10-Q

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, 2007
or
( )   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number        0-26200

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

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

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

                   (617) 624-8900                   

(Registrant's telephone number, including area code)

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

Yes ý No o

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

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

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

Yes o No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2007

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 (Deficit)	87-101
		Statements of Cash Flows	102-157
		Notes to Financial Statements	158-193
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of  Operations		194-252
	Item 3. Quantitative and Qualitative Disclosures About Market Risk		253
	Item 4. Controls and Procedures		253
PART II - OTHER INFORMATION
	Item 1. Legal Proceedings		254
	Item 1A. Risk Factors		254
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		254
	Item 3. Defaults Upon Senior Securities		254
	Item 4. Submission of Matters to a Vote of Security Holders		254
	Item 5. Other Information		254
	Item 6. Exhibits		254
	Signatures		255

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	231,811,682	$	248,123,270
OTHER ASSETS
Cash and cash equivalents		7,513,198		9,316,159
Notes receivable		1,217,693		2,192,642
Acquisition costs net		31,558,386		32,665,026
Other assets		1,884,617		2,049,750
	$	273,985,576	$	294,346,847
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	53,479	$	59,982
Accounts payable affiliates		39,651,237		35,177,388
Capital contributions payable		4,414,939		5,511,885
		44,119,655		40,749,255
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  83,651,080 issued and outstanding		234,733,482		258,227,835
General Partner		(4,867,561)		(4,630,243)
		229,865,921		253,597,592
	$	273,985,576	$	294,346,847

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 20

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	139,822	$	466,647
OTHER ASSETS
Cash and cash equivalents		138,349		241,848
Notes receivable		-		-
Acquisition costs net		66,979		69,658
Other assets		60,217		22,066
	$	405,367	$	800,219
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,798,002		2,644,688
Capital contributions payable		-		-
		2,798,002		2,644,688
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,866,700 issued and outstanding		(2,060,457)		(1,517,773)
General Partner		(332,178)		(326,696)
		(2,392,635)		(1,844,469)
	$	405,367	$	800,219

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 21

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	242,525	$	338,536
OTHER ASSETS
Cash and cash equivalents		3,033		12,391
Notes receivable		236,476		236,476
Acquisition costs net		36,635		38,100
Other assets		280,232		280,232
	$	798,901	$	905,735
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,721,237		1,528,290
Capital contributions payable		236,479		236,479
		1,957,716		1,764,769
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  1,892,700 issued and outstanding		(985,275)		(688,492)
General Partner		(173,540)		(170,542)
		(1,158,815)		(859,034)
	$	798,901	$	905,735

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 22

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	594,460	$	666,278
OTHER ASSETS
Cash and cash equivalents		72,886		129,911
Notes receivable		-		-
Acquisition costs net		115,121		119,726
Other assets		5,437		5,437
	$	787,904	$	921,352
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,737,876		2,533,288
Capital contributions payable		4,107		18,770
		2,741,983		2,552,058
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,564,400 issued and outstanding		(1,715,456)		(1,395,317)
General Partner		(238,623)		(235,389)
		(1,954,079)		(1,630,706)
	$	787,904	$	921,352

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 23

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	645,341	$	736,069
OTHER ASSETS
Cash and cash equivalents		21,553		64,648
Notes receivable		-		-
Acquisition costs net		171,201		178,049
Other assets		6,135		6,135
	$	844,230	$	984,901
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,243,108		2,044,822
Capital contributions payable		-		-
		2,243,108		2,044,822
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,336,727 issued and outstanding		(1,100,042)		(764,475)
General Partner		(298,836)		(295,446)
		(1,398,878)		(1,059,921)
	$	844,230	$	984,901

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 24

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	384,975	$	503,037
OTHER ASSETS
Cash and cash equivalents		152,892		164,634
Notes receivable		-		-
Acquisition costs net		191,337		198,990
Other assets		201,640		201,640
	$	930,844	$	1,068,301
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	678	$	678
Accounts payable affiliates		2,198,222		2,027,420
Capital contributions payable		9,999		9,999
		2,208,899		2,038,097
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,169,878 issued and outstanding		(1,079,976)		(774,800)
General Partner		(198,079)		(194,996)
		(1,278,055)		(969,796)
	$	930,844	$	1,068,301

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 25

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,551,806	$	2,936,860
OTHER ASSETS
Cash and cash equivalents		246,790		249,177
Notes receivable		-		-
Acquisition costs net		192,155		199,841
Other assets		40,320		40,320
	$	3,031,071	$	3,426,198
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	978	$	978
Accounts payable affiliates		1,993,593		1,814,086
Capital contributions payable		61,733		61,733
		2,056,304		1,876,797
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,026,109 issued and outstanding		1,222,463		1,791,351
General Partner		(247,696)		(241,950)
		974,767		1,549,401
	$	3,031,071	$	3,426,198

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 26

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	6,169,839	$	6,753,914
OTHER ASSETS
Cash and cash equivalents		242,816		218,953
Notes receivable		129,062		129,062
Acquisition costs net		342,303		354,981
Other assets		28,478		28,478
	$	6,912,498	$	7,485,388
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	90	$	90
Accounts payable affiliates		3,371,147		3,095,080
Capital contributions payable		29,490		29,490
		3,400,727		3,124,660
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,995,900 issued and outstanding		3,816,907		4,657,374
General Partner		(305,136)		(296,646)
		3,511,771		4,360,728
	$	6,912,498	$	7,485,388

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 27

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	6,812,289	$	7,447,478
OTHER ASSETS
Cash and cash equivalents		73,405		100,228
Notes receivable		-		-
Acquisition costs net		280,251		291,461
Other assets		104,014		104,014
	$	7,269,959	$	7,943,181
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,561,365		2,309,225
Capital contributions payable		39,749		39,749
		2,601,114		2,348,974
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,460,700 issued and outstanding		4,828,604		5,744,712
General Partner		(159,759)		(150,505)
		4,668,845		5,594,207
	$	7,269,959	$	7,943,181

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 28

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,760,701	$	8,669,887
OTHER ASSETS
Cash and cash equivalents		253,845		256,644
Notes receivable		-		-
Acquisition costs net		61,887		64,362
Other assets		2,595		2,595
	$	8,079,028	$	8,993,488
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		468,819		318,232
Capital contributions payable		40,968		40,968
		509,787		359,200
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,000,738 issued and outstanding		7,837,296		8,891,693
General Partner		(268,055)		(257,405)
		7,569,241		8,634,288
	$	8,079,028	$	8,993,488

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 29

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,240,062	$	6,221,809
OTHER ASSETS
Cash and cash equivalents		186,776		194,755
Notes receivable		-		-
Acquisition costs net		62,036		64,520
Other assets		573		573
	$	5,489,447	$	6,481,657
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,813,202		1,559,717
Capital contributions payable		45,783		45,783
		1,858,985		1,605,500
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,991,800 issued and outstanding		3,932,804		5,166,042
General Partner		(302,342)		(289,885)
		3,630,462		4,876,157
	$	5,489,447	$	6,481,657

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 30

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	5,448,125	$	5,755,599
OTHER ASSETS
Cash and cash equivalents		320,523		291,351
Notes receivable		-		-
Acquisition costs net		398,180		414,109
Other assets		6,675		23,174
	$	6,173,503	$	6,484,233
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	15,000	$	21,503
Accounts payable affiliates		844,419		729,791
Capital contributions payable		127,396		127,396
		986,815		878,690
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,651,000 issued and outstanding		5,361,878		5,776,544
General Partner		(175,190)		(171,001)
		5,186,688		5,605,543
	$	6,173,503	$	6,484,233

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 31

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,474,375	$	9,108,735
OTHER ASSETS
Cash and cash equivalents		95,546		118,708
Notes receivable		25,688		570,454
Acquisition costs net		-		-
Other assets		158,337		134,137
	$	7,753,946	$	9,932,034
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,387,135		1,069,943
Capital contributions payable		66,394		611,150
		1,453,529		1,681,093
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,417,857 issued and outstanding		6,616,672		8,547,691
General Partner		(316,255)		(296,750)
		6,300,417		8,250,941
	$	7,753,946	$	9,932,034

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 32

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	10,948,727	$	12,004,644
OTHER ASSETS
Cash and cash equivalents		274,971		305,931
Notes receivable		46,908		46,908
Acquisition costs net		570,080		592,876
Other assets		133,638		133,638
	$	11,974,324	$	13,083,997
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,822,396		1,573,738
Capital contributions payable		298,561		298,561
		2,120,957		1,872,299
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,754,198 issued and outstanding		10,161,194		11,505,942
General Partner		(307,827)		(294,244)
		9,853,367		11,211,698
	$	11,974,324	$	13,083,997

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 33

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,293,734	$	7,872,995
OTHER ASSETS
Cash and cash equivalents		175,963		189,375
Notes receivable		-		-
Acquisition costs net		511,495		531,953
Other assets		125,000		125,000
	$	8,106,192	$	8,719,323
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,084,756		939,258
Capital contributions payable		194,154		194,154
		1,278,910		1,133,412
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,636,533 issued and outstanding		6,984,789		7,735,832
General Partner		(157,507)		(149,921)
		6,827,282		7,585,911
	$	8,106,192	$	8,719,323

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 34

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,125,430	$	10,044,251
OTHER ASSETS
Cash and cash equivalents		59,397		83,640
Notes receivable		-		-
Acquisition costs net		812,888		845,405
Other assets		-		-
	$	9,997,715	$	10,973,296
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		2,015,075		1,778,557
Capital contributions payable		8,244		8,244
		2,023,319		1,786,801
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,529,319 issued and outstanding		8,195,043		9,395,021
General Partner		(220,647)		(208,526)
		7,974,396		9,186,495
	$	9,997,715	$	10,973,296

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 35

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,738,960	$	12,312,793
OTHER ASSETS
Cash and cash equivalents		306,840		351,387
Notes receivable		-		-
Acquisition costs net		2,303,642		2,395,790
Other assets		14,109		14,109
	$	14,363,551	$	15,074,079
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		896,532		750,262
Capital contributions payable		163,782		163,782
		1,060,314		914,044
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,300,463 issued and outstanding		13,452,229		14,300,459
General Partner		(148,992)		(140,424)
		13,303,237		14,160,035
	$	14,363,551	$	15,074,079

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 36

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	7,177,861	$	7,598,987
OTHER ASSETS
Cash and cash equivalents		83,481		91,246
Notes receivable		-		-
Acquisition costs net		1,581,757		1,645,027
Other assets		3,061		3,061
	$	8,846,160	$	9,338,321
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,304,984		1,170,048
Capital contributions payable		-		-
		1,304,984		1,170,048
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,106,837 issued and outstanding		7,644,428		8,265,254
General Partner		(103,252)		(96,981)
		7,541,176		8,168,273
	$	8,846,160	$	9,338,321

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 37

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	10,025,110	$	10,765,794
OTHER ASSETS
Cash and cash equivalents		283,373		309,615
Notes receivable		-		-
Acquisition costs net		1,777,418		1,844,907
Other assets		81,235		81,235
	$	12,167,136	$	13,001,551
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		991,747		863,099
Capital contributions payable		138,438		138,438
		1,130,185		1,001,537
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,512,500 issued and outstanding		11,142,145		12,095,577
General Partner		(105,194)		(95,563)
		11,036,951		12,000,014
	$	12,167,136	$	13,001,551

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 38

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,141,149	$	11,563,324
OTHER ASSETS
Cash and cash equivalents		116,953		205,640
Notes receivable		-		-
Acquisition costs net		2,037,901		2,109,826
Other assets		4,875		4,875
	$	13,300,878	$	13,883,665
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		983,523		910,223
Capital contributions payable		-		-
		983,523		910,223
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,543,100 issued and outstanding		12,412,466		13,061,992
General Partner		(95,111)		(88,550)
		12,317,355		12,973,442
	$	13,300,878	$	13,883,665

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 39

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,717,118	$	10,148,743
OTHER ASSETS
Cash and cash equivalents		133,400		274,404
Notes receivable		-		-
Acquisition costs net		1,887,329		1,953,164
Other assets		-		-
	$	11,737,847	$	12,376,311
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		817,899		815,299
Capital contributions payable		-		-
		817,899		815,299
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,292,152 issued and outstanding		11,007,190		11,641,843
General Partner		(87,242)		(80,831)
		10,919,948		11,561,012
	$	11,737,847	$	12,376,311

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 40

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	12,159,541	$	12,803,828
OTHER ASSETS
Cash and cash equivalents		135,243		177,375
Notes receivable		-		-
Acquisition costs net		2,308,544		2,385,342
Other assets		9,873		9,873
	$	14,613,201	$	15,376,418
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	36,733	$	36,733
Accounts payable affiliates		1,516,345		1,366,333
Capital contributions payable		8,694		8,694
		1,561,772		1,411,760
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,630,256 issued and outstanding		13,145,857		14,049,954
General Partner		(94,428)		(85,296)
		13,051,429		13,964,658
	$	14,613,201	$	15,376,418

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 41

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	9,432,575	$	10,559,816
OTHER ASSETS
Cash and cash equivalents		16,060		18,375
Notes receivable		-		-
Acquisition costs net		2,512,814		2,599,465
Other assets		1,217		1,217
	$	11,962,666	$	13,178,873
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,874,778		1,648,665
Capital contributions payable		100		100
		1,874,878		1,648,765
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,891,626 issued and outstanding		10,236,079		11,663,976
General Partner		(148,291)		(133,868)
		10,087,788		11,530,108
	$	11,962,666	$	13,178,873

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 42

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	13,411,135	$	14,051,858
OTHER ASSETS
Cash and cash equivalents		748,478		460,921
Notes receivable		292,933		614,966
Acquisition costs net		2,595,707		2,681,279
Other assets		66,984		67,969
	$	17,115,237	$	17,876,993
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		1,029,572		822,501
Capital contributions payable		549,222		713,474
		1,578,794		1,535,975
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,744,262 issued and outstanding		15,622,017		16,418,546
General Partner		(85,574)		(77,528)
		15,536,443		16,341,018
	$	17,115,237	$	17,876,993

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 43

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	18,004,598	$	18,822,633
OTHER ASSETS
Cash and cash equivalents		316,027		596,017
Notes receivable		186,626		186,626
Acquisition costs net		3,375,440		3,486,617
Other assets		85,289		95,289
	$	21,967,980	$	23,187,182
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		782,335		692,250
Capital contributions payable		402,079		490,522
		1,184,414		1,182,772
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  3,637,987 issued and outstanding		20,897,252		22,105,888
General Partner		(113,686)		(101,478)
		20,783,566		22,004,410
	$	21,967,980	$	23,187,182

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 44

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	14,068,782	$	15,062,451
OTHER ASSETS
Cash and cash equivalents		856,118		832,233
Notes receivable		-		108,150
Acquisition costs net		2,389,488		2,465,748
Other assets		197,058		197,058
	$	17,511,446	$	18,665,640
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		158,229		59,701
Capital contributions payable		702,126		781,022
		860,355		840,723
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,701,973 issued and outstanding		16,722,028		17,884,116
General Partner		(70,937)		(59,199)
		16,651,091		17,824,917
	$	17,511,446	$	18,665,640

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 45

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	24,210,964	$	25,143,982
OTHER ASSETS
Cash and cash equivalents		1,209,382		1,404,092
Notes receivable		300,000		300,000
Acquisition costs net		2,868,025		2,959,575
Other assets		267,625		267,625
	$	28,855,996	$	30,075,274
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		167,660		67,737
Capital contributions payable		894,475		902,834
		1,062,135		970,571
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  4,014,367 issued and outstanding		27,869,584		29,167,318
General Partner		(75,723)		(62,615)
		27,793,861		29,104,703
	$	28,855,996	$	30,075,274

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.

BALANCE SHEETS

Series 46

		December 31, 2007 (Unaudited)		March 31, 2007 (Audited)
ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	19,891,678	$	19,762,322
OTHER ASSETS
Cash and cash equivalents		989,098		1,972,660
Notes receivable		-		-
Acquisition costs net		2,107,773		2,174,255
Other assets		-		200,000
	$	22,988,549	$	24,109,237
LIABILITIES
Accounts payable & accrued expenses
(Note C)	$	-	$	-
Accounts payable affiliates		67,281		45,135
Capital contributions payable		392,966		590,543
		460,247		635,678
PARTNERS' CAPITAL (DEFICIT)
Limited Partners
Units of limited partnership  interest, $10 stated value per BAC;  87,500,000 authorized BACs;  2,980,998 issued and outstanding		22,565,763		23,501,567
General Partner		(37,461)		(28,008)
		22,528,302		23,473,559
	$	22,988,549	$	24,109,237

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)

		2007		2006
Income
Interest income	$	222,477	$	107,350
Other income		143,312		64,403
		365,789		171,753
Share of loss from Operating  Partnerships(Note D)		(5,476,477)		(5,669,553)
Expenses
Professional fees		146,530		178,305
Fund management fee (Note C)		1,352,998		1,700,407
Amortization		402,563		402,331
General and administrative expenses		443,280		231,437
		2,345,371		2,512,480
NET LOSS	$	(7,456,059)	$	(8,010,280)
Net loss allocated to limited partners	$	(7,381,499)	$	(7,930,179)
Net loss allocated to general partner	$	(74,560)	$	(80,101)
Net 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

		2007		2006
Income
Interest income	$	2,833	$	3,000
Other income		-		300
		2,833		3,300
Share of loss from Operating  Partnerships(Note D)		(115,346)		(96,828)
Expenses
Professional fees		3,386		4,878
Fund management fee (Note C)		43,107		81,538
Amortization		893		893
General and administrative expenses		17,838		9,876
		65,224		97,185
NET LOSS	$	(177,737)	$	(190,713)
Net loss allocated to limited partners	$	(175,960)	$	(188,806)
Net loss allocated to general partner	$	(1,777)	$	(1,907)
Net loss per BAC	$	(.05)	$	(.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 21

		2007		2006
Income
Interest income	$	72	$	269
Other income		-		900
		72		1,169
Share of loss from Operating  Partnerships(Note D)		(26,075)		(27,031)
Expenses
Professional fees		17,901		11,406
Fund management fee (Note C)		41,304		55,534
Amortization		488		488
General and administrative expenses		12,686		6,889
		72,379		74,317
NET LOSS	$	(98,382)	$	(100,179)
Net loss allocated to limited partners	$	(97,398)	$	(99,177)
Net loss allocated to general partner	$	(984)	$	(1,002)
Net loss per BAC	$	(.05)	$	(.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 22

		2007		2006
Income
Interest income	$	217	$	1,301
Other income		9,772		14,684
		9,989		15,985
Share of loss from Operating  Partnerships(Note D)		(22,025)		(51,892)
Expenses
Professional fees		11,494		5,970
Fund management fee (Note C)		58,816		59,642
Amortization		1,535		1,535
General and administrative expenses		12,669		8,716
		84,514		75,863
NET LOSS	$	(96,550)	$	(111,770)
Net loss allocated to limited partners	$	(95,585)	$	(110,652)
Net loss allocated to general partner	$	(965)	$	(1,118)
Net loss per BAC	$	(.04)	$	(.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 23

		2007		2006
Income
Interest income	$	424	$	413
Other income		1,335		14,084
		1,759		14,497
Share of loss from Operating  Partnerships(Note D)		(28,057)		(260,711)
Expenses
Professional fees		2,122		4,629
Fund management fee (Note C)		57,752		50,239
Amortization		2,283		2,283
General and administrative expenses		16,464		9,664
		78,621		66,815
NET LOSS	$	(104,919)	$	(313,029)
Net loss allocated to limited partners	$	(103,870)	$	(309,899)
Net loss allocated to general partner	$	(1,049)	$	(3,130)
Net loss per BAC	$	(.03)	$	(.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 24

		2007		2006
Income
Interest income	$	934	$	1,010
Other income		29,520		-
		30,454		1,010
Share of loss from Operating  Partnerships(Note D)		(68,152)		(104,650)
Expenses
Professional fees		2,909		4,706
Fund management fee (Note C)		52,400		56,209
Amortization		2,551		2,551
General and administrative expenses		14,073		7,217
		71,933		70,683
NET LOSS	$	(109,631)	$	(174,323)
Net loss allocated to limited partners	$	(108,535)	$	(172,580)
Net loss allocated to general partner	$	(1,096)	$	(1,743)
Net loss per BAC	$	(.05)	$	(.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

		2007		2006
Income
Interest income	$	2,295	$	1,546
Other income		32,499		1,200
		34,794		2,746
Share of loss from Operating  Partnerships(Note D)		(36,806)		(183,071)
Expenses
Professional fees		2,627		4,990
Fund management fee (Note C)		53,369		50,973
Amortization		3,805		3,805
General and administrative expenses		15,595		8,978
		75,396		68,746
NET LOSS	$	(77,408)	$	(249,071)
Net loss allocated to limited partners	$	(76,634)	$	(246,580)
Net loss allocated to general partner	$	(774)	$	(2,491)
Net loss per BAC	$	(.03)	$	(.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 26

		2007		2006
Income
Interest income	$	2,650	$	2,021
Other income		2,040		1,800
		4,690		3,821
Share of loss from Operating  Partnerships(Note D)		(89,379)		(238,955)
Expenses
Professional fees		3,028		7,370
Fund management fee (Note C)		94,922		100,508
Amortization		4,226		4,226
General and administrative expenses		19,463		10,788
		121,639		122,892
NET LOSS	$	(206,328)	$	(358,026)
Net loss allocated to limited partners	$	(204,265)	$	(354,446)
Net loss allocated to general partner	$	(2,063)	$	(3,580)
Net loss per BAC	$	(.05)	$	(.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 27

		2007		2006
Income
Interest income	$	730	$	577
Other income		-		750
		730		1,327
Share of loss from Operating  Partnerships(Note D)		(100,538)		(279,175)
Expenses
Professional fees		2,503		3,866
Fund management fee (Note C)		77,553		76,135
Amortization		3,914		3,914
General and administrative expenses		13,484		7,211
		97,454		91,126
NET LOSS	$	(197,262)	$	(368,974)
Net loss allocated to limited partners	$	(195,289)	$	(365,284)
Net loss allocated to general partner	$	(1,973)	$	(3,690)
Net loss per BAC	$	(.08)	$	(.15)

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

		2007		2006
Income
Interest income	$	1,436	$	2,682
Other income		85		1,885
		1,521		4,567
Share of loss from Operating  Partnerships(Note D)		(235,849)		(235,385)
Expenses
Professional fees		3,851		5,094
Fund management fee (Note C)		47,979		75,279
Amortization		825		825
General and administrative expenses		17,273		9,005
		69,928		90,203
NET LOSS	$	(304,256)	$	(321,021)
Net loss allocated to limited partners	$	(301,213)	$	(317,811)
Net loss allocated to general partner	$	(3,043)	$	(3,210)
Net 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 29

		2007		2006
Income
Interest income	$	1,953	$	2,848
Other income		-		1,950
		1,953		4,798
Share of loss from Operating  Partnerships(Note D)		(379,805)		(258,075)
Expenses
Professional fees		9,630		4,840
Fund management fee (Note C)		37,136		66,146
Amortization		828		828
General and administrative expenses		17,382		9,350
		64,976		81,164
NET LOSS	$	(442,828)	$	(334,441)
Net loss allocated to limited partners	$	(438,400)	$	(331,097)
Net loss allocated to general partner	$	(4,428)	$	(3,344)
Net loss per BAC	$	(.11)	$	(.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 30

		2007		2006
Income
Interest income	$	1,901	$	2,609
Other income		37,161		1,650
		39,062		4,259
Share of loss from Operating  Partnerships(Note D)		(92,134)		(194,901)
Expenses
Professional fees		4,636		4,257
Fund management fee (Note C)		20,704		45,042
Amortization		5,310		5,310
General and administrative expenses		13,874		8,805
		44,524		63,414
NET LOSS	$	(97,596)	$	(254,056)
Net loss allocated to limited partners	$	(96,620)	$	(251,515)
Net loss allocated to general partner	$	(976)	$	(2,541)
Net loss per BAC	$	(.04)	$	(.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 31

		2007		2006
Income
Interest income	$	1,370	$	536
Other income		900		2,700
		2,270		3,236
Share of loss from Operating  Partnerships(Note D)		(894,385)		(259,171)
Expenses
Professional fees		34,888		5,405
Fund management fee (Note C)		56,060		97,860
Amortization		-		-
General and administrative expenses		17,850		9,691
		108,798		112,956
NET LOSS	$	(1,000,913)	$	(368,891)
Net loss allocated to limited partners	$	(990,904)	$	(365,202)
Net loss allocated to general partner	$	(10,009)	$	(3,689)
Net loss per BAC	$	(.22)	$	(.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 32

		2007		2006
Income
Interest income	$	3,246	$	1,722
Other income		3,450		2,400
		6,696		4,122
Share of loss from Operating  Partnerships(Note D)		(344,322)		(417,684)
Expenses
Professional fees		5,777		4,776
Fund management fee (Note C)		49,664		81,564
Amortization		9,181		9,181
General and administrative expenses		17,840		9,382
		82,462		104,903
NET LOSS	$	(420,088)	$	(518,465)
Net loss allocated to limited partners	$	(415,887)	$	(513,280)
Net loss allocated to general partner	$	(4,201)	$	(5,185)
Net loss per BAC	$	(.09)	$	(.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 33

		2007		2006
Income
Interest income	$	528	$	4,414
Other income		1,050		750
		1,578		5,164
Share of loss from Operating  Partnerships(Note D)		(186,357)		(228,431)
Expenses
Professional fees		2,951		3,235
Fund management fee (Note C)		42,554		36,822
Amortization		6,820		6,820
General and administrative expenses		13,447		6,850
		65,772		53,727
NET LOSS	$	(250,551)	$	(276,994)
Net loss allocated to limited partners	$	(248,045)	$	(274,224)
Net loss allocated to general partner	$	(2,506)	$	(2,770)
Net 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 34

		2007		2006
Income
Interest income	$	110	$	717
Other income		1,650		1,200
		1,760		1,917
Share of loss from Operating  Partnerships(Note D)		(319,330)		(244,931)
Expenses
Professional fees		3,188		3,623
Fund management fee (Note C)		59,093		73,299
Amortization		10,984		10,984
General and administrative expenses		15,278		8,066
		88,543		95,972
NET LOSS	$	(406,113)	$	(338,986)
Net loss allocated to limited partners	$	(402,052)	$	(335,596)
Net loss allocated to general partner	$	(4,061)	$	(3,390)
Net 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 35

		2007		2006
Income
Interest income	$	504	$	1,403
Other income		1,950		1,500
		2,454		2,903
Share of loss from Operating  Partnerships(Note D)		(127,460)		(228,097)
Expenses
Professional fees		3,142		3,368
Fund management fee (Note C)		42,090		57,090
Amortization		32,309		32,309
General and administrative expenses		15,009		7,686
		92,550		100,453
NET LOSS	$	(217,556)	$	(325,647)
Net loss allocated to limited partners	$	(215,380)	$	(322,391)
Net loss allocated to general partner	$	(2,176)	$	(3,256)
Net loss per BAC	$	(.07)	$	(.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

		2007		2006
Income
Interest income	$	1,042	$	392
Other income		300		1,050
		1,342		1,442
Share of loss from Operating  Partnerships(Note D)		(166,124)		(92,443)
Expenses
Professional fees		1,783		3,128
Fund management fee (Note C)		37,678		38,116
Amortization		22,116		22,116
General and administrative expenses		12,349		6,465
		73,926		69,825
NET LOSS	$	(238,708)	$	(160,826)
Net loss allocated to limited partners	$	(236,321)	$	(159,218)
Net loss allocated to general partner	$	(2,387)	$	(1,608)
Net loss per BAC	$	(.11)	$	(.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 37

		2007		2006
Income
Interest income	$	3,693	$	9,588
Other income		600		900
		4,293		10,488
Share of loss from Operating  Partnerships(Note D)		(229,071)		(205,719)
Expenses
Professional fees		2,380		2,957
Fund management fee (Note C)		29,163		51,216
Amortization		23,705		23,705
General and administrative expenses		15,277		7,537
		70,525		85,415
NET LOSS	$	(295,303)	$	(280,646)
Net loss allocated to limited partners	$	(292,350)	$	(277,840)
Net loss allocated to general partner	$	(2,953)	$	(2,806)
Net loss per BAC	$	(.12)	$	(.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 38

		2007		2006
Income
Interest income	$	1,480	$	1,342
Other income		750		1,800
		2,230		3,142
Share of loss from Operating  Partnerships(Note D)		(135,752)		(109,098)
Expenses
Professional fees		1,821		4,967
Fund management fee (Note C)		37,755		33,985
Amortization		24,728		24,728
General and administrative expenses		15,647		7,713
		79,951		71,393
NET LOSS	$	(213,473)	$	(177,349)
Net loss allocated to limited partners	$	(211,338)	$	(175,576)
Net loss allocated to general partner	$	(2,135)	$	(1,773)
Net loss per BAC	$	(.08)	$	(.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

		2007		2006
Income
Interest income	$	2,520	$	1,775
Other income		900		1,050
		3,420		2,825
Share of loss from Operating  Partnerships(Note D)		(150,996)		(161,969)
Expenses
Professional fees		1,768		4,818
Fund management fee (Note C)		34,200		34,200
Amortization		22,581		22,581
General and administrative expenses		14,938		7,300
		73,487		68,899
NET LOSS	$	(221,063)	$	(228,043)
Net loss allocated to limited partners	$	(218,852)	$	(225,763)
Net loss allocated to general partner	$	(2,211)	$	(2,280)
Net 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

		2007		2006
Income
Interest income	$	393	$	1,689
Other income		1,050		900
		1,443		2,589
Share of loss from Operating  Partnerships(Note D)		(220,150)		(167,985)
Expenses
Professional fees		1,875		5,326
Fund management fee (Note C)		47,524		57,352
Amortization		28,433		28,433
General and administrative expenses		16,248		7,993
		94,080		99,104
NET LOSS	$	(312,787)	$	(264,500)
Net loss allocated to limited partners	$	(309,659)	$	(261,855)
Net loss allocated to general partner	$	(3,128)	$	(2,645)
Net loss per BAC	$	(.12)	$	(.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 41

		2007		2006
Income
Interest income	$	307	$	265
Other income		2,100		3,600
		2,407		3,865
Share of loss from Operating  Partnerships(Note D)		(311,479)		(269,290)
Expenses
Professional fees		2,258		46,364
Fund management fee (Note C)		60,212		68,610
Amortization		33,482		33,482
General and administrative expenses		18,299		8,995
		114,251		157,451
NET LOSS	$	(423,323)	$	(422,876)
Net loss allocated to limited partners	$	(419,090)	$	(418,647)
Net loss allocated to general partner	$	(4,233)	$	(4,229)
Net loss per BAC	$	(.14)	$	(.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 42

		2007		2006
Income
Interest income	$	137,579	$	4,478
Other income		1,500		3,150
		139,079		7,628
Share of loss from Operating  Partnerships(Note D)		(190,953)		(200,558)
Expenses
Professional fees		3,443		5,547
Fund management fee (Note C)		40,678		63,144
Amortization		29,283		29,131
General and administrative expenses		14,664		8,848
		88,068		106,670
NET LOSS	$	(139,942)	$	(299,600)
Net loss allocated to limited partners	$	(138,543)	$	(296,604)
Net loss allocated to general partner	$	(1,399)	$	(2,996)
Net loss per BAC	$	(.05)	$	(.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 43

		2007		2006
Income
Interest income	$	3,917	$	5,658
Other income		2,700		3,000
		6,617		8,658
Share of loss from Operating  Partnerships(Note D)		(260,001)		(248,860)
Expenses
Professional fees		2,344		7,608
Fund management fee (Note C)		72,468		74,158
Amortization		41,837		41,757
General and administrative expenses		29,700		10,007
		146,349		133,530
NET LOSS	$	(399,733)	$	(373,732)
Net loss allocated to limited partners	$	(395,736)	$	(369,995)
Net loss allocated to general partner	$	(3,997)	$	(3,737)
Net 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 44

		2007		2006
Income
Interest income	$	10,925	$	11,750
Other income		2,400		1,200
		13,325		12,950
Share of loss from Operating  Partnerships(Note D)		(233,325)		(267,916)
Expenses
Professional fees		1,842		3,571
Fund management fee (Note C)		34,771		68,175
Amortization		28,252		28,252
General and administrative expenses		16,728		8,944
		81,593		108,942
NET LOSS	$	(301,593)	$	(363,908)
Net loss allocated to limited partners	$	(298,577)	$	(360,269)
Net loss allocated to general partner	$	(3,016)	$	(3,639)
Net loss per BAC	$	(.11)	$	(.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 45

		2007		2006
Income
Interest income	$	17,589	$	19,119
Other income		4,800		-
		22,389		19,119
Share of loss from Operating  Partnerships(Note D)		(352,074)		(432,317)
Expenses
Professional fees		11,050		7,935
Fund management fee (Note C)		74,890		89,636
Amortization		36,221		36,221
General and administrative expenses		20,883		10,644
		143,044		144,436
NET LOSS	$	(472,729)	$	(557,634)
Net loss allocated to limited partners	$	(468,002)	$	(552,058)
Net loss allocated to general partner	$	(4,727)	$	(5,576)
Net loss per BAC	$	(.12)	$	(.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 46

		2007		2006
Income
Interest income	$	21,829	$	24,226
Other income		4,800		-
		26,629		24,226
Share of loss from Operating  Partnerships(Note D)		(160,532)		(204,410)
Expenses
Professional fees		1,933		3,671
Fund management fee (Note C)		49,156		57,935
Amortization		25,973		25,973
General and administrative expenses		18,322		8,817
		95,384		96,396
NET LOSS	$	(229,287)	$	(276,580)
Net loss allocated to limited partners	$	(226,994)	$	(273,814)
Net loss allocated to general partner	$	(2,293)	$	(2,766)
Net 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
Nine Months Ended December 31,
(Unaudited)

		2007		2006
Income
Interest income	$	399,012	$	365,322
Other income		173,832		84,791
		572,844		450,113
Share of loss from Operating  Partnerships(Note D)		(16,622,868)		(17,401,098)
Expenses
Professional fees		940,496		692,678
Fund management fee (Note C)		4,639,719		4,908,680
Amortization		1,207,685		1,206,698
General and administrative expenses		893,747		388,772
		7,681,647		7,196,828
NET LOSS	$	(23,731,671)	$	(24,147,813)
Net loss allocated to limited partners	$	(23,494,353)	$	(23,906,334)
Net loss allocated to general partner	$	(237,318)	$	(241,479)
Net loss per BAC	$	(.28)	$	(.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 20

		2007		2006
Income
Interest income	$	9,083	$	7,318
Other income		20,109		3,080
		29,192		10,398
Share of loss from Operating  Partnerships(Note D)		(311,925)		(441,473)
Expenses
Professional fees		32,466		28,990
Fund management fee (Note C)		191,898		211,618
Amortization		2,679		2,679
General and administrative expenses		38,390		16,747
		265,433		260,034
NET LOSS	$	(548,166)	$	(691,109)
Net loss allocated to limited partners	$	(542,684)	$	(684,198)
Net loss allocated to general partner	$	(5,482)	$	(6,911)
Net loss per BAC	$	(.14)	$	(.18)

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

		2007		2006
Income
Interest income	$	205	$	510
Other income		-		5,197
		205		5,707
Share of loss from Operating  Partnerships(Note D)		(96,011)		(133,310)
Expenses
Professional fees		42,587		44,622
Fund management fee (Note C)		135,530		160,688
Amortization		1,465		1,465
General and administrative expenses		24,393		11,115
		203,975		217,890
NET LOSS	$	(299,781)	$	(345,493)
Net loss allocated to limited partners	$	(296,783)	$	(342,038)
Net loss allocated to general partner	$	(2,998)	$	(3,455)
Net loss per BAC	$	(.16)	$	(.18)

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

		2007		2006
Income
Interest income	$	2,110	$	2,180
Other income		18,948		22,412
		21,058		24,592
Share of loss from Operating  Partnerships(Note D)		(71,818)		(136,577)
Expenses
Professional fees		55,970		27,727
Fund management fee (Note C)		177,899		177,924
Amortization		4,605		4,605
General and administrative expenses		34,139		13,576
		272,613		223,832
NET LOSS	$	(323,373)	$	(335,817)
Net loss allocated to limited partners	$	(320,139)	$	(332,459)
Net loss allocated to general partner	$	(3,234)	$	(3,358)
Net loss per BAC	$	(.12)	$	(.13)

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

		2007		2006
Income
Interest income	$	1,152	$	725
Other income		1,335		14,885
		2,487		15,610
Share of loss from Operating  Partnerships(Note D)		(90,728)		(655,993)
Expenses
Professional fees		32,463		24,232
Fund management fee (Note C)		176,134		167,057
Amortization		6,848		6,848
General and administrative expenses		35,271		15,003
		250,716		213,140
NET LOSS	$	(338,957)	$	(853,523)
Net loss allocated to limited partners	$	(335,567)	$	(844,988)
Net loss allocated to general partner	$	(3,390)	$	(8,535)
Net loss per BAC	$	(.10)	$	(.25)

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

		2007		2006
Income
Interest income	$	3,045	$	1,708
Other income		29,823		-
		32,868		1,708
Share of loss from Operating  Partnerships(Note D)		(112,174)		(270,144)
Expenses
Professional fees		32,802		25,087
Fund management fee (Note C)		161,697		164,026
Amortization		7,653		7,653
General and administrative expenses		26,801		11,659
		228,953		208,425
NET LOSS	$	(308,259)	$	(476,861)
Net loss allocated to limited partners	$	(305,176)	$	(472,092)
Net loss allocated to general partner	$	(3,083)	$	(4,769)
Net loss per BAC	$	(.14)	$	(.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 25

		2007		2006
Income
Interest income	$	6,211	$	2,694
Other income		32,499		1,200
		38,710		3,894
Share of loss from Operating  Partnerships(Note D)		(351,295)		(441,028)
Expenses
Professional fees		34,731		24,590
Fund management fee (Note C)		183,415		180,112
Amortization		11,414		11,414
General and administrative expenses		32,489		14,636
		262,049		230,752
NET LOSS	$	(574,634)	$	(667,886)
Net loss allocated to limited partners	$	(568,888)	$	(661,207)
Net loss allocated to general partner	$	(5,746)	$	(6,679)
Net 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 26

		2007		2006
Income
Interest income	$	7,615	$	5,213
Other income		2,146		5,946
		9,761		11,159
Share of loss from Operating  Partnerships(Note D)		(471,131)		(854,957)
Expenses
Professional fees		52,225		38,239
Fund management fee (Note C)		282,087		291,576
Amortization		12,678		12,678
General and administrative expenses		40,597		16,729
		387,587		359,222
NET LOSS	$	(848,957)	$	(1,203,020)
Net loss allocated to limited partners	$	(840,467)	$	(1,190,990)
Net loss allocated to general partner	$	(8,490)	$	(12,030)
Net loss per BAC	$	(.21)	$	(.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 27

		2007		2006
Income
Interest income	$	2,100	$	1007
Other income		-		750
		2,100		1,757
Share of loss from Operating  Partnerships(Note D)		(634,422)		(771,602)
Expenses
Professional fees		27,481		19,563
Fund management fee (Note C)		226,920		212,597
Amortization		11,741		11,741
General and administrative expenses		26,898		11,677
		293,040		255,578
NET LOSS	$	(925,362)	$	(1,025,423)
Net loss allocated to limited partners	$	(916,108)	$	(1,015,169)
Net loss allocated to general partner	$	(9,254)	$	(10,254)
Net loss per BAC	$	(.37)	$	(.41)

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

		2007		2006
Income
Interest income	$	5,941	$	4,512
Other income		85		1,885
		6,026		6,397
Share of loss from Operating  Partnerships(Note D)		(808,667)		(780,277)
Expenses
Professional fees		39,063		25,909
Fund management fee (Note C)		184,929		195,332
Amortization		2,475		2,475
General and administrative expenses		35,939		14,332
		262,406		238,048
NET LOSS	$	(1,065,047)	$	(1,011,928)
Net loss allocated to limited partners	$	(1,054,397)	$	(1,001,809)
Net loss allocated to general partner	$	(10,650)	$	(10,119)
Net loss per BAC	$	(.26)	$	(.25)

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

		2007		2006
Income
Interest income	$	6,373	$	9,175
Other income		-		1,950
		6,373		11,125
Share of loss from Operating  Partnerships(Note D)		(981,747)		(814,158)
Expenses
Professional fees		49,896		24,180
Fund management fee (Note C)		180,119		228,848
Amortization		2,484		2,484
General and administrative expenses		37,822		15,213
		270,321		270,725
NET LOSS	$	(1,245,695)	$	(1,073,758)
Net loss allocated to limited partners	$	(1,233,238)	$	(1,063,020)
Net loss allocated to general partner	$	(12,457)	$	(10,738)
Net loss per BAC	$	(.31)	$	(.27)

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

		2007		2006
Income
Interest income	$	6,208	$	6,715
Other income		37,161		1,650
		43,369		8,365
Share of loss from Operating  Partnerships(Note D)		(281,023)		(608,224)
Expenses
Professional fees		42,180		23,093
Fund management fee (Note C)		95,494		144,252
Amortization		15,929		15,929
General and administrative expenses		27,598		13,427
		181,201		196,701
NET LOSS	$	(418,855)	$	(796,560)
Net loss allocated to limited partners	$	(414,666)	$	(788,594)
Net loss allocated to general partner	$	(4,189)	$	(7,966)
Net loss per BAC	$	(.16)	$	(.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 31

		2007		2006
Income
Interest income	$	3,391	$	928
Other income		900		2,700
		4,291		3,628
Share of loss from Operating  Partnerships(Note D)		(1,632,997)		(1,039,277)
Expenses
Professional fees		68,613		25,743
Fund management fee (Note C)		215,968		264,449
Amortization		-		-
General and administrative expenses		37,237		15,172
		321,818		305,364
NET LOSS	$	(1,950,524)	$	(1,341,013)
Net loss allocated to limited partners	$	(1,931,019)	$	(1,327,603)
Net loss allocated to general partner	$	(19,505)	$	(13,410)
Net loss per BAC	$	(.44)	$	(.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 32

		2007		2006
Income
Interest income	$	9,913	$	3,076
Other income		3,450		2,400
		13,363		5,476
Share of loss from Operating  Partnerships(Note D)		(1,051,171)		(1,162,710)
Expenses
Professional fees		38,666		29,215
Fund management fee (Note C)		215,431		230,334
Amortization		27,542		27,542
General and administrative expenses		38,884		15,017
		320,523		302,108
NET LOSS	$	(1,358,331)	$	(1,459,342)
Net loss allocated to limited partners	$	(1,344,748)	$	(1,444,749)
Net loss allocated to general partner	$	(13,583)	$	(14,593)
Net loss per BAC	$	(.28)	$	(.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 33

		2007		2006
Income
Interest income	$	2,638	$	25,274
Other income		1,050		750
		3,688		26,024
Share of loss from Operating  Partnerships(Note D)		(577,478)		(683,812)
Expenses
Professional fees		19,287		14,216
Fund management fee (Note C)		118,447		106,384
Amortization		20,458		20,458
General and administrative expenses		26,647		11,338
		184,839		152,396
NET LOSS	$	(758,629)	$	(810,184)
Net loss allocated to limited partners	$	(751,043)	$	(802,082)
Net loss allocated to general partner	$	(7,586)	$	(8,102)
Net loss per BAC	$	(.28)	$	(.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 34

		2007		2006
Income
Interest income	$	1,176	$	1,214
Other income		1,650		1,200
		2,826		2,414
Share of loss from Operating  Partnerships(Note D)		(916,846)		(755,864)
Expenses
Professional fees		27,375		18,927
Fund management fee (Note C)		205,691		219,897
Amortization		32,953		32,953
General and administrative expenses		32,060		12,916
		298,079		284,693
NET LOSS	$	(1,212,099)	$	(1,038,143)
Net loss allocated to limited partners	$	(1,199,978)	$	(1,027,762)
Net loss allocated to general partner	$	(12,121)	$	(10,381)
Net loss per BAC	$	(.34)	$	(.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 35

		2007		2006
Income
Interest income	$	2,406	$	3,413
Other income		1,950		1,500
		4,356		4,913
Share of loss from Operating  Partnerships(Note D)		(567,055)		(697,016)
Expenses
Professional fees		17,218		11,566
Fund management fee (Note C)		148,767		171,270
Amortization		96,926		96,926
General and administrative expenses		31,188		12,526
		294,099		292,288
NET LOSS	$	(856,798)	$	(984,391)
Net loss allocated to limited partners	$	(848,230)	$	(974,547)
Net loss allocated to general partner	$	(8,568)	$	(9,844)
Net loss per BAC	$	(.26)	$	(.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 36

		2007		2006
Income
Interest income	$	2,460	$	669
Other income		300		1,050
		2,760		1,719
Share of loss from Operating  Partnerships(Note D)		(410,858)		(307,492)
Expenses
Professional fees		17,833		13,030
Fund management fee (Note C)		111,441		101,219
Amortization		66,347		66,347
General and administrative expenses		23,378		10,529
		218,999		191,125
NET LOSS	$	(627,097)	$	(496,898)
Net loss allocated to limited partners	$	(620,826)	$	(491,929)
Net loss allocated to general partner	$	(6,271)	$	(4,969)
Net 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 37

		2007		2006
Income
Interest income	$	10,400	$	49,855
Other income		750		900
		11,150		50,755
Share of loss from Operating  Partnerships(Note D)		(727,919)		(607,412)
Expenses
Professional fees		17,353		13,438
Fund management fee (Note C)		129,095		143,148
Amortization		71,115		71,115
General and administrative expenses		28,731		12,995
		246,294		240,696
NET LOSS	$	(963,063)	$	(797,353)
Net loss allocated to limited partners	$	(953,432)	$	(789,379)
Net loss allocated to general partner	$	(9,631)	$	(7,974)
Net loss per BAC	$	(.38)	$	(.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 38

		2007		2006
Income
Interest income	$	4,042	$	3,406
Other income		750		1,800
		4,792		5,206
Share of loss from Operating  Partnerships(Note D)		(417,871)		(292,511)
Expenses
Professional fees		19,415		16,052
Fund management fee (Note C)		119,955		97,635
Amortization		74,184		74,184
General and administrative expenses		29,454		13,283
		243,008		201,154
NET LOSS	$	(656,087)	$	(488,459)
Net loss allocated to limited partners	$	(649,526)	$	(483,574)
Net loss allocated to general partner	$	(6,561)	$	(4,885)
Net loss per BAC	$	(.26)	$	(.19)

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

		2007		2006
Income
Interest income	$	6,655	$	3,337
Other income		900		1,050
		7,555		4,387
Share of loss from Operating  Partnerships(Note D)		(429,717)		(500,934)
Expenses
Professional fees		21,218		19,130
Fund management fee (Note C)		102,600		94,950
Amortization		67,743		67,743
General and administrative expenses		27,341		12,505
		218,902		194,328
NET LOSS	$	(641,064)	$	(690,875)
Net loss allocated to limited partners	$	(634,653)	$	(683,966)
Net loss allocated to general partner	$	(6,411)	$	(6,909)
Net loss per BAC	$	(.28)	$	(.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 40

		2007		2006
Income
Interest income	$	2,325	$	4,701
Other income		1,050		900
		3,375		5,601
Share of loss from Operating  Partnerships(Note D)		(634,308)		(515,902)
Expenses
Professional fees		28,062		23,884
Fund management fee (Note C)		138,819		140,114
Amortization		85,297		85,297
General and administrative expenses		30,118		13,694
		282,296		262,989
NET LOSS	$	(913,229)	$	(773,290)
Net loss allocated to limited partners	$	(904,097)	$	(765,557)
Net loss allocated to general partner	$	(9,132)	$	(7,733)
Net loss per BAC	$	(.34)	$	(.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 41

		2007		2006
Income
Interest income	$	796	$	534
Other income		2,100		4,236
		2,896		4,770
Share of loss from Operating  Partnerships(Note D)		(1,095,194)		(908,936)
Expenses
Professional fees		47,323		72,560
Fund management fee (Note C)		166,896		176,817
Amortization		100,446		100,446
General and administrative expenses		35,357		15,276
		350,022		365,099
NET LOSS	$	(1,442,320)	$	(1,269,265)
Net loss allocated to limited partners	$	(1,427,897)	$	(1,256,572)
Net loss allocated to general partner	$	(14,423)	$	(12,693)
Net loss per BAC	$	(.49)	$	(.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 42

		2007		2006
Income
Interest income	$	144,177	$	16,059
Other income		1,500		3,150
		145,677		19,209
Share of loss from Operating  Partnerships(Note D)		(636,233)		(712,509)
Expenses
Professional fees		37,635		34,272
Fund management fee (Note C)		157,208		175,193
Amortization		87,850		87,242
General and administrative expenses		31,326		16,307
		314,019		313,014
NET LOSS	$	(804,575)	$	(1,006,314)
Net loss allocated to limited partners	$	(796,529)	$	(996,251)
Net loss allocated to general partner	$	(8,046)	$	(10,063)
Net loss per BAC	$	(.29)	$	(.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 43

		2007		2006
Income
Interest income	$	12,579	$	17,195
Other income		2,700		3,000
		15,279		20,195
Share of loss from Operating  Partnerships(Note D)		(795,926)		(822,576)
Expenses
Professional fees		41,271		28,544
Fund management fee (Note C)		222,489		219,134
Amortization		125,512		125,192
General and administrative expenses		50,925		17,190
		440,197		390,060
NET LOSS	$	(1,220,844)	$	(1,192,441)
Net loss allocated to limited partners	$	(1,208,636)	$	(1,180,517)
Net loss allocated to general partner	$	(12,208)	$	(11,924)
Net loss per BAC	$	(.33)	$	(.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 44

		2007		2006
Income
Interest income	$	32,855	$	36,990
Other income		3,076		1,200
		35,931		38,190
Share of loss from Operating  Partnerships(Note D)		(893,886)		(858,043)
Expenses
Professional fees		22,348		17,419
Fund management fee (Note C)		175,953		192,326
Amortization		84,760		84,760
General and administrative expenses		32,810		16,107
		315,871		310,612
NET LOSS	$	(1,173,826)	$	(1,130,465)
Net loss allocated to limited partners	$	(1,162,088)	$	(1,119,160)
Net loss allocated to general partner	$	(11,738)	$	(11,305)
Net loss per BAC	$	(.43)	$	(.41)

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

		2007		2006
Income
Interest income	$	50,309	$	67,937
Other income		4,800		-
		55,109		67,937
Share of loss from Operating  Partnerships(Note D)		(907,705)		(1,149,939)
Expenses
Professional fees		52,288		32,020
Fund management fee (Note C)		254,867		264,775
Amortization		108,663		108,663
General and administrative expenses		42,428		21,389
		458,246		426,847
NET LOSS	$	(1,310,842)	$	(1,508,849)
Net loss allocated to limited partners	$	(1,297,734)	$	(1,493,761)
Net loss allocated to general partner	$	(13,108)	$	(15,088)
Net loss per BAC	$	(.32)	$	(.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 46

		2007		2006
Income
Interest income	$	62,847	$	88,977
Other income		4,800		-
		67,647		88,977
Share of loss from Operating  Partnerships(Note D)		(716,763)		(478,422)
Expenses
Professional fees		22,727		16,430
Fund management fee (Note C)		159,970		177,005
Amortization		77,918		77,859
General and administrative expenses		35,526		18,414
		296,141		289,708
NET LOSS	$	(945,257)	$	(679,153)
Net loss allocated to limited partners	$	(935,804)	$	(672,361)
Net loss allocated to general partner	$	(9,453)	$	(6,792)
Net loss per BAC	$	(.31)	$	(.23)

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Partners' capital (deficit)   April 1, 2007	$	258,227,835	$	(4,630,243)	$	253,597,592
Net loss		(23,494,353)		(237,318)		(23,731,671)
Partners' capital (deficit),   December 31, 2007	$	234,733,482	$	(4,867,561)	$	229,865,921

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 20
Partners' capital (deficit)   April 1, 2007	$	(1,517,773)	$	(326,696)	$	(1,844,469)
Net loss		(542,684)		(5,482)		(548,166)
Partners' capital (deficit),   December 31, 2007	$	(2,060,457)	$	(332,178)	$	(2,392,635)

		Limited Partners		General Partner		Total
Series 21
Partners' capital (deficit)   April 1, 2007	$	(688,492)	$	(170,542)	$	(859,034)
Net loss		(296,783)		(2,998)		(299,781)
Partners' capital (deficit),   December 31, 2007	$	(985,275)	$	(173,540)	$	(1,158,815)

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 22
Partners' capital (deficit)   April 1, 2007	$	(1,395,317)	$	(235,389)	$	(1,630,706)
Net loss		(320,139)		(3,234)		(323,373)
Partners' capital (deficit),   December 31, 2007	$	(1,715,456)	$	(238,623)	$	(1,954,079)

		Limited Partners		General Partner		Total
Series 23
Partners' capital (deficit)   April 1, 2007	$	(764,475)	$	(295,446)	$	(1,059,921)
Net loss		(335,567)		(3,390)		(338,957)
Partners' capital (deficit),   December 31, 2007	$	(1,100,042)	$	(298,836)	$	(1,398,878)

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 24
Partners' capital (deficit)   April 1, 2007	$	(774,800)	$	(194,996)	$	(969,796)
Net loss		(305,176)		(3,083)		(308,259)
Partners' capital (deficit),   December 31, 2007	$	(1,079,976)	$	(198,079)	$	(1,278,055)

		Limited Partners		General Partner		Total
Series 25
Partners' capital (deficit)   April 1, 2007	$	1,791,351	$	(241,950)	$	1,549,401
Net loss		(568,888)		(5,746)		(574,634)
Partners' capital (deficit),   December 31, 2007	$	1,222,463	$	(247,696)	$	974,767

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 26
Partners' capital (deficit)   April 1, 2007	$	4,657,374	$	(296,646)	$	4,360,728
Net loss		(840,467)		(8,490)		(848,957)
Partners' capital (deficit),   December 31, 2007	$	3,816,907	$	(305,136)	$	3,511,771

		Limited Partners		General Partner		Total
Series 27
Partners' capital (deficit)   April 1, 2007	$	5,744,712	$	(150,505)	$	5,594,207
Net loss		(916,108)		(9,254)		(925,362)
Partners' capital (deficit),   December 31, 2007	$	4,828,604	$	(159,759)	$	4,668,845

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 28
Partners' capital (deficit)   April 1, 2007	$	8,891,693	$	(257,405)	$	8,634,288
Net loss		(1,054,397)		(10,650)		(1,065,047)
Partners' capital (deficit),   December 31, 2007	$	7,837,296	$	(268,055)	$	7,569,241

		Limited Partners		General Partner		Total
Series 29
Partners' capital (deficit)   April 1, 2007	$	5,166,042	$	(289,885)	$	4,876,157
Net loss		(1,233,238)		(12,457)		(1,245,695)
Partners' capital (deficit),   December 31, 2007	$	3,932,804	$	(302,342)	$	3,630,462

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 30
Partners' capital (deficit)   April 1, 2007	$	5,776,544	$	(171,001)	$	5,605,543
Net loss		(414,666)		(4,189)		(418,855)
Partners' capital (deficit),   December 31, 2007	$	5,361,878	$	(175,190)	$	5,186,688

		Limited Partners		General Partner		Total
Series 31
Partners' capital (deficit)   April 1, 2007	$	8,547,691	$	(296,750)	$	8,250,941
Net loss		(1,931,019)		(19,505)		(1,950,524)
Partners' capital (deficit),   December 31, 2007	$	6,616,672	$	(316,255)	$	6,300,417

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 32
Partners' capital (deficit)   April 1, 2007	$	11,505,942	$	(294,244)	$	11,211,698
Net loss		(1,344,748)		(13,583)		(1,358,331)
Partners' capital (deficit),   December 31, 2007	$	10,161,194	$	(307,827)	$	9,853,367

		Limited Partners		General Partner		Total
Series 33
Partners' capital (deficit)   April 1, 2007	$	7,735,832	$	(149,921)	$	7,585,911
Net loss		(751,043)		(7,586)		(758,629)
Partners' capital (deficit),   December 31, 2007	$	6,984,789	$	(157,507)	$	6,827,282

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 34
Partners' capital (deficit)   April 1, 2007	$	9,395,021	$	(208,526)	$	9,186,495
Net loss		(1,199,978)		(12,121)		(1,212,099)
Partners' capital (deficit),   December 31, 2007	$	8,195,043	$	(220,647)	$	7,974,396

		Limited Partners		General Partner		Total
Series 35
Partners' capital (deficit)   April 1, 2007	$	14,300,459	$	(140,424)	$	14,160,035
Net loss		(848,230)		(8,568)		(856,798)
Partners' capital (deficit),   December 31, 2007	$	13,452,229	$	(148,992)	$	13,303,237

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 36
Partners' capital (deficit)   April 1, 2007	$	8,265,254	$	(96,981)	$	8,168,273
Net loss		(620,826)		(6,271)		(627,097)
Partners' capital (deficit),   December 31, 2007	$	7,644,428	$	(103,252)	$	7,541,176

		Limited Partners		General Partner		Total
Series 37
Partners' capital (deficit)   April 1, 2007	$	12,095,577	$	(95,563)	$	12,000,014
Net loss		(953,432)		(9,631)		(963,063)
Partners' capital (deficit),   December 31, 2007	$	11,142,145	$	(105,194)	$	11,036,951

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 38
Partners' capital (deficit)   April 1, 2007	$	13,061,992	$	(88,550)	$	12,973,442
Net loss		(649,526)		(6,561)		(656,087)
Partners' capital (deficit),   December 31, 2007	$	12,412,466	$	(95,111)	$	12,317,355

		Limited Partners		General Partner		Total
Series 39
Partners' capital (deficit)   April 1, 2007	$	11,641,843	$	(80,831)	$	11,561,012
Net loss		(634,653)		(6,411)		(641,064)
Partners' capital (deficit),   December 31, 2007	$	11,007,190	$	(87,242)	$	10,919,948

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 40
Partners' capital (deficit)   April 1, 2007	$	14,049,954	$	(85,296)	$	13,964,658
Net loss		(904,097)		(9,132)		(913,229)
Partners' capital (deficit),   December 31, 2007	$	13,145,857	$	(94,428)	$	13,051,429

		Limited Partners		General Partner		Total
Series 41
Partners' capital (deficit)   April 1, 2007	$	11,663,976	$	(133,868)	$	11,530,108
Net loss		(1,427,897)		(14,423)		(1,442,320)
Partners' capital (deficit),   December 31, 2007	$	10,236,079	$	(148,291)	$	10,087,788

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 42
Partners' capital (deficit)   April 1, 2007	$	16,418,546	$	(77,528)	$	16,341,018
Net loss		(796,529)		(8,046)		(804,575)
Partners' capital (deficit),   December 31, 2007	$	15,622,017	$	(85,574)	$	15,536,443

		Limited Partners		General Partner		Total
Series 43
Partners' capital (deficit)   April 1, 2007	$	22,105,888	$	(101,478)	$	22,004,410
Net loss		(1,208,636)		(12,208)		(1,220,844)
Partners' capital (deficit),   December 31, 2007	$	20,897,252	$	(113,686)	$	20,783,566

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 44
Partners' capital (deficit)   April 1, 2007	$	17,884,116	$	(59,199)	$	17,824,917
Net loss		(1,162,088)		(11,738)		(1,173,826)
Partners' capital (deficit),   December 31, 2007	$	16,722,028	$	(70,937)	$	16,651,091

		Limited Partners		General Partner		Total
Series 45
Partners' capital (deficit)   April 1, 2007	$	29,167,318	$	(62,615)	$	29,104,703
Net loss		(1,297,734)		(13,108)		(1,310,842)
Partners' capital (deficit),   December 31, 2007	$	27,869,584	$	(75,723)	$	27,793,861

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, 2007
(Unaudited)

		Limited Partners		General Partner		Total
Series 46
Partners' capital (deficit)   April 1, 2007	$	23,501,567	$	(28,008)	$	23,473,559
Net loss		(935,804)		(9,453)		(945,257)
Partners' capital (deficit),   December 31, 2007	$	22,565,763	$	(37,461)	$	22,528,302

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)

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(23,731,671)	$	(24,147,813)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		1,207,685		1,206,698
Distributions from Operating    Partnerships		368,986		419,349
Share of Loss from Operating    Partnerships		16,622,868		17,401,098
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(6,503)		(10,169)
Decrease (Increase) in accounts    receivable		165,133		(213,169)
(Decrease) Increase in accounts    payable affiliates		4,473,849		4,104,465
Net cash (used in) provided by  operating activities		(899,653)		(1,239,541)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		- -		(49,051)
Capital contributions paid to     Operating Partnerships		(1,333,501)		(2,774,986)
Proceeds from sale of operating Limited partnerships:		- -		86,833
(Advances to) repayments from Operating Partnerships		430,193		578,143
Investments		-		2,556,017
Net cash (used in) provided by investing activities		(903,308)		396,956
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,802,961)		(842,585)
Cash and cash equivalents, beginning		9,316,159		11,837,413
Cash and cash equivalents, ending	$	7,513,198	$	10,994,828

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)

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	860,207	$	720,684
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	544,756	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	78,896	$	57,627

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(548,166)	$	(691,109)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		2,679		2,679
Distributions from Operating    Partnerships		14,900		16,068
Share of Loss from Operating    Partnerships		311,925		441,473
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		(38,151)		16,552
(Decrease) Increase in accounts    payable affiliates		153,314		(338,038)
Net cash (used in) provided by  operating activities		(103,499)		(552,375)
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
(Advances to) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		86,833
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(103,499)		(465,542)
Cash and cash equivalents, beginning		241,848		802,957
Cash and cash equivalents, ending	$	138,349	$	337,415

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(299,781)	$	(345,493)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		1,465		1,465
Distributions from Operating    Partnerships		- -		926
Share of Loss from Operating    Partnerships		96,011		133,310
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		192,947		169,380
Net cash (used in) provided by  operating activities		(9,358)		(40,412)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,358)		(40,412)
Cash and cash equivalents, beginning		12,391		60,403
Cash and cash equivalents, ending	$	3,033	$	19,991

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(323,373)	$	(335,817)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		4,605		4,605
Distributions from Operating    Partnerships		- -		9,700
Share of Loss from Operating    Partnerships		71,818		136,577
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		204,588		190,943
Net cash (used in) provided by  operating activities		(42,362)		6,008
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		- -		- -
Capital contributions paid to     Operating Partnerships		(14,663)		(1,500)
Proceeds from sale of operating Limited partnerships:		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		(14,663)		(1,500)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(57,025)		4,508
Cash and cash equivalents, beginning		129,911		170,119
Cash and cash equivalents, ending	$	72,886	$	174,627

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(338,957)	$	(853,523)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		6,848		6,848
Distributions from Operating    Partnerships		- -		16,845
Share of Loss from Operating    Partnerships		90,728		655,993
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		198,286		180,198
Net cash (used in) provided by  operating activities		(43,095)		6,361
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(43,095)		6,361
Cash and cash equivalents, beginning		64,648		84,479
Cash and cash equivalents, ending	$	21,553	$	90,840

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(308,259)	$	(476,861)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		7,653		7,653
Distributions from Operating    Partnerships		5,888		32,394
Share of Loss from Operating    Partnerships		112,174		270,144
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		170,802
Net cash (used in) provided by  operating activities		(11,742)		4,132
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(11,742)		4,132
Cash and cash equivalents, beginning		164,634		172,640
Cash and cash equivalents, ending	$	152,892	$	176,772

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(574,634)	$	(667,886)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		11,414		11,414
Distributions from Operating    Partnerships		30,031		80,785
Share of Loss from Operating    Partnerships		351,295		441,028
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		179,507		189,507
Net cash (used in) provided by  operating activities		(2,387)		54,848
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,387)		54,848
Cash and cash equivalents, beginning		249,177		263,159
Cash and cash equivalents, ending	$	246,790	$	318,007

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(848,957)	$	(1,203,020)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		12,678		12,678
Distributions from Operating    Partnerships		112,944		71,597
Share of Loss from Operating    Partnerships		471,131		854,957
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		276,067		276,070
Net cash (used in) provided by  operating activities		23,863		12,282
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		23,863		12,282
Cash and cash equivalents, beginning		218,953		285,372
Cash and cash equivalents, ending	$	242,816	$	297,654

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(925,362)	$	(1,025,423)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		11,741		11,741
Distributions from Operating    Partnerships		236		498
Share of Loss from Operating    Partnerships		634,422		771,602
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		252,140		236,403
Net cash (used in) provided by  operating activities		(26,823)		(5,179)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,823)		(5,179)
Cash and cash equivalents, beginning		100,228		116,714
Cash and cash equivalents, ending	$	73,405	$	111,535

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,065,047)	$	(1,011,928)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		2,475		2,475
Distributions from Operating    Partnerships		100,519		7,384
Share of Loss from Operating    Partnerships		808,667		780,277
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		150,587		175,587
Net cash (used in) provided by  operating activities		(2,799)		(46,205)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,799)		(46,205)
Cash and cash equivalents, beginning		256,644		433,154
Cash and cash equivalents, ending	$	253,845	$	386,949

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,245,695)	$	(1,073,758)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		2,484		2,484
Distributions from Operating    Partnerships		- -		1,200
Share of Loss from Operating    Partnerships		981,747		814,158
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		253,485		213,485
Net cash (used in) provided by  operating activities		(7,979)		(42,431)
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) repayments from Operating Partnerships		- -		- -
Investments		-		134,706
Net cash (used in) provided by investing activities		- -		134,706
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(7,979)		92,275
Cash and cash equivalents, beginning		194,755		134,976
Cash and cash equivalents, ending	$	186,776	$	227,251

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(418,855)	$	(796,560)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		15,929		15,929
Distributions from Operating    Partnerships		26,451		24,349
Share of Loss from Operating    Partnerships		281,023		608,224
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		(6,503)		12,907
Decrease (Increase) in accounts    receivable		16,499		(19,167)
(Decrease) Increase in accounts    payable affiliates		114,628		107,002
Net cash (used in) provided by  operating activities		29,172		(47,316)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29,172		(47,316)
Cash and cash equivalents, beginning		291,351		412,161
Cash and cash equivalents, ending	$	320,523	$	364,845

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,950,524)	$	(1,341,013)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating    Partnerships		1,363		1,781
Share of Loss from Operating    Partnerships		1,632,997		1,039,277
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		(24,200)		- -
(Decrease) Increase in accounts    payable affiliates		317,192		298,080
Net cash (used in) provided by  operating activities		(23,172)		(1,875)
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) repayments from Operating Partnerships		10		- -
Investments		-		-
Net cash (used in) provided by investing activities		10		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(23,162)		(1,875)
Cash and cash equivalents, beginning		118,708		128,337
Cash and cash equivalents, ending	$	95,546	$	126,462

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	544,756	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,358,331)	$	(1,459,342)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		27,542		27,542
Distributions from Operating    Partnerships		- -		- -
Share of Loss from Operating    Partnerships		1,051,171		1,162,710
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		248,658		198,655
Net cash (used in) provided by  operating activities		(30,960)		(70,435)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(30,960)		(70,435)
Cash and cash equivalents, beginning		305,931		386,782
Cash and cash equivalents, ending	$	274,971	$	316,347

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(758,629)	$	(810,184)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		20,458		20,458
Distributions from Operating    Partnerships		1,783		3,814
Share of Loss from Operating    Partnerships		577,478		683,812
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		145,498		130,473
Net cash (used in) provided by  operating activities		(13,412)		28,373
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		- -		- -
Capital contributions paid to     Operating Partnerships		- -		32,300
Proceeds from sale of operating Limited partnerships:		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		32,300
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(13,412)		60,673
Cash and cash equivalents, beginning		189,375		197,136
Cash and cash equivalents, ending	$	175,963	$	257,809

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,212,099)	$	(1,038,143)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		32,953		32,953
Distributions from Operating    Partnerships		1,539		- -
Share of Loss from Operating    Partnerships		916,846		755,864
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		236,518		219,897
Net cash (used in) provided by  operating activities		(24,243)		(29,429)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(24,243)		(29,429)
Cash and cash equivalents, beginning		83,640		124,985
Cash and cash equivalents, ending	$	59,397	$	95,556

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

			2007		2006
Cash flows from operating activities:
Net income (loss)		$	(856,798)	$	(984,391)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization			96,926		96,926
Distributions from Operating    Partnerships			2,000		- -
Share of Loss from Operating    Partnerships			567,055		697,016
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses			- -		- -
Decrease (Increase) in accounts    receivable			- -		- -
(Decrease) Increase in accounts    payable affiliates			146,270		131,270
			-
Net cash (used in) provided by  operating activities			(44,547)		(59,179)
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) repayments from Operating Partnerships			- -		- -
Investments			-		-
Net cash (used in) provided by investing activities			- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			(44,547)		(59,179)
Cash and cash equivalents, beginning			351,387		481,041
Cash and cash equivalents, ending	$		306,840	$	421,862

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(627,097)	$	(496,898)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		66,347		66,347
Distributions from Operating    Partnerships		7,191		11,990
Share of Loss from Operating    Partnerships		410,858		307,492
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		134,936		128,881
Net cash (used in) provided by  operating activities		(7,765)		17,812
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(7,765)		17,812
Cash and cash equivalents, beginning		91,246		79,450
Cash and cash equivalents, ending	$	83,481	$	97,262

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(963,063)	$	(797,353)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		71,115		71,115
Distributions from Operating    Partnerships		9,139		5,471
Share of Loss from Operating    Partnerships		727,919		607,412
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		128,648		138,648
Net cash (used in) provided by  operating activities		(26,242)		25,293
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) repayments from Operating Partnerships		- -		67,239
Investments		-		-
Net cash (used in) provided by investing activities		- -		67,239
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,242)		92,532
Cash and cash equivalents, beginning		309,615		268,593
Cash and cash equivalents, ending	$	283,373	$	361,125

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(656,087)	$	(488,459)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		74,184		74,184
Distributions from Operating    Partnerships		2,045		65,456
Share of Loss from Operating    Partnerships		417,871		292,511
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		73,300		134,250
		-
Net cash (used in) provided by  operating activities		(88,687)		78,348
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(88,687)		78,348
Cash and cash equivalents, beginning		205,640		193,474
Cash and cash equivalents, ending	$	116,953	$	271,822

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(641,064)	$	(690,875)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		67,743		67,743
Distributions from Operating    Partnerships		- -		37,309
Share of Loss from Operating    Partnerships		429,717		500,934
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		2,600		73,180
Net cash (used in) provided by  operating activities		(141,004)		(11,709)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(141,004)		(11,709)
Cash and cash equivalents, beginning		274,404		368,313
Cash and cash equivalents, ending	$	133,400	$	356,604

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(913,229)	$	(773,290)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		85,297		85,297
Distributions from Operating    Partnerships		1,480		725
Share of Loss from Operating    Partnerships		634,308		515,902
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		24,761
(Decrease) Increase in accounts    payable affiliates		150,012		121,452
		-
Net cash (used in) provided by  operating activities		(42,132)		(25,153)
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) repayments from Operating Partnerships		- -		- -
Investments		-		-
		-
Net cash (used in) provided by investing activities		- -		- -
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(42,132)		(25,153
Cash and cash equivalents, beginning		177,375		216,126
Cash and cash equivalents, ending	$	135,243	$	190,973

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,442,320)	$	(1,269,265)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		100,446		100,446
Distributions from Operating    Partnerships		18,252		2,769
Share of Loss from Operating    Partnerships		1,095,194		908,936
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		(16,522)
Decrease (Increase) in accounts    receivable		- -		- -
(Decrease) Increase in accounts    payable affiliates		226,113		278,219
Net cash (used in) provided by  operating activities		(2,315)		4,583
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)
Proceeds from sale of operating Limited partnerships:		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Investments		-		-
Net cash (used in) provided by investing activities		- -		(80,466)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,315)		(75,883)
Cash and cash equivalents, beginning		18,375		83,998
Cash and cash equivalents, ending	$	16,060	$	8,115

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(804,575)	$	(1,006,314)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		87,850		87,242
Distributions from Operating    Partnerships		2,212		3,519
Share of Loss from Operating    Partnerships		636,233		712,509
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		985		- -
(Decrease) Increase in accounts    payable affiliates		207,071		201,420
Net cash (used in) provided by  operating activities		129,776		(1,624)
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		(164,252)		(292,695)
Proceeds from sale of operating Limited partnerships:		- -		- -
(Advances to) repayments from Operating Partnerships		322,033		(172,122)
Investments		-		-
Net cash (used in) provided by investing activities		157,781		(486,615)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		287,557		(488,239)
Cash and cash equivalents, beginning		460,921		971,373
Cash and cash equivalents, ending	$	748,478	$	483,134

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	493,907
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	39,134

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,220,844)	$	(1,192,441)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		125,512		125,192
Distributions from Operating    Partnerships		7,774		8,682
Share of Loss from Operating    Partnerships		795,926		822,576
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		10,000		157,557
(Decrease) Increase in accounts    payable affiliates		90,085		153,953
Net cash (used in) provided by  operating activities		(191,547)		75,519
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		(88,443)		(136,066)
Proceeds from sale of operating Limited partnerships:		- -		-
(Advances to) repayments from Operating Partnerships		- -		650,726
Investments		-		-
Net cash (used in) provided by investing activities		(88,443)		502,922
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(279,990)		578,441
Cash and cash equivalents, beginning		596,017		189,255
Cash and cash equivalents, ending	$	316,027	$	767,696

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	226,777
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,173,826)	$	(1,130,465)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		84,760		84,760
Distributions from Operating    Partnerships		12,387		- -
Share of Loss from Operating    Partnerships		893,886		858,043
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		- -		(196,604)
(Decrease) Increase in accounts    payable affiliates		98,528		138,526
Net cash (used in) provided by  operating activities		(84,265)		(245,740)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		- -		- -
Capital contributions paid to     Operating Partnerships		- -		(233,600)
Proceeds from sale of operating Limited partnerships:		- -		- -
(Advances to) repayments from Operating Partnerships		108,150		- -
Investments		-		228,762
Net cash (used in) provided by investing activities		108,150		(4,838)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		23,885		(250,578)
Cash and cash equivalents, beginning		832,233		1,356,192
Cash and cash equivalents, ending	$	856,118	$	1,105,614

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	78,896	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(1,310,842)	$	(1,508,849)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		108,663		108,663
Distributions from Operating    Partnerships		8,200		16,087
Share of Loss from Operating    Partnerships		907,705		1,149,939
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		(6,960)
Decrease (Increase) in accounts    receivable		- -		(625)
(Decrease) Increase in accounts    payable affiliates		99,923		119,527
Net cash (used in) provided by  operating activities		(186,351)		(122,218)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		- -		- -
Capital contributions paid to     Operating Partnerships		(8,359)		(519,043)
Proceeds from sale of operating Limited partnerships:		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Investments		-		1,046,688
Net cash (used in) provided by investing activities		(8,359)		527,645
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(194,710)		405,427
Cash and cash equivalents, beginning		1,404,092		1,167,018
Cash and cash equivalents, ending	$	1,209,382	$	1,572,445

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	- -	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	- -

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

		2007		2006
Cash flows from operating activities:
Net income (loss)	$	(945,257)	$	(679,153)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		77,918		77,859
Distributions from Operating    Partnerships		2,652		- -
Share of Loss from Operating    Partnerships		716,763		478,422
Changes in assets and liabilities
(Decrease) Increase in accounts    payable and accrued expenses		- -		- -
Decrease (Increase) in accounts    receivable		200,000		(195,643)
(Decrease) Increase in accounts    payable affiliates		22,146		66,695
Net cash (used in) provided by  operating activities		74,222		(251,820)
Cash flows from investing activities:
Acquisition costs repaid (paid) for    Operating Partnerships acquired    or to be acquired		- -		(15,515)
Capital contributions paid to     Operating Partnerships		(1,057,784)		(1,511,616)
Proceeds from sale of operating Limited partnerships:		- -		- -
(Advances to) repayments from Operating Partnerships		- -		- -
Investments		-		1,145,861
Net cash (used in) provided by investing activities		(1,057,784)		(381,270)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(983,562)		(633,090
Cash and cash equivalents, beginning		1,972,660		2,689,206
Cash and cash equivalents, ending	$	989,098	$	2,056,116

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

			2007		2006
Supplemental schedule of noncash investing and financing activities:
	The Fund has increased its investments in operating limited partnerships and increased its capital contribution obligation to operating limited partnerships for capital contributions due to operating limited partnerships.	$	860,207	$	- -
	The Fund has applied notes receivable and advances to its capital contribution obligation to operating limited partnerships.	$	- -	$	- -
	The Fund has decreased its investments in operating limited partnerships and decreased its capital contribution obligation in operating limited partnerships for low-income tax credits not generated.	$	- -	$	18,493

The accompanying notes are an integral part of this statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(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 p artner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. On April 18, 1996, an amendment to Form S-11 which registered an additional 10,000,000 BACs for sale to the public in one or more series became effective. On April 2, 1998, an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public in one or more series, became effective. On July 26, 2000, an amendment to Form S-11, whic h 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, 2007
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,837	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,152	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

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

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2007 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, 2007
(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, 2007 and 2006 are as follows:

	2007	2006
Series 20	$ 31,256	$   27,685
Series 21	17,096	15,142
Series 22	53,724	47,583
Series 23	75,567	66,437
Series 24	89,289	79,085
Series 25	89,672	79,424
Series 26	150,148	133,244
Series 27	130,784	115,838
Series 28	28,876	25,576
Series 29	28,834	25,523
Series 30	185,702	164,463
Series 32	264,689	234,294
Series 33	237,775	210,497
Series 34	377,580	334,224
Series 35	1,071,355	948,493
Series 36	731,169	646,809
Series 37	694,110	604,125
Series 38	599,358	503,460
Series 39	526,672	438,891
Series 40	507,365	404,966
Series 41	663,205	547,670
Series 42	535,650	421,554
Series 43	694,291	546,055
Series 44	405,775	304,095
Series 45	467,116	345,050
Series 46	329,471	240,828
	$8,986,529	$7,511,011

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management 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 L.P. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management L.P., the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2007 and 2006 are as follows:

	2007	2006
Series 20	$   84,438	$   84,438
Series 21	41,304	56,460
Series 22	63,648	63,648
Series 23	60,066	60,066
Series 24	56,934	56,934
Series 25	68,169	68,169
Series 26	108,689	108,690
Series 27	78,801	78,801
Series 28	83,529	83,529
Series 29	84,495	84,495
Series 30	46,542	46,542
Series 31	99,360	99,360
Series 32	82,886	82,884
Series 33	43,491	43,491
Series 34	73,299	73,299
Series 35	57,090	57,090
Series 36	40,149	40,149
Series 37	51,216	51,216
Series 38	41,100	41,100
Series 39	34,200	34,200
Series 40	50,004	50,001
Series 41	61,708	68,610
Series 42	63,081	63,144
Series 43	76,695	76,795
Series 44	71,176	71,175
Series 45	91,641	92,136
Series 46	62,382	61,035
	$1,776,093	$1,797,457

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the quarters ended December 31, 2007 and 2006 are as follows:

	2007	2006
Series 20	$ 50,000	$     -
Series 25	25,000	-
Series 26	50,000	-
Series 28	50,000	-
Series 30	25,000	-
Series 35	25,000	-
Series 37	25,000	-
Series 38	50,000	-
Series 39	50,000	-
Series 43	90,000	-
Series 44	115,000	-
Series 45	125,000	43,926
Series 46	115,000	32,595
	$795,000	$76,521

The fund management fees paid for the nine months ended December 31, 2007 and 2006 are as follows:

	2007	2006
Series 20	$  100,000	$  250,023
Series 25	25,000	15,000
Series 26	50,000	50,000
Series 28	100,000	75,000
Series 29	-	40,000
Series 30	25,000	50,000
Series 32	-	50,000
Series 35	25,000	40,000
Series 37	25,000	15,000
Series 38	50,000	-
Series 39	100,000	40,000
Series 40	-	40,000
Series 43	140,000	90,000
Series 44	115,000	75,000
Series 45	175,000	156,880
Series 46	165,000	116,410
	$1,095,000	$1,103,313

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

During the nine months ended December 31, 2007 the Fund did not receive any proceeds from dispositions.

During the nine months ended December 31, 2006 the Fund received proceeds of $60,390 from the partial transfer of 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.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

The gain 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, 2007 and 2006 the Fund has limited partnership interests in 513 and 515 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2007 and 2006 are as follows:

	2007	2006
Series 20	22	22
Series 21	13	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	18
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	21	22
Series 42	23	23
Series 43	23	23
Series 44	10	10
Series 45	30	31
Series 46	15	14
	513	515

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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, 2007 and 2006 are as follows:

	2007	2006
Series 21	$ 236,479	$ 236,479
Series 22	4,107	18,770
Series 24	9,999	9,999
Series 25	61,733	61,733
Series 26	29,490	29,490
Series 27	39,749	39,749
Series 28	40,968	40,968
Series 29	45,783	45,783
Series 30	127,396	127,396
Series 31	66,394	611,150
Series 32	298,561	484,756
Series 33	194,154	194,154
Series 34	8,244	8,244
Series 35	163,782	163,782
Series 37	138,438	138,438
Series 40	8,694	8,694
Series 41	100	100
Series 42	549,222	775,421
Series 43	402,079	490,522
Series 44	702,126	781,022
Series 45	894,475	918,437
Series 46	392,966	590,543
	$4,414,939	$5,775,630

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(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, 2007.

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

		2007		2006
Revenues
Rental	$	120,823,886	$	116,076,752
Interest and other		5,875,516		5,035,525
		126,699,402		121,112,277
Expenses
Interest		33,453,556		32,253,611
Depreciation and amortization		37,669,861		36,357,602
Operating expenses		76,035,839		73,519,068
		147,159,256		142,130,281
NET LOSS	$	(20,459,854)	$	(21,018,004)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(20,255,254)	$	(20,781,382)
Net loss allocated to other Partners	$	(204,600)	$	(210,179)

* Amounts include $4,227,333 and $3,380,284 for 2007 and 2006, 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 - CONTINUED
December 31, 2007
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 20

		2007		2006
Revenues
Rental	$	6,809,696	$	6,967,189
Interest and other		714,726		472,167
		7,524,422		7,439,356
Expenses
Interest		1,938,679		1,973,484
Depreciation and amortization		2,026,743		1,757,098
Operating expenses		4,266,095		4,397,911
		8,231,517		8,128,493
NET LOSS	$	(707,095)	$	(689,137)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(700,024)	$	(682,246)
Net loss allocated to other Partners	$	(7,071)	$	(6,891)

* Amounts include $388,099 and $214,330 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 21

		2007		2006
Revenues
Rental	$	3,252,906	$	3,818,390
Interest and other		98,620		128,619
		3,351,526		3,947,009
Expenses
Interest		1,113,752		1,429,757
Depreciation and amortization		686,385		631,192
Operating expenses		2,365,676		3,149,851
		4,165,813		5,210,800
NET LOSS	$	(814,287)	$	(1,263,791)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(806,144)	$	(1,251,153)
Net loss allocated to other Partners	$	(8,143)	$	(12,638)

* Amounts include $710,133 and $1,117,843 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 22

		2007		2006
Revenues
Rental	$	4,386,732	$	4,316,358
Interest and other		282,881		243,334
		4,669,613		4,559,692
Expenses
Interest		947,414		950,256
Depreciation and amortization		1,266,018		1,191,019
Operating expenses		3,177,675		3,012,453
		5,391,107		5,153,728
NET LOSS	$	(721,494)	$	(594,036)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(714,279)	$	(588,096)
Net loss allocated to other Partners	$	(7,215)	$	(5,940)

* Amounts include $642,461 and $451,519 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 23

		2007		2006
Revenues
Rental	$	5,159,162	$	3,934,960
Interest and other		265,630		136,424
		5,424,792		4,071,384
Expenses
Interest		1,212,957		1,029,758
Depreciation and amortization		1,271,026		950,742
Operating expenses		3,628,865		2,753,503
		6,112,848		4,734,003
NET LOSS	$	(688,056)	$	(662,619)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(681,174)	$	(655,993)
Net loss allocated to other Partners	$	(6,882)	$	(6,626)

* Amounts include $590,446 and $0 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 24

		2007		2006
Revenues
Rental	$	3,788,968	$	3,458,723
Interest and other		158,132		75,573
		3,947,100		3,534,296
Expenses
Interest		938,490		719,375
Depreciation and amortization		1,040,776		970,252
Operating expenses		2,550,295		2,335,913
		4,529,561		4,025,540
NET LOSS	$	(582,461)	$	(491,244)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(576,636)	$	(486,332)
Net loss allocated to other Partners	$	(5,825)	$	(4,912)

* Amounts include $464,462 and $216,188 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 25

		2007		2006
Revenues
Rental	$	6,817,047	$	6,296,980
Interest and other		167,178		162,916
		6,984,225		6,459,896
Expenses
Interest		1,730,676		1,502,646
Depreciation and amortization		1,357,420		1,424,101
Operating expenses		4,415,921		4,266,935
		7,504,017		7,193,682
NET LOSS	$	(519,792)	$	(733,786)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(514,594)	$	(726,448)
Net loss allocated to other Partners	$	(5,198)	$	(7,338)

* Amounts include $163,299 and $285,420 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 26

		2007		2006
Revenues
Rental	$	8,006,217	$	7,687,325
Interest and other		370,041		340,944
		8,376,258		8,028,269
Expenses
Interest		1,810,382		1,858,530
Depreciation and amortization		2,180,698		2,030,090
Operating expenses		5,247,149		5,299,814
		9,238,229		9,188,434
NET LOSS	$	(861,971)	$	(1,160,165)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(853,351)	$	(1,148,563)
Net loss allocated to other Partners	$	(8,620)	$	(11,602)

* Amounts include $382,220 and $293,606 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 27

		2007		2006
Revenues
Rental	$	5,652,081	$	5,331,927
Interest and other		137,699		150,974
		5,789,780		5,482,901
Expenses
Interest		2,023,138		2,097,738
Depreciation and amortization		1,307,553		1,394,268
Operating expenses		3,125,554		2,866,473
		6,456,245		6,358,479
NET LOSS	$	(666,465)	$	(875,578)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(659,800)	$	(866,822)
Net loss allocated to other Partners	$	(6,665)	$	(8,756)

* Amounts include $25,378 and $95,220 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 28

		2007		2006
Revenues
Rental	$	5,026,132	$	4,935,800
Interest and other		117,068		113,832
		5,143,200		5,049,632
Expenses
Interest		1,111,330		1,229,141
Depreciation and amortization		1,645,111		1,624,430
Operating expenses		3,213,981		3,007,048
		5,970,422		5,860,619
NET LOSS	$	(827,222)	$	(810,987)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(818,950)	$	(802,877)
Net loss allocated to other Partners	$	(8,272)	$	(8,110)

* Amounts include $10,283 and $22,600 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 29

		2007		2006
Revenues
Rental	$	4,954,662	$	4,899,542
Interest and other		409,071		421,296
		5,363,733		5,320,838
Expenses
Interest		1,555,900		1,273,422
Depreciation and amortization		1,842,869		1,859,896
Operating expenses		3,164,705		3,059,499
		6,563,474		6,192,817
NET LOSS	$	(1,199,741)	$	(871,979)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,187,744)	$	(863,259)
Net loss allocated to other Partners	$	(11,997)	$	(8,720)

* Amounts include $205,997 and $49,101 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 30

		2007		2006
Revenues
Rental	$	3,637,301	$	3,671,831
Interest and other		196,939		158,786
		3,834,240		3,830,617
Expenses
Interest		709,924		827,227
Depreciation and amortization		887,243		981,237
Operating expenses		2,520,935		2,780,248
		4,118,102		4,588,712
NET LOSS	$	(283,862)	$	(758,095)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(281,023)	$	(750,515)
Net loss allocated to other Partners	$	(2,839)	$	(7,580)

* Amounts include $0 and $142,291 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 31

		2007		2006
Revenues
Rental	$	7,847,003	$	7,711,345
Interest and other		402,761		325,320
		8,249,764		8,036,665
Expenses
Interest		1,819,525		1,734,789
Depreciation and amortization		2,467,145		2,286,318
Operating expenses		5,077,471		5,085,697
		9,364,141		9,106,804
NET LOSS	$	(1,114,377)	$	(1,070,139)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,103,233)	$	(1,059,438)
Net loss allocated to other Partners	$	(11,144)	$	(10,701)

* Amounts include $65,183 and $20,161 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 32

		2007		2006
Revenues
Rental	$	4,341,719	$	4,260,868
Interest and other		222,827		219,997
		4,564,546		4,480,865
Expenses
Interest		1,171,179		1,124,185
Depreciation and amortization		1,856,276		1,797,359
Operating expenses		2,656,774		2,795,996
		5,684,229		5,717,540
NET LOSS	$	(1,119,683)	$	(1,236,675)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,108,486)	$	(1,224,308)
Net loss allocated to other Partners	$	(11,197)	$	(12,367)

* Amounts include $57,315 and $61,598 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 33

		2007		2006
Revenues
Rental	$	2,549,900	$	2,243,285
Interest and other		85,330		65,671
		2,635,230		2,308,956
Expenses
Interest		785,783		686,653
Depreciation and amortization		942,111		917,883
Operating expenses		1,490,646		1,395,139
		3,218,540		2,999,675
NET LOSS	$	(583,310)	$	(690,719)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(577,478)	$	(683,812)
Net loss allocated to other Partners	$	(5,832)	$	(6,907)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 34

		2007		2006
Revenues
Rental	$	4,389,727	$	4,376,705
Interest and other		217,783		181,919
		4,607,510		4,558,624
Expenses
Interest		1,345,758		1,220,222
Depreciation and amortization		1,662,278		1,553,799
Operating expenses		2,525,581		2,548,102
		5,533,617		5,322,123
NET LOSS	$	(926,107)	$	(763,499)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(916,846)	$	(755,864)
Net loss allocated to other Partners	$	(9,261)	$	(7,635)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,

Series 35

		2007		2006
Revenues
Rental	$	3,296,196	$	3,243,298
Interest and other		161,483		150,354
		3,457,679		3,393,652
Expenses
Interest		1,003,314		892,834
Depreciation and amortization		1,155,628		1,102,613
Operating expenses		2,037,670		2,102,261
		4,196,612		4,097,708
NET LOSS	$	(738,933)	$	(704,056)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(731,544)	$	(697,016)
Net loss allocated to other Partners	$	(7,389)	$	(7,040)

* Amounts include $164,489 and $0 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 36

		2007		2006
Revenues
Rental	$	2,482,245	$	2,463,484
Interest and other		96,835		95,627
		2,579,080		2,559,111
Expenses
Interest		801,583		722,348
Depreciation and amortization		813,987		764,963
Operating expenses		1,381,584		1,382,856
		2,997,154		2,870,167
NET LOSS	$	(418,074)	$	(311,056)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(413,893)	$	(307,945)
Net loss allocated to other Partners	$	(4,181)	$	(3,111)

* Amounts include $3,035 and $453 for 2007 and 2006, 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, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 37

		2007		2006
Revenues
Rental	$	3,273,349	$	3,367,421
Interest and other		118,084		117,915
		3,391,433		3,485,336
Expenses
Interest		994,697		834,697
Depreciation and amortization		1,199,596		1,332,499
Operating expenses		1,932,412		1,931,686
		4,126,705		4,098,882
NET LOSS	$	(735,272)	$	(613,546)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(727,919)	$	(607,412)
Net loss allocated to other Partners	$	(7,353)	$	(6,134)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 38

		2007		2006
Revenues
Rental	$	2,474,182	$	2,546,630
Interest and other		126,568		106,793
		2,600,750		2,653,423
Expenses
Interest		597,189		664,403
Depreciation and amortization		891,168		874,292
Operating expenses		1,534,485		1,410,194
		3,022,842		2,948,889
NET LOSS	$	(422,092)	$	(295,466)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(417,871)	$	(292,511)
Net loss allocated to other Partners	$	(4,221)	$	(2,955)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 39

		2007		2006
Revenues
Rental	$	1,866,780	$	1,845,210
Interest and other		158,587		104,424
		2,025,367		1,949,634
Expenses
Interest		452,929		456,275
Depreciation and amortization		759,540		810,281
Operating expenses		1,246,956		1,189,072
		2,459,425		2,455,628
NET LOSS	$	(434,058)	$	(505,994)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(429,717)	$	(500,934)
Net loss allocated to other Partners	$	(4,341)	$	(5,060)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2007
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 40

		2007		2006
Revenues
Rental	$	2,832,286	$	2,865,719
Interest and other		88,028		82,679
		2,920,314		2,948,398
Expenses
Interest		729,206		752,277
Depreciation and amortization		1,025,392		1,055,959
Operating expenses		1,806,430		1,661,276
		3,561,028		3,469,512
NET LOSS	$	(640,714)	$	(521,114)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(634,308)	$	(515,902)
Net loss allocated to other Partners	$	(6,406)	$	(5,212)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2007

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 41

		2007		2006
Revenues
Rental	$	3,771,532	$	3,872,779
Interest and other		137,214		154,211
		3,908,746		4,026,990
Expenses
Interest		1,398,104		1,564,041
Depreciation and amortization		1,470,832		1,464,293
Operating expenses		2,146,211		2,121,076
		5,015,147		5,149,410
NET LOSS	$	(1,106,401)	$	(1,122,420)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,095,337)	$	(1,111,196)
Net loss allocated to other Partners	$	(11,064)	$	(11,224)

* Amounts include $143 and $202,260 for 2007 and 2006, 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, 2007

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 42

		2007		2006
Revenues
Rental	$	4,231,126	$	3,959,537
Interest and other		133,942		135,299
		4,365,068		4,094,836
Expenses
Interest		1,173,194		1,162,266
Depreciation and amortization		1,379,636		1,328,035
Operating expenses		2,477,409		2,328,521
		5,030,239		4,818,822
NET LOSS	$	(665,171)	$	(723,986)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(658,519)	$	(716,746)
Net loss allocated to other Partners	$	(6,652)	$	(7,240)

* Amounts include $22,286 and $4,237 for 2007 and 2006, 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, 2007

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 43

		2007		2006
Revenues
Rental	$	4,799,469	$	5,025,239
Interest and other		170,665		217,856
		4,970,134		5,243,095
Expenses
Interest		1,153,710		1,151,775
Depreciation and amortization		1,828,552		1,952,118
Operating expenses		2,948,050		3,175,599
		5,930,312		6,279,492
NET LOSS	$	(960,178)	$	(1,036,397)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(950,576)	$	(1,026,033)
Net loss allocated to other Partners	$	(9,602)	$	(10,364)

* Amounts include $154,650 and $203,457 for 2007 and 2006, 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, 2007

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 44

		2007		2006
Revenues
Rental	$	5,395,337	$	4,069,581
Interest and other		258,205		210,327
		5,653,542		4,279,908
Expenses
Interest		1,935,489		1,527,159
Depreciation and amortization		1,466,778		1,311,354
Operating expenses		3,154,190		2,308,105
		6,556,457		5,146,618
NET LOSS	$	(902,915)	$	(866,710)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(893,886)	$	(858,043)
Net loss allocated to other Partners	$	(9,029)	$	(8,667)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO FINANCIAL STATEMENTS
December 31, 2007

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 45

		2007		2006
Revenues
Rental	$	6,380,379	$	5,829,654
Interest and other		479,432		390,327
		6,859,811		6,219,981
Expenses
Interest		1,939,461		1,837,674
Depreciation and amortization		2,213,625		2,054,748
Operating expenses		3,802,845		3,489,114
		7,955,931		7,381,536
NET LOSS	$	(1,096,120)	$	(1,161,555)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P. *	$	(1,085,159)	$	(1,149,939)
Net loss allocated to other Partners	$	(10,961)	$	(11,616)

* Amounts include $177,454 and $0 for 2007 and 2006, 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, 2007

(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

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

Series 46

		2007		2006
Revenues
Rental	$	3,401,752	$	3,076,972
Interest and other		99,787		71,941
		3,501,539		3,148,913
Expenses
Interest		1,059,793		1,030,679
Depreciation and amortization		1,025,475		936,763
Operating expenses		2,140,274		1,664,726
		4,225,542		3,632,168
NET LOSS	$	(724,003)	$	(483,255)
Net loss allocated to Boston Capital Tax Credit Fund IV L.P.	$	(716,763)	$	(478,422)
Net loss allocated to other Partners	$	(7,240)	$	(4,833)

Boston Capital Tax Credit Fund IV L.P.
NOTES TO FINANCIAL STATEMENTS - CONTINUED
December 31, 2007
(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, 2007 and 2006, numerous variances, some material in nature, exist. The variances, in most cases, are the result of a number of factors, including a decrease 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 calendar year ended December 31, 2007 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

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2007. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statemen ts included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

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

The Fund is currently accruing the fund management fee.  Fund management fees accrued during the quarter ended December 31, 2007 were $1,776,093 and total fund management fees accrued as of December 31, 2007 were $38,179,897. During the quarter and nine months ended December 31, 2007, $795,000 and $1,095,000, respectively, of accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships 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 of the Fund.

















Liquidity (continued)

As of December 31, 2007, an affiliate of the general partner of the Fund advanced a total of $1,471,340 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable-affiliates. During the quarter and nine months ended December 31, 2007, $149,722 and $225,414, respectively, were advanced to the Fund from an affiliate of the general partner. Below is a summary, by series, of the advances made in the current year, as well as the total advances made to date.

	Current Period	Total
Series 21	$ 30,704	$   76,779
Series 22	10,246	13,644
Series 23	14,663	27,641
Series 27	12,494	24,034
Series 31	15,607	29,215
Series 33	11,838	15,025
Series 34	13,310	25,399
Series 36	11,343	90,721
Series 38	-	69,188
Series 39	-	220,454
Series 40	-	297,729
Series 41	16,330	311,358
Series 42	13,187	218,671
Series 43	-	51,482
	$149,722	$1,471,340

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,257, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, 2007.

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 and 22 remain.

Prior to the quarter ended December 31, 2007, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in one of the Operating Partnership and 13 remain.

During the quarter ended December 31, 2007, 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, 2007, 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 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748.

During the quarter ended December 31, 2007, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $4,107 as of December 31, 2007. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 23

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

Prior to the quarter ended December 31, 2007, 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 31,2007, 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, 2007. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539.

During the quarter ended December 31, 2007, 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, 2007. 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 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215.

During the quarter ended December 31, 2007, 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, 2007. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574.

During the quarter ended December 31, 2007, 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, 2007. 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 September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983.

During the quarter ended December 31, 2007, 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, 2007. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877.

During the quarter ended December 31, 2007, 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, 2007. 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 and 18 remain.

During the quarter ended December 31, 2007, 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, 2007. 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, 2007, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 4 Operating Partnerships in the amount of $66,394 as of December 31, 2007. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,394 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 membership interest in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended December 31, 2007, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 4 Operating Partnerships in the amount of $298,561 as of December 31, 2007. Of the amount outstanding, $46,908 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 and escrowed funds will be converted to capital and the remaining contributions of $126,653 will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 33

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

During the quarter ended December 31, 2007, 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, 2007. Of the amount outstanding $125,000 has been funded into an escrow account on behalf of another Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $69,154 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 December 31, 2007, 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, 2007. 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 28, 1999. The Fund has committed

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

During the quarter ended December 31, 2007, 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 December 31, 2007. 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, 2007, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142.

During the quarter ended December 31, 2007, 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, 2007. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, 2007, 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, 2007. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended December 31, 2007, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,033,772 as of December 31, 2007. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended December 31, 2007, 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, 2007. 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 membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. As of December 31, 2007 two of the properties has been disposed of and 21 remain.

During the quarter ended December 31, 2007, 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, 2007. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120.

During the quarter ended December 31, 2007, Series 42 recorded capital contribution releases of $58,962. Series 42 has outstanding contributions payable to 6 Operating Partnerships in the amount of $549,222 as of December 31, 2007. Of the amount outstanding, $333,819 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $215,403 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 $26,326,543. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 43.

During the quarter ended December 31, 2007, Series 43 recorded capital contribution releases of $31,749. Series 43 has outstanding contributions payable to 6 Operating Partnerships in the amount of $402,079 as of December 31, 2007. 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 $151,777 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, 2007, Series 44 did not record any releases of capital contributions. Series 44 has outstanding contributions payable to 3 Operating Partnerships in the amount of $702,126 as of December 31, 2007. 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 $505,522 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. In addition, the Fund committed and used $302,862 of Series 45 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 45. As of December 31, 2007 one of the properties has been disposed of and 30 remain.

During the quarter ended December 31, 2007, Series 45 recorded capital contribution releases of $8,359. Series 45 has outstanding contributions payable to 2 Operating Partnerships in the amount of $894,475 as of December 31, 2007. 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 $326,932 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 15 Operating Partnerships in the amount of $22,495,082. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire the general partner equity interest in all of the Operating Partnerships in Series 46.

During the quarter ended December 31, 2007, Series 46 did not record any releases of capital contributions. Series 46 has outstanding contributions payable to 4 Operating Partnerships in the amount of $392,966 as of December 31, 2007. 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, 2007 and 2006, the Fund held limited partnership interests in 513 and 515 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, 2007 are as follows:

	3 Months Management Fee Net of Reporting Fee	3 Months Reporting Fee	9 Months Management Fee Net of Reporting Fee	9 Months Reporting Fee
Series 20	$   43,107	$ 41,331	$  191,898	$ 61,416
Series 21	41,304	-	135,530	3,538
Series 22	58,816	4,832	177,899	13,044
Series 23	57,752	2,314	176,134	4,064
Series 24	52,400	4,534	161,697	9,105
Series 25	53,369	14,800	183,415	21,092
Series 26	94,922	13,767	282,087	43,980
Series 27	77,553	1,248	226,920	9,484
Series 28	47,979	35,550	184,929	65,658
Series 29	37,136	47,359	180,119	73,366
Series 30	20,704	25,838	95,494	44,134
Series 31	56,060	43,300	215,968	82,112
Series 32	49,664	33,222	215,431	33,227
Series 33	42,554	937	118,447	12,026
Series 34	59,093	14,206	205,691	14,206
Series 35	42,090	15,000	148,767	22,503
Series 36	37,678	2,471	111,441	9,007
Series 37	29,163	22,053	129,095	24,553
Series 38	37,755	3,345	119,955	3,345
Series 39	34,200	-	102,600	-
Series 40	47,524	2,480	138,819	11,193
Series 41	60,212	1,496	166,896	18,226
Series 42	40,678	22,403	157,208	32,034
Series 43	72,468	4,227	222,489	7,596
Series 44	34,771	36,405	175,953	37,575
Series 45	74,890	16,751	254,867	20,056
Series 46	49,156	13,226	159,970	27,176
	$1,352,998	$423,095	$4,639,719	$703,716

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, 2007 and 2006 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 20 reflects net loss from Operating Partnerships of $(707,095) and $(689,137), respectively, which includes depreciation and amortization of $2,026,743 and $1,757,098, 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 limited partnership were $508,616, all of which were allocated to Series 20. Of the total 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 g enerated by the Operating Partnership, which were applied against the investment limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's 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 (East Douglas Apartments Limited Partnership) has historically operated at or just below breakeven due to a combination of the low rent structure allowed by the state tax credit monitoring agency, the Illinois Housing Development Authority, and high debt. The average occupancy for East Douglas Apartments for the fourth quarter of 2007 was 85%, and the 2007 year to date average occupancy at the end of the fourth quarter was 79%. Occupancy decreased significantly in February and March 2007 and remained low throughout the second quarter of 2007 due to ten units that went off-line as the result of two separate sprinkler damage events. A dryer fire caused the first event in one of the units and the second event was the result of freezing pipes. Management has been able to get the units back on-line and the damage was covered by the property's insurance. Occupancy further decreased to 67% in May of 2007 due to the lack of maintenance personnel; however, a maintenance technician was hire d in July 2007, and the December 2007 occupancy had increased to 89%.

The property expended cash in 2006 because of extraordinary repairs and maintenance that could not be funded from the replacement reserve, which had been depleted significantly in 2005. Cash flow improved in the third and fourth quarters of 2006 after the repairs were complete. However, due to the reduced occupancy noted above, cash flow again deteriorated in 2007 and $17,112 of funding from the investment partnership was necessary in the third quarter of 2007 to bring the real estate tax escrow current, pay down certain third party payables, and pay the property payroll. As of the fourth quarter of 2007, the property was operating just slightly below breakeven.

Efforts to improve the property's financials via refinancing, which have been ongoing for two years, have not been successful. Due to the ongoing operational issues at the property, the investment general partner is currently seeking an operating general partner replacement. The investment general partner has been in discussions with several interested parties; however, no offers have yet been made. The investment general partner will continue to look for a replacement operating general partner in the first quarter of 2008. The mortgage, property taxes and insurance are all current. The Tax Increment Financing, a reduced tax program from the city, will expire 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 limited partnership were $441,525. Of the total proceeds received, $12,000 represented payment of outstanding reporting fees due to an affiliate of the investment limited 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 hel d by each investor. The remaining proceeds of $58,177 was paid to Boston Capital Asset Management L.P. (BCAMLP) 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 fund 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 limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's 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. The property operated below breakeven in 2007 due to vacancy loss, delinquency loss, and high turnover costs. The property, located in the back of a four-phase apartment community, has lost potential residents to newer sister phases. Occupancy has also suffered due to evictions of non-paying and problem residents. To curb bad debt, management evicted a number of non-paying residents in the third quarter of 2007. The evictions caused occupancy to suffer; however, by the end of the fourth quarter occupancy had rebounded. The property ended the year with an average occupancy for the year, and December 2007 occupancy of 90%. Tenant receivables had significantly decreased by the end of the fourth quarter due to the newly strengthened resident base. Turnover expenses have been high due to the large number of evictions in 2007 for non-payment. Turnover costs also exceeded budgeted amounts as the age and the cond ition of the units have necessitated additional upgrades to make the units competitive with newer units in the market. Many of the small upgrade expenses were put through operations as opposed to withdrawing from the replacement reserve account. Management has begun a capital improvement program to enhance the curb appeal and attract potential residents to the project. The parking lot was recently repaired and re-striped, handrails were painted, and management is upgrading outdated floor tile and fixtures at turnover. By the end of the fourth quarter of 2007 the replacement reserve balance totaled approximately $106,000. The investment general partner advised the management company to utilize the replacement reserve funds and develop a long-term capital improvement plan that will carry the property though the rest of the compliance period. The compliance period ends in 2010. The operating general partner's operating deficit guarantee is unlimited in time and amount and the operating general partner has a lon gstanding history of funding operating deficits as necessary. All mortgage, taxes, and insurance payments are current.

2730 Lafferty Street Apartments L.P. (Gardenview Apartments) is a 309-unit property located approximately twenty miles outside Houston, Texas. The property suffered a fire in the second quarter of 2006, causing twenty units to come off-line. The property was issued 8823s for the units taken off-line. Additionally, 8823s were issued to the property as a result of a state inspection completed prior to the fire. Management has sent corrective documents to the Texas Department of Housing and Community Affairs. The Department review has been delayed, but recent correspondence with management suggests that corrected 8823s will be issued by January 31, 2008. In addition to the off-line vacancies, fifty hurricane evacuee leases expired in the last half of 2006, reducing occupancy to an average of 75% in the fourth quarter of 2006. Work on the fire-damaged units was completed early in the second quarter of 2007. The operating general partner received $131,412 in insurance proceeds for recovery of lost rents i n the fourth quarter of 2007. Management continues to offer a leasing concession of $0 deposit and $99 first month's rent. Marketing efforts during the fourth quarter were focused on local medical offices as well as the City of Pasadena and Harris County Housing Authorities. Although occupancy averaged only 83% in 2007, it increased to 90% by December 2007. The tax credit delivery period ended in 2005 and the low income house tax credit compliance period expires in December 2009. The mortgage, taxes, and insurance payments are current.

In December 2006, the investment general partner of Boston Capital Tax Credit Fund II - Series 14, Boston Capital Tax Credit Fund III - Series 17 and Series 20 transferred 33% of their interest in College Greene Rental Associates Limited Partnership to entities affiliated with the operating general partners for their assumption of one third of the outstanding mortgage balance. The cash proceeds received by Series 14, Series 17, and Series 20 were $25,740, $7,920, 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 limited partners' investment in the Operating Partnership in accordance with the equity method of accounting. The remaining 67% investment limited partner interest is ant icipated 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 property operated at a cash deficit due to stagnant rental rates and high operating expenses associated with minor repair of damages sustained during the 2005 hurricane season. Going forward the maintenance staff is attempting to replace the flooring in two units each quarter. Occupancy remained strong in 2007 averaging 98% for the year. In 2007 operations continued to improve and the partnership is now operating above breakeven. Additionally, management has obtained approval for a $15 per unit rent increase which will be effective January 1, 2008. The operating general partner's guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current.

Series 21

As of December 31, 2006 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 21 reflects net loss from Operating Partnerships of $(814,287) and $(1,263,791), respectively, which includes depreciation and amortization of $686,385 and $631,192, 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 bankruptcy in June of 2001. A Plan of Reorganization propounded by a large bondholder was confirmed in September 2003. Although the Plan was confirmed, the transactions necessary to conclude the bankruptcy did not close. 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). This performance was not sufficient to service the debt contemplated under the Plan of Reorganization. Beginning in the first quarter of 2006, the investment general partner raised its concern that, given this performance, the Plan was no longer feasible. In June 2006, HUD threatened to terminate the Housing Assistance Payment contract supporting the property, which caused the property management company to resign. At the same time, the prospective indenture trustee withdrew.

In July 2006, all parties acknowledged that the proponent's Plan was unlikely to become effective. 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. On February 23, 2007, the Trustee conducted an auction at which the property was sold for $3,650,000; the sale closed on April 25, 2007. The investment limited partners will lose the remaining future tax credits, estimated at $50,000. At this time, the investment general partner has some uncertainty whether the new owner will continue to operate the property in compliance with the requirements of Section 42, and has decided not to post a Section 42 Disposition Bond. As a result, the investors will experience recapture in 2007. Annual losses generated by the Operating Partnership, which were applied against the investment limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the invest ment limited partnership's investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the investment general partner interest has been recorded. The Operating Partnership will lose $52,306 in credits and experience recapture and interest of $1,462,036. This represents estimated loss of recapture of $27 and $757, respectively, per 1,000 BACs.

Centrum-Fairfax I, LP (Forest Glen at Sully Station, Phase I) is a 119-unit property located in Centerville, VA. Because of historically low occupancy, the property operated below breakeven in 2006. The average physical occupancy for 2006 was 61%. Based on the results of a market study preformed in 2006, the operating general partner decided to reconfigure the property to have only 83 units, which reduced the number of 1-bedroom units from 100 to 29 and increased the number of 2-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 was completed in March 2007 and all units have received Certificates of Occupancy. In the first half of the year, lease-up progressed slowly. In the third quarter of 2007, physical occupancy significantly improved, and as of September 2007 the property was operating wit h 90% occupancy. The property finished the fourth quarter with 98% physical occupancy and all the converted units were 100% occupied. However, the property was still unable to breakeven due to the low occupancy at the start of the year and the high marketing and promotion expense during the lease up. According to the budgets provided by the management company, the property will be able to breakeven in the first quarter 2008. By that time 40% of marketing expenses will be eliminated. The funding to complete the work came from the Virginia Housing Authority in the amount of $580,000. The mortgage, taxes, insurance and payables are current. The operating general partner continues to fund operating deficits.

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 94% in 2006. Occupancy has been consistent with the prior year, averaging 96% for 2007. 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 breakeven operations in 2007. 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 89% in 2006. Occupancy has been consistent with the prior year averaging 90% for 2007. Even though operating expenses are below the investment general partner's state average, the high vacancy rate and low rental rates in the area prevented the property from achieving breakeven operations in 2007. 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 breakeven due to high operating expenses and low occupancy, the result of a lack of subsidy and unit turnover costs. On August 20, 2007, the investment general partner received a fax, via management, from the Internal Revenue Service stating that due to continued non-compliance at Lookout Ridge Apartments, credits could not be calculated for the year, and that the previous credits claimed are subject to recapture. The specific non-compliance issues cited by the Internal Revenue Service are: management failed to correctly complete or document tenant's annual income certification; violation(s) of local inspection standards; the project failed to meet minimum set-aside requirements; violation(s) of the Vacant Unit Rule under Reg. 1.42-5(c)(1)(ix); and the project is no longer in compliance nor participating in the Section 42 Program.

Although the operating general partner has advanced significant funds to keep accounts current, the operational outlook for this property is not promising. Occupancy numbers are running at historic lows and expenses continue to climb. Both the operating general partner and management have proven their inability to effectively run this property by not following the most basic Section 42 guidelines. Furthermore, Kentucky Housing has provided management with ample opportunities to correct various non-compliance issues, all of which have been ignored. Those non-compliance issues are costly capital expense items which include: replacement of concrete pads, replacement of entry stairs, replacement of landscaping ties, correction of drainage issues, deck repairs, etc.

Fourth quarter occupancy and financial reports have been requested but were not available at the time of reporting. The operating general partner has requested use of operating reserve funds in order to pay for taxes and repairs cited in previously issued 8823s. After the withdrawals, the operating reserve balance is $14,288. In 2006 the property operated with a cash flow deficit of $60,739. In total, the operating general partner has funded operating deficits of $324,422. The operating general partner continues to advance funds as needed. The property's low income housing tax credit compliance period expires in 2010.

In summary, the property has a history of poor management, continued non-compliance, significant costs necessary to correct capital improvement items, a recent building fire destroying all tenant files and an IRS letter indicating removal from the Section 42 program. The estimated costs of credit loss, recapture, interest and penalties total approximately $858,975. This represents estimated recapture, interest and penalties of $445 per 1,000 BACs. The operating general partner is now working with their attorney and Kentucky Housing in an attempt to get the property back into the Section 42 program, although if reinstated, some portion of recapture will be required. If needed, the investment general partner may take legal action against the operating general partner for losses sustained as a result of the property getting removed from the Section 42 program.

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family property located in Menomonie, Wisconsin. The property operated with an average occupancy of 93% in 2006. Occupancy has been consistent with the prior year, averaging 92% in 2007. 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 breakeven operations in 2007. 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.

Series 22

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 29 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 22 reflects net loss from Operating Partnerships of $(721,494) and $(594,036), respectively, which includes depreciation and amortization of $1,266,018 and $1,191,019, 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. In 2007, occupancy averaged 93%, up from the 2006 average of 85%. The operating general partner advertises daily in the community newspaper. In 2007, new billboards were installed at the front of the complex to attract more foot and drive-by traffic to the property. The operating general partner maintains a strong relationship with the local real estate companies that refer potential renters to the property. The property is also using resident referral incentives to help increase occupancy. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in the area. In 2007, the property continues to operate below breakeven status. The mortgage, real estate tax, 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 89% in 2006. Occupancy has been consistent with the prior year, averaging 90% for 2007. Even though operating expenses are below the investment general partner's state average, the high vacancy rate and low rental rates in the area prevented the property from achieving breakeven operations in 2007. 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.

Roxbury Veterans Housing, LP (Highland House) is a 14-unit property located in Roxbury, Massachusetts. The Department of Housing and Community Development informed the investment general partner that the Department of Mental Health would be terminating its contract with Roxbury Veterans Housing due to sub-par property conditions. Upon notification, the investment general partner inspected the property and found areas of concern about the overall condition of the property. The investment general partner also learned that the operating general partner terminated the management contract of the third-party agent late in 2006, with the intention of self-managing for an indeterminate period of time. Operating reports have been unavailable since that time. In May 2007, the investment general partner was informed of a default notice sent to the operating general partner by One United Bank, the holder of the first mortgage note. The investment general partner learned that there was a mortgagee sale of the propert y scheduled for June 14, 2007 and that this sale date had been extended from May.

Subsequently, the investment general partner contacted all critical stakeholders including the City of Boston Department of Neighborhood Development, the Department of Housing and Community Development, the operating general partner and their respective attorneys to come to a workout plan with the lender. After much negotiation and the threat of a bankruptcy filing that would reinstate the loan on its original terms, the lender agreed to a forbearance agreement. This agreement, signed June 13, 2007, allowed a 60-day window during which the operating general partner interest was to be sold and the PAR value of the note ($355,000) held by One United was to be paid in full. The new operating general partner, Victory Programs Inc., was agreed to by all of the parties, and on September 14, 2007 the One United note was paid in full. Victory Programs now holds the first soft mortgage and has begun rehabbing the property with assistance of government funding. Although the property was expected to be re-occupi ed prior to year-end 2007, the rehabilitation work has progressed more slowly than anticipated. Units remain vacant; however, the credit allocating agency has confirmed that credits will not be jeopardized. The tax credit delivery period ends in 2007 and the low income housing tax credit compliance period expires in 2011.

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) is a 48-unit family development located in Longmont, CO. The property suffers from low occupancy due to a weak rental market. In addition, the property has mostly three-bedroom units (42 of the 48) and these units have comparable rents to three-bedroom single-family rental homes, which are more desirable. The poor quality of the school system also makes it difficult to attract families with children. The site manager developed a good relationship with the local police who have initiated nighttime patrols. To attract applicants, management continues to offer rental concessions and resident referral fees. Banners and signs have been redesigned for increased visibility; a model unit has been prepared for showing to applicants; and advertising on the internet, and in adjacent towns, has increased. Occupancy in the third and fourth quarters of 2006 was 85% and 89%, respectively. Occupancy improved to 93% in the first two quarters of 2007. A consultan t visited the property in August, and reported that occupancy was 95% and the property is in excellent condition. Fourth quarter occupancy has decreased to 88% due primarily to evictions for non-payment. The operating general partner continues to fund all operating deficits. Accounts payable, mortgage, taxes, and insurance are current. The last year for credit delivery was 2005 and the low income housing tax credit compliance period expires in 2010.

Edmond Properties, LP (Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK. Despite an average occupancy of 84% in 2006, the property operated above breakeven. Through 2007 average occupancy was 84% and the site continued to operate above breakeven. New management assumed duties in October 2007 and is currently in the transition process of re-staffing the site and developing new leasing strategies. While prior management was able to operate above breakeven, this was due to minimized maintenance and payroll expenses, as the property was understaffed and units were not being turned. While the area is a desirable place to live, it is also extremely competitive. Rents have been reduced in an effort to attract new tenants. Overall, the low occupancy is due to a combination of market related factors as well as poor prior management. Management states that the biggest challenge is finding qualified maintenance technicians to staff the property. Currently they are short one employee; how ever, they will likely be hiring a new technician. The investment general partner will continue to monitor and assist management with marketing and leasing strategies. A site visit will be completed in early 2008 to assess the level of deferred maintenance and review the new management company's operating performance. All real estate tax, insurance and mortgage payments are current.

Series 23

As of December 31, 2007 and 2006 the average Qualified Occupancy for the series was 100%. The series had a total of 22 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 23 reflects net loss from Operating Partnerships of $(688,056) and $(662,619), respectively, which includes depreciation and amortization of $1,271,026 and $950,742, respectively. This is an interim period estimate; it is not indicative of the final year end results.

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 86% in 2006. 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 numerous managers at the property. Management increased concessions and resident referral rewards. Management is in constant communication with the nearby Air Force base and local employers, is placing advertising in the weekly newspaper, and has a website for the property. Management's efforts have resulted in an increase in occupancy to 96% through the third quarter of 2007. However, in October 2007, due to lease expirations and evictions, physical occupancy declined to 75%. The oper ating general partner completed another site management change in November 2007. A new manager is focusing on strengthening the resident base, increasing resident retention, and improving collections. The manager has been proactive in an attempt to improve lease renewals by contacting every resident to ask if they need any additional services. The on-site manager has made personal contact with specific employers in the immediate area that best support the property and received permission to display brochures to promote the community in break rooms and at front desks. Management also changed the office hours to better accommodate working residents. Because of the marketing efforts of the new on-site manager, average occupancy rebounded to 85% in December 2007. As the result of the low occupancy and overly burdensome debt service, the property was not able to operate above breakeven in 2007. Per an agreement with the operating general partner, the management company (an affiliate of the operating general partn er) is deferring all fees until operations improve and the property can support itself. The operating general partner continues to fund the operating deficits. The operating general partner operating deficit guarantee is unlimited in time and amount. 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, a 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 has negotiated a five-year payment plan to pay down the tax lien. As a result, on top of the annual real estate taxes, the Operating Partnership makes a $25,000 annual payment as required by the city to avoid being declared in default. In 2007, the property continued to operate at a surplus with an average physical occupancy of 99%. The property's mortgage, tax es and insurance are all current.

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) is a 48-unit family development located in Longmont, CO. The property suffers from low occupancy due to a weak rental market. In addition, the property has mostly three-bedroom units (42 of the 48) and these units have comparable rents to three-bedroom single-family rental homes, which are more desirable. The poor quality of the school system also makes it difficult to attract families with children. The site manager developed a good relationship with the local police who have initiated nighttime patrols. To attract applicants, management continues to offer rental concessions and resident referral fees. Banners and signs have been redesigned for increased visibility; a model unit has been prepared for showing to applicants; and advertising on the internet, and in adjacent towns, has increased. Occupancy in the third and fourth quarters of 2006 was 85% and 89%, respectively. Occupancy improved to 93% in the first two quarters of 2007. A consultan t visited the property in August, and reported that occupancy was 95% and the property is in excellent condition. Fourth quarter occupancy has decreased to 88% due primarily to evictions for non-payment. The operating general partner continues to fund all operating deficits. Accounts payable, mortgage, taxes, and insurance are current. The last year for credit delivery was 2005 and the low income housing tax credit compliance period expires in 2010.

Broderick Housing Associates, LP (Country Hill Apartments, Phase II) is a 92-unit family complex located in Cedar Rapids, Iowa. In the third quarter of 2006, management replaced the regional manager and occupancy dramatically increased by year-end. Occupancy averaged 98% in 2007. The property continued to operate at a deficit in 2007 due to increased expenses, specifically, insurance. The property did have a rent increase implemented in October of 2007. This has helped increase revenue at the property. 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.

Edmond Properties, LP (Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK. Despite an average occupancy of 84% in 2006, the property operated above breakeven. Through 2007 average occupancy was 84% and the site continued to operate above breakeven. New management assumed duties in October 2007 and is currently in the transition process of re-staffing the site and developing new leasing strategies. While prior management was able to operate above breakeven, this was due to minimized maintenance and payroll expenses, as the property was understaffed and units were not being turned. While the area is a desirable place to live, it is also extremely competitive. Rents have been reduced in an effort to attract new tenants. Overall, the low occupancy is due to a combination of market related factors as well as poor prior management. Management states that the biggest challenge is finding qualified maintenance technicians to staff the property. Currently they are short one employee; how ever, they will likely be hiring a new technician. The investment general partner will continue to monitor and assist management with marketing and leasing strategies. A site visit will be completed in early 2008 to assess the level of deferred maintenance and review the new management company's operating performance. All real estate tax, insurance and mortgage payments are current.

Series 24

As of December 31, 2007 and 2006 the average Qualified Occupancy for the series was 99.9%. The series had a total of 24 properties at December 31, 2007. Out of the total 23 were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 24 reflects net loss from Operating Partnerships of $(582,461) and $(491,244), respectively, which includes depreciation and amortization of $1,040,776 and $970,252, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Elm Street Associates, Limited Partnership (Elm Street Apartments) is located in Yonkers, New York. The neighborhood has been a difficult one in which to operate due to high crime. Almost all tenants have some public subsidy, making this a very management-intensive property. Poor tenancy has historically resulted in operating deficits. Although management has been proactive in addressing these concerns, other management issues, including poor rent collections and deferred maintenance, have negatively impacted the property. Although occupancy started showing signs of improvement in the first three quarters of 2007, the fourth quarter saw occupancy decline to 80% in November and December. November had five units with move-out notices, and four units in process of eviction for non-payment of rent. Resident move outs were attributed to one family searching for a larger unit, and families that were behind in rent and unable to catch up. Attempts were made to obtain outside assistance for rent supplemen ts, but most available funding was exhausted at year end. Although most were on installment payment plans, they were unable to remedy their arrears and decided to give up possession of their units.

Management states that they have two move-ins and two pending move-ins for January 2008. They are being proactive in trying to keep residents in the units by supplying life skills workers to families who are having trouble paying rent. After referring families to rent assistance services, they offer counseling for basic budgeting skills to avoid future evictions. Collections in the beginning of the year had demonstrated some improvement, but have become an issue again in the third and fourth quarters of 2007. Bad debt write-offs totaled $44,569 in the fourth quarter. In addition to the occupancy issues suffered in the fourth quarter, operating expenses also increased significantly. Until the fourth quarter, management had been diligent in controlling operating expenses in order to reduce their operating deficit. Maintenance expenses increased in conjunction with the increased turnover. One unit required mold abatement which drove up maintenance costs. Water and sewer expenses also hit in October. Due to the decreased occupancy, bad debt, and the increase in operating expenses in the fourth quarter, the property continues to operate below breakeven. The mortgage, real estate tax, insurance and required reserves are all current. The Operating Partnership is dependent on the operating general partner funding the operating deficits by cash infusions, and deferring management fees. The goal of management is to work on improving and stabilizing the neighborhood in order to attract and retain residents. The operating general partner has a long-standing and ongoing commitment to the residents of Southwest Yonkers where their housing programs and service offices are located.

The operating general partner's most intensive community development work is focused in Nodine Hill where the property is located. The community organizer serves as the coordinator of the US Department of Justice's "Weed to Seed" initiative which combines law enforcement and social services in a coordinated effort to remediate problems in the neighborhood. The operating general partner has been instrumental in operating the Elm Street Neighborhood Center. The center offers neighborhood residents access to after school children's programs, job training for adults and teens, and work services programs for adults. The operating general partner has been proactive and successful in obtaining grants such as a recent award under the New York State Main Street program which was designed to stimulate downtown revitalization. Funds have been utilized for building renovations, streetscape enhancements, and commercial and affordable housing development. Funds have been earmarked for the purchase of some surrounding vacant lots for the construction of a play area. The operating general partner remains committed to the property and the neighborhood and expressed a willingness to continue funding deficits until the property stabilizes. The operating general partner has 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 come on line that connects to the financial district in Manhattan. It is hoped that this growth will make this neighborhood a better place to live. In the short term, the operating general partner is working to increase occupancy levels, as well as working to educate the tenants so they do not fall behind in rent payments. 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 the first three-quarters of 2007 is 92%, down slightly from the 2006 average occupancy of 96%. However, as of December 2007, occupancy was at 95%. The reason for the decline in performance is due to having to relocate tenants out of an entire building for structural repairs. In 2003 an engineer's report identified foundation and stress cracks in a number of buildings on site. The total cost of the project was estimated at $320,000; however, there were additional repairs required due to plumbing breaks as the foundations were being repaired, resulting in a total project cost of $360,000. The construction repairs were funded by a capital contribution from the operating general partner, and the project was completed in November of 2007 and all units have been brought back on line. In efforts to market the units, management reduced the move-in deposit and has been networking with local employers in the area. The investment general partner inspected the project after completion of the repairs and found that all foundation repairs have been addressed and the overall property is in very good physical condition. Now that the physical concerns have been addressed and occupancy has begun to return to prior levels, the Operating Partnership should improve significantly in 2008. The investment general partner will continue to monitor the property's performance to ensure ongoing improvement. 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. Average physical occupancy for 2006 was 86%. In 2007, occupancy improved to an average of 90%. As a result of the improved occupancy the property was able to operate at breakeven in 2007. To increase and maintain the occupancy management continues to market the property through local media and civic organizations. 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. The real estate taxes, insurance, and mortgage payments are current.

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 twenty-one of the property's seventy-two units have rental assistance. Consequently, the property has trouble competing with properties that offer more units with rental assistance. In 2006 average occupancy declined to 77% from an average of 93% in 2005 as the qualified resident base continued to decline, resulting in below breakeven operations. Occupancy averaged 90% during the third quarter of 2007. However, year-to-date occupancy is averaging 87%, and the property continues to operate below breakeven status. The primary reasons for the cash flow deficit include: insufficient rental rates, vacancy losses to due to poor occupancy, various capital improvement projects and additional replacement reserve funding per a Rural Housing workout plan. Management continues to market the propert y through local media and civic organizations, as well as investigating the possibility of obtaining additional project-based rental assistance subsidy. The mortgage, real estate tax, insurance and payables to non-related entities are current. The operating general partner's guarantee is unlimited in time and amount. The low income housing tax credit compliance period expires in 2009.

Century East IV, LP (Century East IV Apartments) is a 24-unit development located in Bismarck, ND. In 2006 the property operated with a cash deficit due to maintaining an average occupancy of 88%. The average occupancy through December 2007 is 93%, and the property is operating back above breakeven. In the fourth quarter of 2007, the site manager was replaced and marketing efforts were increased. This resulted in significantly more traffic. In addition, management has begun a process of re-tenanting the property in an effort to reduce bad debt expenses. As a result, many problematic tenants have been evicted and replaced with more stable tenants. It is important to note that, in the past, the operating general partner has funded all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor the property's performance and will perform a site inspection during the first half of 2008. The mortgage, trade payables, property t axes, and insurance are current.

Century East V, LP (Century East V Apartments) is a 24-unit development located in Bismarck, ND. In 2006 the property operated with a cash deficit due to maintaining an average occupancy of 89%. The average occupancy through December 2007 is 93%, and operations were slightly above breakeven status. In the fourth quarter of 2007, the site manager was replaced and marketing efforts were increased. This resulted in significantly more traffic. In addition, management has begun a process of re-tenanting the property in an effort to reduce bad debt expenses. As a result, many problematic tenants have been evicted and replaced with more stable tenants. It is important to note that, in the past, the operating general partner has funded all operating deficits, despite the expiration of the operating deficit guarantee. The investment general partner will continue to monitor the property's performance and will perform a site inspection during the first half of 2008. The mortgage, trade payables, property tax es 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, a fire completely destroyed one of the units, requiring a full rehab costing $25,000 paid from insurance proceeds, and work was completed in May 2006. Occupancy began to decline in the first quarter of 2006 to an average of 82%. The property is not located near public transportation, somewhat reducing applicant appeal. Management increased the frequency of newspaper advertising and occupancy improved through 2006 to an average of 88%. In 2007 the property averaged 89% occupancy, and was at 91% occupancy at the end of December 2007. However, the Operating Partnership is operating below breakeven in 2007. The operating general partner is funding deficits as necessary and the mortgage, property taxes, and insurance are current. The tax credit delivery period ended in 2006 with the low income housing tax credit compliance period due to expire in 2010.

Centenary Housing, LP. (Centenary Tower Apartments) is a 100-unit senior property located in St. Louis, MO. The property operated at a deficit for the first time in 2005, due to operating expenses which exceeded the state average by 25%. Throughout 2006, third party management reports to the operating general partner and the investment general partner suggested that the property was operating adequately, although there were a few reports that drug use and other undesirable activity were increasing at the property. In the first quarter of 2007, the investment general partner learned that the City of St Louis had cited the property as a nuisance twice in 2006. The property's security and habitability had deteriorated sharply during the second half of 2006 and the first quarter of 2007, with over 700 police calls from June 15, 2006 - February 28, 2007. After an additional citation from the City in the first quarter of 2007, the management company resigned effective February 1, 2007. The operating general partner took over management and hired new security personnel, but security guards were ineffective. On February 28, 2007, the on-site manager was assaulted on the premises and the operating general partner was unable to re-establish a management presence at the property.

On March 2, 2007, the City of St. Louis conducted a hearing and ordered the building closed pursuant to public nuisance ordinances. The Department of Housing and Urban Development (HUD) terminated the Housing Assistance Payment contract. The trustee for the bonds declared a default under the bond documents. The operating general partner chose not to contest the City's order or HUD's contract termination after determining that the highest recovery for the bondholders and limited partners might result from a sale to a developer who would convert the property to a non-affordable use. The operating general partner worked with HUD and local municipal officials to relocate the tenants, which concluded in early July 2007. The operating general partner engaged a broker who began marketing the property, but after three months of market exposure during the third quarter of 2007, the property had failed to elicit any strong expressions of interest. The lack of interest was in part attributable to the general pr oblems in the credit market that occurred in the third quarter of 2007. In October 2007, the operating general partner determined that it would be costly to carry the property through the winter and offered to consensually transfer the property to the bondholders' trustee. As of December 2007, the bondholders' trustee had effectively taken control of the property and was pursuing its own marketing effort, although it had not formally accepted the deed.

Due to the property being shut down in 2007, investors will lose 2007 tax credits and experience recapture. The Operating Partnership will lose $88,635 in credits and experience recapture of $496,442. This represents estimated credits and recapture of $40 and $224, respectively, per 1,000 BACs. The operating general partner has unlimited guarantees and the investment general partner intends to pursue payment under these guarantees in order to offset some or all of the expected recapture of tax credits. However, it is not certain at this time how much can be collected under the guarantees, based on the unknown financial strength of the guarantors.

Series 25

As of December 31, 2007 and 2006 the average Qualified Occupancy for the series was 99.9%. The series had a total of 22 properties at December 31, 2007. Out of the total 21 were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 25 reflects net loss from Operating Partnerships of $(519,792) and $(733,786), respectively, which includes depreciation and amortization of $1,357,420 and $1,424,101, 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% resulted in disproportionately high debt service. The property was also suffering from increased bad debt, maintenance expenses, and high real estate taxes. The operating general partner refinanced the permanent debt, with the investment general partner's approval, in the fourth quarter of 2006. The refinance resulted in a reduction of annual debt service by more than $90,000 and allowed the property to pay down accrued expenses. The property averaged 97% occupancy through the fourth quarter of 2007. The reduced debt service from the refinance has allowed the property to fully stabilize and operate above breakeven since March 2007. The mortgage, taxes and insurance are current. The low income housing tax credit compliance expires in 2010.

Sutton Place Apartments, LP (Sutton Place Apartments) is a 360-unit apartment complex located in Indianapolis, Indiana. In January of 2005, the Operating Partnership underwent a change in the operating general partner, which was accompanied by a change in management. In 2005, the property's performance dipped below breakeven due to high operating expenses, mainly due to deferred maintenance. Given the size and difficult tenant base/market of the property, the original operating general partner did not have the resources to support the property long term. As a result, deferred maintenance items were not addressed and the property's physical condition declined. As a result, when the new operating general partner assumed the position there was a significant amount of deferred maintenance and a number of vacant units, which could not be rented due to significant costs required make them marketable. Many of the more costly vacant units were down in efforts to turn over the other less costly units. The n ew management endeavored to address the maintenance items utilizing the existing replacement reserve account and available cash flow. Unfortunately, the available escrowed funds and cash-flow has not proven to be sufficient. As a result, the property failed the 2007 Real Estate Assessment Center inspection and management lost the confidence of HUD, resulting in a HUD required management change. Historically, the property has operated with an occupancy level of 90%. The 2006 and 2007 average occupancy was 91% and 89%, respectively, and as of October 2007, occupancy declined to 86%. According to the operating general partner, the decline in occupancy is the result of several recent necessary evictions. Capital expenditures in the amounts of $133,000 for 2005 and $190,000 for 2006 were contributed by the operating general partners; however, this was not enough to address all physical concerns. The operating general partner has submitted to the investment general partner a proposal for new financing which will not only reduce the annual debt service, but also will provide funding to remedy all physical concerns so as to pass inspection. The funding package includes mezzanine financing in the amount of $500,000 followed by new permanent financing to pay off the existing permanent loan and the bridge loan. The investment general partner is in the process of evaluating the proposal. It is important to note that the new operating general partner assumed the obligations under the guaranty agreement dated November 20, 1996. Per the guarantee, after the fifth year from the date rental achievement was met, the operating general partner is obligated to advance funds to eliminate any operating deficit up to $150,000. Since assumption of the operating general partner position, the operating general partner has advanced $290,000. The investment general partner will continue to work with the operating general partner in securing new debt and completing the required repairs, as well as evaluating the new management company and their marketing strategies. All real estate tax, insurance, and mortgage payments are current.

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 credit. 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 agreements, 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. The Operating Partnership 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 operated with a cash flow deficit in 2004 caused by low occupancy. The property operated above breakeven in 2005 due to increased occupancy combined with operating expenses below state averages. The site manager has focused on maintaining communication with the housing agency and hosting neighborhood events to help increase interest in the property. In order to improve cash flow and help the property stabilize, the Pennsylvania Housing Finance Agency granted a request to defer replacement reserve deposits for the fourth quarter of 2006. The property operated well above breakeven in 2006, averaging 89% occupancy for the year. Operations continue to be strong. Occupancy averaged 95% in 2007 with the tenant base comprised mostly of long-term residents. Management's goal is for continued low turnover, and for the second year in a row the operations remain above breakeven.

Dogwood Park L.P. (Dogwood Park Apartments) is a 127-unit family development located in Athens, Georgia. Occupancy dropped to 89% in 2006 as the result of poor management. Additionally, the increased turnovers caused a significant increase in maintenance expense and the property operated below breakeven status. A change in site staff in early 2007 resulted in improved operations with an average occupancy of 95% through September 2007, and in the fourth quarter occupancy averaged 98%. The maintenance and administrative expenses have remained high, causing the property to continue to operate with a cash flow deficit. The operating general partner contested the 2007 property taxes, but the appeal was denied. The mortgage, taxes and insurance are current. The low income housing tax credit compliance period expires in 2011.

Series 26

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 45 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 26 reflects net loss from Operating Partnerships of $(861,971) and $(1,160,165), respectively, which includes depreciation and amortization of $2,180,698 and $2,030,090, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Cameron Apartments (Cameron Apartments Partnership) was a 40-unit apartment complex located in Cameron, Louisiana. The property was completely destroyed by Hurricane Rita and the National Flood Insurance Program wrote off the property as a complete loss. The operating general partner determined that rebuilding the property on the same site would be cost prohibitive and operations would not support the property's insurance premium. Based on the local conditions, the investment general partner on behalf of the Operating Partnership informally requested forgiveness from the Internal Revenue Service of the tax credit recapture that will result from not rebuilding the property at the original location; however, no such reprieve was granted. As a result, the investors will experience in 2007 the reversal of tax credits claimed for 2005 and 2006 (after the property was destroyed) of $260,955, including interest and recapture of $563,818. This represents credit loss of $65 and recapture of $141, per 1,000 BACs. As a result of the destruction of the property there are insurance proceeds available that will be utilized to pay off the first mortgage and reimburse a portion of the tax credit recapture.

As previously reported and as discussed above, the initial informal request to rebuild the property at another location and avoid recapture was denied by the IRS. In the first quarter of 2008, the operating general partner on behalf of the Operating Partnership will file a formal request with the IRS to i) waive the recapture; ii) waive the recapture and allow the property to be rebuilt in another location; or iii) waive a portion of the recapture. As a result of the formal request being submitted to the IRS, the proceeds held by the Operating Partnership to offset a portion of the anticipated recapture have been placed in an escrow account. In accordance with the escrow agreement, if the IRS does not waive the recapture or a portion of the recapture the monies held in escrow will be released to the investment partnership. If the request to waive recapture or a portion of the recapture is granted, the recapture recognized by BAC holders in 2007 will be reversed in 2008. Further, if the recapture is wa ived entirely then the funds held in escrow will i) be utilized to rebuild the property at an alternative location; or ii) will be distributed in accordance with the terms of the Operating Partnership Agreement.

Willows, (The Willows Apartments) is a 32-unit multifamily development located in Smithville, Texas. During the first half of 2007, occupancy declined as a result of management evicting non-paying tenants as well as tenants moving out because of necessary maintenance items being deferred. The complex was rehabilitated in 1996 and is in need of unit and curb appeal improvements. Although there was approximately $16,600 remaining in the replacement reserve account, Rural Development would not release the funds until all necessary work was completed. Some of the issues plaguing the site were electrical, plumbing, flooring and HVAC repairs; however, there has not been enough revenue generated to cover the costs. In addition, an inspection performed by The Texas Department of Housing and Community Affairs found multiple items that will need to be addressed in the near future. Some of the issues noted were: missing shingles and wood sections, exterior painting, rust removal, mortar and brick repairs, drye r vents replaced, door and wall repainting. The inspection also noted buildings two and four are missing accessibility entrances, so ramps will need to be installed. The operating general partner and management are working on a work out plan with Rural Development because the complex does not have the cash flow to cover the cost of the needed repairs. Occupancy fluctuated throughout 2007 causing year-to-date occupancy to average 90%. Occupancy increased significantly during the fourth quarter to reach a year high of 97%; however, high administrative and maintenance expenses from resident turnover and legal costs resulted in below breakeven operations. Management has requested a rent increase from Rural Development of approximately $60 per unit. The operating general partner is hopeful that Rural Development will grant some type of rate increase to become effective January 1, 2008; however, no increase has been granted to date. The operating general partner is funding the operating deficit, as the guar antee is unlimited in time and amount. The investment general partner will continue to monitor the property's occupancy, operations, repairs and work out plan with Rural Development as well as assist management in determining ways to increase revenue and reduce expenses in an effort to achieve breakeven operations. All real estate tax, mortgage, and insurance payments are current.

Edgewood Estates, L.P. (Edgewood Estates Apartments) is a 22-unit development located in Edgewood, Texas. Despite the property averaging 95% occupancy during 2006, the property operated with a cash flow deficit due to stagnant rental rates combined with high maintenance and utility expenses and a $6,000 reduction in Rural Development rental subsidy. Throughout 2007, occupancy remained strong, averaging 97% for the year, and operations are back above breakeven status. The investment general partner will continue to monitor the property's operations. The operating general partner's guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current.

Country Edge, LP (Country Edge Apts.) is a 48-unit property located in Fargo, North Dakota. During 2006 the property operated with an average occupancy of 80% primarily due to softening market conditions. As a result of the increased vacancy loss, the property operated below breakeven status. In 2007 the property rebounded for most of the year, as average occupancy through December increased to 90%. Despite this increase, there was a precipitous decline in occupancy during the last two months of 2007 as occupancy declined to 77%. According to the regional manager, a significant part of the tenant base is comprised of new Americans. As a result, the property is affected by unique cultural concerns. As many of these tenants move as a group, it is not uncommon to have a dramatic number of move-outs as an entire family may move-out all at once. This was the reason for the significant drop in occupancy at year-end. As this is the slowest period for leasing, management is having difficulty replacing th e move-outs despite aggressive advertising and lowered rents. Management forecasts that a return to 90% occupancy will not happen until at least March 2008 when the weather begins to improve and area residents feel comfortable moving. The operating general partner continues to fund all operating deficits, despite the expiration of the operating deficit guarantee. A site inspection will be conducted in early 2008 to ensure deferred maintenance items are being addressed and to review the current leasing strategies. 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 2006 the property operated with an average occupancy of 81% primarily due to heavy competition in the area. As a result of the high vacancy loss, the property operated below breakeven status. In 2007 the property rebounded for most of the year, as average occupancy through December increased to 92%. Despite this increase, there was a precipitous decline in occupancy during the last two months of 2007 as occupancy declined to 72%. According to the regional manager, a significant part of the tenant base is comprised of new Americans. As a result, the property is affected by unique cultural concerns. As many of these tenants move as a group, it is not uncommon to have a dramatic number of move-outs as an entire family may move-out all at once. This was the reason for the significant drop in occupancy at year-end. As this is the slowest period for leasing, management is having difficulty replacing the move-outs despite aggressive advertising and lowered rents. Management forecasts that a return to 90% occupancy will not happen until at least March 2008 when the weather begins to improve and area residents feel comfortable moving. The operating general partner continues to fund all operating deficits, despite the expiration of the operating deficit guarantee. A site inspection will be conducted in early 2008 to ensure deferred maintenance items are all being addressed and to review the current leasing strategies. The mortgage, trade payables, property taxes, and insurance are current.

Lake Apartments IV Limited Partnership (Lake Apartments IV) is a 24-unit property located in Fargo, ND. During 2006 the property operated with an average occupancy of 80%. Due to excessive vacancy loss, the property was unable to operate above breakeven. Average occupancy has steadily increased through 2007 with quarterly average occupancy figures of 85%, 90%, 97% and 100%, respectively. In the past, the operating general partner has funded all operating deficits, despite the expiration of the operating deficit guarantee. The last site inspection report indicates that there are no deferred maintenance items at the site. The investment general partner will continue to monitor the property's performance and will perform a site inspection during the first half of 2008 to assess the physical condition of the property and review leasing strategies. The mortgage, trade payables, property taxes, and insurance are current.

Calgory Apartments II, LP (Calgory Apartments II) is a 24-unit development in Bismarck, ND. In 2006 the property operated with an average occupancy of 92% and above breakeven for the year. While average occupancy for 2007 was 87%, performance picked up during the last three months of the year, averaging 96% for the fourth quarter of 2007. Excluding capital expenses incurred in 2007, the property is operating at or just below breakeven. In the fourth quarter of 2007, the site manager was replaced and marketing efforts were increased. This resulted in significantly more traffic. In addition, management has begun a process of re-tenanting the property in efforts to reduce bad debt expenses. As a result, many problematic tenants have been evicted and replaced with more stable tenants. According to the new site manager, they are leasing up the units as fast they can turn them. The investment general partner will continue to monitor the property's performance and will perform a site inspection during t he first half of 2008. All real estate tax, mortgage, and insurance payments are current.

East Park II, LP (East Park Apartments II) is a 24-unit development in Dilworth, MN. Average occupancy for 2007 was 72%, with a fourth quarter average occupancy of 75%. The property is operating below breakeven due to a combination of increased vacancy loss as well as a significant increase in maintenance expenses. The property is located in a highly competitive area. Recently new townhouse units with garages were built in the immediate market area, offering rents that are competitive with those at the Operating Partnership. The Operating Partnership is comprised primarily of two and three bedroom units. As a result, the majority of these units appeal to families. The property has experienced an increase in turnover as the families move to the larger townhouse homes. The Operating Partnership has had difficulty filling these vacancies despite aggressive advertising. The increased turnover has resulted in higher than anticipated maintenance costs, particularly costs associated with getting vacant units ready for occupancy. In fact, maintenance expenses have more than doubled as compared to the same period last year. On the positive side, a Super Wal-Mart is being built right behind the property and is slated for completion in the Spring of 2008. This will bring new potential tenants to the area. While management is ramping up advertising efforts, they have not reduced rents nor begun to offer concessions at this time. The investment general partner will continue to work with the operating general partner to monitor occupancy and help improve overall operating results. A site inspection will be conducted in early 2008. All real estate tax, mortgage, and insurance payments are current.

Series 27

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 27 reflects net loss from Operating Partnerships of $(666,465) and $(875,578), respectively, which includes depreciation and amortization of $1,307,553 and $1,394,268, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Holly Heights, LP (Holly Heights Apartments) is a 30-unit property located in Storm Lake, Iowa. The property continues to incur operating deficits due to high tenant turnover and low rental rates. This property operated with an average occupancy of 89% in 2006, and the occupancy averaged 86% in 2007. There are 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. In addition, the property suffers from a high interest rate on the permanent mortgage. 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 mo nitor the property. Per an agreement with the operating general partner, the management company (an affiliate of the operating general partner) is deferring all fees until operations improve. The operating general partner continues to fund the operating deficits in accordance with his guarantee, which is unlimited in time and amount. The mortgage, taxes, and insurance payments are current.

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property located in Harlem, New York. The Operating Partnership operated below breakeven in 2006 and the first two quarters of 2007 due to increasing resident receivables and high operating expenses. Operations improved in the fourth quarter of 2007 with reduced utility expenses. Occupancy was at 100% as of December 31, 2007. Management has had some success with more aggressive eviction proceedings resulting in a third quarter decrease in tenant accounts receivable. However, it appears receivables increased slightly in the fourth quarter. The operating general partner and the investment general partner continue to proactively monitor these problematic collections closely. The operating general partner states that a rent increase was requested for January 2008, and confirmation of approval of the increase has been requested. 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. Management and the operating general partner filed an application for assistance to replace windows and boilers with New York State Energy Research and Development Authority and are waiting for a response. 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 payments are current and the operating general partner is funding deficits as needed.

Kiehl Partners (Park Crest Apartments) is a 216-unit property located in Sherwood, AR. The property operated below breakeven in 2007 due to vacancy and delinquency loss caused by ineffective on-site management. As of December 31, 2007, the occupancy averaged 79%. To improve operations, the regional manager plans on replacing the current property manager in January 2008. The investment general partner will continue bi-monthly conference calls with the regional manager to monitor operations and ensure that occupancy improves and bad debt and tenant receivables decrease. In the first quarter of 2008 the investment general partner will arrange for a third party to assess the leasing performance of the new property manager. Since the property never converted to a fixed rate financing, any operating deficits through the compliance period are guaranteed by the operating general partner's operating deficit guaranty. All tax, mortgage, and insurance payments are current.

Series 28

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 28 reflects net loss from Operating Partnerships of $(827,222) and $(810,987), respectively, which includes depreciation and amortization of $1,645,111 and $1,624,430, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Cottonwood Partnership (Cottonwood Apartments) is a 24-unit multifamily development located in Cottonwood, Louisiana. The property sustained minor damage during the 2005 hurricane season, but the costs for repairs were not enough to meet the insurance deductible, and the expenses were paid for out of operations. Furthermore, due to the age of the site, there are deferred maintenance issues as a result of normal wear and tear. During 2006, curb appeal improvements were necessary to attract tenants. The rotted trim was replaced and parts of the exterior were repainted. The operating general partner continues to work with Rural Development to obtain a much needed rent increase; however, no increase was granted in 2006 or 2007. The stagnant rental rates coupled with the abnormal expenses caused the property to operate below breakeven in 2006. This trend has continued throughout 2007 as expenses remained high and rental rates remained stagnant. Occupancy fluctuated during 2007, beginning the year at a low of 67%, but steadily increased reaching 96% in September and October 2007. Although the average occupancy for 2007 was only 83% due to the high vacancy at the beginning of the year, December ended above average at 92%. Management attributes the increase to marketing efforts, as well as unit and exterior improvements. Even though some of the improvement costs may be reimbursed from replacement reserves at a later date, the partnership continues to operate below breakeven. The operating general partner continues to work with Rural Development in an effort to obtain a rental rate increase for 2008. An increase would help to bring operations back to breakeven status and the operating general partner is hopeful an increase will be granted for 2008. The operating general partner is funding deficits as necessary. The guarantee is unlimited in amount until the end of low income housing tax credit compliance in 2012. The investment general partner will continue to work with the operating general partner t o help improve occupancy, prioritize needed improvements and assist with gaining a rent increase approval from Rural Development. All real estate tax, mortgage, and insurance payments are current.

Maplewood Apartments Partnership, (Maplewood Apartments) is a 40-unit property located in Winnfield, Louisiana. In 2006 the property operated below breakeven due to increased maintenance expenses caused by the repair of damages sustained during the 2005 hurricane season. The property was insured, but damages were not great enough to cover the insurance deductible, and the repairs were paid for out of operations. Although a small rent increase was applied in 2006, the rents were still insufficient to cover the expenses which led to the deficit. During 2007, rental rates were still insufficient to cover the normal operating expenses which caused the partnership to remain below breakeven. Management decided to implement a substantial increase of $50 per unit which became effective upon lease renewal. This caused significant vacancies as tenants moved out when their leases were up because they could not afford the new rates. As a result, occupancy averaged only 82% for 2007. Although much of the decli ne was due to the rent increase, it was also attributed to management's efforts to evict non-paying and problem residents. Although the decline in occupancy hurt the chance for the property to achieve breakeven operations in 2007, management is adamant that improving the resident base will help operating results going forward. The operating general partner is funding all deficits as necessary. The investment general partner will continue to monitor the property's occupancy and operations, as well as assist management in determining how to improve operating results. All real estate tax, mortgage, and insurance payments are current.

Jackson Place Apartments (Jackson Place Apartments L.P.) is a 40-unit development located in Jackson, Louisiana. During 2006, the property operated below breakeven and expended cash due to insufficient rental rates and costs associated with damage sustained during Hurricane Rita. All repairs were completed during 2006; however, the costs were paid for out of operations during 2006 and in 2007 as no insurance proceeds were collected. A rent increase went into effect during 2006; however the rates were still inadequate; therefore the partnership was granted another increase as of July 2007, which has substantially increased revenue. Occupancy declined slightly during the second and third quarters of 2007 due to the rate increase as well as the manager filing evictions on the non-paying tenants. However occupancy rebounded in the fourth quarter and averaged 93% for 2007, and the partnership is operating above breakeven and generating cash. All tax, mortgage, and insurance payments are current.

1374 Boston Road, LP (1374 Boston Road) is a 15-unit property located in the Bronx, New York. The operating general partner reported that the 2007 fourth quarter occupancy was 95%. The 2007 average occupancy was 98% with operations above breakeven status. In 2003, the Operating Partnership recorded a $112,000 loan from the operating general partner to pay for a tax lien. Further investigation showed that the tax lien was incurred during the construction period, and should have been funded by the operating general partner, without reimbursement, as part of his obligation to complete construction of the property per the 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 addr ess the issue satisfactorily. Additionally, in December 2005, a title search on the Operating 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 lien issues remain unresolved. The investment general partner has decided not to proceed due to the inadequate value of the property (based on size and location), as well as the operating general partner's continued funding, neither of which supports an extended legal battle for removal. The investment general partner continues to monitor this property. The mortgage, property taxes and insurance are current. The tax credit delivery period ended in 2007, with the low income housing tax credit compliance period expiring in 2011.

Sumner House LP (Sumner House Apartments) is a 79-unit property located in Hartford, CT. Occupancy averaged 94% in 2007, finishing the year at 99% in December 2007. Despite the high occupancy, the property is projected to operated below breakeven due to low rental rates. In March 2007, the property had a fire that caused substantial smoke damage in the basement and parking facility. As the property didn't incur any structural damage, no units were taken off-line and the necessary repairs were completed during the second quarter of 2007. The operating general partner is focused on establishing a better reputation for the neighborhood surrounding the property and is working with the local police to increase patrols. For the past year and a half, the operating general partner implemented a strict resident selection process to improve the resident base as well as offer leasing concessions to help increase occupancy. The operating general partner continues to fund all deficits. Taxes, insurance, and mo rtgage payments are current.

Series 29

As of December 31, 2007 and 2006 the average Qualified Occupancy for the Series was 100%. The series had a total of 22 properties at December 31, 2007, all of which were 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 29 reflects net loss from Operating Partnerships of $(1,199,741) and $(871,979), respectively, which includes depreciation and amortization of $1,842,869 and $1,859,896, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Lombard Partners, LP (Lombard Heights Apts.) located in Springfield, Missouri, operated below breakeven in 2005 and 2006 due to low occupancy, which averaged 72% in 2005 and fell to 47% in 2006. The site has no central office and the laundry room was boarded up due to vandalism. A site visit performed in the first quarter of 2007 revealed the property is in poor physical condition and there is non-existent management. The operating general partner has been historically poor in reporting financial and occupancy data. In the first quarter of 2007, the investment general partner learned that the property was five months in arrears of its mortgage and that the lender had issued a notice of default. The operating general partner has no plans to fund the property or to present a workout plan. The lender replaced on-site management with a third-party management company. The lender holds both debt and replacement reserve accounts, the latter of which was depleted to fund unit turnovers and bring the property to a saleable condition, rather then to foreclosure. The investment general partner has been in close contact with the lender and is reviewing the financial viability of a workout plan; however, as a workout plan may include replenishing the reserves held by the lender, foreclosure remains a possibility. The investment general partner has confirmed that taxes and insurance are current.

In December, the lender polled the bondholders for their preference in resolving the default. They were given the options of foreclosure sale, an 18-month debt forbearance as part of a workout plan, or refinancing the property. The bondholders showed no preference for a sale and the lender continues to work with the investment general partner toward a potential workout. Additionally, the third-party management company has expressed a tentative interest in purchasing the operating general partner interest. Occupancy has increased and fluctuates between 92% and 96%; however, the interest expenses remain high and the debt service remains outstanding.

Bryson Apartments, Limited Partnership (Pecan Hill Apartments) is a 16-unit development located in Bryson, TX. Average occupancy during 2006 was 93%, a significant increase from 2005 occupancy of 81% when the property operated with a cash flow deficit. The management company has informed the investment general partner that the property received a rent increase during 2006 and again in 2007. During the first three quarters of 2007 occupancy averaged 93% and the property operated above breakeven. In the fourth quarter occupancy declined to 73%, but the property is still operating above breakeven. The operating general partner continues to fund deficits as necessary. 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 lender is currently holding the insurance proceeds. 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 greatly reduced the originally anticipated shortfall of $1,257,519. As a result, in early October 2006, the operating general partner received a commitment letter from the Virginia Housing Development Authority indicating approval of the additional debt of $1,600,000. The construction of the project started in early November 2006, and was expected to be complete within nine to ten months. However, the partnership encountered some difficulties with permits during the early stages of construction, causing construction delays. The pr operty received temporary certificates of occupancy in early December 2007, and the final certificates of occupancy are expected to be issued in early January 2008. As of December 2007, 8 apartments were leased. The leasing will progress much quicker once certificates of occupancy are received.

Kiehl Partners (Park Crest Apartments) is a 216-unit property located in Sherwood, AR. The property operated below breakeven in 2007 due to vacancy and delinquency loss caused by ineffective on-site management. As of December 31, 2007, the occupancy averaged 79%. To improve operations, the regional manager plans on replacing the current property manager in January 2008. The investment general partner will continue bi-monthly conference calls with the regional manager to monitor operations and ensure that occupancy improves and bad debt and tenant receivables decrease. In the first quarter of 2008 the investment general partner will arrange a third party shop to assess the leasing performance of the new property manager. Since the property never converted to a fixed rate financing, any operating deficits through the compliance period are guaranteed by the operating general partner's operating deficit guaranty. All tax, mortgage, and insurance payments are current.

Series 30

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 30 reflects net loss from Operating Partnerships of $(283,862) and $(758,095), respectively, which includes depreciation and amortization of $887,243 and $981,237, 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 averaged 85% in 2007, fluctuating throughout the year due to the economic condition in the surrounding market. In 2007, many initiatives were taken to help the property, such as improving the exterior curb appeal of the property, improving the resident selection criteria, and improved rent collections. These initiatives helped the property financially and the operating general partner is projecting the property to operate above breakeven in 2007. All taxes, mortgage, and insurance payments are current.

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 Operating 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 had 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 limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the investment general partner intere st 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 Operating 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 had 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 limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the investment general partner's inte rest 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. Despite low occupancy, the property operated above breakeven in 2006 due to a favorable debt structure. The property operated with a significant cash deficit in the first quarter of 2007 due to low occupancy. Occupancy averaged 80% in the first quarter. Low occupancy was caused by application processing delays at the management company's corporate office. The department in the corporate office that handles application processing had been under-staffed. The lack of manpower led to delays of up to eight weeks in processing applications. Most of the prospective residents that had submitted applications were discouraged by the extensive wait and had chosen to live elsewhere. The investment general partner addressed this issue with the operating general partner, who has been working to improve his affiliated management company's policies and procedures in an effort to increase application-processing speed and improve leasing techni ques. Improvements were realized and the property has consistently generated cash since September 2007. As of December 31, 2007, occupancy averaged 100%. All tax, insurance, and mortgage payments are current. The operating general partner's operating deficit guarantee, capped at $400,000, expires in July 2013.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA. This property has had inconsistent occupancy levels since 2003. In 2006 occupancy averaged 89% and has improved to 94% through November 2007. December financials and occupancy have been requested. Through November 2007 the property is operating below breakeven status. In 2007, the driveway was repaved and areas of the exterior siding were repaired to help improve the curb appeal of the property. The investment general partner will continue to monitor occupancy and work with the operating general partner to improve operations. The operating general partner will continue to fund the property as needed in order to complete physical improvements and cover any operating deficits that arise. The taxes, insurance, and mortgage payments are all current.

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 stagnant local economy and a challenging rural location. In 2006 the property received a rent increase, operated with an average occupancy 82%, and had above breakeven operations. The property received another rent increase in 2007. The property averaged 92% occupancy in the first half of 2007, but this decreased to 69% at the end of September. The management company reported that the site manager was terminated and several tenants were evicted after being arrested for selling drugs. It is reported that no illegal activity occurred at the property, but several good residents chose to leave. The management company immediately trained a new site manager and focused on marketing and outreach. As a result, the fourth quarter occupancy rose to an average of 82%. The operating general partner has an unlimited guarantee in time and amount and c ontinues to fund any shortfalls. The mortgage, taxes, and insurance are all current.The tax credit delivery period ends in 2008 and the low income housing tax credit compliance period expires in 2011.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit 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 with operations well below breakeven. The operating general partner responded with move-in specials and increased advertising with local businesses and rental guides. Occupancy improved to 88% in 2006. In 2007, occupancy improved significantly, averaging 95% for the year. The site manager continues to work to retain residents and estimates that turnover has fallen from 100% in 2006 to 50% in 2007, with an $821 increase in revenue per unit. However, expenses remain high at $4,312 per unit, resulting in operations just below breakeven status. In the fourth quarter the operating general partner successfully contested the property tax assessment, resulting in a savings of $7,551 for the property. The operating deficit guarantee remains in effect until 2011. The mortgage, taxes and insurance are all current.

Series 31

As of December 31, 2007 and 2006, the average Qualified Occupancy was 99.9% and 100%, respectively. The series had a total of 27 properties at December 31, 2007. Out of the total 26 were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 31 reflects net loss from Operating Partnerships of $(1,114,377) and $(1,070,139), respectively, which includes depreciation and amortization of $2,467,145 and $2,286,318, 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. Over the past two years, under the stewardship of the former operating general partner, the property has deteriorated badly both physically and financially. At the end of the fourth quarter 2007, occupancy stood at 58%. The operating general partner refused to honor his guaranty to support operating deficits and the deficits resulted in unacceptably high payables, various liens and a large amount of deferred maintenance. Thirty percent of the units are public housing units that receive an insufficient subsidy under the Section 9 program of $200/month. Because of a deteriorating relationship with the operating general partner, the Atlanta Housing Authority which, in addition to administering the Section 9 contract, holds the second mortgage on the property, was unwilling to address the insufficient subsidy while the former operating general partner remained in place.

In the fourth quarter of 2006, the investment general partner and the Authority began seeking a replacement operating general partner. Although a number of parties were identified, all ultimately declined because of the magnitude of the property's capital needs and liens/payables. Even though no alternative third party operating general partner was identified, the investment general partner proceeded to remove the operating general partner. In June 2007, the special limited partner issued a removal notice, and in October 2007, an affiliate of the investment general partner was inserted as the new operating general partner.

In July 2007, the first mortgage lender notified the Operating Partnership that the Operating Partnership was in default due to the existence of liens and insufficient level of replacement reserves (based upon a physical needs assessment that the lender had commissioned). In August 2007, the mortgage lender accelerated the debt, based on these defaults, although debt payments were at this time current. In September 2007, the investment general partner and the Authority proposed a tentative plan to recapitalize and reposition the property. This included substituting a Section 8 contract on 40% of the units for the existing Section 9 contract and identified $1.2 million in funding sources, $400,000 of which was to come from the replacement reserves that first mortgage lender holds.

The first mortgage lender rejected the proposal and proceeded to initiate a foreclosure by advertisement. Although discussions were ongoing between the first and second mortgage lender regarding the potential purchase of the first mortgage debt, the first mortgage lender was unwilling to postpone the foreclosure sale, scheduled for December 4, 2007.

In order to prevent foreclosure sale from occurring, the Operating Partnership filed bankruptcy under Chapter 11 on December 3, 2007. At the time of filing, the investment general partner believed that a viable Plan of Reorganization could be crafted, essentially similar to the recapitalization plan formulated in September 2007 and outlined above. However, at the cash collateral hearing a few days after the bankruptcy filing, it became evident that the Authority was not willing to firmly commit to providing the subsidy upon which any viable Plan of Reorganization would depend. Without the Authority's firm commitment, the ability of the Operating Partnership to attract new capital to remediate the property's condition disappeared.

As a result, the debtor and secured lenders agreed before the Court that the prospect of reorganizing would not occur and that the first mortgage lender should be allowed to advertise during January 2008 for a foreclosure sale on February 5, 2008. The Operating Partnership will almost certainly lose the property through foreclosure on that date, losing future credits of $557,088 and experiencing recapture of $1,611,997. This represents estimated credits and recapture of $124 and $358, respectively, per 1,000 BACs. In addition an impairment in the amount of $594,947 was recorded to reduce the investment balance to zero, as of December 31, 2007.

Riverbend Housing Associates (Riverbend Estates) is a 28-unit property located in Biddeford, ME. The property operated below breakeven in 2006 due to the low occupancy sustained in the first half of the year and high operating expenses. Improvements in management's approach to leasing and application processing as well as increased focus on controlling operating expenses enabled the property to operate above breakeven in 2007. As of December 31, 2007, occupancy averaged 100%. All tax, mortgage, and insurance payments are current.

Pilot Point Apartments, LP (Pilot Point Apartments) is a 40-unit property located in Pilot Point, TX. During 2006 the property operated below breakeven due to an average occupancy of 84%. The local economy has suffered in recent years, as there has been a reduction in the population from the area due to a lack of jobs. The closest large employers are thirty to forty miles away. Management received approval for a rent increase from USDA as of January 1, 2007, and has also received approval for an additional rent increase beginning January 1, 2008. Occupancy improved throughout 2007 to average 91% for the year; however, it did dip back down to 86% during the fourth quarter, as there were an inordinate amount of move-outs. The Operating Partnership has operated above breakeven for the year, primarily due to the increase in average occupancy combined with the rent increase received at the beginning of the year. As the performance continues to show signs of improvement, the investment general partner wi ll continue to monitor the property until stabilized operations are confirmed. All taxes, insurance and mortgage payments are current.

Seagraves Apartments LP (Western Hills Apartments) is a 16-unit development located in Ferris, Texas. A large drop in occupancy to 80% and an increase in operating expenses, which are higher than the state averages, caused the property to operate below breakeven in 2006. As the property is very small, slight changes in occupancy have a significant effect on the overall operations. In 2007, occupancy averaged 88% for the year and operated slightly above breakeven. All taxes, mortgage, and insurance payments are current.

Series 32

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at December 31, 2007, all of which were at 100% Qualified Occupancy

For the nine month period ended December 31, 2007 and 2006, Series 32 reflects net loss from Operating Partnerships of $(1,119,683) and $(1,236,675), respectively, which includes depreciation and amortization of $1,856,276 and $1,797,359, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Pecan Manor Partnership (Pecan Manor Apartments) is a 40-unit development located in Natchitoches, Louisiana. Despite occupancy averaging 97% in 2006, and overall operating expenses which are in line with state averages, inadequate rental rates caused the property to operate below breakeven in 2006. Occupancy remained strong averaging 95% throughout 2007. In 2007 the property received approval for a 15% rent increase. The increase went into effect upon move in and lease renewal. Due to the rent increase and strong occupancy, the property is operating back above breakeven status. All real estate tax, mortgage and insurance payments are current.

FFLM Associates is an Operating Partnership that owns three 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 located in Old Bridge, New Jersey. Historically this property operated with a cash flow deficit, high accounts payable, and under-funded replacement reserves. Occupancy in 2007 averaged 100% for the entire year. Despite the high occupancy, the property operated below breakeven due to high debt service and operating expenses. The expenses continue to be higher than state averages, specifically for taxes and maintenance costs. The property's debt service represents about 50% of its total income. The operating general partner was able to refinance the debt in 2004 and continues to explore further refinancing options. The investment general partner has requested that the operating general partner consult a real estate tax service to appeal the property tax es. 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 breakeven as a result of low occupancy. During 2006, occupancy averaged 79% and in 2007 average occupancy improved to 85%. The property suffered cash losses of ($113,684), ($53,329), and ($39,990) for the years 2004, 2005, and 2006, respectively, and a small cash loss for 2007. The property's physical appearance and condition is good; however, management 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 and is now proposing to self-manage this property. To date, the operating general partner has funded all operating deficits, although its unlimited operating deficit guarantee expired in September 2004, and the mortgage and taxes are curre nt. However, the operating general partner has a portfolio of properties in Michigan, some of which are operating at deficits, so its ability to continue to fund operating deficits at the Operating Partnership could be strained.

Martinsville I Limited (Martinsville Apartments) is a 13-unit project located in Shelbyville, KY. Occupancy averaged 85% in 2007, a slight increase from the 2006 average of 80%. This property is located in a high crime neighborhood that is known to have drug activity. In the fourth quarter of 2007, a resident filed a complaint with the Kentucky Housing Agency regarding safety concerns in and around the site. As a result of this, the Kentucky Housing Agency began granting residents the option to transfer to other properties. The investment general partner is working diligently with the operating general partners to address the safety concerns by exploring a number of security initiatives to implement. These initiatives include a neighborhood block watch program, improved communications between the property staff and local police officials, adding security cameras to the exterior, and increased security lighting. A petition was sent to the Mayor, the Governor, and other officials to increase crime co ntrol in the neighborhood. As of January 2008, the Kentucky Housing Agency verbally stated they will once again approve applications for occupancy once the security initiatives are acted upon. The operating general partner has indicated they will no longer fund operating deficits going forward or fund the needed security improvements. The investor general partner will continue negotiations with the operating general partner in an effort to maintain operations and avoid foreclosure that appears imminent at this time. The accounts payable balance continues to increase, taxes are currently due and the mortgage payment is one month behind.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, New York. The property operated below breakeven in 2005, 2006, and 2007 due to high utility, maintenance and administrative expenses combined with collection loss. Management is exploring options to reduce utility costs, including tenant education on conservation and possible grant funding from non-profit agencies to conserve energy. Most recently, management and the operating general partner filed an application for assistance to replace windows and boilers with the New York State Energy Research and Development Authority and are awaiting approval. A site visit by the investment general partner is planned in the first quarter of 2008. The operating general partner states that a formal rent increase application was filed to be effective January 1, 2008 and a confirmation of approval has been requested. Management is working to reduce tenant delinquencies by aggressivel y filing late notices and pursuing evictions through the housing court. Collections remain an ongoing and serious issue even though tenant receivables decreased slightly in the fourth quarter. Physical occupancy was 100% as of December 31, 2007. As outlined in the cooperative documents, management is assessing unit maintenance charges to all the residents. The investment general partner continues to work with the operating general partner to improve operations. The operating general partner continues to fund deficits as needed. The mortgage and insurance payments are current. The property pays no real estate taxes as the result of a tax-exempt status.

Chardonnay Limited Partnership (Chardonnay Apartments) is a 14-unit property located in Oklahoma City, OK. Historically, occupancy and operations have remained stable. However, evictions of undesirable tenants involved in drug related activity in 2007 reduced occupancy in the first and second quarters to 71% and 79%, respectively. Additionally, several apartment communities in the area have recently undergone rehabilitation, making them more desirable. To counter this, management offered move-in specials and various other concessions. These efforts helped to increase applicant traffic and 2007 average occupancy up to 85%. The property continues to operate above breakeven due to low operating expenses and debt service payments. The mortgage, taxes and insurance are all current.

Series 33

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 33 reflects net loss from Operating Partnerships of $(583,310) and $(690,719), respectively, which includes depreciation and amortization of $942,111 and $917,883, 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 three 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 located in Old Bridge, New Jersey. Historically this property operated with a cash flow deficit, high accounts payable, and under-funded replacement reserves. Occupancy in 2007 averaged 100% for the entire year. Despite the high occupancy, the property operated below breakeven due to high debt service and operating expenses. The expenses continue to be higher than state averages, specifically for taxes and maintenance costs. The property's debt service represents about 50% of its total income. The operating general partner was able to refinance the debt in 2004 and continues to explore further refinancing options. The investment general partner has requested that the operating general partner consult a real estate tax service to appeal the property taxes. The mortgage, ta xes, insurance and payables are current.

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing) is a 20-unit property in Millinocket, ME that provides housing to seniors. In 2006, occupancy averaged 90% and the property operated below breakeven due to high operating expenses. The property continued to operate below breakeven in 2007 due to vacancy loss and high utility expenses. Occupancy averaged 78% in the first quarter. Management believes occupancy declined due to the lack of vouchers in the Millinocket area. The local housing agency was backlogged, and did not issue any vouchers at the end of 2006 and into the first quarter of 2007, despite the fact that there were sufficient funds to issue vouchers. Many of the property's current residents, who did not receive project-based rental assistance, qualified for vouchers but did not receive them. These residents vacated the property because they could no longer afford the current rental rates. Management addressed its issue with the local housing agency and with the Maine State Hou sing Authority, which put pressure on the local housing agency to expedite the processing of all necessary paperwork in order to release additional vouchers. These measures increased occupancy at the property in the second quarter and strong occupancy was maintained in the third and fourth quarters. As of December 31, 2007 occupancy averaged 90%. One of the two vacant units will be leased in January 2008 and there are no scheduled move-outs.

Despite the improvement in occupancy, the property operated below breakeven in 2007 due to high utility costs incurred in the winter months. In an effort to reduce operating expenses, management allowed the Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency at the property. The recommendations were broken down into two categories: low cost do-it-yourself operations or maintenance procedures, and capital improvement projects. Management implemented the low cost operations and maintenance procedure recommendations, including weather-stripping, adding caulking around doors and windows, and shutting down the ventilation system during unoccupied times. Per the energy 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 whe n they become unoccupied should be installed. 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 hired an energy efficiency engineer to perform a payback analysis of the capital improvement recommendations noted in the audit. Although the payback analysis has been completed, the engineer will not issue the report until payment is received. Since the partnership is currently operating with a cash deficit, the operating general partner will have to advance funds to the partnership to pay the fee. The fee is currently expected to be paid in the first quarter of 2008. Based on the payback analysis, the operating general partner may implement some or all of the recommendations noted in the energy audit. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All tax and insurance payments are curr ent, and there is no hard debt associated with the property's financing.

Bradford Group Partners of Jefferson County, LP (Bradford Park Apartments) is a 50-unit senior complex located in Jefferson City, TN. In the fourth quarter of 2007, occupancy averaged 98% with a year to date average of 93%, which is consistent with 2006 levels. The site manager has been successful in retaining current residents. Advertising in two local newspapers is utilized as needed. In 2007 the parking lot was resealed to improve the property's exterior appearance. The real estate taxes, insurance and mortgage payments are current.

Merchants Court, LP (Merchants Court Apartment) is a 192-unit property located in Dallas, GA. In 2006, the property operated below breakeven due to high administrative and maintenance expenses, as well vacancy loss. The property struggled with occupancy in the second quarter of 2006 due to competitive homeownership programs. Improved occupancy and expenses in line with budgeted amounts have enabled the property to operate above breakeven in 2007. Third-party accounts payable continue to be paid down with operating cash. All mortgage, taxes, and insurance payments are current. The investment general partner continues to monitor the property's operations.

Forest Park Apartments (Stonewall Retirement Village) is a 40-unit development located in Stonewall, Louisiana. Despite occupancy averaging 99% and overall operating expenses being in-line with the state averages, the property operated with a cash flow deficit in 2006. The primary factor causing the deficit is that rental rates were inadequate to cover normal operations. In an effort to improve operations, management implemented a $50 per unit rent increase at the end of the second quarter 2007. The rate increase was effective upon move in and lease renewal which caused some vacancy; however, management is adamant that the increase is necessary to get to breakeven status. Management has worked hard to create a better resident base by enforcing lease regulations and filing evictions as needed. Throughout the last half of 2007, the administrative and maintenance expenses were significantly higher than normal due to turnover costs and legal expenses associated with the evictions. Although occupancy re mained strong, averaging 95% in 2007, the property continued to operate below breakeven until the fourth quarter. During the fourth quarter occupancy increased to reach 98% with a sufficient increase in revenue generated from the rent increase. The operating general partner has an unlimited guarantee to fund deficits. The investment general partner will continue to monitor the partnership until receipt of the 2007 audit confirms operations have improved back above breakeven status. All real estate tax, mortgage and insurance payments are current.

Series 34

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 34 reflects net loss from Operating Partnerships of $(926,107) and $(763,499), respectively, which includes depreciation and amortization of $1,662,278 and $1,553,799, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Hwy 18 Partners, LP (Summer Park) is a 104-unit property located in Jackson, MS. The property operated below breakeven in 2006 due to overly burdensome debt service. Interest on floating rate debt increased by $110,509 in 2006; annual debt service payments represented 53% of the property's total income. The property continued to operate below breakeven in 2007 due to overly burdensome debt service, and delinquency and vacancy loss. A new screening policy was implemented in December 2007, which should help management to strengthen the property's resident base and mitigate delinquency loss. The investment general partner will continue to work with the operating general partner to improve collections. As of December 31, 2007, occupancy averaged 84%. Occupancy decreased in the fourth quarter due to the opening of a new development of 375 single family homes near the property. The homes are part of an affordable home ownership program; monthly mortgage payments are comparable to Summer Park's monthly rental r ates. Management is conducting daily outreach to local businesses and churches to increase traffic. 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 operating deficit guaranty unless the Operating Partnership converts to a fixed rate permanent financing. All taxes, insurance, and mortgage payments are current.

RHP 96-I, LP (Hillside Club I Apartments), is a 56-unit property located in Petosky, Michigan. Hillside Club operated below breakeven as a result of low occupancy, which averaged 79% in 2006, but improved to 81% average occupancy in 2007. The property suffered cash losses of ($80,898), ($50,619), and ($71,828) for the years 2004, 2005, and 2006, respectively. During 2007, the property continued to suffer substantial cash losses. 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 and is in the process of engaging a fifth. The operating general partner's unlimited operating deficit guarantee expired as of July 31, 2003. The operating general partner continued to fund deficits through the third quarter of 2006, but ceased to fully support the property's operations in the fourth quarter of 2006. As a result payments on the first mortgage became delinquent and, as of the fourth quarter of 2007, the Operating Partnership is five months delinquent on its mortgage. To date, the lender has not declared the loan in default. The investment general partner is actively exploring alternatives, which include a workout plan with the existing operating general partner or the replacement of the operating general partner.

Merchants Court, LP (Merchants Court Apartment) is a 192-unit property located in Dallas, GA. In 2006, the property operated below breakeven due to high administrative and maintenance expenses, as well as vacancy loss. The property struggled with occupancy in the second quarter of 2006 due to competitive homeownership programs. Improved occupancy and expenses in line with budgeted amounts have enabled the property to operate above breakeven in 2007. Third-party accounts payable continue to be paid down with operating cash. All mortgage, taxes, and insurance payments are current. The investment general partner continues to monitor the property's operations.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit 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 with operations well below breakeven. The operating general partner responded with move-in specials and increased advertising with local businesses and rental guides. Occupancy improved to 88% in 2006. In 2007, occupancy improved significantly, averaging 95% for the year. The site manager continues to work to retain residents and estimates that turnover has fallen from 100% in 2006 to 50% in 2007, with an $821 increase in revenue per unit. However, expenses remain high at $4,312 per unit, resulting in operations just below breakeven status. In the fourth quarter the operating general partner successfully contested the property tax assessment, resulting in a savings of $7,551 for the property. The operating deficit guarantee remains in effect until 2011. The mortgage, taxes and insurance are all current.

Series 35

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 35 reflects net loss from Operating Partnerships of $(738,933) and $(704,056), respectively, which includes depreciation and amortization of $1,155,628 and $1,102,613, 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 2006, the property's annual debt service payments represented 40% of the property's total income; consequently, this property has had difficulty maintaining breakeven operations. Due to the interest rate on the variable debt, interest increased by $76,745 in 2006. Despite high occupancy, the property continued to operate slightly below breakeven through the fourth quarter of 2007 due to overly burdensome debt service. As of December 31, 2007, occupancy averaged 96%. In December 2007 the operating general partner refinanced the partnership's debt from variable rate financing to fixed-rate financing. The refinance reduced the property's bonds from $5,000,000 to $3,125,000. The reduction of the bond amount should allow the partnership to sustain above breakeven operations in the first quarter of 2008 by lowering monthly debt service. All taxes, insurance, and mortgage payments are current for this property. The operating general partner advanced money to the partnership to fund the 2007 cash deficit.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due to competition from low priced homes for sale throughout the area. Average occupancy improved to 92% in 2006 as new jobs brought additional qualified residents to the market. However, through the fourth quarter of 2007, average occupancy was 88% year-to-date. Management states they had residents who did not meet standards of occupancy and they have recently evicted those tenants which accounts for the decline in occupancy. In addition, management has changed their marketing strategy due to the fact that they were receiving mostly over-qualified applicants. A slight increase in their advertising budget supports that strategy. Additional focus placed on improving collections has helped management to maximize rental income. The Operating Partnership continues to operate below breakeven status. Real estate tax, insurance and mor tgage 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.

Mulvane Housing Associates Limited Partnership (Country Walk Apartments) is a 68-unit family property located in Mulvane, Kansas. In 2006, occupancy averaged 95% but dropped to 87% in December 2006. Throughout 2006, management was able to keep controllable operating expenses to the 2005 level but inconsistent occupancy and flat rents led to below breakeven operations. Average occupancy for the first two quarters of 2007 was 86%, but improvements in the last half of the year have increased average occupancy to 92% as of December 2007. As a result of the low occupancy, the property continued to operate below breakeven in 2007. Management has stated that the third phase of a new apartment complex nearby which opened in the fall of 2006 had a dramatic effect upon their marketing efforts. The new development offers superior amenities at comparable rent levels. Management has been unable to increase rents and has had difficulty maintaining occupancy despite increased marketing efforts. The regional manage r has developed a more comprehensive resident retention program and the on-site manager has made outreach efforts with the local senior center. Management's efforts have shown improvement in occupancy at the end of 2007. The operating general partner has continued to fund all operating deficits despite an expired guarantee and has stated that he will continue to do so until the property's end of compliance in 2014. All real estate taxes, insurance and mortgage payments are current.

Series 36

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 36 reflects net loss from Operating Partnerships of $(418,074) and $(311,056), respectively, which includes depreciation and amortization of $813,987 and $764,963, 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. With an average occupancy of 83% in 2006 the property operated below breakeven. The property struggles with low occupancy due to soft market conditions coupled with ineffective site management. Low occupancy has continued to be an issue at this property because of the increased competition in the primary market area. Management did not adapt their marketing plans to address the increased competition quickly enough. In addition, the regional manager has stated that the market area offers a limited number of eligible prospects because the maximum income limits used to qualify residents are too low. The operating general partner has addressed the previously ineffective management team by replacing the regional manager and the on-site manager. Effective in the fourth quarter of 2006, the new management team has been working diligently to rebuild the tenant base and revamp their outreach program. They focu sed on strengthening the resident base, increasing resident retention and improving collections. In order to increase resident retention and overall occupancy, the company implemented an in-depth tenant screening process. Management took steps to aggressively enforce lease provisions by either moving for eviction or not renewing leases for residents who violated terms outlined in their rental agreement. Management has also added concessions and other incentives to improve occupancy. They are currently offering one month rent-free pro-rated over 12 months. Management is also working with a local housing authority in an effort to increase the referral of prospective residents and to lobby the agency for additional Section 8 vouchers. Management reports that the resident profile and retention are greatly improved. As of December 2007, the property is 84% occupied and 88% leased. The property is still operating below breakeven through the fourth quarter of 2007. The mortgage, taxes and insurance are all curren t. The management company is deferring all fees until operations improve. The investment general partner will continue to monitor the property's occupancy and operations.

Annadale Housing Partners (King's View Apartments) is a 222-unit property located in Fresno, CA. The property operated above breakeven in 2006 as a result of being funded primarily with soft debt. Operating expenses were slightly higher than state averages, but not of a serious concern. The main issue at the site continues to be low occupancy. Occupancy displayed a steady decline in 2006 to a low of 81% in December 2006. Occupancy continued to suffer in 2007, averaging 82% in the fourth quarter. The Operating Partnership is located in one of the most violent gang and high crime areas in the city of Fresno, CA. Crime has increased substantially over the past two years. Management spends approximately $11,500 per month on private security. The operating general partner estimates that in reality the site requires $30,000 - $60,000 per month in private security to effectively secure the property. Management has been working closely with the police department. Over the past few months the police dep artment has diverted resources from other areas of the city to the King's View neighborhood. This has made a positive impact on the area but the operating general partner is doubtful that the impact will be long lasting. As a result of the substantial, visible crime in the area, management has had extreme difficulty in finding applicants and maintaining a quality resident profile. Most of the good residents continue to move out of the area. Management continues to work with police, the City of Fresno and the Housing Authority for support. The investment general partner will continue to monitor occupancy and management's efforts going forward.

Series 37

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 37 reflects net loss from Operating Partnerships of $(735,272) and $(613,546), respectively, which includes depreciation and amortization of $1,199,596 and $1,332,499, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Hwy 18 Partners, LP (Summer Park) is a 104-unit property located in Jackson, MS. The property operated below breakeven in 2006 due to overly burdensome debt service. Interest on floating rate debt increased by $110,509 in 2006; annual debt service payments represented 53% of the property's total income. The property continued to operate below breakeven in 2007 due to overly burdensome debt service, and delinquency and vacancy loss. A new screening policy was implemented in December 2007, which should help management to strengthen the property's resident base and mitigate delinquency loss. The investment general partner will continue to work with the operating general partner to improve collections. As of December 31, 2007, occupancy averaged 84%. Occupancy decreased in the fourth quarter due to the opening of a new development of 375 single family homes near the property. The homes are part of an affordable home ownership program; monthly mortgage payments are comparable to Summer Park's monthly rental ra tes. Management is conducting daily outreach to local businesses and churches to increase traffic. 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 operating deficit guaranty unless the Operating Partnership converts to a fixed rate permanent financing. All taxes, insurance, and mortgage payments are current.

Columbia Wood, LP (Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due to competition from low priced homes for sale throughout the area. Average occupancy improved to 92% in 2006 as new jobs brought additional qualified residents to the market. However, through the fourth quarter of 2007, average occupancy was 88% year-to-date. Management states they had residents who did not meet standards of occupancy and they have recently evicted those tenants which accounts for the decline in occupancy. In addition, management has changed their marketing strategy due to the fact that they were receiving mostly over-qualified applicants. A slight increase in their advertising budget supports that strategy. Additional focus placed on improving collections has helped management to maximize rental income. The Operating Partnership continues to operate below breakeven status. Real estate tax, insurance and mortgage payments are cu rrent. 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 that provides housing to seniors. In 2006, occupancy averaged 90% and the property operated below breakeven due to high operating expenses. The property continued to operate below breakeven in 2007 due to vacancy loss and high utility expenses. Occupancy averaged 78% in the first quarter. Management believes occupancy declined due to the lack of vouchers in the Millinocket area. The local housing agency was backlogged, and did not issue any vouchers at the end of 2006 and into the first quarter of 2007, despite the fact that there were sufficient funds to issue vouchers. Many of the property's current residents, who did not receive project-based rental assistance, qualified for vouchers but did not receive them. These residents vacated the property because they could no longer afford the current rental rates. Management addressed its issue with the local housing agency and with the Maine State Hou sing Authority, which put pressure on the local housing agency to expedite the processing of all necessary paperwork in order to release additional vouchers. These measures increased occupancy at the property in the second quarter and strong occupancy was maintained in the third and fourth quarters. As of December 31, 2007, occupancy averaged 90%. One of the two vacant units will be leased in January 2008 and there are no scheduled move-outs.

Despite the improvement in occupancy, the property operated below breakeven in 2007 due to high utility costs incurred in the winter months. In an effort to reduce operating expenses, management allowed the Maine Public Utilities Commission to conduct a walk-through energy audit at the property. Recommendations were made to increase energy efficiency at the property. The recommendations were broken down into two categories: low cost do-it-yourself operations or maintenance procedures, and capital improvement projects. Management implemented the low cost operations and maintenance procedure recommendations, including weather-stripping, adding caulking around doors and windows, and shutting down the ventilation system during unoccupied times. Per the energy 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 whe n they become unoccupied should be installed. 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 hired an energy efficiency engineer to perform a payback analysis of the capital improvement recommendations noted in the audit. Although the payback analysis has been completed, the engineer will not issue the report until payment is received. Since the partnership is currently operating with a cash deficit, the operating general partner will have to advance funds to the partnership to pay the fee. The fee is currently expected to be paid in the first quarter of 2008. Based on the payback analysis, the operating general partner may implement some or all of the recommendations noted in the energy audit. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All tax and insurance payments are curr ent, and there is no hard debt associated with the property's financing.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. Although the land is commonly owned and the units rented, the project has every appearance of being a single-family subdivision. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidy to afford the +$1,000/ month rents. During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. In 2007, the local Section 8 administrating authority experienced funding constraints. Due in part to the decreased availability of vouchers, average occupancy declined in 2007 to 80% and the property operated below breakeven. To date, the operating general partner has supported the deficits and debt service, insurance and taxes are current. However, the operating genera l partner has a portfolio of other properties in Michigan, some of which are also operating at deficits, so its ability to continue to fund operating deficits at Baldwin Villas could be strained.

Series 38

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2007, all of which were at 100% qualified occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 38 reflects net loss from Operating Partnerships of $(422,092) and $(295,466), respectively, which includes depreciation and amortization of $891,168 and $874,292, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 39

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 39 reflects net loss from Operating Partnerships of $(434,058) and $(505,994), respectively, which includes depreciation and amortization of $759,540 and $810,281, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Timber Trails I Partnership (Timber Trails Apartments) is a 32-unit development located in Ball, Louisiana. Despite occupancy averaging 99% in 2006, the property operated below breakeven. In 2006 the property experienced an increase in maintenance expenses. The increase in maintenance expenses was due to costs to repair damages sustained during the 2005 hurricane season. The property was insured but the damages were not great enough to cover the insurance deductible. As a result all repairs were funded from operations. During 2007, occupancy declined as a result of evictions being filed on residents for non-payment of rent. This, in turn, has increased administrative and maintenance expenses due to legal and turnover costs. Occupancy rebounded to 100% in September 2007 and remained at 98% through the fourth quarter. The strong occupancy in the second half of 2007 led to a year-end occupancy average of 95%. Although the turnover costs resulted in the partnership operating below breakeven in 2007, the manager is adamant that the better tenant base will help improve operations going forward. In 2007 the operating general partner gained approval from Rural Development for a rent increase which also helped improve operations. Although another rent increase is needed to maintain above breakeven operations, the operating general partner is cautious of the possible vacancies it may cause. Due to the increased occupancy and revenue generated from the rent increase the operations continue to improve. The operating general partner has funded deficits to date; however, the guarantee expired in 2004. The investment general partner will continue to monitor the property's occupancy and operations closely, as well as assist management in determining ways to increase revenue and reduce operating expenses. All real estate tax, mortgage, and insurance payments are current.

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 consistently improved throughout 2006 for an average occupancy of 92%. In 2007 occupancy remained strong at 97% in the first quarter, 95% in the second quarter, and 98% through both the third and fourth quarters. The site manager continues to hold resident appreciation activities. In 2007 the property continued to reduce bad debt from $16,115 in 2006 to less than $3,400 through November 2007. The taxes, insurance, and mortgage payments are all current.

Series 40

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2007, all of which at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 40 reflects net loss from Operating Partnerships of $(640,714) and $(521,114), respectively, which includes depreciation and amortization of $1,025,392 and $1,055,959, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Arbors at Ironwood II, LP (Arbors at Ironwood) is a 40-unit family property located in Mishawaka, IN. In 2005, average occupancy declined to 85%, but improved quickly throughout 2006 for an annual average of 91%. This improvement continued in 2007 with occupancy averaging 94% for the year. The site manager continues to hold resident appreciation activities. Management continues to focus on reducing bad debt expense by attention to the applicant screening process. The taxes, insurance, and mortgage payments are all current.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. Although the land is commonly owned and the units rented, the project has every appearance of being a single-family subdivision. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidy to afford the +$1,000/ month rents. During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. In 2007, the local Section 8 administrating authority experienced funding constraints. Due in part to the decreased availability of vouchers, average occupancy declined in 2007 to 80% and the property operated below breakeven. To date, the operating general partner has supported the deficits and debt service, insurance and taxes are current. However, the operating genera l partner has a portfolio of other properties in Michigan, some of which are also operating at deficits, so its ability to continue to fund operating deficits at Baldwin Villas could be strained.

Series 41

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 21 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 41 reflects net loss from Operating Partnerships of $(1,106,401) and $(1,122,420), respectively, which includes depreciation and amortization of $1,470,832 and $1,464,293, 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. The State Appeals Court upheld the judgment in the fourth quarter of 2006. The investment general partner is currently pursuing payment of the judgments through mediation and/or seizure of assets.

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls. The work will continue on an as needed basis. The Operating 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. During the fourth quarter of 2007, the case was settled and the Operating Partnership is anticipating receipt of approximately $2,000,000 in damages.Property operations are strong, with occupancy averaging 93% throughout 2007 and ending the year at 95% in December 2007. 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 limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership'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 Apartments (Brookstone Place II LDHA, LP), is a 72-unit family property located in Port Huron, MI. The property 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.

In May 2006, the lender 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 partnership 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 was a 6-month redemption period during which the Operating Partnership could redeem the property from foreclosure.

In the fourth quarter of 2006, an unrelated third-party buyer offered to purchase all of the interests of the Operating Partnership and redeem the property from the bank during the redemption period for consideration of providing IRS Section 42 Disposition Bonds that would allow the investment 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 the interests and redemption of the property by the Operating Partnership closed on January 26, 2007. The sales price was $2,763,894, which included the outstanding mortgage balance of $2,588,606, closing costs of $5,849, and the cost of the IRS Section 42 Disposition Bonds of approximately $169,439. Annual losses generated by the Operating Partnership, which were applied against the investment limited 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 limited partner interest has been recorded.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village), is a 12-unit family property located in Mt. Carroll, IL. In 2006, the property had an average occupancy of 73%. Through the first ten months of 2007, occupancy remained at 73%. Given the size of the property, there is no on-site manager and all leasing is performed out of the corporate office. As such, the site misses out on drive-by/walk in traffic that might result in new applicants. While a site manager hire is not justifiable, it is imperative that marketing these units is done aggressively and creatively in a competitive difficult market. Management has increased advertising efforts to improve performance. The investment general partner will continue to work with the operating general partner to evaluate the market and improve leasing strategies to effectively reach potential tenants. The mortgage, property taxes, and insurance are current.

Hawthorne Associates, LP (Sandalwood Apartments) is a 20-unit property located in Toppenish, Washington. The Operating Partnership operated above breakeven in 2006. However, the 2006 overall average occupancy of 84% declined to 65% in December 2006, due to inadequate site staffing, poor tenant rent collection, high eviction rates, and many over-income applicants. A new site staff was hired early in 2007 and the current site manager has been able to restore occupancy to 90% as of December 31, 2007. The rent collection and eviction policies are also being strictly enforced; no further collection issues are anticipated. The taxes, mortgage and insurance are all current.

Series 42

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 42 reflects net loss from Operating Partnerships of $(665,171) and $(723,986), respectively, which includes depreciation and amortization of $1,379,636 and $1,328,035, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Natchez Place II Partnership, A L.P (Natchez Place Apartments) is a 32-unit multifamily development located in Natchez, Louisiana. Despite occupancy averaging 99% in 2006, the property operated below breakeven due to costs associated from damages sustained during the 2005 hurricane season. The property was insured but the damages were not great enough to cover the insurance deductible which resulted in repairs being paid for out of operations. Throughout 2007 occupancy averaged 95% for the year. The decline in occupancy from 2006 is the result of the on-site manager filing evictions on the non-paying residents. The partnership operated above breakeven in 2007. The investment general partner will continue to monitor the property's operations until the performance is confirmed by the 2007 audit. The operating general partner's operating deficit guarantee expired during 2007. All real estate tax, mortgage, and insurance payments are current.

Wingfield Apartments Partnership II, A L.P. (Wingfield Apartments II) is a 42-unit multifamily development located in Kinder, Louisiana. Despite occupancy averaging 99% in 2006, the property operated below breakeven due to costs to repair damages sustained during the 2005 hurricane season. The property did receive insurance proceeds to cover most of the repairs, but some damages were not covered and were paid for out of operations. Additionally, the partnership had to cover the cost of the insurance deductible out of operations. During 2006 the utility expenses (water, sewer and electric) increased approximately $141 per unit. The increase in costs continued throughout 2007 as a direct result of hurricane aftermath. During the first half of 2007, a $50 per unit rent increase was implemented upon move in and lease renewal. This caused occupancy to decline by approximately 13%. Tenants had to move because they could not afford the new rates or due to evictions being filed for non-payment. Although occupancy rebounded during the fourth quarter of 2007 to 93%, the year-to-date average was only 87%. The decreased occupancy combined with increased costs (administrative and turnover) caused the Operating Partnership to operate below breakeven for the year. Management is confident that a better resident base will help to improve operations going forward. Operations are still slightly under breakeven, but continue to improve due to revenue realized from increased rental rates and occupancy. Management continues to balance the trade off between increased rents and vacancies; however, a small rent increase may be implemented in 2008. The investment general partner will continue to monitor the property's occupancy and operations, as well as assist management in determining ways to increase revenue and reduce operating expenses. The operating general partner's guarantee expired in 2005. All real estate tax, mortgage, and insurance payments are current.

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. The State Appeals Court upheld the judgment in the fourth quarter of 2006. The investment general partner is currently pursuing payment of the judgments through mediation and/or seizure of assets.

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls. The work will continue on an as needed basis. The Operating 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. During the fourth quarter of 2007, the case was settled and the Partnership is anticipating receipt of approximately two million dollars in damages.Property operations are strong, with occupancy averaging 93% throughout 2007 and ending the year at 95% in December 2007. The mortgage, taxes, and insurance are current.

Dorchester Court Apartments (Dorchester Court Limited Dividend Housing Association, LP) is a 131-unit apartment complex located in Port Huron, MI, with 75% of the units devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow. One of the two original members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, 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 2007 averaged 91% and year to date occupancy averaged 92%. Due to low rental rates, which are the product of a depressed local economy, and management performing significant capital improvements to continue to attract new residents, the property operated at a deficit in 2006. However, since the fourth quarter 2006, management has been able to continuously improve operations, and with the fourth quarter of 2007 the property operated above breakeven. This improvement in operations is also the result of the operating general partner refinancing the debt in July 2007 to a much lower interest rate. Prior to the refinance, the operating general partner had not funded the replacement reserve account; however, the Operating Partnership has been funding the replacement reserve, in accordance with the loan and operating partnership agreements, since September 2007. The mortgage, taxes and insurance payments are all current.

HS Housing, LP (Helios Station Apartments) is a 30-unit family property located in Lafayette, CO. The property's tenants are almost entirely comprised of agricultural workers. In 2006, the property experienced erratic occupancy ranging between 70%-90% and operated below breakeven. In the third quarter of 2006, the management company changed site managers, bringing in the site manager of a nearby property. The new site manager had a strong positive effect on the property as evidenced by the improvement in the 2007 average occupancy to 99%. During 2007, the property operated above breakeven. 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.

On May 1, 2006 the investment general partner was informed that the housing authority had issued an IRS Form 8823 for an unqualified unit due to student status. The 8823 was corrected in July 2006, but one unit was out of compliance from June of 2005 through May of 2006.

TS Housing, LP (Tiffany Square Apartments) is a 52-unit family property located in Lakewood, CO. Parts of the property developed structural issues related to the floor joists, which resulted in uneven floors and required extensive repairs. Eight units were off-line for over six months while management attempted to remediate the issue. As a result of lower revenue from the down units, and increased maintenance expenditures, the property expended cash of ($19,023) in 2006. During 2007, average occupancy was 90%. Management expects near 100% occupancy going forward. All real estate taxes, insurance, and mortgage payments are current, but payables have risen to excessive levels periodically in 2007. In addition, the structural issues noted above could require considerable additional capital expenditures. The operating general partner's obligation to fund operating deficits is unlimited in time and amount.

In 2006, the Colorado Housing and Finance Authority issued 8823s due to the eight units that were off-line at the property for an extended period of time. The structural issues related to the floor joist resulted in the units to be taken off-line until repairs were completed. As of April 2007, the eight units have been repaired and occupied by tenants.

Los Lunas Apartments, LP (Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property. Average physical occupancy for 2006 was 86%. In 2007, occupancy improved to an average of 90%. As a result of the improved occupancy the property was able to operate at breakeven in 2007. To increase and maintain the occupancy management continues to market the property through local media and civic organizations. 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. The real estate taxes, insurance, and mortgage payments are current.

Jeremy Associates, LP (Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Average occupancy through the first three-quarters of 2007 is 92%, down slightly from the 2006 average occupancy of 96%. However, as of December 2007, occupancy was at 95%. The reason for the decline in performance is due to having to relocate tenants out of an entire building for structural repairs. In 2003 an engineer's report identified foundation and stress cracks in a number of buildings on site. The total cost of the project was estimated at $320,000; however, there were additional repairs required due to plumbing breaks as the foundations were being repaired, resulting in a total project cost of $360,000. The construction repairs were funded by a capital contribution from the operating general partner, and the project was completed in November of 2007 and all units have been brought back on line. In efforts to market the units, management reduced the move-in deposit and has been networking with local employers in the area. The investment general partner inspected the project after completion of the repairs and found that all foundation repairs have been addressed and the overall property is in very good physical condition. Now that the physical concerns have been addressed and occupancy has begun to return to prior levels, the Operating Partnership should improve significantly in 2008. The investment general partner will continue to monitor the property's performance to ensure ongoing improvement. 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 property operated at a deficit for the first time in 2005, due to operating expenses which exceeded the state average by 25%. Throughout 2006, third party management reports to the operating general partner and the investment general partner suggested that the property was operating adequately, although there were a few reports that drug use and other undesirable activity were increasing at the property. In the first quarter of 2007, the investment general partner learned that the City of St. Louis had cited the property as a nuisance twice in 2006. The property's security and habitability had deteriorated sharply during the second half of 2006 and the first quarter of 2007, with over 700 police calls from June 15, 2006 - February 28, 2007. After an additional citation from the City in the first quarter of 2007, the management company resigned effective February 1, 2007. The operating genera l partner took over management and hired new security personnel, but security guards were ineffective. On February 28, 2007, the on-site manager was assaulted on the premises and the operating general partner was unable to re-establish a management presence at the property.

On March 2, 2007, the City of St. Louis conducted a hearing and ordered the building closed pursuant to public nuisance ordinances. The Department of Housing and Urban Development terminated the Housing Assistance Payment contract. The trustee for the bonds declared a default under the bond documents. The operating general partner chose not to contest the City's order or HUD's contract termination after determining that the highest recovery for the bondholders and limited partners might result from a sale to a developer who would convert the property to a non-affordable use. The operating general partner worked with HUD and local municipal officials to relocate the tenants, which concluded in early July 2007. The operating general partner engaged a broker who began marketing the property, but after three months of market exposure during the third quarter of 2007, the property had failed to elicit any strong expressions of interest. The lack of interest was in part attributable to the general problems in the credit market that occurred in the third quarter of 2007. In October 2007, the operating general partner determined that it would be costly to carry the property through the winter and offered to consensually transfer the property to the bondholders' trustee. As of December 2007, the bondholders' trustee had effectively taken control of the property and was pursuing its own marketing effort, although it had not formally accepted the deed.

Due to the property being shut down in 2007, investors will lose 2007 tax credits and experience recapture. The Operating Partnership will lose $44,252 and experience recapture of $65,954. This represents estimated credits and recapture of $16 and $24, respectively, per 1,000 BACs. The operating general partner has unlimited guarantees and the investment general partner intends to pursue payment under these guarantees in order to offset some or all of the expected recapture of tax credits. However, it is not certain at this time how much can be collected under the guarantees, based on the unknown financial strength of the guarantors.

Series 43

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 43 reflects net loss from Operating Partnerships of $(960,178) and $(1,036,397), respectively, which includes depreciation and amortization of $1,828,552 and $1,952,118, 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. The State Appeals Court upheld the judgment in the fourth quarter of 2006. The investment general partner is currently pursuing payment of the judgments through mediation and/or seizure of assets.

An affiliate of the investment general partner has funded emergency repairs to stabilize hillside soils and reinforce retaining walls. The work will continue on an as needed basis. The Operating 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. During the fourth quarter of 2007, the case was settled and the Operating Partnership is anticipating receipt of approximately two million dollars in damages.Property operations are strong, with occupancy averaging 93% throughout 2007 and ending the year at 95% in December 2007. The mortgage, taxes, and insurance are current.

Dorchester Court Apartments (Dorchester Court Limited Dividend Housing Association, LP) is a 131-unit apartment complex located in Port Huron, MI, with 75% of the units devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow. One of the two original members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, 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 2007 averaged 91% and year to date occupancy averaged 92%. Due to low rental rates, which are the product of a depressed local economy, and management performing significant capital improvements to continue to attract new residents, the property operated at a deficit in 2006. However, since the fourth quarter 2006, management has been able to continuously improve operations, with the fourth quarter of 2007 the property operating above breakeven. This improvement in operations is also the result of the operating general partner refinancing the debt in July 2007 to a much lower interest rate. Prior to the refinance, the operating general partner had not funded the replacement reserve account; however, the Operating Partnership has been funding the replacement reserve in accordance with the loan and operating partnership agreements since September 2007. The mortgage, taxes and insurance payments are all current.

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 offering Section 8 subsidies. Management was having difficulty marketing to qualified applicants due to an employment decline in the manufacturing sector. The management company hired a new site manager in 2007 who marketed to the local community. Management initiated rent concessions such as offering $99 security deposits, waiving the first month's rent, and eliminating the application fee to attract new applicants. Despite these attempts, the 2007 annual average occupancy decreased to 79% from 86% in 2006. Although the replacement reserve is under-funded, the Operating Partnership is under an approved workout plan with Rural Development. Taxes, insurance and mortgage payments are current. The operating general partner's guaranty is in effect through February 2009.

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 breakeven since 2004. When a new regional manager was hired in August 2005, she found that the property suffered from high tenant receivables and high maintenance costs. Upon further investigation into these issues and 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. To better control operations, the regional manager has instituted significant policy changes in rent collection and supply purchases. Additionally, the operating general partner started performing extensive background checks on prospective employees. Through fourth quarter 2006, physical occupancy increased to 85%. In January 2007, upon a physical inspection, it was discovered that the property is having some mold issues. The operating general partner was notified immediately. Fortunately, the issues were not too severe and could be resolved with a more rigorous maintenance plan. The operating general partner is working to resolve these issues by implementing a comprehensive maintenance plan. Through fourth quarter, physical occupancy is beginning to stabilize and as of December 2007 the property's occupancy was 100%. In the fourth quarter, the management company hired a full time manager and a part time assistant manager. The property is now more equipped to deal with the heavy traffic which resulted from recent newspaper advertisement The regional manager believes that with the implemented changes the property will begin to operate at breakeven in the first quarter 2008. Also, in October 2007, the property experienced fire which damaged two units. Those two units are now offline. The operating general partner anticipates that those units will be rent ready in Ja nuary 2008. The investment general partner will continue to work with the operating general partner in an effort to bring operations above breakeven.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, New York. The property operated below breakeven in 2005, 2006, and 2007 due to high utility, maintenance and administrative expenses combined with collection loss. Management is exploring options to reduce utility costs, including tenant education on conservation and possible grant funding from non-profit agencies to conserve energy. Most recently, management and the operating general partner filed an application for assistance to replace windows and boilers with the New York State Energy Research and Development Authority and are awaiting approval. A site visit by the investment general partner is planned in the first quarter of 2008. The operating general partner states that a formal rent increase application was filed to be effective January 1, 2008 and a confirmation of approval has been requested. Management is working to reduce tenant delinquencies by aggressivel y filing late notices and pursuing evictions through the housing court. Collections remain an ongoing and serious issue even though tenant receivables decreased slightly in the fourth quarter. Physical occupancy was 100% as of December 31, 2007. As outlined in the cooperative documents, management is assessing unit maintenance charges to all the residents. The investment general partner continues to work with the operating general partner to improve operations. The operating general partner continues to fund deficits as needed. The mortgage and insurance payments are current. The property pays no real estate taxes as the result of a tax-exempt status.

Series 44

As of December 31, 2007 and 2006, the average Qualified Occupancy was 100% and 98.9%, respectively. The series had a total of 10 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 44 reflects net loss from Operating Partnerships of $(902,915) and $(866,710), respectively, which includes depreciation and amortization of $1,466,778 and $1,311,354, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. A site visit conducted in March 2007 rated the property in excellent condition. Occupancy averaged 97% and 99% in the third and fourth quarters, respectively. Management succeeded in reducing maintenance costs from $928 per unit in 2006 to $681 per unit in 2007. However, administrative costs per unit rose by almost the same amount. The property has not yet converted its construction loan and has now extended it until February 28, 2008. The construction loan, taxes, and insurance are current.

Bartlett Bayou is a 48-unit development located in Pascagoula, MS. Prior to completion of construction, the property was impacted by Hurricane Katrina. The hurricane damage resulted in a delay in construction completion and an increase in construction costs. As a result the operating general partner was able to obtain an additional $97,000 in tax credits for 2006. However, the 8609s were incorrect by indicating the allocation date as February 28, 2007. Recently, Bartlett Bayou received the corrected 8609s which allocate the supplemental credits to the operating general partner. These are currently being reviewed by the investment general partner's counsel to determine how to best ensure maximizing the awarded amounts.

As a result of the hurricane damage, insurance premiums increased significantly in the area. While occupancy averaged 98% through 2006, the property operated below breakeven due mainly to a $30,000 increase in insurance expense. In 2007, rents were increased; however, the insurance premium remained high. Through November 2007 the property is operating near breakeven with an average occupancy of 97%. Management is making efforts to control costs in order to offset the inordinately high insurance premium. The mortgage, taxes and insurance are all current.

Series 45

As of December 31, 2007 and 2006, the average Qualified Occupancy for the series was 100%. The series had a total of 30 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2006 and 2006, Series 45 reflects net loss from Operating Partnerships of $(1,096,120) and $(1,161,555), respectively, which includes depreciation and amortization of $2,213,625 and $2,054,748 respectively. This is an interim period estimate; it is not indicative of the final year end results.

Brookstone Place II Apartments (Brookstone Place II LDHA, LP), is a 72-unit family property located in Port Huron, MI. The property 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.

In May 2006, the lender 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 partnership 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 was 6-month redemption period during which the Operating Partnership could redeem the property from foreclosure.

In the fourth quarter of 2006, an unrelated third party buyer offered to purchase all of the interests of the Operating Partnership and redeem the property from the bank during the redemption period for consideration of providing IRS Section 42 Disposition Bonds that would allow the investment 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 the interests and redemption of the property by the Operating Partnership closed on January 26, 2007. The sales price was $2,763,894, which included the outstanding mortgage balance of $2,588,606, closing costs of $5,849, and the cost of the IRS Section 42 Disposition Bonds of approximately $169,439. Annual losses generated by the Operating Partnership, which were applied against the investment limited partner's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership's investment in the Operating Partnership to zero. Accordingly, no gain or loss on the sale of the investment limited partner interest has been recorded.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. Although the land is commonly owned and the units rented, the project has every appearance of being a single-family subdivision. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidy to afford the +$1,000/ month rents. During 2006, occupancy at Baldwin Villas averaged over 90% and the property generated $61,425 in cash. In 2007, the local Section 8 administrating authority experienced funding constraints. Due in part to the decreased availability of vouchers, average occupancy declined in 2007 to 80% and the property operated below breakeven. To date, the operating general partner has supported the deficits and debt service, and insurance and taxes are current. However, the operating gen eral partner has a portfolio of other properties in Michigan, some of which are also operating at deficits, so its ability to continue to fund operating deficits at Baldwin Villas could be strained.

Childress Apartments LTD, (Fairview Manor Apartments) is a 48-unit development located in Childress, TX. Occupancy increased from 74% in 2005 to 87% in 2006. During the first three quarters of 2007 occupancy averaged 86%. However, occupancy declined in the fourth quarter to 78%, partially due to evictions for non-payment. The property implemented rent increases in both 2006 and 2007. The management company expects occupancy to continue to improve in 2008. 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. During 2004 and through February 2005 inappropriate checks and wires were made to the operating general partner from the Operating Partnership's escrow and operating accounts. The total of the misappropriated funds has been determined to be $142,758. Through August 2007, funds totaling $97,265 have been repaid to the Operating Partnership, leaving an outstanding balance owed of $45,494. Funds utilized to repay the Operating Partnership came from a variety of sources including sales of multi-family housing, returned management fees and facilitator charges, and cash contributions. A default notice was sent to the operating general partner on September 1, 2005. A demand letter sent to the operating general partner in July 2006 followed up the default notice. The operating general partner has disclosed that they continue to have financial difficulties and ar e unable to continue as a viable organization. Another non-profit organization, Four Oaks of Iowa, was retained to take over property management. The investment general partner met with representatives of both the original non-profit operating general partner and Four Oaks to determine a course of action that serves the best interest of the Operating Partnership. Four Oaks has expressed their desire to assume the role of operating general partner as they are committed to preserving affordable housing in the Cedar Rapids area. Four Oaks established a new not-for-profit entity, Affordable Housing Network, in June 2007 to step in as operating general partner. Amendments to the Partnership Agreement have been drafted, and it is anticipated that the transfer should occur sometime during the first quarter of 2008. Occupancy finished strong, averaging 97% in the fourth quarter of 2007. The property operated above breakeven due to low operating expenses, combined with 100% soft debt financing, requiring paymen ts of principal and interest from cash flow only. Trade payables, taxes and insurance are all current. The investment general partner will continue to closely monitor operations and the pending transfer of the operating general partner interest.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. A site visit conducted in March 2007 rated the property in excellent condition. Occupancy averaged 97% and 99% in the third and fourth quarters, respectively. Management succeeded in reducing maintenance costs from $928 per unit in 2006 to $681 per unit in 2007. However, administrative costs per unit rose by almost the same amount. The property has not yet converted its construction loan and has now extended it until February 28, 2008. The construction loan, taxes, and insurance are current.

Bartlett Bayou is a 48-unit development located in Pascagoula, MS. Prior to completion of construction, the property was impacted by Hurricane Katrina. The hurricane damage resulted in a delay in construction completion and an increase in construction costs. As a result the operating general partner was able to obtain an additional $97,000 in tax credits for 2006. However, the 8609s were incorrect by indicating the allocation date as February 28, 2007. Recently, Bartlett Bayou received the corrected 8609s, which allocate the supplemental credits to the operating general partner. These are currently being reviewed by the investment general partner's counsel to determine how to best ensure maximizing the awarded amounts.

As a result of the hurricane damage, insurance premiums increased significantly in the area. While occupancy averaged 98% through 2006, the property operated below breakeven due mainly to a $30,000 increase in insurance expense. In 2007, rents were increased; however, the insurance premium remained high. Through November 2007 the property is operating near breakeven with an average occupancy of 97%. Management is making efforts to control costs in order to offset the inordinately high insurance premium. The mortgage, taxes and insurance are all current.

Series 46

As of December 31, 2007 and 2006, the average Qualified Occupancy was 100% and 97.4%, respectively. The series had a total of 15 properties at December 31, 2007, all of which were at 100% Qualified Occupancy.

For the nine month period ended December 31, 2007 and 2006, Series 46 reflects net loss from Operating Partnerships of $(724,003) and $(483,255), respectively, which includes depreciation and amortization of $1,025,475 and $936,763, 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 development located in Carthage, Texas. Despite occupancy averaging 99%, the property operated below breakeven in 2006. Operating expenses were in-line with state averages; however, rental rates were insufficient to cover normal operations. Although requested, there is currently no possibility of an increase in rents because the Department of Housing and Urban Development provides Panola with rental assistance and controls the rates. In 2007 occupancy remains very close to 100%. Due to management's ability to reduce operating expenses the property is operating at breakeven. All real estate tax, mortgage and insurance payments are current.

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 Fund 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.

Principal Critical Accounting Policies and Estimates - continued

In September 2006, the Financial Accounting Standards Board ("FASB") issued Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value Measurements," (SFAS 157), which defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosure about fair value measurements. SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and shall be applied prospectively except for very limited transactions, which for the Fund is April 1, 2008. In December 2007, the FASB delayed the implementation of SFAS 157 as it pertains to non-financial assets and liabilities until November 15, 2008, which for the Fund is April 1, 2009. The Fund is currently evaluating the potential impact of the adoption of SFAS 157 on its financial statements.

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 Pr incipal 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, 2007 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings
	None
Item 1A.	Risk Factors
	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2007.
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 14, 2008		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 14, 2008	/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 14, 2008	/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.

EX-31

Exhibit 31.a

I, John P. Manning, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund IV L.P.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

1. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2008	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

EX-31

Exhibit 31.b

I, Marc Teal, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Boston Capital Tax Credit Fund IV L.P.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

1. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
2. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
3. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

1. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

1. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
2. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 14, 2008	/s/ Marc N. Teal
	Marc N. Teal Principal Financial Officer

EX-32

EXHIBIT 32.a

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund IV L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John P. Manning, Principal Executive Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
February 14, 2008	/s/ John P. Manning
	John P. Manning
	Principal Executive Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32

EXHIBIT 32.b

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Boston Capital Tax Credit Fund IV L.P. (the "Fund") on Form 10-Q for the period ended December 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc N. Teal, Principal Financial Officer of the general partner of the general partner of the Fund's general partner, C&M Management Inc., certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge, after due inquiry:

(1)	The Report fully complies with the requirements of section 13(a)-15 or 15(d)-15 of the Securities and Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date:
February 14, 2008	/s/ Marc N. Teal
	Marc. N. Teal
	Principal Financial Officer

A signed original of this written statement required by Section 906, or other

document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.