents a reduction of 44% from 2005 levels. Operating expenses have risen from 2005 levels and exceed the state average by 13% through the fourth quarter of 2006. This rise in operating expenses has been off-set by a 17% rise in income per unit, which is the result of a significant increase in average occupancy levels. Historically, occupancy has been a concern at this property due to competition from low priced homes nearby and an immature Newnan, GA, affordable housing market. Occupancy averaged 86% in 2005, but has averaged 92% through the fourth quarter of 2006 as new jobs have brought additional qualified residents to the market. Despite increases in occupancy levels, management continues to offer rental concessions to attract and retain residents. Management continues to aggressively market the property through local media and to promote community building activities, including summer breakfast and lunch programs for children and holiday parties. Additional focus placed on improving collections has helped management to maximize rental income. All real estate taxes, insurance and mortgage payments are current. The operating general partner's obligation to fund operating deficits is unlimited in amount until the time of rental achievement, which has not yet occurred.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing), is a 20-unit property in Millinocket, ME providing congregate housing to seniors. In 2005, occupancy averaged 96%, but the property operated with a deficit of approximately $14,000 due to high maintenance and utility expenses. The site was originally a high school, and the high ceilings and wide hallways make the site expensive to heat in the winter months. Oil costs rose from $1.669 per gallon in 2005 to $2.419/gallon in 2006; consequently, the partnership continues to operate with a cash deficit. Occupancy declined in the fourth quarter, however, averaging 84%, due to several deaths of seniors living in the community. Management will market heavily through the media and direct outreach and offer small incentives to fill the vacant units. High occupancy is necessary to offset the high utility costs at the property. In an effort to reduce operating expenses, management allowed Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency at the property. The recommendations were broken down two categories: low cost do-it-yourself operations and maintenance procedures, and capital improvement projects. Per the audit, the main problem is that too much of the building is heated but not occupied due to inefficient use of space. The commission recommended that the heating system be rezoned and an energy management system that sets back the temperature in areas when they become unoccupied should be in place. Per the audit, improving the controls on the heating distribution system and adding zoning valves, in addition to insulating the walls and pipes, will significantly reduce energy usage. Management has hired an energy efficiency engineer to perform a pay-back analysis of the capital improvement recommendations noted in the audit. Based on the analysis, the operating general partner may implement some or all of these recommendations. In the meantime, management will also implement the low cost operations and maintenance procedures recommendations such as weather-stripping and adding caulking around doors and windows, and shutting down the ventilation system during unoccupied times. The investment general partner will conduct monthly conference calls with the operating general partner and his affiliated management company to monitor their progress in implementing energy-efficient improvements and procedures. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary.

Series 38

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2006, all of which were at 100% qualified occupancy.

For the period ended December 31, 2006 and 2005, Series 38 reflects net loss from Operating Partnerships of $(295,466) and $(343,662), respectively, which includes depreciation and amortization of $874,292 and $734,297, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 39

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 39 reflects net loss from Operating Partnerships of $(505,994) and $(534,221), respectively, which includes depreciation and amortization of $810,281 and $624,827, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Arbors at Ironwood, LP (Arbors at Ironwood), is an 88-unit family property located in Mishawaka, IN. In December, 2005 occupancy declined slightly to 91% and remained at that level through the first quarter of 2006. However, operations improved in the second and third quarters of 2006, with average occupancy of 92%. The fourth quarter occupancy averaged 93% and the property operated above break even. The site manager continues to implement resident appreciation activities and marketing traffic is good due in part to positive word-of-mouth. The taxes, insurance, and mortgage payments are all current. Although property occupancy, operations and overall curb appeal have greatly improved, the investment general partner continues to work closely with the operating general partner and management company. Occupancy reports are received each week and monthly conference calls are held with management staff to review progress.

Series 40

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2006, all of which at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 40 reflects net loss from Operating Partnerships of $(521,114) and $(546,328), respectively, which includes depreciation and amortization of $1,055,959 and $1,091,454, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Arbors at Ironwood, LP (Arbors at Ironwood), is an 88-unit family property located in Mishawaka, IN. In December, 2005 occupancy declined slightly to 91% and remained at that level through the first quarter of 2006. However, operations improved in the second and third quarters of 2006, with average occupancy of 92%. The fourth quarter occupancy averaged 93% and the property operated above break even. The site manager continues to implement resident appreciation activities and marketing traffic is good due in part to positive word-of-mouth. The taxes, insurance, and mortgage payments are all current. Although property occupancy, operations and overall curb appeal have greatly improved, the investment general partner continues to work closely with the operating general partner and management company. Occupancy reports are received each week and monthly conference calls are held with management staff to review progress

Series 41

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at December 31, 2006 all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 41 reflects net loss from Operating Partnerships of $(1,122,420) and $(983,370), respectively, which includes depreciation and amortization of $1,464,293 and $1,489,200, respectively. This is an interim period estimate; it is not indicative of the final year end results.

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former operating general partner and its affiliates for breaches of various agreements. In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest at an annual rate of 10%. In addition, attorney's fees for the plaintiffs were awarded in the amount of $1,125,000 plus $123,697 in costs. A State appeals court upheld the judgment in the fourth quarter of 2006. The investment general partner is currently pursuing payment of the aforementioned judgments through a mediation process.

In the first quarter of 2005, six families were temporarily relocated for two weeks from one building as a precaution while repairs were undertaken to stabilize hillside soils due to the movement of a retaining wall. An affiliate of the investment general partner funded these emergency repairs and continues to do so on an as needed basis. The partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. Property operations are strong, with average occupancy consistently above 95%. The mortgage, taxes, and insurance are current.

The operating general partner of Breeze Cove Limited Partnership entered into an agreement to sell the property and the transaction closed in March 2006. As part of the purchase agreement, the buyer is required to maintain the property as affordable housing through the end of the tax credit compliance period, and to provide a recapture bond to avoid the recapture of the tax credits that have been taken. After payment of the outstanding mortgage balance of approximately $1,828,883, the proceeds to the investment general partner were $535,278, all of which were allocated to Series 20. Annual losses generated by the Operating Partnership, which were applied against the investment general partner's investment in the operating partnership in accordance with the equity method of accounting, had previously reduced the investment limited partner's investment in the operating partnership to zero.

Accordingly, no gain or loss on the sale of the investment general partner interest has been recorded.

Brookstone Place II LDHA, LP (Brookstone Place II Apartments), is a 72 unit family property located in Port Huron, MI. The property has operated below expectations for several years due to regional economic weakness, the market's saturation with moderate income properties and the operating general partner's inability to identify and maintain consistent management at the site and regional levels. The site management and maintenance positions experienced significant turnover in 2005. Occupancy averaged 88% in 2005 and stood at 81% in December 2005. During the fourth quarter of 2005, the operating general partner informed the investment general partner that it was unwilling to continue funding operating deficits. Starting in October 2005, the partnership defaulted on its mortgage payments resulting in default and acceleration notices from the lender.

In April 2006, the lender to the first phase of the project (Brookstone I) initiated foreclosure on that phase, creating a high level of uncertainty among the tenants of both phases. As a result, Brookstone II's occupancy has dropped to approximately 65% as of the third quarter of 2006.

In May 2006, the lender to Brookstone II indicated that it too intended to proceed with foreclosure and advertised a foreclosure sale for June 2006. The investment general partner's analysis indicated that the costs of maintaining the property outweighed the benefits of receiving the remaining tax credits and determined that it was in the best interest of the investment general partner to forfeit the property if the lender refused to restructure the debt. The foreclosure sale took place on August 17, 2006, with the lender bidding in the property for the amount of the debt. There is a 6 month redemption period during which the partnership may redeem the property from foreclosure.

After the foreclosure sale, the new operating general partner of Brookstone I (Premier Management) expressed interest in taking control of Brookstone II as well. Premier reached agreement with the lender to redeem the property from the bank during the redemption period. Premier offered to purchase the general and limited partnership interests for consideration of providing a bond that would allow the limited partners to avoid recapture. The investment general partner agreed to this transaction because it represented a significant improvement over a straight forfeiture of the property. The sale of interests and redemption of the property by the reconstituted partnership closed on January 26, 2007.

Rural Housing Partners of Mendota, LP (Northline Terrace), is a 24 unit family property located in Mendota, IL. In 2005, the property had an average occupancy of 82%. Through the fourth quarter 2006 occupancy averaged 86% and the property is operating below break even. Occupancy issues at the property stem from a lack of qualified applicants in the area. Management has increased advertising in the hope of reaching a new audience that was unaware of the complex. Also, management contacts the local county and community agencies bi-weekly in an effort to obtain new tenants. Occupancy has improved as a result of these efforts and the property finished the year at 92% occupancy. However, even with the improvements in the last quarter the property operated below break even year to date. The investment general partner will continue to work with the operating general partner to ensure occupancy remains stable and operations continue to improve. The mortgage, property taxes, and insurance are current.

Series 42

As of December 31, 2006 and 2005, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at December 31, 2006. Out of the total 22 were at 100% Qualified Occupancy. The series also had 1 property under construction at December 31, 2006.

For the period ended December 31, 2006 and 2005, Series 42 reflects net loss from Operating Partnerships of $(723,986) and $(550,135), respectively, which includes depreciation and amortization of $1,328,035 and $1,406,247, respectively. This is an interim period estimate; it is not indicative of the final year end results.

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former operating general partner and its affiliates for breaches of various agreements. In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest at an annual rate of 10%. In addition, attorney's fees for the plaintiffs were awarded in the amount of $1,125,000 plus $123,697 in costs. A State appeals court upheld the judgment in the fourth quarter of 2006. The investment general partner is currently pursuing payment of the aforementioned judgments through a mediation process.

In the first quarter of 2005, six families were temporarily relocated for two weeks from one building as a precaution while repairs were undertaken to stabilize hillside soils due to the movement of a retaining wall. An affiliate of the investment general partner funded these emergency repairs and continues to do so on an as needed basis. The partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. Property operations are strong, with average occupancy consistently above 95%. The mortgage, taxes, and insurance are current.

Dorchester Court Limited Dividend Housing Association, LP (Dorchester Court Apartments) is a 131 unit apartment complex located in Port Huron, MI. Seventy-five percent of the units are devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow. One of the members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, the defaulting member of the operating general partner entity was replaced with a new member. The new member has significant resources and experience in real estate and has contributed approximately $190,000 in funds to the Operating Partnership to bring the mortgage and accounts payable current. Occupancy for the fourth quarter of 2006 was 98% and average 2006 year to date occupancy is 96%. In order to attract new residents, management has continued to market the property aggressively in local newspapers and reduced the required security deposit to $99 for new residents with good credit. Due to low rental rates, which are the product of a depressed local economy, the property is operating at a deficit. A reduction in the monthly insurance premium took effect in April 2006. With this reduction, the property generated cash for the months of April and May. The property expended cash in the third quarter of 2006; however, this is largely due to management performing significant capital improvements to continue to attract new residents and payment of a debt refinancing deposit. The property generated cash for all three months of the fourth quarter of 2006.

The operating general partner and the new management team continue to seek ways to differentiate the property from its competition and increase rental revenue. Due to negative cash flow, the operating general partner has not caused the partnership to fund the replacement reserve account, which currently has a $0 balance. The operating general partner is trying to refinance the debt at a lower interest rate. If successful, the refinance should result in significant improvements in operations and adequate funding of the replacement reserve. The mortgage, taxes and insurance payments are all current. The operating general partner continues to advance funds to the partnership to meet operating deficits.

HS Housing, LP (Helios Station Apartments), is a 30 unit family property located in Lafayette, CO. On May 1, 2006 the investment general partner was informed that the housing authority issued an IRS Form 8823 for an unqualified unit due to student status. In July of 2006 the housing authority issued a "corrected" IRS Form 8823 stating that the non-compliance issue had been corrected. The one unit was out of compliance from June of 2005 through May of 2006. Although the property generated $454 per unit in 2005, it suffered from declining occupancy and high operating expenses. Occupancy averaged 92% in 2005, but closed the year at 83% in December 2005, while per unit operating expenses were 35% higher than the state average. Operations through the fourth quarter of 2006 yielded an annualized expenditure of $6,076 per unit, due to increased turnover costs and high vacancy rates. Occupancy has been turbulent throughout 2006 ranging from a high of 90% to a low of 70%, ending the year at 90% as of December 31, 2006. A new site manager with a favorable track record at another nearby property took over management responsibilities at Helios Station in the third quarter of 2006 and has worked diligently to increase occupancy and manage expenses. Income increased 8% from the first half of 2006 to the second half while expenses decreased 30% during the same period. The investment general partner will work with management to improve resident recruitment and retention and to continue to control operating expenses. All real estate taxes, insurance, and mortgage payments are current. The operating general partner's obligation to fund operating deficits is unlimited in time and amount.

Los Lunas Apartments, LP (Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property. The operating general partner felt the management company was not overseeing the property sufficiently and stepped in as the management agent in June 2005. Since the new management has taken over, operations have improved. Average physical occupancy through the fourth quarter 2006 was 86%. Occupancy in 2006 fluctuated from 97% to 82%. Such fluctuation was due to some evictions at the property. According to the operating general partner, the occupancy downturn is the result of natural cycles that was noticed from time to time at the properties. To increase and maintain the occupancy management continues to market the property through local media and civic organizations. Physical occupancy is expected to stabilize at 93% in the first quarter 2007. The operating general partner has also renegotiated the laundry contract with the vendor and all of the machines were upgraded. The property has received funds from the vendor for re-signing the contract.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Average occupancy through 2006 was 95%. The property is operating below break even due to high operating costs which are attributed to foundation and stress cracks identified in an engineer's report conducted in 2003. The report revealed foundation movement in five buildings. Between 2001 and 2003 a total of $61,310 in foundation work was completed. In 2004 capital expenditures reflect monies for immediate repair to rebuild three stair towers and two landings related to foundation movement at total cost of $23,140; metal perimeter fence repair on the west side of the community that re-braced due to ground movement; and car damage at total cost of $5,290 were completed in March 2004. Other capital work consisted of carpet replacements, vinyl replacement, boiler repairs, a new heat exchanger and swimming pool repair work related to code changes. The overall estimate to complete the foundation work and address the interior issues as a result of the movement was estimated at $170,000. Several emergency repairs were needed to rebuild three deteriorating stair towers, resulting from foundation movement. The operating general partner continues to monitor movement in the five buildings identified in the engineer's report and address the issues as they are presented. In 2006, $111,300 in repairs was included in the budget to address the structural issues, however to date the high operating expenses are not allowing for the cash to be available to make the improvements. The results from the oil test have been received and the operating general partner has determined the course of action that needs to be taken to fix the shifting buildings. The operating general partner has obtained a bid to complete the necessary repairs to the building. Work is anticipated to begin in February 2007. The investment general partner continues to visit the property and review the work as it is completed. Discussions regarding the future improvements with the operating general partner are ongoing. The investment general partner will continue to work with the operating general partner through the completion of the improvements and the reduction of the operating expenses. The mortgage, trade payables, property taxes and insurance are current.

Centenary Housing, LP. (Centenary Tower Apartments) is a 100 unit senior property located in St. Louis, MO. The partnership expended cash of $150 per unit in 2005, due to operating expenses which exceeded the state average by 25%. In the summer of 2006 the property was spotlighted in a local news article as being an undesirable place to live. The development is located across the street from a homeless shelter and many transients were trespassing and damaging the building. In response to the negative publicity, management hired an experienced Regional Manager and met with HUD to secure a grant for a Resident Services Coordinator to provide additional services to those residents with special needs. Occupancy dropped to 83% in the fourth quarter of 2006 as a result of the eviction of those residents involved in illegal activity. A new site manager was hired in December 2006 and has begun to screen and move-in qualified occupants. Once occupancy is improved, management will work to re-build the waiting list. Throughout 2006, the investment limited partner worked with management to sustain reductions in administrative and maintenance costs, to improve collections and to promote energy efficient practices. Decreased operating expenses have allowed the partnership to generate annualized cash of $95 per unit through the fourth quarter of 2006. All real estate tax, insurance and mortgage payments are current. The operating general partner's obligation to fund operating deficits is unlimited in time and amount.

Series 43

As of December 31, 2006 and 2005, the average Qualified Occupancy was 100% and 99.9%, respectively. The series had a total of 23 properties at December 31, 2006. Out of the total 22 were at 100% Qualified Occupancy. The series also had 1 property under construction at December 31, 2006.

For the period ended December 31, 2006 and 2005, Series 43 reflects net loss from Operating Partnerships of $(1,036,397) and $(1,039,896), respectively, which includes depreciation and amortization of $1,952,118 and $1,845,683, respectively. This is an interim period estimate; it is not indicative of the final year end results.

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the former operating general partner and its affiliates for breaches of various agreements. In December of 2004, a judgment was filed in the Superior Court of the State of California (San Diego County) awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest at an annual rate of 10%. In addition, attorney's fees for the plaintiff were awarded in the amount of $1,125,000 plus $123,697 in costs. A State appeals court upheld the judgment in the fourth quarter of 2006. The investment general partner is currently pursuing payment of the aforementioned judgments through a mediation process.

In the first quarter of 2005, six families were temporarily relocated for two weeks from one building as a precaution while repairs were undertaken to stabilize hillside soils due to the movement of a retaining wall. An affiliate of the investment general partner funded these emergency repairs and continues to do so on an as needed basis. The partnership has asserted in court that the retaining wall was not constructed properly and has filed suit against the original general contractor of the property, who was replaced before completion of construction. The operating general partner is reviewing bids for the final stabilization work. Property operations are strong, with average occupancy consistently above 95%. The mortgage, taxes, and insurance are current.

Dorchester Court Limited Dividend Housing Association, LP (Dorchester Court Apartments) is a 131 unit apartment complex located in Port Huron, MI. Seventy-five percent of the units are devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow. One of the members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, the defaulting member of the operating general partner entity was replaced with a new member. The new member has significant resources and experience in real estate and has contributed approximately $190,000 in funds to the Operating Partnership to bring the mortgage and accounts payable current. Occupancy for the fourth quarter of 2006 was 98% and average 2006 year to date occupancy is 96%. In order to attract new residents, management has continued to market the property aggressively in local newspapers and reduced the required security deposit to $99 for new residents with good credit. Due to low rental rates, which are the product of a depressed local economy, the property is operating at a deficit. A reduction in the monthly insurance premium took effect in April 2006. With this reduction, the property generated cash for the months of April and May. The property expended cash in the third quarter of 2006; however, this is largely due to management performing significant capital improvements to continue to attract new residents and payment of a debt refinancing deposit. The property generated cash for all three months of the fourth quarter of 2006.

The operating general partner and the new management team continue to seek ways to differentiate the property from its competition and increase rental revenue. Due to negative cash flow, the operating general partner has not caused the partnership to fund the replacement reserve account, which currently has a $0 balance. The operating general partner is trying to refinance the debt at a lower interest rate. If successful, the refinance should result in significant improvements in operations and adequate funding of the replacement reserve. The mortgage, taxes and insurance payments are all current. The operating general partner continues to advance funds to the partnership to meet operating deficits.

Lakewood Apartments-Saranac, LP (Lakewood Apartments) is a 24 unit property located in Saranac, MI. The property operates without rental assistance and competes with three area properties which offer Section 8 subsidies. Historically, management has had difficulty qualifying prospective residents. Occupancy in the fourth quarter of 2006 increased to 86%. Although the replacement reserve is underfunded, the partnership is funding under an approved workout plan with Rural Development. Taxes, insurance and mortgage payments are current. The operating general partner's operating deficit guaranty is in effect through February 2009, with a funding limit of $200,000.

Carpenter School I Elderly Apartments, L.P. (Carpenter School I Elderly Apartments) is a 38 unit property located in Natchez, MS. The operating partnership has operated below break even since 2004. A new regional manager for the operating general partner was hired in August 2005. The regional manager found that the property suffered from high tenant receivables and high maintenance costs. Upon further investigation into these issues in order to improve operations, they discovered falsification of records by the site manager and improper maintenance at the site resulting in high expenses. The two involved employees were arrested, indicted, and are scheduled for trial in the near future. The regional manager has instituted a number of policy changes in order to better control operations. In addition to changes in rent collection, supply purchases, and maintenance expenses, the operating general partner now performs background checks on prospective employees. Due to some deaths at the property in the third quarter 2006 occupancy dropped to 77%. In the fourth quarter 2006, physical occupancy increased to 85%. Recent newspaper advertisement has improved traffic and occupancy is expected to increase in the first quarter 2007 to 95%. The regional manager believes that with the implemented changes the property will begin to operate at break even in the first quarter 2007. The investment general partner will continue to work with the operating general partner in an effort to bring operations above break even.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, New York. The property operated below break even in 2005 and in the first two quarters of 2006 due to low rental income, collections loss, and high expenses. With reduced administrative, maintenance and utility costs in the third and fourth quarters of 2006, the property operated above break even and payables were reduced. In the fourth quarter 2005, the operating general partner discovered that $24,000 was owed to the partnership for overpayment of taxes on a tax-exempt property. Management requested a refund and it was received in the fourth quarter of 2006 and used to reduce outstanding utility payables. The partnership received approval of a 10% rent increase effective January 2006 which added approximately $20,000 to the annual rent revenue in 2006 and the operating general partner stated that they were going to request another increase effective January 1, 2007. The investment general partner visited the property in March 2006 to discuss issues with the operating general partner and management and found that the property is maintained in excellent condition. Management is working to reduce tenant delinquencies by aggressively filing late notices and pursuing evictions through the housing court. However, collections remain an ongoing issue and tenant receivables continued to increase in the fourth quarter. In line with the cooperative documents, management is assessing unit maintenance charges to the residents. Other methods of improving collections, including posting payments received in common areas, improving relations with residents, and a proposal to assess property debt and collection charges to residents are also being reviewed and considered. Management continues to explore options to reduce utility costs, including tenant education on conservation and applications were filed in the first quarter to a non-profit agency for assistance and grants to cover increased utility expenses. The investment general partner continues to work with the operating general partner to improve operations. All mortgages and insurance payments are current. The property pays no property taxes as the result of a tax-exempt status.

Series 44

As of December 31, 2006 and 2005, the average Qualified Occupancy was 100% and 91.8%, respectively. The series had a total of 10 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 44 reflects net loss from Operating Partnerships of $(866,710) and $(604,844), respectively, which includes depreciation and amortization of $1,311,354 and $1,040,487, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 45

As of December 31, 2006 and 2005, the average Qualified Occupancy was 100% and 97.5%, respectively. The series had a total of 31 properties at December 31, 2006, all of which were at 100% Qualified Occupancy.

For the period ended December 31, 2006 and 2005, Series 45 reflects net loss from Operating Partnerships of $(1,161,555) and $(630,917), respectively, which includes depreciation and amortization of $2,054,748 and $1,134,676 respectively. This is an interim period estimate; it is not indicative of the final year end results.

Brookstone Place II LDHA, LP (Brookstone Place II Apartments), is a 72 unit family property located in Port Huron, MI. The property has operated below expectations for several years due to regional economic weakness, the market's saturation with moderate income properties and the operating general partner's inability to identify and maintain consistent management at the site and regional levels. The site management and maintenance positions experienced significant turnover in 2005. Occupancy averaged 88% in 2005 and stood at 81% in December 2005. During the fourth quarter of 2005, the operating general partner informed the investment general partner that it was unwilling to continue funding operating deficits. Starting in October 2005, the partnership defaulted on its mortgage payments resulting in default and acceleration notices from the lender.

In April 2006, the lender to the first phase of the project (Brookstone I) initiated foreclosure on that phase, creating a high level of uncertainty among the tenants of both phases. As a result, Brookstone II's occupancy has dropped to approximately 65% as of the third quarter of 2006.

In May 2006, the lender to Brookstone II indicated that it too intended to proceed with foreclosure and advertised a foreclosure sale for June 2006. The investment general partner's analysis indicated that the costs of maintaining the property outweighed the benefits of receiving the remaining tax credits and determined that it was in the best interest of the investment general partner to forfeit the property if the lender refused to restructure the debt. The foreclosure sale took place on August 17, 2006, with the lender bidding in the property for the amount of the debt. There is a 6 month redemption period during which the partnership may redeem the property from foreclosure.

After the foreclosure sale, the new operating general partner of Brookstone I (Premier Management) expressed interest in taking control of Brookstone II as well. Premier reached agreement with the lender to redeem the property from the bank during the redemption period. Premier offered to purchase the general and limited partnership interests for consideration of providing a bond that would allow the limited partners to avoid recapture. The investment general partner agreed to this transaction because it represented a significant improvement over a straight forfeiture of the property. The sale of interests and redemption of the property by the reconstituted partnership closed on January 26, 2007.

Childress Apartments LTD, (Fairview Manor Apartments) is a 48 unit development located in Childress, TX. The property operated at a deficit of ($26,421) in 2005. The property achieved 88% occupancy as of the end of third quarter of 2006, from an average occupancy of 74% in 2005. Fourth quarter occupancy is, reportedly, unchanged from the prior period. The operating general partner continues to fund all deficits.

The mortgage, taxes and insurance are all current.

Harbet Avenue, LP (William B. Quarton Place) is a 28 unit family property located in Cedar Rapids, Iowa. The investment general partner learned that during 2004 and through February 2005 inappropriate checks and wires were made to the operating general partner from the partnership's escrow and operating accounts. The total of the misappropriated funds has been determined to be $142,758. The operating general partner is a not-for-profit organization that was experiencing financial difficulties. Since the time that the misappropriation was disclosed, the operating general partner has implemented steps to ensure that this cannot happen in the future. Through year end 2006, funds totaling $88,875 have been repaid to the partnership, leaving an outstanding balance owed of $53,883. Funds utilized to repay the partnership came from a variety of sources including sales of multi-family housing, returned management fees and facilitator charges, and cash contributions. Representatives of the investment general partner visited the site in 2005 and met with the new Executive Director of the not-for-profit organization. The property shows well and is currently operating above break even. A default notice was sent to the operating general partner on September 1, 2005. The default notice was followed up by a demand letter sent to the operating general partner in July 2006. The operating general partner has recently disclosed that they continue to have financial difficulties and are unable to continue as a viable organization. They have retained another non-profit organization, Four Oaks of Iowa, to temporarily take over property management while a long term solution is developed. The investment general partner is meeting with representatives of both the original non-profit general partner and Four Oaks to determine a course of action that best serves the best interests of the partnership. The investment general partner will continue to closely monitor the situation.

Series 46

As of December 31, 2006 and 2005, the average Qualified Occupancy was 99.7% and 100%, respectively. The series had a total of 14 properties at December 31, 2006. Out of the total, 13 were at 100% Qualified Occupancy. The series also had 1 property in active lease up at December 31, 2006.

For the period ended December 31, 2006 and 2005, Series 46 reflects net loss from Operating Partnerships of $(483,255) and $(256,197), respectively, which includes depreciation and amortization of $936,763 and $754,101, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Panola Housing, Ltd (Panola Apartments) is a 32 unit multifamily development located in Carthage, Texas. The property operated at a deficit of ($26,152) in 2005, although occupancy averaged 98%. Throughout 2006, occupancy has averaged 99% and the un-audited financials indicate the property is operating at about break even. The mortgage, taxes and insurance are current; however, the operating expenses are above state average and there is currently no possibility of an increase in rents, as HUD provides Panola with rental assistance and controls the rates. Since HUD has not approved a rent increase, management will need to find ways to reduce operating expenses in order for the property to moderate the operating deficit. The operating general partner has an operating deficit guarantee that is unlimited in time and amount.

Principal Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the Fund to make various estimates and assumptions. A summary of significant accounting policies is provided in Note 1 to the financial statements. The following section is a summary of certain 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 is primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Partnership does not control the operations of the Operating Partnerships.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future low-income housing credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership and includes such reduction in equity in loss of investment of limited partnerships.

As of March 31, 2004, the Fund adopted FASB Interpretation No. 46 - Revised ("FIN46R"), "Consolidation of Variable Interest Entities." FIN 46R provides guidance on when a company 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. 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 absorbs the majority of the entity's expected losses, the majority of the expected returns, or both.

Based on the guidance of FIN 46R, the operating partnerships in which the Fund invests meet the definition of a VIE. However, management does not consolidate the Fund's interests in these VIEs under FIN 46R, as it is not considered to be the primary beneficiary. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheet, 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 limited 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 properties as well as the strength of the local general partners and their guarantee against credit recapture.

Item 3	Quantitative and Qualitative Disclosures About Market Risk
	Not Applicable

Item 4	Controls & Procedures
	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined in under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
	(b)	Changes in Internal Controls
		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended December 31, 2006 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
	None
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds
	None
Item 3.	Defaults upon Senior Securities
	None
Item 4.	Submission of Matters to a Vote of Security  Holders
	None
Item 5.	Other Information
	None
Item 6.	Exhibits
		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith
		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith
		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

	Boston Capital Tax Credit Fund IV L.P.
	By:	Boston Capital Associates IV L.P. General Partner
	By:	BCA Associates Limited Partnership General Partner
	By:	C&M Management, Inc. General Partner
Date: February 23, 2007		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:
February 23, 2007	/s/ John P. Manning	Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
	John P. Manning
February 23, 2007	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.