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, 2011~~June 30, 2012
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.

Yesý

No 

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

Yesý

No 

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

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting companyý

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

Yes 

Noý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED ~~DECEMBER 31, 2011~~JUNE 30, 2012

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages ~~Pages~~
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets		3-30
		Condensed Statements of Operations 3 months		31-58
		Condensed Statements of ~~Operations 9 months~~		~~59-86~~
		~~Condensed Statements of~~ Changes in Partners' Capital (Deficit)		~~87-96~~59-68
		Condensed Statements of Cash Flows		~~97-152~~69-96
		Notes to Condensed Financial Statements		~~153-188~~97-132

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			~~189-262~~133-203

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			~~263~~204

	Item 4. Controls and Procedures			~~263~~204

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			~~264~~205

	Item 1A. Risk Factors			~~264~~205

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			~~264~~205

	Item 3. Defaults Upon Senior Securities			~~264~~205

	Item 4.Mine Safety Disclosures			~~264~~205

	Item 5. Other Information			~~264~~205

	Item 6. Exhibits			~~264~~205

	Signatures			~~265~~206

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	43,507,956	$	47,231,216	$	25,686,365	$	26,489,050

OTHER ASSETS
Cash and cash equivalents		9,025,242		7,926,372		9,437,455		7,526,780
Notes receivable		69,698		69,698		69,698		69,698
Acquisition costs net		4,406,800		5,139,203		2,409,102		2,567,553
Other assets		407,527		200,011		209,959		180,995

	$	57,417,223	$	60,566,500	$	37,812,579	$	36,834,076

LIABILITIES

Accounts payable & accrued expenses	$	143,812	$	184,088	$	67,296	$	72,296
Accounts payable affiliates (Note C)		55,336,079		51,518,653		55,846,510		54,365,790
Capital contributions payable		1,145,981		1,158,822		1,135,980		1,135,980

		56,625,872		52,861,563		57,049,786		55,574,066

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,649,080 are outstanding		7,949,658		14,794,108
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,646,580 are outstanding						(11,878,612)		(11,386,367)
General Partner		(7,158,307)		(7,089,171)		(7,358,595)		(7,353,623)

		791,351		7,704,937		(19,237,207)		(18,739,990)

	$	57,417,223	$	60,566,500	$	37,812,579	$	36,834,076

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		362,691		245,496		475,347		479,690
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	362,691	$	245,496	$	475,347	$	479,690

LIABILITIES

Accounts payable & accrued expenses	$	30,000	$	17,876	$	27,500	$	27,500
Accounts payable affiliates (Note C)		2,832,441		2,695,130		2,236,687		2,209,870
Capital contributions payable		-		-		-		-

		2,862,441		2,713,006		2,264,187		2,237,370

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and outstanding		(2,166,501)		(2,134,583)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,865,700 outstanding						(1,462,699)		(1,431,851)
General Partner		(333,249)		(332,927)		(326,141)		(325,829)

		(2,499,750)		(2,467,510)		(1,788,840)		(1,757,680)

	$	362,691	$	245,496	$	475,347	$	479,690

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		365,080		338,841		230,333		244,322
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	365,080	$	338,841	$	230,333	$	244,322

LIABILITIES

Accounts payable & accrued expenses	$	18,020	$	8,020	$	-	$	10,000
Accounts payable affiliates (Note C)		1,504,309		1,585,039		1,427,849		1,411,079
Capital contributions payable		-		-		-		-

		1,522,329		1,593,059		1,427,849		1,421,079

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,890,700 are outstanding		(983,726)		(1,079,725)		(1,023,590)		(1,003,039)
General Partner		(173,523)		(174,493)		(173,926)		(173,718)

		(1,157,249)		(1,254,218)		(1,197,516)		(1,176,757)

	$	365,080	$	338,841	$	230,333	$	244,322

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		158,848		344,376		161,947		156,063
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		500		500		500		500

	$	159,348	$	344,876	$	162,447	$	156,563

LIABILITIES

Accounts payable & accrued expenses	$	-	$	12,501	$	-	$	-
Accounts payable affiliates (Note C)		2,987,548		3,001,623		3,062,981		3,025,264
Capital contributions payable		9,352		9,352		9,352		9,352

		2,996,900		3,023,476		3,072,333		3,034,616

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and outstanding		(2,590,093)		(2,432,731)		(2,661,704)		(2,630,189)
General Partner		(247,459)		(245,869)		(248,182)		(247,864)

		(2,837,552)		(2,678,600)		(2,909,886)		(2,878,053)

	$	159,348	$	344,876	$	162,447	$	156,563

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		119,567		325,579		186,962		114,217
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	119,567	$	325,579	$	186,962	$	114,217

LIABILITIES

Accounts payable & accrued expenses	$	12,300	$	19,800	$	-	$	-
Accounts payable affiliates (Note C)		2,395,148		2,443,015		2,460,536		2,427,842
Capital contributions payable		-		-		-		-

		2,407,448		2,462,815		2,460,536		2,427,842

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and outstanding		(1,980,156)		(1,831,017)		(1,965,992)		(2,005,642)
General Partner		(307,725)		(306,219)		(307,582)		(307,983)

		(2,287,881)		(2,137,236)		(2,273,574)		(2,313,625)

	$	119,567	$	325,579	$	186,962	$	114,217

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		268,392		200,227		309,517		278,922
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		4,536		-

	$	268,392	$	200,227	$	314,053	$	278,922

LIABILITIES

Accounts payable & accrued expenses	$	8,600	$	8,178	$	10,000	$	5,000
Accounts payable affiliates (Note C)		2,631,489		2,610,014		2,702,586		2,667,771
Capital contributions payable		9,999		9,999		9,999		9,999

		2,650,088		2,628,191		2,722,585		2,682,770

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and outstanding		(2,172,582)		(2,218,387)		(2,199,149)		(2,194,512)
General Partner		(209,114)		(209,577)		(209,383)		(209,336)

		(2,381,696)		(2,427,964)		(2,408,532)		(2,403,848)

	$	268,392	$	200,227	$	314,053	$	278,922

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		1,737,311		562,226		542,401		492,120
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		154,856		1,250		1,250		1,250

	$	1,892,167	$	563,476	$	543,651	$	493,370

LIABILITIES

Accounts payable & accrued expenses	$	62,378	$	55,386	$	16,222	$	16,222
Accounts payable affiliates (Note C)		2,251,753		2,155,199		936,681		914,217
Capital contributions payable		10,001		10,001		-		-

		2,324,132		2,220,586		952,903		930,439

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and outstanding		(170,201)		(1,383,095)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,025,609 are outstanding						(147,715)		(175,254)
General Partner		(261,764)		(274,015)		(261,537)		(261,815)

		(431,965)		(1,657,110)		(409,252)		(437,069)

	$	1,892,167	$	563,476	$	543,651	$	493,370

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		582,931		476,868		1,108,595		563,940
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		5,400		5,400		5,400		5,400

	$	588,331	$	482,268	$	1,113,995	$	569,340

LIABILITIES

Accounts payable & accrued expenses	$	-	$	30,000	$	5,101	$	5,101
Accounts payable affiliates (Note C)		2,555,872		2,300,560		2,641,097		2,560,808
Capital contributions payable		14,490		14,490		14,490		14,490

		2,570,362		2,345,050		2,660,688		2,580,399

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and outstanding		(1,621,958)		(1,503,901)		(1,190,973)		(1,650,695)
General Partner		(360,073)		(358,881)		(355,720)		(360,364)

		(1,982,031)		(1,862,782)		(1,546,693)		(2,011,059)

	$	588,331	$	482,268	$	1,113,995	$	569,340

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		515,493		550,614		926,963		312,310
Notes receivable		-		-		-		-
Acquisition costs net		81,739		130,783		49,044		65,391
Other assets		7,233		20,074		7,233		7,233

	$	604,465	$	701,471	$	983,240	$	384,934

LIABILITIES

Accounts payable & accrued expenses	$	-	$	10,000	$	-	$	-
Accounts payable affiliates (Note C)		2,316,655		2,195,499		2,233,511		2,175,083
Capital contributions payable		10,020		22,861		10,020		10,020

		2,326,675		2,228,360		2,243,531		2,185,103

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and outstanding		(1,498,541)		(1,305,173)		(1,041,241)		(1,575,720)
General Partner		(223,669)		(221,716)		(219,050)		(224,449)

		(1,722,210)		(1,526,889)		(1,260,291)		(1,800,169)

	$	604,465	$	701,471	$	983,240	$	384,934

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		279,388		259,714		630,760		329,156
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		3,550		3,550		3,550		3,550

	$	282,938	$	263,264	$	634,310	$	332,706

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	5,070	$	5,070
Accounts payable affiliates (Note C)		1,580,283		1,329,696		1,738,281		1,660,464
Capital contributions payable		40,968		40,968		40,968		40,968

		1,621,251		1,370,664		1,784,319		1,706,502

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and outstanding		(981,182)		(752,578)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 4,000,238 are outstanding						(794,761)		(1,016,310)
General Partner		(357,131)		(354,822)		(355,248)		(357,486)

		(1,338,313)		(1,107,400)		(1,150,009)		(1,373,796)

	$	282,938	$	263,264	$	634,310	$	332,706

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		238,317		214,315		245,728		246,671
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	238,317	$	214,315	$	245,728	$	246,671

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		3,143,750		2,895,197		3,309,452		3,226,601
Capital contributions payable		10,197		10,197		10,197		10,197

		3,153,947		2,905,394		3,319,649		3,236,798

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and outstanding		(2,547,826)		(2,325,521)		(2,704,535)		(2,621,579)
General Partner		(367,804)		(365,558)		(369,386)		(368,548)

		(2,915,630)		(2,691,079)		(3,073,921)		(2,990,127)

	$	238,317	$	214,315	$	245,728	$	246,671

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		297,744		421,530		373,191		304,531
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		6,675		6,675		500		500

	$	304,419	$	428,205	$	373,691	$	305,031

LIABILITIES

Accounts payable & accrued expenses	$	677	$	10,000	$	-	$	-
Accounts payable affiliates (Note C)		1,427,066		1,396,458		1,514,138		1,470,602
Capital contributions payable		127,396		127,396		127,396		127,396

		1,555,139		1,533,854		1,641,534		1,597,998

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and outstanding		(1,011,156)		(867,536)		(1,028,108)		(1,052,981)
General Partner		(239,564)		(238,113)		(239,735)		(239,986)

		(1,250,720)		(1,105,649)		(1,267,843)		(1,292,967)

	$	304,419	$	428,205	$	373,691	$	305,031

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	31,776	$	31,776	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		180,740		181,199		247,981		185,230
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		25,000		25,000		25,000		25,000

	$	237,516	$	237,975	$	272,981	$	210,230

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		2,620,076		2,346,962		2,802,152		2,711,114
Capital contributions payable		66,294		66,294		66,294		66,294

		2,686,370		2,413,256		2,868,446		2,777,408

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and outstanding		(2,045,107)		(1,774,270)		(2,190,252)		(2,162,248)
General Partner		(403,747)		(401,011)		(405,213)		(404,930)

		(2,448,854)		(2,175,281)		(2,595,465)		(2,567,178)

	$	237,516	$	237,975	$	272,981	$	210,230

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	52,794	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		485,463		495,360		438,374		429,921
Notes receivable		46,908		46,908		46,908		46,908
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	532,371	$	595,062	$	485,282	$	476,829

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		2,623,582		2,411,011		2,705,296		2,634,439
Capital contributions payable		173,561		173,561		173,561		173,561

		2,797,143		2,584,572		2,878,857		2,808,000

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and outstanding		(1,835,762)		(1,563,253)
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,753,698 are outstanding						(1,963,277)		(1,901,497)
General Partner		(429,010)		(426,257)		(430,298)		(429,674)

		(2,264,772)		(1,989,510)		(2,393,575)		(2,331,171)

	$	532,371	$	595,062	$	485,282	$	476,829

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		288,981		240,231		271,804		277,132
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	288,981	$	240,231	$	271,804	$	277,132

LIABILITIES

Accounts payable & accrued expenses	$	11,837	$	3,403	$	3,403	$	3,403
Accounts payable affiliates (Note C)		1,738,718		1,639,856		1,800,422		1,769,570
Capital contributions payable		69,154		69,154		69,154		69,154

		1,819,709		1,712,413		1,872,979		1,842,127

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and outstanding		(1,289,641)		(1,231,680)		(1,359,383)		(1,323,565)
General Partner		(241,087)		(240,502)		(241,792)		(241,430)

		(1,530,728)		(1,472,182)		(1,601,175)		(1,564,995)

	$	288,981	$	240,231	$	271,804	$	277,132

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

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

OTHER ASSETS
Cash and cash equivalents		32,317		64,486		19,067		14,637
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		66,751		-		-		-

	$	99,068	$	64,486	$	19,067	$	14,637

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		3,264,672		3,022,850		3,416,902		3,340,741
Capital contributions payable		-		-		-		-

		3,264,672		3,022,850		3,416,902		3,340,741

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and outstanding		(2,833,558)		(2,628,390)		(3,063,467)		(2,992,453)
General Partner		(332,046)		(329,974)		(334,368)		(333,651)

		(3,165,604)		(2,958,364)		(3,397,835)		(3,326,104)

	$	99,068	$	64,486	$	19,067	$	14,637

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	93,491	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		122,630		116,848		114,117		118,570
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	122,630	$	210,339	$	114,117	$	118,570

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,784,972		1,613,702		1,899,152		1,842,062
Capital contributions payable		-		-		-		-

		1,784,972		1,613,702		1,899,152		1,842,062

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and outstanding		(1,363,693)		(1,107,304)		(1,485,160)		(1,424,232)
General Partner		(298,649)		(296,059)		(299,875)		(299,260)

		(1,662,342)		(1,403,363)		(1,785,035)		(1,723,492)

	$	122,630	$	210,339	$	114,117	$	118,570

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	57,706	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		162,715		133,266		182,026		159,780
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	162,715	$	190,972	$	182,026	$	159,780

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,961,274		1,840,826		2,041,571		2,001,422
Capital contributions payable		-		-		-		-

		1,961,274		1,840,826		2,041,571		2,001,422

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,837 issued and outstanding		(1,601,910)		(1,454,692)		(1,662,286)		(1,644,562)
General Partner		(196,649)		(195,162)		(197,259)		(197,080)

		(1,798,559)		(1,649,854)		(1,859,545)		(1,841,642)

	$	162,715	$	190,972	$	182,026	$	159,780

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	188,008	$	36,479	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		382,155		346,391		395,713		378,738
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	570,163	$	382,870	$	395,713	$	378,738

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,786,203		1,632,555		1,888,635		1,837,419
Capital contributions payable		138,438		138,438		138,438		138,438

		1,924,641		1,770,993		2,027,073		1,975,857

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and outstanding		(1,125,369)		(1,158,678)		(1,399,483)		(1,365,584)
General Partner		(229,109)		(229,445)		(231,877)		(231,535)

		(1,354,478)		(1,388,123)		(1,631,360)		(1,597,119)

	$	570,163	$	382,870	$	395,713	$	378,738

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	775,239	$	999,523	$	-	$	30,033

OTHER ASSETS
Cash and cash equivalents		202,101		235,617		233,226		224,156
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	977,340	$	1,235,140	$	233,226	$	254,189

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,446,932		1,392,823		1,529,132		1,488,032
Capital contributions payable		-		-		-		-

		1,446,932		1,392,823		1,529,132		1,488,032

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and outstanding		(246,612)		62,178		(1,064,662)		(1,003,220)
General Partner		(222,980)		(219,861)		(231,244)		(230,623)

		(469,592)		(157,683)		(1,295,906)		(1,233,843)

	$	977,340	$	1,235,140	$	233,226	$	254,189

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,249,822	$	1,378,166	$	70,124	$	127,952

OTHER ASSETS
Cash and cash equivalents		186,267		187,805		198,699		182,356
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	1,436,089	$	1,565,971	$	268,823	$	310,308

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,290,099		1,187,499		1,358,499		1,324,299
Capital contributions payable		-		-		-		-

		1,290,099		1,187,499		1,358,499		1,324,299

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,152 issued and outstanding		340,972		571,129		(882,337)		(807,409)
General Partner		(194,982)		(192,657)		(207,339)		(206,582)

		145,990		378,472		(1,089,676)		(1,013,991)

	$	1,436,089	$	1,565,971	$	268,823	$	310,308

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,191,898	$	2,491,075	$	244,176	$	307,320

OTHER ASSETS
Cash and cash equivalents		83,775		109,745		86,141		81,751
Notes receivable		-		-		-		-
Acquisition costs net		-		-		-		-
Other assets		-		-		-		-

	$	2,275,673	$	2,600,820	$	330,317	$	389,071

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		2,356,211		2,206,199		2,456,219		2,406,215
Capital contributions payable		102		102		102		102

		2,356,313		2,206,301		2,456,321		2,406,317

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and outstanding		145,110		615,517		(1,879,800)		(1,772,130)
General Partner		(225,750)		(220,998)		(246,204)		(245,116)

		(80,640)		394,519		(2,126,004)		(2,017,246)

	$	2,275,673	$	2,600,820	$	330,317	$	389,071

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,300,517	$	2,811,584	$	786,297	$	892,598

OTHER ASSETS
Cash and cash equivalents		198,530		215,834		200,007		194,350
Notes receivable		-		-		-		-
Acquisition costs net		343,839		458,451		198,282		226,608
Other assets		1,218		1,218		1,218		1,218

	$	2,844,104	$	3,487,087	$	1,185,804	$	1,314,774

LIABILITIES

Accounts payable & accrued expenses	$	-	$	8,924	$	-	$	-
Accounts payable affiliates (Note C)		2,596,623		2,418,072		2,715,657		2,656,140
Capital contributions payable		100		100		100		100

		2,596,723		2,427,096		2,715,757		2,656,240

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and outstanding		494,076		1,298,560		(1,265,484)		(1,078,882)
General Partner		(246,695)		(238,569)		(264,469)		(262,584)

		247,381		1,059,991		(1,529,953)		(1,341,466)

	$	2,844,104	$	3,487,087	$	1,185,804	$	1,314,774

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	3,596,601	$	3,740,801	$	1,658,312	$	1,676,228

OTHER ASSETS
Cash and cash equivalents		342,696		311,423		370,826		341,295
Notes receivable		22,790		22,790		22,790		22,790
Acquisition costs net		376,516		430,304		328,512		345,802
Other assets		51,003		51,003		51,003		51,003

	$	4,389,606	$	4,556,321	$	2,431,443	$	2,437,118

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,711,088		1,523,753		1,835,978		1,773,533
Capital contributions payable		73,433		73,433		73,433		73,433

		1,784,521		1,597,186		1,909,411		1,846,966

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and outstanding		2,819,972		3,170,482		757,750		825,189
General Partner		(214,887)		(211,347)		(235,718)		(235,037)

		2,605,085		2,959,135		522,032		590,152

	$	4,389,606	$	4,556,321	$	2,431,443	$	2,437,118

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	6,182,809	$	6,613,148	$	3,950,044	$	4,021,942

OTHER ASSETS
Cash and cash equivalents		232,688		234,982		255,343		226,214
Notes receivable		-		-		-		-
Acquisition costs net		519,305		593,492		317,262		333,960
Other assets		85,341		85,341		96,332		85,341

	$	7,020,143	$	7,526,963	$	4,618,981	$	4,667,457

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,882,973		1,704,370		2,036,363		1,959,668
Capital contributions payable		121,112		121,112		121,112		121,112

		2,004,085		1,825,482		2,157,475		2,080,780

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and outstanding		5,287,419		5,965,988		2,758,413		2,882,332
General Partner		(271,361)		(264,507)		(296,907)		(295,655)

		5,016,058		5,701,481		2,461,506		2,586,677

	$	7,020,143	$	7,526,963	$	4,618,981	$	4,667,457

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	4,478,791	$	5,205,103	$	2,275,342	$	2,365,868

OTHER ASSETS
Cash and cash equivalents		435,867		395,938		428,114		423,458
Notes receivable		-		-		-		-
Acquisition costs net		1,484,690		1,696,790		1,343,290		1,413,990
Other assets		-		-		13,437		-

	$	6,399,348	$	7,297,831	$	4,060,183	$	4,203,316

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		1,022,033		808,505		1,164,378		1,093,203
Capital contributions payable		254,640		254,640		254,640		254,640

		1,276,673		1,063,145		1,419,018		1,347,843

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and outstanding		5,308,897		6,409,788		2,852,202		3,064,367
General Partner		(186,222)		(175,102)		(211,037)		(208,894)

		5,122,675		6,234,686		2,641,165		2,855,473

	$	6,399,348	$	7,297,831	$	4,060,183	$	4,203,316

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,367,165	$	12,086,770	$	8,013,719	$	8,228,807

OTHER ASSETS
Cash and cash equivalents		459,784		425,893		489,088		462,109
Notes receivable		-		-		-		-
Acquisition costs net		1,433,732		1,638,551		84,624		89,078
Other assets		-		-		-		-

	$	13,260,681	$	14,151,214	$	8,587,431	$	8,779,994

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		908,916		633,993		1,092,198		1,000,557
Capital contributions payable		16,724		16,724		16,724		16,724

		925,640		650,717		1,108,922		1,017,281

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and outstanding		12,565,353		13,719,154		7,757,386		8,038,748
General Partner		(230,312)		(218,657)		(278,877)		(276,035)

		12,335,041		13,500,497		7,478,509		7,762,713

	$	13,260,681	$	14,151,214	$	8,587,431	$	8,779,994

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46


		December 31, 2011		March 31, 2011		June 30, 2012		March 31, 2012

ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	11,145,330	$	11,632,800	$	8,688,351	$	8,838,302

OTHER ASSETS
Cash and cash equivalents		302,771		291,568		315,185		305,141
Notes receivable		-		-		-		-
Acquisition costs net		166,979		190,832		88,088		92,724
Other assets		-		-		-		-

	$	11,615,080	$	12,115,200	$	9,091,624	$	9,236,167

LIABILITIES

Accounts payable & accrued expenses	$	-	$	-	$	-	$	-
Accounts payable affiliates (Note C)		715,393		528,247		840,157		777,775
Capital contributions payable		-		-		-		-

		715,393		528,247		840,157		777,775

PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and outstanding		11,053,433		11,733,826		8,431,695		8,636,551
General Partner		(153,746)		(146,873)		(180,228)		(178,159)

		10,899,687		11,586,953		8,251,467		8,458,392

	$	11,615,080	$	12,115,200	$	9,091,624	$	9,236,167

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

		2011		2010		2012		2011

Income
Interest income	$	7,162	$	89,730	$	4,569	$	9,180
Other income		184,296		129,956		428,462		169,743

		191,458		219,686		433,031		178,923



Share of income (loss) from Operating Partnerships (Note D)		(915,519)		(425,059)		569,534		(267,908)


Expenses
Professional fees		25,616		28,246		44,782		152,132
Fund management fee, net (Note C)		1,132,369		1,291,430		1,169,476		1,237,700
Amortization		244,132		446,787		158,451		244,134
General and administrative expenses		172,887		207,011		127,073		113,512

		1,575,004		1,973,474		1,499,782		1,747,478


NET INCOME (LOSS)	$	(2,299,065)	$	(2,178,847)	$	(497,217)	$	(1,836,463)


Net income (loss) allocated to assignees	$	(2,276,075)	$	(2,157,060)	$	(492,245)	$	(1,818,098)


Net income (loss) allocated to general partner	$	(22,990)	$	(21,787)	$	(4,972)	$	(18,365)


Net income (loss) per BAC	$	(.03)	$	(.03)	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 20

		2011		2010		2012		2011

Income
Interest income	$	352	$	935	$	236	$	556
Other income		-		-		-		-

		352		935		236		556



Share of income (loss) from Operating Partnerships (Note D)		15,600		-		-		55,000


Expenses
Professional fees		892		1,569		98		5,408
Fund management fee, net (Note C)		5,077		35,301		24,934		47,015
Amortization		-		-		-		-
General and administrative expenses		6,511		8,106		6,364		4,857

		12,480		44,976		31,396		57,280


NET INCOME (LOSS)	$	3,472	$	(44,041)	$	(31,160)	$	(1,724)


Net income (loss) allocated to assignees	$	3,437	$	(43,601)	$	(30,848)	$	(1,707)


Net income (loss) allocated to general partner	$	35	$	(440)	$	(312)	$	(17)


Net income (loss) per BAC	$	.00	$	(.01)	$	(.01)	$	(.00)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 21

		2011		2010		2012		2011

Income
Interest income	$	240	$	407	$	153	$	277
Other income		1		-		-		219

		241		407		153		496



Share of income (loss) from Operating Partnerships (Note D)		118,000		25,729		-		-


Expenses
Professional fees		718		2,236		49		3,832
Fund management fee, net (Note C)		(47,691)		(86,718)		16,770		30,500
Amortization		-		-		-		-
General and administrative expenses		4,365		5,027		4,093		3,417

		(42,608)		(79,455)		20,912		37,749


NET INCOME (LOSS)	$	160,849	$	105,591	$	(20,759)	$	(37,253)


Net income (loss) allocated to assignees	$	159,241	$	104,535	$	(20,551)	$	(36,880)


Net income (loss) allocated to general partner	$	1,608	$	1,056	$	(208)	$	(373)


Net income (loss) per BAC	$	.08	$	.06	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 22

		2011		2010		2012		2011

Income
Interest income	$	104	$	86	$	86	$	44
Other income		-		725		5,683		9,217

		104		811		5,769		9,261



Share of income (loss) from Operating Partnerships (Note D)		-		15,150		-		-


Expenses
Professional fees		912		164		69		6,364
Fund management fee, net (Note C)		39,988		45,636		32,216		40,603
Amortization		-		-		-		-
General and administrative expenses		5,851		6,966		5,317		4,012

		46,751		52,766		37,602		50,979


NET INCOME (LOSS)	$	(46,647)	$	(36,805)	$	(31,833)	$	(41,718)


Net income (loss) allocated to assignees	$	(46,181)	$	(36,437)	$	(31,515)	$	(41,301)


Net income (loss) allocated to general partner	$	(466)	$	(368)	$	(318)	$	(417)


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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 23

		2011		2010		2012		2011

Income
Interest income	$	96	$	167	$	70	$	86
Other income		-		108,866		68,066		-

		96		109,033		68,136		86



Share of income (loss) from Operating Partnerships (Note D)		-		15,150		-		-


Expenses
Professional fees		864		2,658		90		12,647
Fund management fee, net (Note C)		28,079		39,080		21,944		36,997
Amortization		-		-		-		-
General and administrative expenses		6,295		12,370		6,051		4,613

		35,238		54,108		28,085		54,257


NET INCOME (LOSS)	$	(35,142)	$	70,075	$	40,051	$	(54,171)


Net income (loss) allocated to assignees	$	(34,791)	$	69,374	$	39,650	$	(53,629)


Net income (loss) allocated to general partner	$	(351)	$	701	$	401	$	(542)


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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 24

		2011		2010		2012		2011

Income
Interest income	$	261	$	506	$	182	$	329
Other income		15,966		385		1,870		2,480

		16,227		891		2,052		2,809



Share of income (loss) from Operating Partnerships (Note D)		32,020		-		27,680		-


Expenses
Professional fees		737		1,143		55		5,308
Fund management fee, net (Note C)		18,532		41,129		29,604		40,594
Amortization		-		-		-		-
General and administrative expenses		5,267		6,085		4,757		3,589

		24,536		48,357		34,416		49,491


NET INCOME (LOSS)	$	23,711	$	(47,466)	$	(4,684)	$	(46,682)


Net income (loss) allocated to assignees	$	23,474	$	(46,991)	$	(4,637)	$	(46,215)


Net income (loss) allocated to general partner	$	237	$	(475)	$	(47)	$	(467)


Net income (loss) per BAC	$	.01	$	(.02)	$	(.00)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 25

		2011		2010		2012		2011

Income
Interest income	$	1,207	$	755	$	336	$	459
Other income		24,004		-		1,419		-

		25,211		755		1,755		459



Share of income (loss) from Operating Partnerships (Note D)		150,106		84,378		48,325		874,787


Expenses
Professional fees		808		177		74		5,061
Fund management fee, net (Note C)		14,460		27,119		16,697		(30,169)
Amortization		-		-		-		-
General and administrative expenses		5,563		6,989		5,492		4,167

		20,831		34,285		22,263		(20,941)


NET INCOME (LOSS)	$	154,486	$	50,848	$	27,817	$	896,187


Net income (loss) allocated to assignees	$	152,941	$	50,340	$	27,539	$	887,225


Net income (loss) allocated to general partner	$	1,545	$	508	$	278	$	8,962


Net income (loss) per BAC	$	.05	$	.02	$	.01	$	.29

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 26

		2011		2010		2012		2011

Income
Interest income	$	161	$	279	$	332	$	199
Other income		128,292		2,040		5,169		4,274

		128,453		2,319		5,501		4,473



Share of income (loss) from Operating Partnerships (Note D)		-		1,451,966		538,243		-


Expenses
Professional fees		892		231		98		8,623
Fund management fee, net (Note C)		71,907		21,710		72,970		80,648
Amortization		-		-		-		-
General and administrative expenses		8,366		9,968		6,310		4,015

		81,165		31,909		79,378		93,286


NET INCOME (LOSS)	$	47,288	$	1,422,376	$	464,366	$	(88,813)


Net income (loss) allocated to assignees	$	46,815	$	1,408,152	$	459,722	$	(87,925)


Net income (loss) allocated to general partner	$	473	$	14,224	$	4,644	$	(888)


Net income (loss) per BAC	$	.01	$	.35	$	.12	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 27

		2011		2010		2012		2011

Income
Interest income	$	335	$	508	$	214	$	333
Other income		1,500		-		21,576		18,648

		1,835		508		21,790		18,981



Share of income (loss) from Operating Partnerships (Note D)		-		(684,753)		575,945		-


Expenses
Professional fees		742		132		56		4,579
Fund management fee, net (Note C)		44,921		58,594		37,178		34,137
Amortization		16,347		17,123		16,347		16,348
General and administrative expenses		5,095		5,887		4,276		3,718

		67,105		81,736		57,857		58,782


NET INCOME (LOSS)	$	(65,270)	$	(765,981)	$	539,878	$	(39,801)


Net income (loss) allocated to assignees	$	(64,617)	$	(758,321)	$	534,479	$	(39,403)


Net income (loss) allocated to general partner	$	(653)	$	(7,660)	$	5,399	$	(398)


Net income (loss) per BAC	$	(.03)	$	(.31)	$	.22	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 28

		2011		2010		2012		2011

Income
Interest income	$	377	$	977	$	242	$	578
Other income		640		6,736		262,129		87,434

		1,017		7,713		262,371		88,012



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


Expenses
Professional fees		851		205		86		5,966
Fund management fee, net (Note C)		70,129		59,329		33,396		70,861
Amortization		-		-		-		-
General and administrative expenses		7,077		8,228		5,102		4,456

		78,057		67,762		38,584		81,283


NET INCOME (LOSS)	$	(77,040)	$	(60,049)	$	223,787	$	6,729


Net income (loss) allocated to assignees	$	(76,270)	$	(59,449)	$	221,549	$	6,662


Net income (loss) allocated to general partner	$	(770)	$	(600)	$	2,238	$	67


Net income (loss) per BAC	$	(.02)	$	(.01)	$	.06	$	.00

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 29

		2011		2010		2012		2011

Income
Interest income	$	283	$	564	$	154	$	359
Other income		20		-		-		10,637

		303		564		154		10,996



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


Expenses
Professional fees		2,377		1,615		35,769		6,736
Fund management fee, net (Note C)		75,351		74,726		42,041		45,892
Amortization		-		7,237		-		-
General and administrative expenses		6,982		8,155		6,138		4,039

		84,710		91,733		83,948		56,667


NET INCOME (LOSS)	$	(84,407)	$	(91,169)	$	(83,794)	$	(45,671)


Net income (loss) allocated to assignees	$	(83,563)	$	(90,257)	$	(82,956)	$	(45,214)


Net income (loss) allocated to general partner	$	(844)	$	(912)	$	(838)	$	(457)


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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 30

		2011		2010		2012		2011

Income
Interest income	$	412	$	894	$	224	$	554
Other income		-		774		-		-

		412		1,668		224		554



Share of income (loss) from Operating Partnerships (Note D)		-		119,099		72,943		-


Expenses
Professional fees		746		135		57		5,570
Fund management fee, net (Note C)		39,213		37,673		43,536		41,698
Amortization		-		6,569		-		-
General and administrative expenses		5,289		6,124		4,450		2,607

		45,248		50,501		48,043		49,875


NET INCOME (LOSS)	$	(44,836)	$	70,266	$	25,124	$	(49,321)


Net income (loss) allocated to assignees	$	(44,388)	$	69,563	$	24,873	$	(48,828)


Net income (loss) allocated to general partner	$	(448)	$	703	$	251	$	(493)


Net income (loss) per BAC	$	(.02)	$	.03	$	.01	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 31

		2011		2010		2012		2011

Income
Interest income	$	215	$	515	$	130	$	316
Other income		1,437		-		5,967		5,858

		1,652		515		6,097		6,174



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


Expenses
Professional fees		854		1,102		87		5,967
Fund management fee, net (Note C)		78,238		97,215		29,802		80,482
Amortization		-		-		-		-
General and administrative expenses		7,170		8,346		4,495		3,841

		86,262		106,663		34,384		90,290


NET INCOME (LOSS)	$	(84,610)	$	(106,148)	$	(28,287)	$	(84,116)


Net income (loss) allocated to assignees	$	(83,764)	$	(105,087)	$	(28,004)	$	(83,275)


Net income (loss) allocated to general partner	$	(846)	$	(1,061)	$	(283)	$	(841)


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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 32

		2011		2010		2012		2011

Income
Interest income	$	463	$	995	$	283	$	605
Other income		1,000		-		-		-

		1,463		995		283		605



Share of income (loss) from Operating Partnerships (Note D)		-		303,875		-		(21,486)


Expenses
Professional fees		884		570		95		5,692
Fund management fee, net (Note C)		63,857		71,706		56,857		66,857
Amortization		-		-		-		-
General and administrative expenses		6,745		8,447		5,735		4,054

		71,486		80,723		62,687		76,603


NET INCOME (LOSS)	$	(70,023)	$	224,147	$	(62,404)	$	(97,484)


Net income (loss) allocated to assignees	$	(69,323)	$	221,906	$	(61,780)	$	(96,509)


Net income (loss) allocated to general partner	$	(700)	$	2,241	$	(624)	$	(975)


Net income (loss) per BAC	$	(.01)	$	.05	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~
June 30,

(Unaudited)

Series 33

		2011		2010		2012		2011

Income
Interest income	$	263	$	464	$	181	$	308
Other income		2,736		4,345		-		-

		2,999		4,809		181		308



Share of income (loss) from Operating Partnerships (Note D)		21,566		-		-		-


Expenses
Professional fees		728		124		1,546		4,014
Fund management fee, net (Note C)		(7,398)		29,005		30,852		34,005
Amortization		-		-		-		-
General and administrative expenses		5,152		6,404		3,963		4,019

		(1,518)		35,533		36,361		42,038


NET INCOME (LOSS)	$	26,083	$	(30,724)	$	(36,180)	$	(41,730)


Net income (loss) allocated to assignees	$	25,822	$	(30,417)	$	(35,818)	$	(41,313)


Net income (loss) allocated to general partner	$	261	$	(307)	$	(362)	$	(417)


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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 34

		2011		2010		2012		2011

Income
Interest income	$	8	$	44	$	5	$	23
Other income		-		1,539		11,182		10,751

		8		1,583		11,187		10,774



Share of income (loss) from Operating Partnerships (Note D)		-		(28,787)		-		-


Expenses
Professional fees		1,035		169		5,473		4,176
Fund management fee, net (Note C)		44,784		72,099		73,299		73,299
Amortization		-		56,094		-		-
General and administrative expenses		6,335		7,768		4,146		4,397

		52,154		136,130		82,918		81,872

NET INCOME (LOSS)	$	(52,146)	$	(163,334)	$	(71,731)	$	(71,098)


Net income (loss) allocated to assignees	$	(51,625)	$	(161,701)	$	(71,014)	$	(70,387)


Net income (loss) allocated to general partner	$	(521)	$	(1,633)	$	(717)	$	(711)


Net income (loss) per BAC	$	(.01)	$	(.05)	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 35

		2011		2010		2012		2011

Income
Interest income	$	42	$	199	$	27	$	103
Other income		-		4,094		-		-

		42		4,293		27		103



Share of income (loss) from Operating Partnerships (Note D)		-		(157,970)		-		(62,815)


Expenses
Professional fees		794		166		368		9,175
Fund management fee, net (Note C)		47,605		57,090		57,090		57,090
Amortization		-		18,072		-		-
General and administrative expenses		6,042		7,427		4,112		4,373

		54,441		82,755		61,570		70,638


NET INCOME (LOSS)	$	(54,399)	$	(236,432)	$	(61,543)	$	(133,350)


Net income (loss) allocated to assignees	$	(53,855)	$	(234,068)	$	(60,928)	$	(132,017)


Net income (loss) allocated to general partner	$	(544)	$	(2,364)	$	(615)	$	(1,333)


Net income (loss) per BAC	$	(.02)	$	(.07)	$	(.02)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 36

		2011		2010		2012		2011

Income
Interest income	$	42	$	161	$	61	$	83
Other income		6,700		-		18,100		10,264

		6,742		161		18,161		10,347



Share of income (loss) from Operating Partnerships (Note D)		-		(50,512)		-		(21,171)


Expenses
Professional fees		697		102		43		3,672
Fund management fee, net (Note C)		9,126		39,716		32,429		35,306
Amortization		-		-		-		-
General and administrative expenses		5,234		5,962		3,592		3,799

		15,057		45,780		36,064		42,777


NET INCOME (LOSS)	$	(8,315)	$	(96,131)	$	(17,903)	$	(53,601)


Net income (loss) allocated to assignees	$	(8,232)	$	(95,170)	$	(17,724)	$	(53,065)


Net income (loss) allocated to general partner	$	(83)	$	(961)	$	(179)	$	(536)


Net income (loss) per BAC	$	(.00)	$	(.05)	$	(.01)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 37

		2011		2010		2012		2011

Income
Interest income	$	377	$	855	$	241	$	511
Other income		-		-		9,940		9,961

		377		855		10,181		10,472



Share of income (loss) from Operating Partnerships (Note D)		49,773		(46,472)		-		49,296


Expenses
Professional fees		712		113		47		3,098
Fund management fee, net (Note C)		51,216		51,216		40,698		40,698
Amortization		-		29,562		-		-
General and administrative expenses		5,175		6,586		3,677		3,899

		57,103		87,477		44,422		47,695


NET INCOME (LOSS)	$	(6,953)	$	(133,094)	$	(34,241)	$	12,073


Net income (loss) allocated to assignees	$	(6,883)	$	(131,763)	$	(33,899)	$	11,952


Net income (loss) allocated to general partner	$	(70)	$	(1,331)	$	(342)	$	121


Net income (loss) per BAC	$	(.00)	$	(.05)	$	(.01)	$	.00

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 38

		2011		2010		2012		2011

Income
Interest income	$	59	$	245	$	97	$	165
Other income		2,000		-		2,436		-

		2,059		245		2,533		165



Share of income (loss) from Operating Partnerships (Note D)		(66,169)		(158,762)		(24,773)		(62,206)


Expenses
Professional fees		721		119		50		3,689
Fund management fee, net (Note C)		34,820		40,286		36,041		29,978
Amortization		-		3,490		-		-
General and administrative expenses		5,460		6,978		3,732		3,962

		41,001		50,873		39,823		37,629


NET INCOME (LOSS)	$	(105,111)	$	(209,390)	$	(62,063)	$	(99,670)


Net income (loss) allocated to assignees	$	(104,060)	$	(207,296)	$	(61,442)	$	(98,673)


Net income (loss) allocated to general partner	$	(1,051)	$	(2,094)	$	(621)	$	(997)


Net income (loss) per BAC	$	(.04)	$	(.08)	$	(.02)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 39

		2011		2010		2012		2011

Income
Interest income	$	302	$	836	$	143	$	499
Other income		-		-		7,345		-

		302		836		7,488		499



Share of income (loss) from Operating Partnerships (Note D)		(58,298)		(179,738)		(52,568)		(51,689)


Expenses
Professional fees		691		99		41		3,523
Fund management fee, net (Note C)		27,265		34,200		27,000		27,000
Amortization		-		2,779		-		-
General and administrative expenses		5,260		6,346		3,564		3,772

		33,216		43,424		30,605		34,295


NET INCOME (LOSS)	$	(91,212)	$	(222,326)	$	(75,685)	$	(85,485)


Net income (loss) allocated to assignees	$	(90,300)	$	(220,103)	$	(74,928)	$	(84,630)


Net income (loss) allocated to general partner	$	(912)	$	(2,223)	$	(757)	$	(855)


Net income (loss) per BAC	$	(.04)	$	(.10)	$	(.03)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 40

		2011		2010		2012		2011

Income
Interest income	$	32	$	155	$	20	$	80
Other income		-		-		7,580		-

		32		155		7,600		80



Share of income (loss) from Operating Partnerships (Note D)		(64,804)		(75,748)		(63,144)		(127,592)


Expenses
Professional fees		708		111		46		5,143
Fund management fee, net (Note C)		39,504		49,329		49,329		47,712
Amortization		-		13,259		-		-
General and administrative expenses		6,071		7,262		3,839		4,047

		46,283		69,961		53,214		56,902


NET INCOME (LOSS)	$	(111,055)	$	(145,554)	$	(108,758)	$	(184,414)


Net income (loss) allocated to assignees	$	(109,944)	$	(144,098)	$	(107,670)	$	(182,570)


Net income (loss) allocated to general partner	$	(1,111)	$	(1,456)	$	(1,088)	$	(1,844)


Net income (loss) per BAC	$	(.04)	$	(.05)	$	(.04)	$	(.07)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 41

		2011		2010		2012		2011

Income
Interest income	$	255	$	499	$	143	$	325
Other income		-		25		-		-

		255		524		143		325



Share of income (loss) from Operating Partnerships (Note D)		(186,652)		(127,955)		(104,338)		(143,131)


Expenses
Professional fees		1,024		150		116		5,495
Fund management fee, net (Note C)		51,272		53,172		51,495		48,120
Amortization		38,204		55,628		28,326		38,204
General and administrative expenses		7,685		8,409		4,355		4,622

		98,185		117,359		84,292		96,441


NET INCOME (LOSS)	$	(284,582)	$	(244,790)	$	(188,487)	$	(239,247)


Net income (loss) allocated to assignees	$	(281,736)	$	(242,342)	$	(186,602)	$	(236,855)


Net income (loss) allocated to general partner	$	(2,846)	$	(2,448)	$	(1,885)	$	(2,392)


Net income (loss) per BAC	$	(.10)	$	(.08)	$	(.06)	$	(.08)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 42

		2011		2010		2012		2011

Income
Interest income	$	103	$	302	$	195	$	210
Other income		-		217		-		-

		103		519		195		210



Share of income (loss) from Operating Partnerships (Note D)		(74,297)		(58,589)		3,835		14,510

Expenses
Professional fees		1,002		1,753		110		6,355
Fund management fee, net (Note C)		62,445		60,751		49,661		32,306
Amortization		17,928		24,846		17,290		17,929
General and administrative expenses		7,460		8,058		5,089		5,396

		88,835		95,408		72,150		61,986


NET INCOME (LOSS)	$	(163,029)	$	(153,478)	$	(68,120)	$	(47,266)


Net income (loss) allocated to assignees	$	(161,399)	$	(151,943)	$	(67,439)	$	(46,793)


Net income (loss) allocated to general partner	$	(1,630)	$	(1,535)	$	(681)	$	(473)


Net income (loss) per BAC	$	(.06)	$	(.06)	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 43

		2011		2010		2012		2011

Income
Interest income	$	89	$	573	$	110	$	265
Other income		-		25		-		-

		89		598		110		265



Share of income (loss) from Operating Partnerships (Note D)		(110,009)		(238,677)		(39,032)		(115,156)


Expenses
Professional fees		790		358		69		7,391
Fund management fee, net (Note C)		72,695		73,580		64,895		50,090
Amortization		24,729		61,937		16,698		24,729
General and administrative expenses		8,632		9,394		4,587		4,955

		106,846		145,269		86,249		87,165


NET INCOME (LOSS)	$	(216,766)	$	(383,348)	$	(125,171)	$	(202,056)


Net income (loss) allocated to assignees	$	(214,598)	$	(379,515)	$	(123,919)	$	(200,035)


Net income (loss) allocated to general partner	$	(2,168)	$	(3,833)	$	(1,252)	$	(2,021)


Net income (loss) per BAC	$	(.06)	$	(.10)	$	(.03)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 44

		2011		2010		2012		2011

Income
Interest income	$	225	$	75,403	$	254	$	542
Other income		-		25		-		-

		225		75,428		254		542



Share of income (loss) from Operating Partnerships (Note D)		(319,842)		(241,446)		(81,526)		(237,315)


Expenses
Professional fees		2,864		12,706		54		3,553
Fund management fee, net (Note C)		62,814		71,176		58,175		29,612
Amortization		70,700		71,194		70,700		70,700
General and administrative expenses		6,784		7,257		4,107		4,428

		143,162		162,333		133,036		108,293


NET INCOME (LOSS)	$	(462,779)	$	(328,351)	$	(214,308)	$	(345,066)


Net income (loss) allocated to assignees	$	(458,151)	$	(325,067)	$	(212,165)	$	(341,615)


Net income (loss) allocated to general partner	$	(4,628)	$	(3,284)	$	(2,143)	$	(3,451)


Net income (loss) per BAC	$	(.17)	$	(.12)	$	(.08)	$	(.13)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 45

		2011		2010		2012		2011

Income
Interest income	$	473	$	1,151	$	274	$	651
Other income		-		25		-		-

		473		1,176		274		651



Share of income (loss) from Operating Partnerships (Note D)		(279,093)		(342,891)		(192,874)		(231,049)


Expenses
Professional fees		818		197		77		6,531
Fund management fee, net (Note C)		80,174		89,274		81,893		84,128
Amortization		68,273		68,273		4,454		68,273
General and administrative expenses		9,577		10,441		5,180		5,689

		158,842		168,185		91,604		164,621


NET INCOME (LOSS)	$	(437,462)	$	(509,900)	$	(284,204)	$	(395,019)


Net income (loss) allocated to assignees	$	(433,087)	$	(504,801)	$	(281,362)	$	(391,069)

Net income (loss) allocated to general partner	$	(4,375)	$	(5,099)	$	(2,842)	$	(3,950)


Net income (loss) per BAC	$	(.11)	$	(.13)	$	(.07)	$	(.10)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 46

		2011		2010		2012		2011

Income
Interest income	$	386	$	1,255	$	176	$	720
Other income		-		135		-		-

		386		1,390		176		720



Share of income (loss) from Operating Partnerships (Note D)		(143,420)		(48,106)		(139,182)		(187,891)


Expenses
Professional fees		755		142		59		4,564
Fund management fee, net (Note C)		53,986		48,036		58,674		62,241
Amortization		7,951		10,724		4,636		7,951
General and administrative expenses		7,444		8,021		4,550		4,769

		70,136		66,923		67,919		79,525


NET INCOME (LOSS)	$	(213,170)	$	(113,639)	$	(206,925)	$	(266,696)


Net income (loss) allocated to assignees	$	(211,038)	$	(112,503)	$	(204,856)	$	(264,029)


Net income (loss) allocated to general partner	$	(2,132)	$	(1,136)	$	(2,069)	$	(2,667)


Net income (loss) per BAC	$	(.07)	$	(.04)	$	(.07)	$	(.09)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

2011

2010
Income

Interest income
$
24,809
$
124,097
Other income

423,489

544,043
448,298
668,140

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

(1,852,531)

(1,717,287)

Expenses

Professional fees

663,453

672,313
Fund management fee, net (Note C)

3,706,330

4,011,316
Amortization

732,403

1,339,965
General and administrative expenses

407,167

429,861

5,509,353

6,453,455

NET INCOME (LOSS)
$
(6,913,586)
$
(7,502,602)

Net income (loss) allocated to
assignees

$

(6,844,450)

$

(7,427,576)

Net income (loss) allocated to general
partner

$

(69,136)

$

(75,026)

Net income (loss) per BAC
$
(.08)
$
(.09)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 20~~

2011

2010
Income
Interest income
$
1,390
$
2,825
Other income

625

81,895

2,015

84,720

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

103,600

921,489

Expenses

Professional fees

23,640

34,099
Fund management fee, net (Note C)

98,709

116,576
Amortization

-

-
General and administrative expenses

15,506

17,631

137,855

168,306

NET INCOME (LOSS)
$
(32,240)
$
837,903

Net income (loss) allocated to
assignees

$

(31,918)

$

829,524

Net income (loss) allocated to general
partner

$

(322)

$

8,379

Net income (loss) per BAC
$
(.01)
$
.21

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 21~~

2011
2010
Income

Interest income
$
776
$
725
Other income

6,912

1,538

7,688

2,263

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

118,000

25,729

Expenses

Professional fees

16,907

20,430
Fund management fee, net (Note C)

638

(29,446)
Amortization

-

-
General and administrative expenses

11,174

12,249

28,719

3,233

NET INCOME (LOSS)
$
96,969
$
24,759

Net income (loss) allocated to
assignees

$

95,999

$

24,511

Net income (loss) allocated to general
partner

$

970

$

248

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

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 22~~

2011

2010
Income

Interest income
$
229
$
273
Other income

9,217

15,840

9,446

16,113

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

-

753,664

Expenses

Professional fees

26,445

26,579
Fund management fee, net (Note C)

128,311

133,950
Amortization

-

-
General and administrative expenses

13,642

14,103

168,398

174,632

NET INCOME (LOSS)
$
(158,952)
$
595,145

Net income (loss) allocated to
assignees

$

(157,362)

$

589,194

Net income (loss) allocated to general
partner

$

(1,590)

$

5,951

Net income (loss) per BAC
$
(.06)
$
.23

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 23~~

2011

2010
Income

Interest income
$
287
$
532
Other income

-

114,766

287

115,298

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

-

683,819

Expenses

Professional fees

30,425

25,141
Fund management fee, net (Note C)

105,573

107,640
Amortization

-

-
General and administrative expenses

14,934

20,278

150,932

153,059

NET INCOME (LOSS)
$
(150,645)
$
646,058

Net income (loss) allocated to
assignees

$

(149,139)

$

639,597

Net income (loss) allocated to general
partner

$

(1,506)

$

6,461

Net income (loss) per BAC
$
(.04)
$
.19

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 24~~

2011

2010
Income

Interest income
$
890
$
1,043
Other income

32,363

74,950

33,253

75,993

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

139,151

-

Expenses

Professional fees

22,856

25,989
Fund management fee, net (Note C)

90,874

119,353
Amortization

-

-
General and administrative expenses

12,406

13,805

126,136

159,147

NET INCOME (LOSS)
$
46,268
$
(83,154)

Net income (loss) allocated to
assignees

$

45,805

$

(82,322)

Net income (loss) allocated to general
partner

$

463

$

(832)

Net income (loss) per BAC
$
.02
$
(.04)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 25~~

2011

2010
Income
Interest income
$
2,529
$
2,519
Other income

52,620

143,345

55,149

145,864

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

1,215,347

84,378

Expenses

Professional fees

22,642

23,330
Fund management fee, net (Note C)

9,100

122,529
Amortization

-

-
General and administrative expenses

13,609

15,569

45,351

161,428

NET INCOME (LOSS)
$
1,225,145
$
68,814

Net income (loss) allocated to
assignees

$

1,212,894

$

68,126

Net income (loss) allocated to general
partner

$

12,251

$

688

Net income (loss) per BAC
$
.40
$
.02

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 26~~

2011

2010
Income

Interest income
$
494
$
941
Other income

152,211

14,393

152,705

15,334

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

-

1,451,966

Expenses

Professional fees

36,600

37,824
Fund management fee, net (Note C)

218,607

202,869
Amortization

-

-
General and administrative expenses

16,747

19,103

271,954

259,796

NET INCOME (LOSS)
$
(119,249)
$
1,207,504

Net income (loss) allocated to
assignees

$

(118,057)

$

1,195,429

Net income (loss) allocated to general
partner

$

(1,192)

$

12,075

Net income (loss) per BAC
$
(.03)
$
.30

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 27~~

2011

2010
Income

Interest income
$
997
$
1,052
Other income

20,148

11,791

21,145

12,843

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

-

(691,431)

Expenses

Professional fees

20,576

20,119
Fund management fee, net (Note C)

134,486

195,389
Amortization

49,044

51,369
General and administrative expenses

12,360

12,338

216,466

279,215

NET INCOME (LOSS)
$
(195,321)
$
(957,803)

Net income (loss) allocated to
assignees

$

(193,368)

$

(948,225)

Net income (loss) allocated to general
partner

$

(1,953)

$

(9,578)

Net income (loss) per BAC
$
(.08)
$
(.39)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 28~~

2011

2010
Income

Interest income
$
1,473
$
2,962
Other income

33,284

28,868

34,757

31,830

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

-

-

Expenses

Professional fees

26,292

25,992
Fund management fee, net (Note C)

223,769

196,360
Amortization

-

-
General and administrative expenses

15,609

17,437

265,670

239,789

NET INCOME (LOSS)
$
(230,913)
$
(207,959)

Net income (loss) allocated to
assignees

$

(228,604)

$

(205,879)

Net income (loss) allocated to general
partner

$

(2,309)

$

(2,080)

Net income (loss) per BAC
$
(.06)
$
(.05)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 29~~

2011

2010
Income

Interest income
$
966
$
1,228
Other income

10,659

538

11,625

1,766

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

-

(24,395)

Expenses

Professional fees

27,599

26,775
Fund management fee, net (Note C)

192,769

216,278
Amortization

-

21,711
General and administrative expenses

15,808

17,587

236,176

282,351

NET INCOME (LOSS)
$
(224,551)
$
(304,980)

Net income (loss) allocated to
assignees

$

(222,305)

$

(301,930)

Net income (loss) allocated to general
partner

$

(2,246)

$

(3,050)

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

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 30~~

2011

2010
Income

Interest income
$
1,479
$
3,002
Other income

2,004

2,535

3,483

5,537

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

-

68,299

Expenses

Professional fees

22,658

22,372
Fund management fee, net (Note C)

113,996

128,507
Amortization

-

19,707
General and administrative expenses

11,900

13,859

148,554

184,445

NET INCOME (LOSS)
$
(145,071)
$
(110,609)

Net income (loss) allocated to
assignees

$

(143,620)

$

(109,503)

Net income (loss) allocated to general
partner

$

(1,451)

$

(1,106)

Net income (loss) per BAC
$
(.05)
$
(.04)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 31~~

2011

2010
Income

Interest income
$
812
$
1,721
Other income

8,511

4,306

9,323

6,027

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

-

-

Expenses

Professional fees

26,558

28,221
Fund management fee, net (Note C)

240,590

268,113
Amortization

-

-
General and administrative expenses

15,748

17,552

282,896

313,886

NET INCOME (LOSS)
$
(273,573)
$
(307,859)

Net income (loss) allocated to
assignees

$

(270,837)

$

(304,780)

Net income (loss) allocated to general
partner

$

(2,736)

$

(3,079)

Net income (loss) per BAC
$
(.06)
$
(.07)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 32~~

2011

2010
Income

Interest income
$
1,628
$
3,046
Other income

1,664

6,262

3,292

9,308

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

(52,794)

38,615

Expenses

Professional fees

23,591

26,456
Fund management fee, net (Note C)

186,540

199,242
Amortization

-

-
General and administrative expenses

15,629

17,572

225,760

243,270

NET INCOME (LOSS)
$
(275,262)
$
(195,347)

Net income (loss) allocated to
assignees

$

(272,509)

$

(193,394)

Net income (loss) allocated to general
partner

$

(2,753)

$

(1,953)

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

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 33~~

2011

2010
Income

Interest income
$
855
$
1,139
Other income

4,514

4,452

5,369

5,591

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

21,566

(90,153)

Expenses

Professional fees

17,888

19,564
Fund management fee, net (Note C)

53,643

88,760
Amortization

-

-
General and administrative expenses

13,950

13,810

85,481

122,134

NET INCOME (LOSS)
$
(58,546)
$
(206,696)

Net income (loss) allocated to
assignees

$

(57,961)

$

(204,629)

Net income (loss) allocated to general
partner

$

(585)

$

(2,067)

Net income (loss) per BAC
$
(.02)
$
(.08)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 34~~

2011

2010
Income
Interest income
$
48
$
139
Other income

22,853

1,539

22,901

1,678

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

-

(200,723)

Expenses

Professional fees

28,422

19,939
Fund management fee, net (Note C)

185,743

218,697
Amortization

-

168,282
General and administrative expenses

15,976

15,895

230,141

422,813
NET INCOME (LOSS)
$
(207,240)
$
(621,858)

Net income (loss) allocated to
assignees

$

(205,168)

$

(615,639)

Net income (loss) allocated to general
partner

$

(2,072)

$

(6,219)

Net income (loss) per BAC
$
(.06)
$
(.17)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 35~~

2011

2010
Income

Interest income
$
227
$
635
Other income

3,475

4,094
3,702
4,729

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

(93,491)

(443,503)

Expenses
Professional fees

24,300

17,914
Fund management fee, net (Note C)

129,285

171,270
Amortization

-

54,216
General and administrative expenses

15,605

15,425

169,190

258,825

NET INCOME (LOSS)
$
(258,979)
$
(697,599)

Net income (loss) allocated to
assignees

$

(256,389)

$

(690,623)

Net income (loss) allocated to general
partner

$

(2,590)

$

(6,976)

Net income (loss) per BAC
$
(.08)
$
(.21)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 36~~

2011

2010
Income

Interest income
$
191
$
514
Other income

18,309

-

18,500

514

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

(54,048)

(138,224)

Expenses

Professional fees

18,879

18,184
Fund management fee, net (Note C)

80,653

116,648
Amortization

-

-
General and administrative expenses

13,625

13,021

113,157

147,853

NET INCOME (LOSS)
$
(148,705)
$
(285,563)

Net income (loss) allocated to
assignees

$

(147,218)

$

(282,707)

Net income (loss) allocated to general
partner

$

(1,487)

$

(2,856)

Net income (loss) per BAC
$
(.07)
$
(.13)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 37~~

2011

2010
Income
Interest income
$
1,360
$
2,838
Other income

41,499

-

42,859

2,838

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

155,187

(222,977)

Expenses

Professional fees

15,524

14,901
Fund management fee, net (Note C)

135,130

133,148
Amortization

-

88,686
General and administrative expenses

13,747

13,726

164,401

250,461

NET INCOME (LOSS)
$
33,645
$
(470,600)

Net income (loss) allocated to
assignees

$

33,309

$

(465,894)

Net income (loss) allocated to general
partner

$

336

$

(4,706)

Net income (loss) per BAC
$
.01
$
(.19)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 38~~

2011

2010
Income

Interest income
$
317
$
699
Other income

2,000

-

2,317

699

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

(178,566)

(413,135)

Expenses

Professional fees

19,062

17,874
Fund management fee, net (Note C)

102,398

115,465
Amortization

-

10,470
General and administrative expenses

14,200

14,295

135,660

158,104

NET INCOME (LOSS)
$
(311,909)
$
(570,540)

Net income (loss) allocated to
assignees

$

(308,790)

$

(564,835)

Net income (loss) allocated to general
partner

$

(3,119)

$

(5,705)

Net income (loss) per BAC
$
(.12)
$
(.22)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 39~~

2011

2010
Income

Interest income
$
1,237
$
2,096
Other income

-

-

1,237

2,096

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

(113,056)

(495,831)

Expenses

Professional fees

18,826

17,228
Fund management fee, net (Note C)

88,465

84,200
Amortization

-

8,337
General and administrative expenses

13,372

13,331

120,663

123,096

NET INCOME (LOSS)
$
(232,482)
$
(616,831)

Net income (loss) allocated to
assignees

$

(230,157)

$

(610,663)

Net income (loss) allocated to general
partner

$

(2,325)

$

(6,168)

Net income (loss) per BAC
$
(.10)
$
(.27)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 40~~

2011
2010
Income

Interest income
$
176
$
496
Other income

-

-

176

496

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

(299,177)

(261,022)

Expenses

Professional fees

24,394

23,623
Fund management fee, net (Note C)

137,220

143,707
Amortization

-

39,777
General and administrative expenses

14,544

14,918

176,158

222,025

NET INCOME (LOSS)
$
(475,159)
$
(482,551)

Net income (loss) allocated to
assignees

$

(470,407)

$

(477,725)

Net income (loss) allocated to general
partner

$

(4,752)

$

(4,826)

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

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 41~~

2011

2010
Income

Interest income
$
877
$
1,019
Other income

-

32,502

877

33,521

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

(498,756)

(65,987)

Expenses

Professional fees

27,671

26,152
Fund management fee, net (Note C)

155,433

134,708
Amortization

114,612

166,884
General and administrative expenses

17,015

17,024

314,731

344,768

NET INCOME (LOSS)
$
(812,610)
$
(377,234)

Net income (loss) allocated to
assignees

$

(804,484)

$

(373,462)

Net income (loss) allocated to general
partner

$

(8,126)

$

(3,772)

Net income (loss) per BAC
$
(.28)
$
(.13)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 42~~

2011

2010
Income

Interest income
$
440
$
7,367
Other income

621

218

1,061

7,585

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

(107,650)

(154,466)
Expenses

Professional fees

28,995

31,493
Fund management fee, net (Note C)

146,881

82,316
Amortization

53,788

74,538
General and administrative expenses

17,797

17,657

247,461

206,004

NET INCOME (LOSS)
$
(354,050)
$
(352,885)

Net income (loss) allocated to
assignees

$

(350,510)

$

(349,356)

Net income (loss) allocated to general
partner

$

(3,540)

$

(3,529)

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

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 43~~

2011

2010
Income

Interest income
$
527
$
1,529
Other income

-

25

527

1,554

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

(365,527)

(419,403)

Expenses

Professional fees

32,349

34,513
Fund management fee, net (Note C)

195,365

116,692
Amortization

74,187

185,812
General and administrative expenses

18,522

18,626

320,423

355,643

NET INCOME (LOSS)
$
(685,423)
$
(773,492)

Net income (loss) allocated to
assignees

$

(678,569)

$

(765,757)

Net income (loss) allocated to general
partner

$

(6,854)

$

(7,735)

Net income (loss) per BAC
$
(.19)
$
(.21)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 44~~

2011

2010
Income

Interest income
$
1,149
$
77,371
Other income

-

25

1,149

77,396

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

(721,233)

(665,717)

Expenses

Professional fees

20,773

30,038
Fund management fee, net (Note C)

143,286

198,525
Amortization

212,100

213,185
General and administrative expenses

15,768

15,178

391,927

456,926

NET INCOME (LOSS)
$
(1,112,011)
$
(1,045,247)

Net income (loss) allocated to
assignees

$

(1,100,891)

$

(1,034,795)

Net income (loss) allocated to general
partner

$

(11,120)

$

(10,452)

Net income (loss) per BAC
$
(.41)
$
(.38)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 45~~

2011

2010
Income

Interest income
$
1,737
$
2,994
Other income

-

26

1,737

3,020

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

(671,729)

(967,606)

Expenses

Professional fees

35,850

34,657
Fund management fee, net (Note C)

234,234

264,654
Amortization

204,819

204,819
General and administrative expenses

20,561

20,912

495,464

525,042

NET INCOME (LOSS)
$
(1,165,456)
$
(1,489,628)

Net income (loss) allocated to
assignees

$

(1,153,801)

$

(1,474,732)
Net income (loss) allocated to general
partner

$

(11,655)

$

(14,896)

Net income (loss) per BAC
$
(.29)
$
(.37)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

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

~~Series 46~~

2011
2010
Income

Interest income
$
1,718
$
3,392
Other income

-

135

1,718

3,527

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

(449,355)

(490,673)

Expenses

Professional fees

23,731

22,906
Fund management fee, net (Note C)

174,632

165,166
Amortization

23,853

32,172
General and administrative expenses

17,413

16,960

239,629

237,204

NET INCOME (LOSS)
$
(687,266)
$
(724,350)

Net income (loss) allocated to
assignees

$

(680,393)

$

(717,107)

Net income (loss) allocated to general
partner

$

(6,873)

$

(7,243)

Net income (loss) per BAC
$
(.23)
$
(.24)

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

Assignees

General
Partner

Total

Partners' capital
(deficit)
April 1, 2011

$

14,794,108

$

(7,089,171)

$

7,704,937

Net income (loss)

(6,844,450)

(69,136)

(6,913,586)

Partners' capital
(deficit),
December 31, 2011

$

7,949,658

$

(7,158,307)

$

791,351


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2012	$	(11,386,367)	$	(7,353,623)	$	(18,739,990)

Net income (loss)		(492,245)		(4,972)		(497,217)


Partners' capital (deficit), June 30, 2012	$	(11,878,612)	$	(7,358,595)	$	(19,237,207)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2011	$	(2,134,583)	$	(332,927)	$	(2,467,510)
Partners' capital (deficit) April 1, 2012							$	(1,431,851)	$	(325,829)	$	(1,757,680)

Net income (loss)		(31,918)		(322)		(32,240)		(30,848)		(312)		(31,160)


Partners' capital (deficit), December 31, 2011	$	(2,166,501)	$	(333,249)	$	(2,499,750)
Partners' capital (deficit), June 30, 2012							$	(1,462,699)	$	(326,141)	$	(1,788,840)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2011	$	(1,079,725)	$	(174,493)	$	(1,254,218)
Partners' capital (deficit) April 1, 2012							$	(1,003,039)	$	(173,718)	$	(1,176,757)

Net income (loss)		95,999		970		96,969		(20,551)		(208)		(20,759)


Partners' capital (deficit), December 31, 2011	$	(983,726)	$	(173,523)	$	(1,157,249)
Partners' capital (deficit), June 30, 2012							$	(1,023,590)	$	(173,926)	$	(1,197,516)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2011	$	(2,432,731)	$	(245,869)	$	(2,678,600)
Partners' capital (deficit) April 1, 2012							$	(2,630,189)	$	(247,864)	$	(2,878,053)

Net income (loss)		(157,362)		(1,590)		(158,952)		(31,515)		(318)		(31,833)


Partners' capital (deficit), December 31, 2011	$	(2,590,093)	$	(247,459)	$	(2,837,552)
Partners' capital (deficit), June 30, 2012							$	(2,661,704)	$	(248,182)	$	(2,909,886)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2011	$	(1,831,017)	$	(306,219)	$	(2,137,236)
Partners' capital (deficit) April 1, 2012							$	(2,005,642)	$	(307,983)	$	(2,313,625)

Net income (loss)		(149,139)		(1,506)		(150,645)		39,650		401		40,051


Partners' capital (deficit), December 31, 2011	$	(1,980,156)	$	(307,725)	$	(2,287,881)
Partners' capital (deficit), June 30, 2012							$	(1,965,992)	$	(307,582)	$	(2,273,574)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2011	$	(2,218,387)	$	(209,577)	$	(2,427,964)
Partners' capital (deficit) April 1, 2012							$	(2,194,512)	$	(209,336)	$	(2,403,848)

Net income (loss)		45,805		463		46,268		(4,637)		(47)		(4,684)


Partners' capital (deficit), December 31, 2011	$	(2,172,582	$	(209,114)	$	(2,381,696)
Partners' capital (deficit), June 30, 2012							$	(2,199,149)	$	(209,383)	$	(2,408,532)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2011	$	(1,383,095)	$	(274,015)	$	(1,657,110)
Partners' capital (deficit) April 1, 2012							$	(175,254)	$	(261,815)	$	(437,069)

Net income (loss)		1,212,894		12,251		1,225,145		27,539		278		27,817


Partners' capital (deficit), December 31, 2011	$	(170,201)	$	(261,764)	$	(431,965)
Partners' capital (deficit), June 30, 2012							$	(147,715)	$	(261,537)	$	(409,252)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2011	$	(1,503,901)	$	(358,881)	$	(1,862,782)
Partners' capital (deficit) April 1, 2012							$	(1,650,695)	$	(360,364)	$	(2,011,059)

Net income (loss)		(118,057)		(1,192)		(119,249)		459,722		4,644		464,366


Partners' capital (deficit), December 31, 2011	$	(1,621,958)	$	(360,073)	$	(1,982,031)
Partners' capital (deficit), June 30, 2012							$	(1,190,973)	$	(355,720)	$	(1,546,693)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2011	$	(1,305,173)	$	(221,716)	$	(1,526,889)
Partners' capital (deficit) April 1, 2012							$	(1,575,720)	$	(224,449)	$	(1,800,169)

Net income (loss)		(193,368)		(1,953)		(195,321)		534,479		5,399		539,878


Partners' capital (deficit), December 31, 2011	$	(1,498,541)	$	(223,669)	$	(1,722,210)
Partners' capital (deficit), June 30, 2012							$	(1,041,241)	$	(219,050)	$	(1,260,291)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2011	$	(752,578)	$	(354,822)	$	(1,107,400)
Partners' capital (deficit) April 1, 2012							$	(1,016,310)	$	(357,486)	$	(1,373,796)

Net income (loss)		(228,604)		(2,309)		(230,913)		221,549		2,238		223,787


Partners' capital (deficit), December 31, 2011	$	(981,182)	$	(357,131)	$	(1,338,313)
Partners' capital (deficit), June 30, 2012							$	(794,761)	$	(355,248)	$	(1,150,009)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2011	$	(2,325,521)	$	(365,558)	$	(2,691,079)
Partners' capital (deficit) April 1, 2012							$	(2,621,579)	$	(368,548)	$	(2,990,127)

Net income (loss)		(222,305)		(2,246)		(224,551)		(82,956)		(838)		(83,794)


Partners' capital (deficit), December 31, 2011	$	(2,547,826)	$	(367,804)	$	(2,915,630)
Partners' capital (deficit), June 30, 2012							$	(2,704,535)	$	(369,386)	$	(3,073,921)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2011	$	(867,536)	$	(238,113)	$	(1,105,649)
Partners' capital (deficit) April 1, 2012							$	(1,052,981)	$	(239,986)	$	(1,292,967)

Net income (loss)		(143,620)		(1,451)		(145,071)		24,873		251		25,124


Partners' capital (deficit), December 31, 2011	$	(1,011,156)	$	(239,564)	$	(1,250,720)
Partners' capital (deficit), June 30, 2012							$	(1,028,108)	$	(239,735)	$	(1,267,843)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2011	$	(1,774,270)	$	(401,011)	$	(2,175,281)
Partners' capital (deficit) April 1, 2012							$	(2,162,248)	$	(404,930)	$	(2,567,178)

Net income (loss)		(270,837)		(2,736)		(273,573)		(28,004)		(283)		(28,287)


Partners' capital (deficit), December 31, 2011	$	(2,045,107)	$	(403,747)	$	(2,448,854)
Partners' capital (deficit), June 30, 2012							$	(2,190,252)	$	(405,213)	$	(2,595,465)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2011	$	(1,563,253)	$	(426,257)	$	(1,989,510)
Partners' capital (deficit) April 1, 2012							$	(1,901,497)	$	(429,674)	$	(2,331,171)

Net income (loss)		(272,509)		(2,753)		(275,262)		(61,780)		(624)		(62,404)


Partners' capital (deficit), December 31, 2011	$	(1,835,762)	$	(429,010)	$	(2,264,772)
Partners' capital (deficit), June 30, 2012							$	(1,963,277)	$	(430,298)	$	(2,393,575)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2011	$	(1,231,680)	$	(240,502)	$	(1,472,182)
Partners' capital (deficit) April 1, 2012							$	(1,323,565)	$	(241,430)	$	(1,564,995)

Net income (loss)		(57,961)		(585)		(58,546)		(35,818)		(362)		(36,180)


Partners' capital (deficit), December 31, 2011	$	(1,289,641)	$	(241,087)	$	(1,530,728)
Partners' capital (deficit), June 30, 2012							$	(1,359,383)	$	(241,792)	$	(1,601,175)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2011	$	(2,628,390)	$	(329,974)	$	(2,958,364)
Partners' capital (deficit) April 1, 2012							$	(2,992,453)	$	(333,651)	$	(3,326,104)

Net income (loss)		(205,168)		(2,072)		(207,240)		(71,014)		(717)		(71,731)


Partners' capital (deficit), December 31, 2011	$	(2,833,558)	$	(332,046)	$	(3,165,604)
Partners' capital (deficit), June 30, 2012							$	(3,063,467)	$	(334,368)	$	(3,397,835)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2011	$	(1,107,304)	$	(296,059)	$	(1,403,363)
Partners' capital (deficit) April 1, 2012							$	(1,424,232)	$	(299,260)	$	(1,723,492)

Net income (loss)		(256,389)		(2,590)		(258,979)		(60,928)		(615)		(61,543)


Partners' capital (deficit), December 31, 2011	$	(1,363,693)	$	(298,649)	$	(1,662,342)
Partners' capital (deficit), June 30, 2012							$	(1,485,160)	$	(299,875)	$	(1,785,035)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2011	$	(1,454,692)	$	(195,162)	$	(1,649,854)
Partners' capital (deficit) April 1, 2012							$	(1,644,562)	$	(197,080)	$	(1,841,642)

Net income (loss)		(147,218)		(1,487)		(148,705)		(17,724)		(179)		(17,903)


Partners' capital (deficit), December 31, 2011	$	(1,601,910)	$	(196,649)	$	(1,798,559)
Partners' capital (deficit), June 30, 2012							$	(1,662,286)	$	(197,259)	$	(1,859,545)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2011	$	(1,158,678)	$	(229,445)	$	(1,388,123)
Partners' capital (deficit) April 1, 2012							$	(1,365,584)	$	(231,535)	$	(1,597,119)

Net income (loss)		33,309		336		33,645		(33,899)		(342)		(34,241)


Partners' capital (deficit), December 31, 2011	$	(1,125,369)	$	(229,109)	$	(1,354,478)
Partners' capital (deficit), June 30, 2012							$	(1,399,483)	$	(231,877)	$	(1,631,360)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2011	$	62,178	$	(219,861)	$	(157,683)
Partners' capital (deficit) April 1, 2012							$	(1,003,220)	$	(230,623)	$	(1,233,843)

Net income (loss)		(308,790)		(3,119)		(311,909)		(61,442)		(621)		(62,063)


Partners' capital (deficit), December 31, 2011	$	(246,612)	$	(222,980)	$	(469,592)
Partners' capital (deficit), June 30, 2012							$	(1,064,662)	$	(231,244)	$	(1,295,906)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2011	$	571,129	$	(192,657)	$	378,472
Partners' capital (deficit) April 1, 2012							$	(807,409)	$	(206,582)	$	(1,013,991)

Net income (loss)		(230,157)		(2,325)		(232,482)		(74,928)		(757)		(75,685)


Partners' capital (deficit), December 31, 2011	$	340,972	$	(194,982)	$	145,990
Partners' capital (deficit), June 30, 2012							$	(882,337)	$	(207,339)	$	(1,089,676)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2011	$	615,517	$	(220,998)	$	394,519
Partners' capital (deficit) April 1, 2012							$	(1,772,130)	$	(245,116)	$	(2,017,246)

Net income (loss)		(470,407)		(4,752)		(475,159)		(107,670)		(1,088)		(108,758)


Partners' capital (deficit), December 31, 2011	$	145,110	$	(225,750)	$	(80,640)
Partners' capital (deficit), June 30, 2012							$	(1,879,800)	$	(246,204)	$	(2,126,004)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2011	$	1,298,560	$	(238,569)	$	1,059,991
Partners' capital (deficit) April 1, 2012							$	(1,078,882)	$	(262,584)	$	(1,341,466)

Net income (loss)		(804,484)		(8,126)		(812,610)		(186,602)		(1,885)		(188,487)


Partners' capital (deficit), December 31, 2011	$	494,076	$	(246,695)	$	247,381
Partners' capital (deficit), June 30, 2012							$	(1,265,484)	$	(264,469)	$	(1,529,953)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2011	$	3,170,482	$	(211,347)	$	2,959,135
Partners' capital (deficit) April 1, 2012							$	825,189	$	(235,037)	$	590,152

Net income (loss)		(350,510)		(3,540)		(354,050)		(67,439)		(681)		(68,120)


Partners' capital (deficit), December 31, 2011	$	2,819,972	$	(214,887)	$	2,605,085
Partners' capital (deficit), June 30, 2012							$	757,750	$	(235,718)	$	522,032

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2011	$	5,965,988	$	(264,507)	$	5,701,481
Partners' capital (deficit) April 1, 2012							$	2,882,332	$	(295,655)	$	2,586,677

Net income (loss)		(678,569)		(6,854)		(685,423)		(123,919)		(1,252)		(125,171)


Partners' capital (deficit), December 31, 2011	$	5,287,419	$	(271,361)	$	5,016,058
Partners' capital (deficit), June 30, 2012							$	2,758,413	$	(296,907)	$	2,461,506

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

~~Nine~~Three Months Ended ~~December 31, 2011~~June 30, 2012
(Unaudited)

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2011	$	6,409,788	$	(175,102)	$	6,234,686
Partners' capital (deficit) April 1, 2012							$	3,064,367	$	(208,894)	$	2,855,473

Net income (loss)		(1,100,891)		(11,120)		(1,112,011)		(212,165)		(2,143)		(214,308)


Partners' capital (deficit), December 31, 2011	$	5,308,897	$	(186,222)	$	5,122,675
Partners' capital (deficit), June 30, 2012							$	2,852,202	$	(211,037)	$	2,641,165

		Assignees		General Partner		Total		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2011	$	13,719,154	$	(218,657)	$	13,500,497
Partners' capital (deficit) April 1, 2012							$	8,038,748	$	(276,035)	$	7,762,713

Net income (loss)		(1,153,801)		(11,655)		(1,165,456)		(281,362)		(2,842)		(284,204)


Partners' capital (deficit), December 31, 2011	$	12,565,353	$	(230,312)	$	12,335,041
Partners' capital (deficit), June 30, 2012							$	7,757,386	$	(278,877)	$	7,478,509

		Assignees		General Partner		Total			Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2011	$	11,733,826	$	(146,873)	$		11,586,953
Partners' capital (deficit) April 1, 2012								$	8,636,551	$	(178,159)	$		8,458,392

Net income (loss)		(680,393)		(6,873)		(687,266)			(204,856)		(2,069)		(206,925)


Partners' capital (deficit), December 31, 2011	$	11,053,433	$	(153,746)	$	10,899,687
Partners' capital (deficit), June 30, 2012								$	8,431,695	$	(180,228)	$	8,251,467

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(6,913,586)	$	(7,502,602)	$	(497,217)	$	(1,836,463)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		732,403		1,339,965		158,451		244,134
Distributions from Operating Partnerships		273,065		142,886		109,083		196,444
Share of (Income) Loss from Operating Partnerships		1,852,531		1,717,287		(569,534)		267,908
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(40,276)		177,967		(5,000)		23,501
Decrease (Increase) in other assets		(70,251)		(165,855)
(Decrease) Increase in accounts payable affiliates		3,817,426		3,226,303
Increase in other assets						(28,964)		(66,751)
Increase in accounts payable affiliates						1,480,720		1,576,944

Net cash (used in) provided by operating activities		(348,688)		(1,064,049)		647,539		405,717

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		(250,901)
Proceeds from the disposition of Operating Partnerships		1,447,558		6,711,692		1,263,136		929,787

Net cash (used in) provided by investing activities		1,447,558		6,460,791
Net cash provided by investing activities						1,263,136		929,787

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,098,870		5,396,742		1,910,675		1,335,504

Cash and cash equivalents, beginning		7,926,372		6,498,869		7,526,780		7,926,372

Cash and cash equivalents, ending	$	9,025,242	$	11,895,611	$	9,437,455	$	9,261,876


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	12,841

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

12,841

$

566,229
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

18,818
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

8,915

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 20

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(32,240)	$	837,903	$	(31,160)	$	(1,724)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		-		-
Distributions from Operating Partnerships		-		-		-		-
Share of (Income) Loss from Operating Partnerships		(103,600)		(921,489)		-		(55,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		12,124		20,876		-		5,000
Decrease (Increase) in other assets		-		2,633
(Decrease) Increase in accounts payable affiliates		137,311		(789,490)
Increase in other assets						-		-
Increase in accounts payable affiliates						26,817		49,590

Net cash (used in) provided by operating activities		13,595		(849,567)		(4,343)		(2,134)

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		103,600		921,489		-		55,000

Net cash (used in) provided by investing activities		103,600		921,489
Net cash provided by investing activities						-		55,000

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		117,195		71,922		(4,343)		52,866

Cash and cash equivalents, beginning		245,496		187,333		479,690		245,496

Cash and cash equivalents, ending	$	362,691	$	259,255	$	475,347	$	298,362


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 2021

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

		2012		2011


Cash flows from operating activities:
Net income (loss)	$	(20,759)	$	(37,253)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(10,000)		-
Increase in other assets		-		-
Increase in accounts payable affiliates		16,770		31,500


Net cash (used in) provided by operating activities		(13,989)		(5,753)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(13,989)		(5,753)


Cash and cash equivalents, beginning		244,322		338,841


Cash and cash equivalents, ending	$	230,333	$	333,088


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement
Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 22

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(31,833)	$	(41,718)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		37,717		49,032


Net cash (used in) provided by operating activities		5,884		7,314


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,884		7,314


Cash and cash equivalents, beginning		156,063		344,376


Cash and cash equivalents, ending	$	161,947	$	351,690


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 2123

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	96,969	$	24,759	$	40,051	$	(54,171)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		-		-
Distributions from Operating Partnerships		-		-		-		-
Share of (Income) Loss from Operating Partnerships		(118,000)		(25,729)		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		10,000		8,020		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(80,730)		43,282
Increase in other assets						-		-
Increase in accounts payable affiliates						32,694		40,497

Net cash (used in) provided by operating activities		(91,761)		50,332		72,745		(13,674)

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		118,000		25,729		-		-

Net cash (used in) provided by investing activities		118,000		25,729
Net cash provided by investing activities						-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		26,239		76,061		72,745		(13,674)

Cash and cash equivalents, beginning		338,841		287,156		114,217		325,579

Cash and cash equivalents, ending	$	365,080	$	363,217	$	186,962	$	311,905


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 21~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 2224

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(158,952)	$	595,145	$	(4,684)	$	(46,682)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		-		-
Distributions from Operating Partnerships		-		-		-		-
Share of (Income) Loss from Operating Partnerships		-		(753,664)		(27,680)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(12,501)		12,501		5,000		(678)
Decrease (Increase) in other assets		-		2,500
(Decrease) Increase in accounts payable affiliates		(14,075)		158,337
Increase in other assets						(4,536)		-
Increase in accounts payable affiliates						34,815		44,475

Net cash (used in) provided by operating activities		(185,528)		14,819		2,915		(2,885)

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		753,664		27,680		-

Net cash (used in) provided by investing activities		-		753,664
Net cash provided by investing activities						27,680		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(185,528)		768,483		30,595		(2,885)

Cash and cash equivalents, beginning		344,376		150,885		278,922		200,227

Cash and cash equivalents, ending	$	158,848	$	919,368	$	309,517	$	197,342


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 22~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 2325

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(150,645)	$	646,058	$	27,817	$	896,187
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		-		-
Distributions from Operating Partnerships		-		-		-		-
Share of (Income) Loss from Operating Partnerships		-		(683,819)		(48,325)		(874,787)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(7,500)		19,835		-		5,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(47,867)		136,475
Increase in other assets						-		-
Increase in accounts payable affiliates						22,464		38,656

Net cash (used in) provided by operating activities		(206,012)		118,549		1,956		65,056

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		683,819		48,325		874,787

Net cash (used in) provided by investing activities		-		683,819
Net cash provided by investing activities						48,325		874,787

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(206,012)		802,368		50,281		939,843

Cash and cash equivalents, beginning		325,579		96,567		492,120		562,226

Cash and cash equivalents, ending	$	119,567	$	898,935	$	542,401	$	1,502,069


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 23~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,

(Unaudited)

Series 26

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	464,366	$	(88,813)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		(538,243)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(30,000)
Increase in other assets		-		-
Increase in accounts payable affiliates		80,289		85,104


Net cash (used in) provided by operating activities		6,412		(33,709)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		538,243		-


Net cash provided by investing activities		538,243		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		544,655		(33,709)


Cash and cash equivalents, beginning		563,940		476,868


Cash and cash equivalents, ending	$	1,108,595	$	443,159


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 2427

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	46,268	$	(83,154)	$	539,878	$	(39,801)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		16,347		16,348
Distributions from Operating Partnerships		-		-		-		-
Share of (Income) Loss from Operating Partnerships		(139,151)		-		(575,945)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		422		-		-		(10,000)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		21,475		33,425
Increase in other assets						-		-
Increase in accounts payable affiliates						58,428		58,428

Net cash (used in) provided by operating activities		(70,986)		(49,729)		38,708		24,975

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		139,151		-		575,945		-

Net cash (used in) provided by investing activities		139,151		-
Net cash provided by investing activities						575,945		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		68,165		(49,729)		614,653		24,975

Cash and cash equivalents, beginning		200,227		247,141		312,310		550,614

Cash and cash equivalents, ending	$	268,392	$	197,412	$	926,963	$	575,589


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	12,841

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 28

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	223,787	$	6,729
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		77,817		83,529


Net cash (used in) provided by operating activities		301,604		90,258


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		301,604		90,258


Cash and cash equivalents, beginning		329,156		259,714


Cash and cash equivalents, ending	$	630,760	$	349,972


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~
~~(Unaudited)~~June 30,

(Unaudited)

Series 2429

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(83,794)	$	(45,671)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		82,851		82,851


Net cash (used in) provided by operating activities		(943)		37,180


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(943)		37,180


Cash and cash equivalents, beginning		246,671	��	214,315


Cash and cash equivalents, ending	$	245,728	$	251,495


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 30

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	25,124	$	(49,321)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		(72,943)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(10,000)
Increase in other assets		-		-
Increase in accounts payable affiliates		43,536		43,536


Net cash (used in) provided by operating activities		(4,283)		(15,785)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		72,943		-


Net cash provided by investing activities		72,943		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		68,660		(15,785)


Cash and cash equivalents, beginning		304,531		421,530


Cash and cash equivalents, ending	$	373,191	$	405,745


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 31

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(28,287)	$	(84,116)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		91,038		91,038


Net cash (used in) provided by operating activities		62,751		6,922


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		62,751		6,922


Cash and cash equivalents, beginning		185,230		181,199


Cash and cash equivalents, ending	$	247,981	$	188,121


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 32

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(62,404)	$	(97,484)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		21,486
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		70,857		70,857


Net cash (used in) provided by operating activities		8,453		(5,141)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		8,453		(5,141)


Cash and cash equivalents, beginning		429,921		495,360


Cash and cash equivalents, ending	$	438,374	$	490,219


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 33

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(36,180)	$	(41,730)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		30,852		34,005


Net cash (used in) provided by operating activities		(5,328)		(7,725)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,328)		(7,725)


Cash and cash equivalents, beginning		277,132		240,231


Cash and cash equivalents, ending	$	271,804	$	232,506


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 34

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(71,731)	$	(71,098)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		(66,751)
Increase in accounts payable affiliates		76,161		76,232


Net cash (used in) provided by operating activities		4,430		(61,617)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,430		(61,617)


Cash and cash equivalents, beginning		14,637		64,486


Cash and cash equivalents, ending	$	19,067	$	2,869


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 35

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(61,543)	$	(133,350)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (Income) Loss from Operating Partnerships		-		62,815
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		57,090		57,090


Net cash (used in) provided by operating activities		(4,453)		(13,445)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(4,453)		(13,445)


Cash and cash equivalents, beginning		118,570		116,848


Cash and cash equivalents, ending	$	114,117	$	103,403


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 36

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(17,903)	$	(53,601)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		3,658
Share of (Income) Loss from Operating Partnerships		-		21,171
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		40,149		40,149


Net cash (used in) provided by operating activities		22,246		11,377


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		22,246		11,377


Cash and cash equivalents, beginning		159,780		133,266


Cash and cash equivalents, ending	$	182,026	$	144,643


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 37

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(34,241)	$	12,073
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		3,658
Share of (Income) Loss from Operating Partnerships		-		(49,296)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		51,216		51,216


Net cash (used in) provided by operating activities		16,975		17,651


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		16,975		17,651


Cash and cash equivalents, beginning		378,738		346,391


Cash and cash equivalents, ending	$	395,713	$	364,042


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 2538

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	1,225,145	$	68,814	$	(62,063)	$	(99,670)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		-		-
Distributions from Operating Partnerships		-		-		5,260		45,718
Share of (Income) Loss from Operating Partnerships		(1,215,347)		(84,378)		24,773		62,206
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		6,992		24,408		-		-
Decrease (Increase) in other assets		(3,500)		-
(Decrease) Increase in accounts payable affiliates		96,554		63,057
Increase in other assets						-		-
Increase in accounts payable affiliates						41,100		41,100

Net cash (used in) provided by operating activities		109,844		71,901		9,070		49,354

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		1,065,241		84,378		-		-

Net cash (used in) provided by investing activities		1,065,241		84,378
Net cash provided by investing activities						-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,175,085		156,279		9,070		49,354

Cash and cash equivalents, beginning		562,226		256,530		224,156		235,617


Cash and cash equivalents, ending	$	1,737,311	$	412,809	$	233,226	$	284,971


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 25~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~

~~(Unaudited)~~

~~Series 26~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(119,249)
$
1,207,504
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

-
Distributions from Operating
   Partnerships

-

-
Share of (Income) Loss from
   Operating Partnerships

-

(1,451,966)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(30,000)

30,000
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

255,312

258,583
Net cash (used in) provided by
operating activities

106,063

44,121
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

1,451,966
Net cash (used in) provided by
investing activities

-

1,451,966
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

106,063

1,496,087
Cash and cash equivalents, beginning

476,868

312,412
Cash and cash equivalents, ending
$
582,931
$
1,808,499

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 26~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 27~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(195,321)
$
(957,803)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

49,044

51,369
Distributions from Operating
   Partnerships

-

100
Share of (Income) Loss from
   Operating Partnerships

-

691,431
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(10,000)

10,000
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

121,156

186,404
Net cash (used in) provided by
operating activities

(35,121)

(18,499)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

1,638,582
Net cash (used in) provided by
investing activities

-

1,638,582
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(35,121)

1,620,083
Cash and cash equivalents, beginning

550,614

273,885
Cash and cash equivalents, ending
$
515,493
$
1,893,968

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 27~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

12,841

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 2839

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(230,913)	$	(207,959)	$	(75,685)	$	(85,485)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		-		-
Distributions from Operating Partnerships		-		-		5,260		15,288
Share of (Income) Loss from Operating Partnerships		-		-		52,568		51,689
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		250,587		200,587
Increase in other assets						-		-
Increase in accounts payable affiliates						34,200		34,200

Net cash (used in) provided by operating activities		19,674		(7,372)		16,343		15,692

Cash flows from investing activities:

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

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

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		19,674		(7,372)		16,343		15,692

Cash and cash equivalents, beginning		259,714		262,507		182,356		187,805

Cash and cash equivalents, ending	$	279,388	$	255,135	$	198,699	$	203,497


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 28~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

~~(Unaudited)~~

Series 2940

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(224,551)	$	(304,980)	$	(108,758)	$	(184,414)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		21,711		-		-
Distributions from Operating Partnerships		-		-		-		-
Share of (Income) Loss from Operating Partnerships		-		24,395		63,144		127,592
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		248,553		248,553
Increase in other assets						-		-
Increase in accounts payable affiliates						50,004		50,004

						-		-
Net cash (used in) provided by operating activities		24,002		(10,321)		4,390		(6,818)

Cash flows from investing activities:

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

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

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		24,002		(10,321)		4,390		(6,818)

Cash and cash equivalents, beginning		214,315		206,375		81,751		109,745

Cash and cash equivalents, ending	$	238,317	$	196,054	$	86,141	$	102,927


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 2941

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(188,487)	$	(239,247)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		28,326		38,204
Distributions from Operating Partnerships		1,963		10,376
Share of (Income) Loss from Operating Partnerships		104,338		143,131
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		59,517		59,517


Net cash (used in) provided by operating activities		5,657		11,981


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		5,657		11,981


Cash and cash equivalents, beginning		194,350		215,834


Cash and cash equivalents, ending	$	200,007	$	227,815


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 42

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(68,120)	$	(47,266)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		17,290		17,929
Distributions from Operating Partnerships		21,751		34,304
Share of (Income) Loss from Operating Partnerships		(3,835)		(14,510)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		-		-
Increase in accounts payable affiliates		62,445		62,445


Net cash (used in) provided by operating activities		29,531		52,902


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29,531		52,902


Cash and cash equivalents, beginning		341,295		311,423


Cash and cash equivalents, ending	$	370,826	$	364,325


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 43

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(125,171)	$	(202,056)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		16,698		24,729
Distributions from Operating Partnerships		32,866		62,134
Share of (Income) Loss from Operating Partnerships		39,032		115,156
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		52,889
Increase in other assets		(10,991)		-
Increase in accounts payable affiliates		76,695		76,695


Net cash (used in) provided by operating activities		29,129		129,547


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		29,129		129,547


Cash and cash equivalents, beginning		226,214		234,982


Cash and cash equivalents, ending	$	255,343	$	364,529


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 44

		2012		2011


Cash flows from operating activities:

Net income (loss)	$	(214,308)	$	(345,066)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		70,700		70,700
Distributions from Operating Partnerships		9,000		-
Share of (Income) Loss from Operating Partnerships		81,526		237,315
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Increase in other assets		(13,437)		-
Increase in accounts payable affiliates		71,175		71,175


Net cash (used in) provided by operating activities		4,656		34,124


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,656		34,124


Cash and cash equivalents, beginning		423,458		395,938


Cash and cash equivalents, ending	$	428,114	$	430,062


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 3045

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(145,071)	$	(110,609)	$	(284,204)	$	(395,019)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		19,707		4,454		68,273
Distributions from Operating Partnerships		-		-		22,214		19,879
Share of (Income) Loss from Operating Partnerships		-		(68,299)		192,874		231,049
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(9,323)		10,000		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		30,608		139,628
Increase in other assets						-		-
Increase in accounts payable affiliates						91,641		91,641

Net cash (used in) provided by operating activities		(123,786)		(9,573)		26,979		15,823

Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		151,341		-		-

Net cash (used in) provided by investing activities		-		151,341
Net cash provided by investing activities						-		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(123,786)		141,768		26,979		15,823

Cash and cash equivalents, beginning		421,530		280,327		462,109		425,893

Cash and cash equivalents, ending	$	297,744	$	422,095	$	489,088	$	441,716


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 30~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

~~Nine~~Three Months Ended ~~December 31,~~June 30,
(Unaudited)

Series 3146

		2011		2010		2012		2011

Cash flows from operating activities:

Net income (loss)	$	(273,573)	$	(307,859)	$	(206,925)	$	(266,696)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-		4,636		7,951
Distributions from Operating Partnerships		-		-		10,769		1,429
Share of (Income) Loss from Operating Partnerships		-		-		139,182		187,891
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-		-		11,290
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		273,114		273,114
Increase in other assets						-		-
Increase in accounts payable affiliates						62,382		62,382

Net cash (used in) provided by operating activities		(459)		(34,745)		10,044		4,247

Cash flows from investing activities:

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

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


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(459)		(34,745)		10,044		4,247

Cash and cash equivalents, beginning		181,199		166,800		305,141		291,568

Cash and cash equivalents, ending	$	180,740	$	132,055	$	315,185	$	295,815


Supplemental schedule of noncash investing and financing activities:


	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 31~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 32~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(275,262)
$
(195,347)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

-
Distributions from Operating
   Partnerships

-

-
Share of (Income) Loss from
   Operating Partnerships

52,794

(38,615)
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

15,000
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

212,571

218,916
Net cash (used in) provided by
operating activities

(9,897)

(46)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

559,998
Net cash (used in) provided by
investing activities

-

559,998
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(9,897)

559,952
Cash and cash equivalents, beginning

495,360

340,581
Cash and cash equivalents, ending
$
485,463
$
900,533

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 32~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 33~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(58,546)
$
(206,696)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

-
Distributions from Operating
   Partnerships

-

-
Share of (Income) Loss from
   Operating Partnerships

(21,566)

90,153
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

8,434

18,403
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

98,862

110,370
Net cash (used in) provided by
operating activities

27,184

12,230
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

21,566

60,000
Net cash (used in) provided by
investing activities

21,566

60,000
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

48,750

72,230
Cash and cash equivalents, beginning

240,231

184,115
Cash and cash equivalents, ending
$
288,981
$
256,345

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 33~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 34~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(207,240)
$
(621,858)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

168,282
Distributions from Operating
   Partnerships

-

-
Share of (Income) Loss from
   Operating Partnerships

-

200,723
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

(66,751)

-
(Decrease) Increase in accounts
   payable affiliates

241,822

232,749
Net cash (used in) provided by
operating activities

(32,169)

(20,104)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(32,169)

(20,104)
Cash and cash equivalents, beginning

64,486

74,138
Cash and cash equivalents, ending
$
32,317
$
54,034

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 34~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 35~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(258,979)
$
(697,599)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

54,216
Distributions from Operating
   Partnerships

-

-
Share of (Income) Loss from
   Operating Partnerships

93,491

443,503
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

171,270

171,270
-
Net cash (used in) provided by
operating activities

5,782

(28,610)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

5,782

(28,610)
Cash and cash equivalents, beginning
116,848
127,244
Cash and cash equivalents, ending
$
122,630
$
98,634

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 35~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 36~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(148,705)
$
(285,563)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

-
Distributions from Operating
   Partnerships

3,658

13,640
Share of (Income) Loss from
   Operating Partnerships

54,048

138,224
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

120,448

126,471
Net cash (used in) provided by
operating activities

29,449

(7,228)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

29,449

(7,228)
Cash and cash equivalents, beginning

133,266

142,855
Cash and cash equivalents, ending
$
162,715
$
135,627

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 36~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 37~~

2011

2010
Cash flows from operating activities:

  Net income (loss)
$
33,645
$
(470,600)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

88,686
Distributions from Operating
   Partnerships

3,658

47,169
Share of (Income) Loss from
   Operating Partnerships

(155,187)

222,977
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

153,648

153,648
Net cash (used in) provided by
operating activities

35,764

41,880
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

35,764

41,880
Cash and cash equivalents, beginning

346,391

309,745
Cash and cash equivalents, ending
$
382,155
$
351,625

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 37~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 38~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(311,909)
$
(570,540)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

10,470
Distributions from Operating
   Partnerships

45,718

25,239
Share of (Income) Loss from
   Operating Partnerships

178,566

413,135
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

54,109

123,300
-
Net cash (used in) provided by
operating activities

(33,516)

1,604
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(33,516)

1,604
Cash and cash equivalents, beginning

235,617

209,324
Cash and cash equivalents, ending
$
202,101
$
210,928

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 38~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 39~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(232,482)
$
(616,831)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

8,337
Distributions from Operating
   Partnerships

15,288

12,754
Share of (Income) Loss from
   Operating Partnerships

113,056

495,831
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

102,600

102,600
Net cash (used in) provided by
operating activities

(1,538)

2,691
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(1,538)

2,691
Cash and cash equivalents, beginning

187,805

183,296
Cash and cash equivalents, ending
$
186,267
$
185,987

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 39~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 40~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(475,159)
$
(482,551)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

-

39,777
Distributions from Operating
   Partnerships

-

475
Share of (Income) Loss from
   Operating Partnerships

299,177

261,022
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

150,012

161,995
-
-
Net cash (used in) provided by
operating activities

(25,970)

(19,282)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

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

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(25,970)

(19,282)
Cash and cash equivalents, beginning

109,745

120,514
Cash and cash equivalents, ending
$
83,775
$
101,232

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 40~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 41~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(812,610)
$
(377,234)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

114,612

166,884
Distributions from Operating
   Partnerships

12,311

7,259
Share of (Income) Loss from
   Operating Partnerships

498,756

65,987
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

(8,924)

8,924
Decrease (Increase) in other
   assets

-

834
(Decrease) Increase in accounts
   payable affiliates

178,551

(119,988)
Net cash (used in) provided by
operating activities

(17,304)

(247,334)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

380,726
Net cash (used in) provided by
investing activities

-

380,726
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(17,304)

133,392
Cash and cash equivalents, beginning

215,834

78,660
Cash and cash equivalents, ending
$
198,530
$
212,052

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 41~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 42~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(354,050)
$
(352,885)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

53,788

74,538
Distributions from Operating
   Partnerships

36,550

1,005
Share of (Income) Loss from
   Operating Partnerships

107,650

154,466
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

187,335

187,335
Net cash (used in) provided by
operating activities

31,273

64,459
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

(100,361)
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

(100,361)
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

31,273

(35,902)
Cash and cash equivalents, beginning

311,423

348,800
Cash and cash equivalents, ending
$
342,696
$
312,898

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 42~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

182,999
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 43~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(685,423)
$
(773,492)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

74,187

185,812
Distributions from Operating
   Partnerships

64,812

3,342
Share of (Income) Loss from
   Operating Partnerships

365,527

419,403
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

(85,806)
(Decrease) Increase in accounts
   payable affiliates

178,603

230,085
Net cash (used in) provided by
operating activities

(2,294)

(20,656)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

(2,294)

(20,656)
Cash and cash equivalents, beginning

234,982

256,265
Cash and cash equivalents, ending
$
232,688
$
235,609

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 43~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

186,626
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 44~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(1,112,011)
$
(1,045,247)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

212,100

213,185
Distributions from Operating
   Partnerships

5,079

5,728
Share of (Income) Loss from
   Operating Partnerships

721,233

665,717
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

(104,834)
(Decrease) Increase in accounts
   payable affiliates

213,528

213,528
Net cash (used in) provided by
operating activities

39,929

(51,923)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

(139,317)
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

(139,317)
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

39,929

(191,240)
Cash and cash equivalents, beginning

395,938

590,586
Cash and cash equivalents, ending
$
435,867
$
399,346

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 44~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

196,604
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 45~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(1,165,456)
$
(1,489,628)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

204,819

204,819
Distributions from Operating
   Partnerships

47,876

22,953
Share of (Income) Loss from
   Operating Partnerships

671,729

967,606
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

-
(Decrease) Increase in accounts
   payable affiliates

274,923

174,923
Net cash (used in) provided by
operating activities

33,891

(119,327)
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

-
Proceeds from the disposition of     Operating Partnerships

-

-
Net cash (used in) provided by
investing activities

-

-
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

33,891

(119,327)
Cash and cash equivalents, beginning

425,893

537,189
Cash and cash equivalents, ending
$
459,784
$
417,862

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 45~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

-

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~CONDENSED STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 46~~

2011

2010
Cash flows from operating activities:

Net income (loss)
$
(687,266)
$
(724,350)
Adjustments to reconcile net income
(loss) to net cash (used in)   provided by operating activities

Amortization

23,853

32,172
Distributions from Operating
   Partnerships

38,115

3,222
Share of (Income) Loss from
   Operating Partnerships

449,355

490,673
Changes in assets and liabilities

(Decrease) Increase in accounts
   payable and accrued expenses

-

-
Decrease (Increase) in other
   assets

-

18,818
(Decrease) Increase in accounts
   payable affiliates

187,146

187,146
Net cash (used in) provided by
operating activities

11,203

7,681
Cash flows from investing activities:

Capital contributions paid to
   Operating Partnerships

-

(11,223)
Proceeds from the disposition of     Operating Partnerships

-

-

Net cash (used in) provided by
investing activities

-

(11,223)
INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS

11,203

(3,542)
Cash and cash equivalents, beginning

291,568

267,639
Cash and cash equivalents, ending
$
302,771
$
264,097

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~

~~STATEMENTS OF CASH FLOWS~~

~~Nine Months Ended December 31,~~
~~(Unaudited)~~

~~Series 46~~

2011
2010
Supplemental schedule of noncash
investing and financing activities:

The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.

$

-

$

-
The Fund has decreased its investments in Operating Partnerships and recorded a receivable for tax credits not generated by the Operating Partnerships.

$

-

$

18,818
The Fund has decreased its investments in Operating Partnerships and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.

$

-

$

8,915

~~The accompanying notes are an integral part of this condensed statement~~

~~Boston Capital Tax Credit Fund IV L.P.~~
NOTES TO CONDENSED FINANCIAL STATEMENTS
~~December 31, 2011~~June 30, 2012
(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 BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various officers and employees of Boston Capital Partners, Inc. and its affiliates. The assignor limited partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

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

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

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

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(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, 2011,~~June 30, 2012 and for the ~~nine~~three months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

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

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

Amortization

Acquisition costs were originally amortized on the straight-line method over 27.5 years. During the years ended March 31, ~~2011~~2012 and ~~2010,~~2011, an impairment loss of ~~$1,764,564~~$1,595,113 and ~~$1,810,230,~~$1,764,564, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be between ~~1-6~~1-5 years.

Accumulated amortization of acquisition costs by Series as of ~~December 31,~~June 30, 2012 and 2011is, are as follows:

	2012	2011
Series 27	$ 212,523	$ 147,132
Series 41	28,326	260,716
Series 42	17,290	117,313
Series 43	16,698	254,581
Series 44	919,099	636,299
Series 45	4,454	341,365
Series 46	4,636	50,847
	$1,203,026	$1,808,253

~~2011~~

~~Series 27~~

~~$ 179,828~~

~~Series 41~~

~~337,124~~

~~Series 42~~

~~153,172~~

~~Series 43~~

~~304,039~~

~~Series 44~~

~~777,699~~

~~Series 45~~

~~477,911~~

~~Series 46~~

~~66,749~~

$~~2,296,522~~

The annual amortization for deferred acquisition costs for the years ending ~~December 31, 2012,~~June 30, 2013, 2014, 2015, 2016 and ~~2016~~2017 is estimated to be ~~$976,537, $976,537, $911,145, $758,328,~~$617,458, $540,089, $455,111, $455,111, and ~~$758,328,~~$341,333, respectively.

~~Capitalized Expenses~~

Costs incurred with borrowing funds to make capital contributions to Operating Partnerships and certain other costs are capitalized and included in investment in Operating Partnerships. The costs were being amortized on the straight-line method over 27.5 years. During the years ended March 31, 2011 and 2010, an impairment loss of $13,288 and $5,090, respectively, was recorded. As of March 31, 2011 all capitalized expenses have been impaired to zero for all Series.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

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

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ are as follows:

	2011	2010	2012	2011
Series 20	$ 38,797	$ 52,749	$ 26,817	$ 49,590
Series 21	24,309	30,282	16,770	31,500
Series 22	41,488	49,761	37,717	49,032
Series 23	35,295	42,519	32,694	40,497
Series 24	38,057	44,475	34,815	44,475
Series 25	27,652	53,851	22,464	38,656
Series 26	85,104	102,861	80,289	85,104
Series 27	58,428	78,801	58,428	58,428
Series 28	83,529	83,529	77,817	83,529
Series 29	82,851	82,851	82,851	82,851
Series 30	43,536	46,542	43,536	43,536
Series 31	91,038	91,038	91,038	91,038
Series 32	70,857	72,222	70,857	70,857
Series 33	30,852	34,005	30,852	34,005
Series 34	73,299	73,299	73,299	73,299
Series 35	57,090	57,090	57,090	57,090
Series 36	40,150	40,149	40,149	40,149
Series 37	51,216	51,216	51,216	51,216
Series 38	41,100	41,100	41,100	41,100
Series 39	34,200	34,200	34,200	34,200
Series 40	50,004	50,004	50,004	50,004
Series 41	59,517	59,517	59,517	59,517
Series 42	62,445	62,445	62,445	62,445
Series 43	76,695	76,695	76,695	76,695
Series 44	71,176	71,176	71,175	71,175
Series 45	91,641	91,641	91,641	91,641
Series 46	62,382	62,382	62,382	62,382
	$1,522,708	$1,636,400	$1,477,858	$1,574,011

There were no fund management fees paid for the three months ended June 30, 2012 and 2011.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

~~NOTE C - RELATED PARTY TRANSACTIONS (continued)~~

~~The fund management fees paid for the nine months ended December 31, 2011 and 2010 are as follows:~~

2011
2010
Series 20
$        -
$  965,000
Series 21
50,000
50,000
Series 22
100,000
-
Series 23
100,000
-
Series 24
100,000
100,000
Series 25
-
100,000
Series 26
-
50,000
Series 27
-
50,000
Series 28
-
50,000
Series 30
100,000
-
Series 41
-
300,000
Series 45
        -
  100,000

$  450,000
$1,765,000

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the Fund has limited partnership interests in ~~450~~442 and ~~471~~464 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at ~~December 31,~~June 30, 2012 and 2011 ~~and 2010~~ are as follows:

	2011	2010	2012	2011
Series 20	13	18	12	16
Series 21	7	9	6	9
Series 22	20	22	20	22
Series 23	15	17	15	16
Series 24	18	20	16	20
Series 25	11	18	11	14
Series 26	40		39	40
Series 27	15		15
Series 28	26		24	26
Series 29	21		21
Series 30	17		17
Series 31	26		26
Series 32	15		15
Series 33	8	9	8	9
Series 34	14		14
Series 35	11		11
Series 36	11		11
Series 37	7		7
Series 38	10		10
Series 39	9		9
Series 40	16		16
Series 41	20		20
Series 42	22		21	22
Series 43	23		23
Series 44	10		10
Series 45	30		30
Series 46	15		15
	450	471	442	464

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(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,~~June 30, 2012 and 2011, ~~and 2010~~ are as follows:

	2011	2010	2012	2011
Series 22	$ 9,352		$ 9,352
Series 24	9,999		9,999
Series 25	10,001		-	10,001
Series 26	14,490		14,490
Series 27	10,020	22,861	10,020
Series 28	40,968		40,968
Series 29	10,197		10,197
Series 30	127,396		127,396
Series 31	66,294		66,294
Series 32	173,561		173,561
Series 33	69,154		69,154
Series 37	138,438		138,438
Series 40	102		102
Series 41	100		100
Series 42	73,433	169,577	73,433
Series 43	121,112		121,112
Series 44	254,640		254,640
Series 45	16,724		16,724
	$1,145,981	$1,254,966	$1,135,980	$1,145,981

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the ~~nine~~three months ended ~~December 31,~~June 30, 2012 the Fund disposed of three Operating Partnerships. The Fund also received additional proceeds from six operating limited partnerships that were disposed of in the prior year of $1,263,136. The payment of the additional proceeds were contingent upon several factors including timely completion of a minor rehabilitation at the property. A summary of the dispositions by Series for June 30, 2012 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition

Series 24	2	-		27,680		27,680
Series 25	-	-		48,325		48,325
Series 26	-	-		538,243		538,243
Series 27	-	-		575,945		575,945
Series 30	-	-		72,943		72,943
Series 42	1	-		-		-

Total	3	-	$	1,263,136	$	1,263,136

During the three months ended June 30, 2011 the Fund disposed of ~~seventeen~~three Operating Partnerships. A summary of the dispositions by Series for ~~December 31,~~June 30, 2011 is as follows:

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Partnership Proceeds from Disposition *

Gain/(Loss) on Disposition
Series 20
3

1

$
103,600

$
103,600
Series 21
2

-

118,000

118,000
Series 22
-

2

-

-
Series 23
-

1

-

-
Sereis 24
2

-

139,151

139,151
Series 25
4

1

1,065,241

1,215,347
Series 33
1

-

21,566

21,566
Total
12

5

$
1,447,558

$
1,597,664

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition		Gain/(Loss) on Disposition

Series 20	1	-	$	55,000	$	55,000
Series 25	1	1		874,787		874,787

Total	2	1	$	929,787	$	929,787

* Fund proceeds from disposition does not include the following amounts recorded as receivable at December 31, 2011, $150,106 for Series 25.

~~During the nine months ended December 31, 2010 the Fund disposed of twenty Operating Partnerships. A summary of the dispositions by Series for December 31, 2010 is as follows:~~

Operating Partnership Interest Transferred

Sale of Underlying Operating Partnership

Partnership Proceeds from Disposition

Gain/(Loss) on Disposition
Series 20
3

-

$
921,489

$
921,489
Series 21
-

1

25,729

25,729
Series 22
3

-

753,664

753,664
Series 23
3

-

683,819

683,819
Series 25
1

1

84,378

84,378
Series 26
3

-

1,451,966

1,451,966
Series 27
1

-

1,638,582

(682,853)
Series 30
1

-

151,341

151,341
Series 32*
1

-

559,998

559,998
Series 33
1

-

60,000

60,000
Series 41
1

-

380,726

380,726
Total
18

2

$
6,711,692

$
4,390,257

* Series 32 sold its membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC.

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

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(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~~three months ended ~~September 30, 2011.~~March 31, 2012.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
~~Nine~~Three Months Ended ~~September 30,~~March 31,
(Unaudited)

		2011	2010		2012	2011

Revenues	Revenues			Revenues
	Rental	$ 110,638,647	$ 118,116,576	Rental	$ 35,357,571	$ 37,763,975
	Interest and other	4,233,696	3,985,843	Interest and other	1,051,584	1,454,876
		114,872,343	122,102,419		36,409,155	39,218,851

Expenses	Expenses			Expenses
	Interest	24,099,969	26,248,137	Interest	7,297,759	8,102,888
	Depreciation and amortization	32,544,196	35,288,238	Depreciation and amortization	10,463,735	11,107,617
	Operating expenses	72,038,739	76,602,694	Operating expenses	23,269,874	24,704,832
		128,682,904	138,139,069		41,031,368	43,915,337

NET INCOME (LOSS)	NET INCOME (LOSS)	$(13,810,561)	$(16,036,650)	NET INCOME (LOSS)	$ (4,622,213)	$ (4,696,486)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$(13,672,457)	$(15,876,285)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (4,575,990)	$ (4,649,519)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (138,104)	$ (160,365)	Net income (loss) allocated to other Partners	$ (46,223)	$ (46,967)

* Amounts include ~~$(10,222,262)~~$(3,882,388) and ~~$(9,768,741)~~$(3,451,824) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

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

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
~~Nine~~Three Months Ended ~~September 30,~~March 31,
(Unaudited)

Series 20

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 4,032,166	$ 4,838,266	Rental	$ 671,891	$ 1,483,471
	Interest and other	320,937	222,591	Interest and other	18,476	79,432
		4,353,103	5,060,857		690,367	1,562,903

Expenses	Expenses			Expenses
	Interest	755,936	987,738	Interest	105,536	269,238
	Depreciation and amortization	888,131	1,265,173	Depreciation and amortization	171,357	333,848
	Operating expenses	3,057,078	3,783,567	Operating expenses	464,721	1,039,845
		4,701,145	6,036,478		741,614	1,642,931

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (348,042)	$ (975,621)	NET INCOME (LOSS)	$ (51,247)	$ (80,028)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (344,562)	$ (965,865)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (50,735)	$ (79,228)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (3,480)	$ (9,756)	Net income (loss) allocated to other Partners	$ (512)	$ (800)

* Amounts include ~~$(344,562)~~$(50,735) and ~~$(965,865)~~$(79,228) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
~~Nine~~Three Months Ended ~~September 30,~~March 31,
(Unaudited)

Series 21

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 1,801,705	$ 2,069,414	Rental	$ 477,583	$ 666,970
	Interest and other	98,296	39,861	Interest and other	8,792	49,695
		1,900,001	2,109,275		486,375	716,665

Expenses	Expenses			Expenses
	Interest	506,446	624,195	Interest	157,053	169,438
	Depreciation and amortization	389,745	451,813	Depreciation and amortization	96,439	140,769
	Operating expenses	1,081,146	1,138,944	Operating expenses	301,588	400,547
		1,977,337	2,214,952		555,080	710,754

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (77,336)	$ (105,677)	NET INCOME (LOSS)	$ (68,705)	$ 5,911

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (76,563)	$ (104,620)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (68,018)	$ 5,852

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (773)	$ (1,057)	Net income (loss) allocated to other Partners	$ (687)	$ 59

* Amounts include ~~$(76,563)~~$(68,018) and ~~$(104,620)~~$5,852 for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
~~Nine~~Three Months Ended ~~September 30,~~March 31,
(Unaudited)

Series 22

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,256,526	$ 3,578,592	Rental	$ 866,753	$ 1,200,166
	Interest and other	154,887	229,459	Interest and other	22,798	68,321
		3,411,413	3,808,051		889,551	1,268,487

Expenses	Expenses			Expenses
	Interest	525,096	674,141	Interest	132,424	205,651
	Depreciation and amortization	959,954	1,079,369	Depreciation and amortization	275,593	342,975
	Operating expenses	2,415,368	2,648,069	Operating expenses	556,283	955,890
		3,900,418	4,401,579		964,300	1,504,516

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (489,005)	$ (593,528)	NET INCOME (LOSS)	$ (74,749)	$ (236,029)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (484,115)	$ (587,593)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (74,002)	$ (233,669)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (4,890)	$ (5,935)	Net income (loss) allocated to other Partners	$ (747)	$ (2,360)

* Amounts include ~~$(484,115)~~$(74,002) and ~~$(587,593)~~$(233,669) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
~~Nine~~Three Months Ended ~~September 30,~~March 31,
(Unaudited)

Series 23

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,332,057	$ 3,755,104	Rental	$ 934,703	$ 1,178,054
	Interest and other	140,020	230,055	Interest and other	30,991	59,220
		3,472,077	3,985,159		965,694	1,237,274

Expenses	Expenses			Expenses
	Interest	597,393	776,972	Interest	146,930	227,009
	Depreciation and amortization	819,722	944,590	Depreciation and amortization	213,075	283,152
	Operating expenses	2,404,031	2,698,743	Operating expenses	675,396	832,689
		3,821,146	4,420,305		1,035,401	1,342,850

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (349,069)	$ (435,146)	NET INCOME (LOSS)	$ (69,707)	$ (105,576)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (345,577)	$ (430,794)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (69,009)	$ (104,519)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (3,492)	$ (4,352)	Net income (loss) allocated to other Partners	$ (698)	$ (1,057)

* Amounts include ~~$(345,577)~~$(69,009) and ~~$(430,794)~~$(104,519) for ~~2011~~2012 and ~~2010,~~2011, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
~~Nine~~Three Months Ended ~~September 30,~~March 31,
(Unaudited)

Series 24

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,161,886	$ 3,774,156	Rental	$ 709,150	$ 1,298,083
	Interest and other	88,906	66,516	Interest and other	21,225	42,775
		3,250,792	3,840,672		730,375	1,340,858

Expenses	Expenses			Expenses
	Interest	610,720	808,454	Interest	112,882	266,673
	Depreciation and amortization	834,387	1,125,308	Depreciation and amortization	171,016	353,934
	Operating expenses	2,095,097	2,309,883	Operating expenses	499,660	789,365
		3,540,204	4,243,645		783,558	1,409,972

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (289,412)	$ (402,973)	NET INCOME (LOSS)	$ (53,183)	$ (69,114)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (286,518)	$ (398,943)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (52,651)	$ (68,423)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (2,894)	$ (4,030)	Net income (loss) allocated to other Partners	$ (532)	$ (691)

* Amounts include ~~$(286,518)~~$(52,651) and ~~$(398,943)~~$(68,423) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 25

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 2,654,058	$ 6,687,260	Rental	$ 625,517	$ 1,386,748
	Interest and other	136,636	96,862	Interest and other	12,739	36,594
		2,790,694	6,784,122		638,256	1,423,342

Expenses	Expenses			Expenses
	Interest	484,605	1,200,903	Interest	108,342	261,625
	Depreciation and amortization	673,024	1,365,995	Depreciation and amortization	140,311	348,439
	Operating expenses	1,642,015	4,101,269	Operating expenses	415,535	786,282
		2,799,644	6,668,167		664,188	1,396,346

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (8,950)	$ 115,955	NET INCOME (LOSS)	$ (25,932)	$ 26,996

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (8,861)	$ 114,795	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (25,673)	$ 26,726

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (89)	$ 1,160	Net income (loss) allocated to other Partners	$ (259)	$ 270

* Amounts include ~~$(8,861)~~$(25,673) and ~~$114,795~~$26,726 for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 26

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 6,342,828	$ 7,621,933	Rental	$ 2,132,464	$ 2,074,879
	Interest and other	221,766	296,303	Interest and other	86,164	77,488
		6,564,594	7,918,236		2,218,628	2,152,367

Expenses	Expenses			Expenses
	Interest	1,140,147	1,415,334	Interest	378,191	394,578
	Depreciation and amortization	1,628,715	1,926,216	Depreciation and amortization	534,679	551,425
	Operating expenses	4,650,265	5,054,708	Operating expenses	1,562,236	1,516,694
		7,419,127	8,396,258		2,475,106	2,462,697

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (854,533)	$ (478,022)	NET INCOME (LOSS)	$ (256,478)	$ (310,330)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (845,988)	$ (473,242)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (253,913)	$ (307,227)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (8,545)	$ (4,780)	Net income (loss) allocated to other Partners	$ (2,565)	$ (3,103)

* Amounts include ~~$(845,988)~~$(253,913) and ~~$(473,242)~~$(307,227) for ~~2011~~2012 and ~~2010,~~2011, respectively, of loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 27

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 4,080,376	$ 5,503,011	Rental	$ 1,386,038	$ 1,367,636
	Interest and other	56,339	76,458	Interest and other	18,198	17,162
		4,136,715	5,579,469		1,404,236	1,384,798

Expenses	Expenses			Expenses
	Interest	1,007,137	1,307,400	Interest	326,859	336,597
	Depreciation and amortization	1,009,303	1,198,635	Depreciation and amortization	333,498	332,176
	Operating expenses	2,324,713	2,801,833	Operating expenses	784,124	789,304
		4,341,153	5,307,868		1,444,481	1,458,077

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (204,438)	$ 271,601	NET INCOME (LOSS)	$ (40,245)	$ (73,279)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (202,394)	$ 268,885	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (39,843)	$ (72,546)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (2,044)	$ 2,716	Net income (loss) allocated to other Partners	$ (402)	$ (733)

* Amounts include ~~$(202,394)~~$(39,843) and ~~$277,463~~$(72,546) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 28

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 5,585,667	$ 5,268,365	Rental	$ 1,840,175	$ 1,857,418
	Interest and other	128,173	108,500	Interest and other	40,229	34,932
		5,713,840	5,376,865		1,880,404	1,892,350

Expenses	Expenses			Expenses
	Interest	1,070,075	1,019,438	Interest	325,514	372,118
	Depreciation and amortization	1,609,547	1,658,516	Depreciation and amortization	501,463	522,723
	Operating expenses	3,637,096	3,878,713	Operating expenses	1,219,404	1,203,819
		6,316,718	6,556,667		2,046,381	2,098,660

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (602,878)	$(1,179,802)	NET INCOME (LOSS)	$ (165,977)	$ (206,310)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (596,849)	$(1,168,004)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (164,317)	$ (204,247)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (6,029)	$ (11,798)	Net income (loss) allocated to other Partners	$ (1,660)	$ (2,063)

* Amounts include ~~$(596,849)~~$(164,317) and ~~$(1,168,004)~~$(204,247) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 29

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 5,755,133	$ 5,688,045	Rental	$ 1,884,898	$ 1,900,691
	Interest and other	241,264	163,780	Interest and other	43,994	98,140
		5,996,397	5,851,825		1,928,892	1,998,831

Expenses	Expenses			Expenses
	Interest	1,033,193	1,209,115	Interest	340,998	355,237
	Depreciation and amortization	1,732,816	1,953,609	Depreciation and amortization	608,805	594,590
	Operating expenses	3,837,096	3,787,691	Operating expenses	1,170,900	1,289,757
		6,603,105	6,950,415		2,120,703	2,239,584

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (606,708)	$(1,098,590)	NET INCOME (LOSS)	$ (191,811)	$ (240,753)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (600,641)	$(1,087,604)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (189,893)	$ (238,345)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (6,067)	$ (10,986)	Net income (loss) allocated to other Partners	$ (1,918)	$ (2,408)

* Amounts include ~~$(600,641)~~$(189,893) and ~~$(1,063,209)~~$(238,345) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 30

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,593,222	$ 3,782,996	Rental	$ 1,215,485	$ 1,217,201
	Interest and other	78,779	74,679	Interest and other	18,196	20,204
		3,672,001	3,857,675		1,233,681	1,237,405

Expenses	Expenses			Expenses
	Interest	599,312	623,264	Interest	192,535	200,341
	Depreciation and amortization	860,627	918,764	Depreciation and amortization	253,602	297,689
	Operating expenses	2,712,861	2,957,478	Operating expenses	977,077	919,408
		4,172,800	4,499,506		1,423,214	1,417,438

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (500,799)	$ (641,831)	NET INCOME (LOSS)	$ (189,533)	$ (180,033)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (495,791)	$ (635,414)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (187,638)	$ (178,233)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (5,008)	$ (6,417)	Net income (loss) allocated to other Partners	$ (1,895)	$ (1,800)

* Amounts include ~~$(495,791)~~$(187,638) and ~~$(552,372)~~$(178,233) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 31

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 7,996,429	$ 7,757,937	Rental	$ 2,695,740	$ 2,662,643
	Interest and other	258,375	221,489	Interest and other	90,806	90,349
		8,254,804	7,979,426		2,786,546	2,752,992

Expenses	Expenses			Expenses
	Interest	1,450,523	1,410,105	Interest	477,701	448,884
	Depreciation and amortization	2,299,553	2,469,896	Depreciation and amortization	785,072	745,936
	Operating expenses	4,962,552	4,924,132	Operating expenses	1,770,420	1,744,830
		8,712,628	8,804,133		3,033,193	2,939,650

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (457,824)	$ (824,707)	NET INCOME (LOSS)	$ (246,647)	$ (186,658)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (453,246)	$ (816,460)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (244,181)	$ (184,791)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (4,578)	$ (8,247)	Net income (loss) allocated to other Partners	$ (2,466)	$ (1,867)

* Amounts include ~~$(453,246)~~$(244,181) and ~~$(816,460)~~$(184,791) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 32

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 4,305,992	$ 4,431,364	Rental	$ 1,465,835	$ 1,432,038
	Interest and other	218,857	149,416	Interest and other	47,751	77,903
		4,524,849	4,580,780		1,513,586	1,509,941

Expenses	Expenses			Expenses
	Interest	941,198	966,521	Interest	310,091	315,843
	Depreciation and amortization	1,615,614	1,726,241	Depreciation and amortization	516,648	547,892
	Operating expenses	2,907,465	3,066,759	Operating expenses	985,303	929,441
		5,464,277	5,759,521		1,812,042	1,793,176

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (939,428)	$(1,178,741)	NET INCOME (LOSS)	$ (298,456)	$ (283,235)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (930,034)	$(1,166,954)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (295,471)	$ (280,403)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (9,394)	$ (11,787)	Net income (loss) allocated to other Partners	$ (2,985)	$ (2,832)

* Amounts include ~~$(877,240)~~$(295,471) and ~~$(645,571)~~$(258,917) for ~~2011~~2012 and ~~2010,~~2011, respectively,of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 33

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 2,171,863	$ 2,126,262	Rental	$ 672,850	$ 724,053
	Interest and other	78,846	102,943	Interest and other	24,043	22,542
		2,250,709	2,229,205		696,893	746,595

Expenses	Expenses			Expenses
	Interest	559,125	592,165	Interest	171,320	186,311
	Depreciation and amortization	701,617	750,722	Depreciation and amortization	224,779	250,428
	Operating expenses	1,373,553	1,345,321	Operating expenses	417,017	472,535
		2,634,295	2,688,208		813,116	909,274

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (383,586)	$ (459,003)	NET INCOME (LOSS)	$ (116,223)	$ (162,679)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (379,750)	$ (454,413)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (115,061)	$ (161,052)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (3,836)	$ (4,590)	Net income (loss) allocated to other Partners	$ (1,162)	$ (1,627)

* Amounts include ~~$(379,750)~~$(115,061) and ~~$(304,260)~~$(161,052) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

(Unaudited)

Series 34

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 4,722,887	$ 4,395,979	Rental	$ 1,529,406	$ 1,581,332
	Interest and other	177,632	146,087	Interest and other	49,985	73,976
		4,900,519	4,542,066		1,579,391	1,655,308

Expenses	Expenses			Expenses
	Interest	946,880	1,079,809	Interest	300,404	334,602
	Depreciation and amortization	1,652,999	1,616,162	Depreciation and amortization	578,645	621,318
	Operating expenses	3,099,762	2,818,958	Operating expenses	1,098,933	1,105,243
		5,699,641	5,514,929		1,977,982	2,061,163

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (799,122)	$ (992,863)	NET INCOME (LOSS)	$ (398,591)	$ (405,855)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (791,131)	$ (963,134)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (394,605)	$ (401,796)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (7,991)	$ (9,729)	Net income (loss) allocated to other Partners	$ (3,986)	$ (4,059)

* Amounts include ~~$(791,131)~~$(394,605) and ~~$(762,411)~~$(401,796) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

(Unaudited)

Series 35

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,568,673	$ 3,482,002	Rental	$ 1,227,675	$ 1,176,983
	Interest and other	129,778	184,119	Interest and other	37,865	47,514
		3,698,451	3,666,121		1,265,540	1,224,497

Expenses	Expenses			Expenses
	Interest	878,056	792,506	Interest	258,974	248,268
	Depreciation and amortization	1,257,243	1,166,489	Depreciation and amortization	416,954	420,462
	Operating expenses	2,359,184	2,412,548	Operating expenses	805,320	817,875
		4,494,483	4,371,543		1,481,248	1,486,605

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (796,032)	$ (705,422)	NET INCOME (LOSS)	$ (215,708)	$ (262,108)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (788,072)	$ (698,368)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (213,551)	$ (259,487)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (7,960)	$ (7,054)	Net income (loss) allocated to other Partners	$ (2,157)	$ (2,621)

* Amounts include ~~$(694,581)~~$(213,551) and ~~$(254,865)~~$(196,672) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 36

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 2,643,059	$ 2,614,079	Rental	$ 898,899	$ 865,956
	Interest and other	60,854	73,330	Interest and other	17,038	19,916
		2,703,913	2,687,409		915,937	885,872

Expenses	Expenses			Expenses
	Interest	604,305	631,805	Interest	216,108	179,310
	Depreciation and amortization	766,733	770,082	Depreciation and amortization	235,574	241,543
	Operating expenses	1,612,391	1,555,119	Operating expenses	547,895	514,370
		2,983,429	2,957,006		999,577	935,223

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (279,516)	$ (269,597)	NET INCOME (LOSS)	$ (83,640)	$ (49,351)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (276,721)	$ (266,901)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (82,804)	$ (48,857)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (2,795)	$ (2,696)	Net income (loss) allocated to other Partners	$ (836)	$ (494)

* Amounts include ~~$(222,673)~~$(82,804) and ~~$(128,677)~~$(27,686) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 37

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,419,803	$ 3,438,256	Rental	$ 1,075,612	$ 1,139,453
	Interest and other	144,663	123,488	Interest and other	25,048	34,176
		3,564,466	3,561,744		1,100,660	1,173,629

Expenses	Expenses			Expenses
	Interest	510,752	609,558	Interest	190,142	166,811
	Depreciation and amortization	1,230,911	1,251,742	Depreciation and amortization	398,952	399,077
	Operating expenses	2,386,846	2,459,713	Operating expenses	879,734	804,454
		4,128,509	4,321,013		1,468,828	1,370,342

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (564,043)	$ (759,269)	NET INCOME (LOSS)	$ (368,168)	$ (196,713)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (558,403)	$ (751,676)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (364,486)	$ (194,746)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (5,640)	$ (7,593)	Net income (loss) allocated to other Partners	$ (3,682)	$ (1,967)

* Amounts include ~~$(713,590)~~$(364,486) and ~~$(528,699)~~$(244,042) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 38

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 2,611,265	$ 2,589,059	Rental	$ 884,576	$ 858,183
	Interest and other	103,382	114,258	Interest and other	28,785	35,095
		2,714,647	2,703,317		913,361	893,278

Expenses	Expenses			Expenses
	Interest	590,420	585,541	Interest	194,411	193,424
	Depreciation and amortization	861,795	896,060	Depreciation and amortization	258,984	269,432
	Operating expenses	1,729,002	1,639,023	Operating expenses	551,258	553,150
		3,181,217	3,120,624		1,004,653	1,016,006

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (466,570)	$ (417,307)	NET INCOME (LOSS)	$ (91,292)	$ (122,728)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (461,904)	$ (413,135)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (90,379)	$ (121,501)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (4,666)	$ (4,172)	Net income (loss) allocated to other Partners	$ (913)	$ (1,227)

* Amounts include ~~$(283,338)~~$(65,606) and $-$(59,295) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 39

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 1,904,276	$ 1,860,404	Rental	$ 623,814	$ 629,600
	Interest and other	112,378	149,492	Interest and other	34,892	35,167
		2,016,654	2,009,896		658,706	664,767

Expenses	Expenses			Expenses
	Interest	389,447	388,890	Interest	126,343	128,193
	Depreciation and amortization	717,963	689,429	Depreciation and amortization	237,028	229,619
	Operating expenses	1,347,263	1,432,418	Operating expenses	479,214	478,734
		2,454,673	2,510,737		842,585	836,546

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (438,019)	$ (500,841)	NET INCOME (LOSS)	$ (183,879)	$ (171,779)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (433,639)	$ (495,831)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (182,040)	$ (170,061)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (4,380)	$ (5,010)	Net income (loss) allocated to other Partners	$ (1,839)	$ (1,718)

* Amounts include ~~$(320,583)~~$(129,472) and $-$(118,372) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 40

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,106,879	$ 2,981,886	Rental	$ 1,223,024	$ 1,032,980
	Interest and other	97,010	92,912	Interest and other	26,656	32,591
		3,203,889	3,074,798		1,249,680	1,065,571

Expenses	Expenses			Expenses
	Interest	672,001	719,916	Interest	236,331	230,528
	Depreciation and amortization	989,412	975,508	Depreciation and amortization	335,702	328,104
	Operating expenses	1,891,187	1,857,238	Operating expenses	807,429	655,670
		3,552,600	3,552,662		1,379,462	1,214,302

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (348,711)	$ (477,864)	NET INCOME (LOSS)	$ (129,782)	$ (148,731)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (345,224)	$ (473,085)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (128,484)	$ (147,244)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (3,487)	$ (4,779)	Net income (loss) allocated to other Partners	$ (1,298)	$ (1,487)

* Amounts include ~~$(46,047)~~$(65,340) and ~~$(212,063)~~$(19,652) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 41

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,965,251	$ 3,863,324	Rental	$ 1,387,523	$ 1,301,851
	Interest and other	111,678	99,674	Interest and other	36,868	43,348
		4,076,929	3,962,998		1,424,391	1,345,199

Expenses	Expenses			Expenses
	Interest	1,163,824	1,099,292	Interest	306,433	371,719
	Depreciation and amortization	1,156,611	1,142,026	Depreciation and amortization	554,592	372,880
	Operating expenses	2,346,077	2,243,173	Operating expenses	768,661	765,852
		4,666,512	4,484,491		1,629,686	1,510,451

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (589,583)	$ (521,493)	NET INCOME (LOSS)	$ (205,295)	$ (165,252)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (583,687)	$ (516,278)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (203,242)	$ (163,599)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (5,896)	$ (5,215)	Net income (loss) allocated to other Partners	$ (2,053)	$ (1,653)

* Amounts include ~~$(84,931)~~$(98,904) and ~~$(69,565)~~$(20,468) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 42

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 4,558,427	$ 4,416,423	Rental	$ 1,513,307	$ 1,516,622
	Interest and other	185,075	161,863	Interest and other	60,165	46,259
		4,743,502	4,578,286		1,573,472	1,562,881

Expenses	Expenses			Expenses
	Interest	1,167,014	1,030,530	Interest	335,210	363,196
	Depreciation and amortization	1,263,651	1,268,772	Depreciation and amortization	429,751	410,004
	Operating expenses	2,669,913	2,608,560	Operating expenses	897,403	858,444
		5,100,578	4,907,862		1,662,364	1,631,644

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (357,076)	$ (329,576)	NET INCOME (LOSS)	$ (88,892)	$ (68,763)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (353,505)	$ (326,280)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (88,003)	$ (68,075)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (3,571)	$ (3,296)	Net income (loss) allocated to other Partners	$ (889)	$ (688)

* Amounts include ~~$(245,855)~~$(91,838) and ~~$(171,814)~~$(82,585) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 43

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 5,165,570	$ 5,118,829	Rental	$ 1,822,149	$ 1,673,235
	Interest and other	188,985	158,017	Interest and other	48,761	57,851
		5,354,555	5,276,846		1,870,910	1,731,086

Expenses	Expenses			Expenses
	Interest	1,232,308	1,086,904	Interest	358,145	377,004
	Depreciation and amortization	1,642,441	1,629,994	Depreciation and amortization	571,057	516,388
	Operating expenses	3,179,724	3,221,543	Operating expenses	1,088,352	1,059,501
		6,054,473	5,938,441		2,017,554	1,952,893

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (699,918)	$ (661,595)	NET INCOME (LOSS)	$ (146,644)	$ (221,807)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (692,919)	$ (654,980)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (145,178)	$ (219,589)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (6,999)	$ (6,615)	Net income (loss) allocated to other Partners	$ (1,466)	$ (2,218)

* Amounts include ~~$(327,392)~~$(106,146) and ~~$(235,577)~~$(104,433) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 44

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 5,859,278	$ 5,712,546	Rental	$ 1,774,948	$ 1,859,559
	Interest and other	200,756	143,683	Interest and other	66,888	69,978
		6,060,034	5,856,229		1,841,836	1,929,537

Expenses	Expenses			Expenses
	Interest	1,975,690	1,731,710	Interest	615,518	566,005
	Depreciation and amortization	1,798,468	1,801,546	Depreciation and amortization	587,579	600,486
	Operating expenses	3,451,665	3,230,732	Operating expenses	1,064,700	1,107,738
		7,225,823	6,763,988		2,267,797	2,274,229

NET INCOME (LOSS)	NET INCOME (LOSS)	$(1,165,789)	$ (907,759)	NET INCOME (LOSS)	$ (425,961)	$ (344,692)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$(1,154,131)	$ (898,681)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (421,701)	$ (341,245)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (11,658)	$ (9,078)	Net income (loss) allocated to other Partners	$ (4,260)	$ (3,447)

* Amounts include ~~$(432,898)~~$(340,175) and ~~$(232,964)~~$(103,930) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 45

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 7,074,452	$ 6,930,421	Rental	$ 2,472,015	$ 2,344,166
	Interest and other	332,539	246,682	Interest and other	86,233	131,082
		7,406,991	7,177,103		2,558,248	2,475,248

Expenses	Expenses			Expenses
	Interest	1,660,416	1,756,974	Interest	562,129	576,214
	Depreciation and amortization	2,168,015	2,210,227	Depreciation and amortization	700,739	717,340
	Operating expenses	4,318,840	4,241,252	Operating expenses	1,590,259	1,429,495
		8,147,271	8,208,453		2,853,127	2,723,049

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (740,280)	$(1,031,350)	NET INCOME (LOSS)	$ (294,879)	$ (247,801)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (732,877)	$(1,021,037)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.*	$ (291,930)	$ (245,323)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (7,403)	$ (10,313)	Net income (loss) allocated to other Partners	$ (2,949)	$ (2,478)

* Amounts include ~~$(61,148)~~$(99,056) and ~~$(53,421)~~$(14,274) for ~~2011~~2012 and ~~2010,~~2011, respectively, of net income (loss) not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

Series 46

		2011	2010		2012	2011
Revenues	Revenues			Revenues
	Rental	$ 3,968,919	$ 3,830,663	Rental	$ 1,345,541	$ 1,334,004
	Interest and other	166,885	213,326	Interest and other	47,998	53,166
		4,135,804	4,043,989		1,393,539	1,387,170

Expenses	Expenses			Expenses
	Interest	1,027,950	1,118,957	Interest	311,235	358,071
	Depreciation and amortization	1,015,199	1,035,354	Depreciation and amortization	331,841	334,988
	Operating expenses	2,546,549	2,385,307	Operating expenses	891,052	883,900
		4,589,698	4,539,618		1,534,128	1,576,959

NET INCOME (LOSS)	NET INCOME (LOSS)	$ (453,894)	$ (495,629)	NET INCOME (LOSS)	$ (140,589)	$ (189,789)

Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	$ (449,355)	$ (490,673)	Net income (loss) allocated to Boston Capital Tax Credit Fund IV L.P.	$ (139,182)	$ (187,891)

Net income (loss) allocated to other Partners	Net income (loss) allocated to other Partners	$ (4,539)	$ (4,956)	Net income (loss) allocated to other Partners	$ (1,407)	$ (1,898)

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
~~December 31, 2011~~June 30, 2012

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, ~~2011~~2012 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure.

NOTE G - SUBSEQUENT EVENTS

The Fund has entered into agreements to dispose of the interest, or a portion of the interest, in ~~five~~nine Operating Partnerships. The estimated disposition price and other terms for the dispositions of the Operating Partnerships have been determined. The estimated proceeds to be received for the Operating Partnerships are ~~$85,944,~~$279,398, the estimated gain on the sale of the Operating Partnerships is ~~$70,433,~~$211,625, and the dispositions are expected to be recognized in the ~~fourth quarter~~second and third quarters of fiscal year ~~2012.~~2013.

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, ~~2011.~~2012. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

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

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended ~~December 31, 2011~~June 30, 2012 were ~~$1,522,708~~$1,477,858 and total fund management fees accrued as of ~~December 31, 2011~~June 30, 2012 were ~~$53,910,240.~~$54,415,039. During the ~~nine~~three months ended ~~December 31, 2011, $450,000 of the~~June 30, 2012, no accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

Liquidity (continued)

As of ~~December 31, 2011,~~June 30, 2012, an affiliate of the general partner of the Fund advanced a total of ~~$1,425,839~~$1,431,471 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 ~~nine~~three months ended ~~December 31, 2011, $21,925~~June 30, 2012, $2,862 was advanced to the Fund from an affiliate of the general partner. The advances made in the ~~nine~~three months ended, as well as the total advances made as of ~~December 31, 2011,~~June 30, 2012, are as follows:

	Current		Current
	Period	Total	Period	Total

Series 33	$ -	$ 54,660	$ -	$ 54,660
Series 34	21,925	102,212	2,862	107,844
Series 36	-	129,612	-	129,612
Series 39	-	220,455	-	220,455
Series 40	-	337,528	-	337,528
Series 41	-	359,757	-	359,757
Series 42	-	221,615	-	221,615
	$21,925	$1,425,839	$ 2,862	$1,431,471

During the nine months ended December 31, 2011, $108,007, $53,627, $64,156, $54,128, $69,191 and $51,482 for Series 21, Series 22, Series 23, Series 27, Series 38 and Series 43, respectively, was paid by the Fund to an affiliate of the general partner. 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, 2011.~~June 30, 2012.

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 712 of the Operating Partnerships and 1312 remain.

Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, 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 78 of the Operating Partnerships and 76 remain.

Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in 9 of the Operating Partnerships and 20 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $9,352 as of ~~December 31, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in 7 of the Operating Partnerships and 15 remain.

Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in 68 of the Operating Partnerships and 1816 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, 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, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in 11 of the Operating Partnerships and 11 remain.

~~During~~Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 25 ~~did not record any releases~~had released all payments of its capital ~~contributions. Series 25 has outstanding~~ contributions ~~payable~~ to ~~1 Operating Partnership in the amount of $10,001 as of December 31, 2011. The remaining contributions will be released when~~ the Operating ~~Partnership has achieved the conditions set forth in its partnership agreement.~~Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in 56 of the Operating Partnerships and 4039 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable to 3 Operating Partnerships in the amount of $14,490, as of ~~December 31, 2011.~~June 30, 2012. 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. Series 27 has since sold its interest in 1 of the Operating Partnership and 15 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 27 did not record any releases of capital contributions. Series 27 has outstanding contributions payable to 2 Operating Partnerships in the amount of $10,020 as of ~~December 31, 2011.~~June 30, 2012. 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 $3,520 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 28

The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in 2 of the Operating Partnerships and 24 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, 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, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 1 of the Operating Partnerships and 21 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 3 Operating Partnerships in the amount of $10,197 as of ~~December 31, 2011.~~June 30, 2012. 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 3 of the Operating Partnerships and 17 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, 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, 2011.~~June 30, 2012. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in 1 of the Operating Partnerships and 26 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of ~~December 31, 2011.~~June 30, 2012. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 2 of the Operating Partnerships and 15 remain. The series has also purchased membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. 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, 2011,~~June 30, 2012, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 3 Operating Partnerships in the amount of $173,561 as of ~~December 31, 2011.~~June 30, 2012. Of the amount outstanding, $46,908 has been advanced or loaned to some of the Operating Partnerships. The loans will be converted to capital and the remaining contributions of $126,653 will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in 2 of the Operating Partnerships and 8 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of ~~December 31, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

Series 34

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

Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391.

Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

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

Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, 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, 2011,~~June 30, 2012, 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, 2011.~~June 30, 2012. 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, 2011,~~June 30, 2012, 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, 2011.~~June 30, 2012. 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, 2011,~~June 30, 2012, 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, 2011.~~June 30, 2012. 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, 2011,~~June 30, 2012, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of ~~December 31, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. Series 41 has since sold its interest in 3 of the Operating Partnerships and 20 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, 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, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 12 of the Operating Partnerships and 2221 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of ~~December 31, 2011.~~June 30, 2012. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $9,757 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in June 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 3 Operating Partnerships in the amount of $121,112 as of ~~December 31, 2011.~~June 30, 2012. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $57,436 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. In addition, the Fund committed and used $164,164 of Series 44 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 44 did not record any releases of capital contributions. Series 44 has outstanding contributions payable to 1 Operating Partnership in the amount of $254,640 as of ~~December 31, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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 a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes. Series 45 has since sold its interest in 1 of the Operating Partnerships and 30 remain.

During the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of ~~December 31, 2011.~~June 30, 2012. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. In addition, the Fund committed and used $228,691 of Series 46 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships which own or are constructing, rehabilitating or operating apartment complexes.

Prior to the quarter ended ~~December 31, 2011,~~June 30, 2012, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the Fund held limited partnership interests in ~~450~~442 and ~~471~~464 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three ~~and nine~~ months ended ~~December 31, 2011,~~June 30, 2012, are as follows:

	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 38,797	$ 33,720	$ 5,077	$ 26,817	$ 1,883	$ 24,934
Series 21	24,309	72,000	(47,691)	16,770	-	16,770
Series 22	41,488	1,500	39,988	37,717	5,501	32,216
Series 23	35,295	7,216	28,079	32,694	10,750	21,944
Series 24	38,057	19,525	18,532	34,815	5,211	29,604
Series 25	27,652	13,192	14,460	22,464	5,767	16,697
Series 26	85,104	13,197	71,907	80,289	7,319	72,970
Series 27	58,428	13,507	44,921	58,428	21,250	37,178
Series 28	83,529	13,400	70,129	77,817	44,421	33,396
Series 29	82,851	7,500	75,351	82,851	40,810	42,041
Series 30	43,536	4,323	39,213	43,536	-	43,536
Series 31	91,038	12,800	78,238	91,038	61,236	29,802
Series 32	70,857	7,000	63,857	70,857	14,000	56,857
Series 33	30,852	38,250	(7,398)	30,852	-	30,852
Series 34	73,299	28,515	44,784	73,299	-	73,299
Series 35	57,090	9,485	47,605	57,090	-	57,090
Series 36	40,150	31,024	9,126	40,149	7,720	32,429
Series 37	51,216	-	51,216	51,216	10,518	40,698
Series 38	41,100	6,280	34,820	41,100	5,059	36,041
Series 39	34,200	6,935	27,265	34,200	7,200	27,000
Series 40	50,004	10,500	39,504	50,004	675	49,329
Series 41	59,517	8,245	51,272	59,517	8,022	51,495
Series 42	62,445	-	62,445	62,445	12,784	49,661
Series 43	76,695	4,000	72,695	76,695	11,800	64,895
Series 44	71,176	8,362	62,814	71,175	13,000	58,175
Series 45	91,641	11,467	80,174	91,641	9,748	81,893
Series 46	62,382	8,396	53,986	62,382	3,708	58,674
	$1,522,708	$390,339	$1,132,369	$1,477,858	$308,382	$1,169,476

9 Months
Gross Fund
Management Fee

9 Months
Asset Management and
Reporting Fee
9 Months
Fund Management Fee Net
of Asset Management and
Reporting Fee
Series 20
$  137,311
$ 38,602
$  98,709
Series 21
77,277
76,639
638
Series 22
139,552
11,241
128,311
Series 23
116,289
10,716
105,573
Series 24
121,475
30,601
90,874
Series 25
96,554
87,454
9,100
Series 26
255,312
36,705
218,607
Series 27
175,284
40,798
134,486
Series 28
250,587
26,818
223,769
Series 29
248,553
55,784
192,769
Series 30
130,608
16,612
113,996
Series 31
273,114
32,524
240,590
Series 32
212,571
26,031
186,540
Series 33
98,862
45,219
53,643
Series 34
219,897
34,154
185,743
Series 35
171,270
41,985
129,285
Series 36
120,448
39,795
80,653
Series 37
153,648
18,518
135,130
Series 38
123,300
20,902
102,398
Series 39
102,600
14,135
88,465
Series 40
150,012
12,792
137,220
Series 41
178,551
23,118
155,433
Series 42
187,335
40,454
146,881
Series 43
230,085
34,720
195,365
Series 44
213,528
70,242
143,286
Series 45
274,923
40,689
234,234
Series 46
  187,146
12,514
  174,632

$4,646,092
$939,762
$3,706,330

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,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 1312 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periodsended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 20 reflects a net loss from Operating Partnerships of ~~$(348,042)~~$(51,247) and ~~$(975,621)~~$(80,028), respectively, which includes depreciation and amortization of ~~$888,131~~$171,357 and ~~$1,265,173,~~$333,848, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

East Douglas Apartments Limited Partnership (East Douglas Apartments) was sold through a foreclosure sale on June 30, 2010 and the title to the property was conveyed to the lender. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain or loss on the sale the property was recorded for the quarter ended September 30, 2010.

Prior to foreclosure, the investment general partner concluded that the forecasted costs to maintain the property through December 31, 2010, the end of the low income housing tax credit compliance period, would be greater than the benefits associated with maintaining tax credit compliance. With the foreclosure sale occurring prior to the December 31, 2010 expiration of the low income housing tax credit compliance period, the Operating Partnership incurred tax credit recapture and interest penalty costs of $67,474, equivalent to $17 per 1,000 BACs. The lender assigned a receiver to the property on October 1, 2009. As of December 31, 2010, the receiver continued to manage the property for the new owner.

East Douglas had historically operated at or just below breakeven due to a combination of the low rent structure mandated by the state tax credit-monitoring agency, the Illinois Housing Development Authority, and high debt. In general, the fundamentals of the property have been deteriorating since 2006 as a result of a decrease in annual average occupancy and a decrease in net effective rents. Occupancy as of June 30, 2010 was 77%. Average occupancy for 2009 was 86% versus 82% for 2008. Due to several months of low occupancy, the property had insufficient cash to turn units and pay payroll and property management fees in early 2009. In May 2009, the investment partnership funded $16,238 to cover some payables associated with unit turn costs, as well as past due management fees and payroll. In the third quarter of 2009, the investment partnership funded an additional $23,553 to cover mold remediation costs (see below) that property operations could not support. Through the date of the foreclosure sale on June 30, 2010, the investment partnership has funded $72,178 to the Operating Partnership for operating deficits, of which $39,791 was funded in 2009; $17,112 was funded in 2007; and the remainder was funded in prior years. The property operated below breakeven in recent years through the date of the foreclosure of June 30, 2010. The Operating Partnership previously established an operating reserve, which had a balance of approximately $78,000 at the end of the second quarter 2009; however, per the loan documents, this reserve functioned as a debt service reserve, was controlled by the lender, and was only to be withdrawn from by the lender in the event of default under the loan agreement.

In May 2009, management reported mold growth in the basement of the property after several weeks of heavy rain. The water eventually dissipated, but the excessive moisture in the basement caused rapid mold growth, mostly in the storage areas and stairwell of the basement. Mold growth also spread into the laundry room used by the residents. No resident units were affected. A mold inspection was performed in June 2009 and remediation bids were received in July 2009. Remediation began in July 2009 and cost approximately $42,000, of which approximately $18,500 was paid out of operating cash. The work was completed in August 2009 and a subsequent inspection revealed that all samples were below acceptable contamination levels. To date, there have been no reports or claims with regard to this mold issue from any residents.

Several years ago, the operating general partner tried to improve the property's financial performance by refinancing the mortgage, but was unsuccessful. The investment general partner had attempted to find a replacement operating general partner but was also unsuccessful.

In June 2009, the Operating Partnership stopped making debt service payments due to cash flow shortfalls. The lender issued a default notice, started the foreclosure process and appointed a receiver to run the property. During the fourth quarter of 2009, the Operating Partnership met with the senior lender to discuss the status of the property. During the first quarter of 2010, the senior lender denied the Operating Partnership's request to restructure the debt and decided to proceed toward foreclosure. On March 24, 2010, the court granted the lender a judgment of foreclosure. The 2010 tax return was the final tax return for East Douglas Apartments Limited Partnership; it was completed and filed the second quarter of 2011.

2730 Lafferty Street Apartments, LP (Gardenview Apartments) is a 309-unit property located approximately twenty miles outside Houston, Texas. In 2009, the property operated below breakeven for the year with occupancy as of December 31, 2009 at 82%. Marketing efforts continue to be focused on local medical offices and small businesses in Pasadena, as well as the City of Pasadena and Harris County Housing Authorities. In addition, move-in specials of one month free with a $100 deposit, and a resident referral program with a $300 discount, are in place. The property currently subscribes to GoSection8.com, which provides access to contact information of potential residents that recently received a housing voucher. The continued marketing efforts by management resulted in a 2010 average occupancy of 84%, a slight increase from the 2009 average. The property continued to operate below breakeven in 2010. Occupancy is averaging 87% through the fourth quarter of 2011 and was 91% at year-end. The operations are above breakeven status. In March 2011, the property converted from residents paying water bills to the owner paying water bills, resulting in a five percent increase in the gross potential rent. Management stated the mortgage, taxes, and insurance payments are current through December 31, 2011. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to 2730 Lafferty Street Apartments, LP.

Northfield Apartments, LP (Willow Point I Apartments) is a 120-unit property located in Jackson, Mississippi. Through the fourth quarter of 2011, the property continued to operate below breakeven due to low occupancy and high maintenance expenses. The property ended the fourth quarter 86% occupied. Through the end of 2011, management continued to turn vacant units, increasing maintenance expenses. Additionally, the property is older and many fixtures require repair and replacement on a consistent basis, so that high maintenance expenses are expected to impact the property for the foreseeable future. The investment general partner continues weekly communication with the operating general partner to discuss operations and occupancy concerns. All tax and insurance payments are current; however, the operating general partner has not made payment on the mortgage since the third quarter of 2010. The money has instead been used to fund turn work for the vacant units. The operating general partner is pursuing a workout plan with the lender and stopped paying debt service in order to motivate the lender to negotiate. During the third quarter of 2011, the investment general partner conducted a site visit to inspect the physical condition of the property, analyze the local market and interview the property management team. While the management team appeared qualified for the role, the property is tired and shows signs of wear. Further, the Jackson market is saturated with affordable units and the property faces competition from newer affordable communities. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Northfield Apartments, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. In January of 2012, the operating general partner advised the investment general partner that the lender had exercised their right to accelerate the mortgage. The operating general partner is unwilling to let this property go into foreclosure and has filed for Chapter 11 bankruptcy protection for the Operating Partnership. The operating general partner intends to submit a reorganization plan to the bankruptcy court that includes re-syndicating the property with either 4% or 9% Low Income Housing Tax Credits. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Northfield Apartments, LP. Consequently, the aforementioned bankruptcy will not result in any risk of recapture costs for the investment limited partners.

~~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~~its interest in College Greene Rental Associates Limited Partnership to entities affiliated with the operating general partners for their assumption of one third of the outstanding mortgage balance. The cash proceeds received by Series 14, Series 17, and Series 20 were $25,740, $7,919, and $65,341, respectively. Of the proceeds received, $1,950, $599, and $4,951 for Series 14, Series 17, and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds received by Series 14, Series 17, and Series 20 of $23,790, $7,320 and $60,390, respectively, were applied against the investment limited partners' investment in the Operating Partnership in accordance with the equity method of accounting. In April 2010, the investment limited partner transferred 49% of its interest for $68,174, $20,977, and $173,058 for Series 14, Series 17 and Series 20, respectively. Of the proceeds received, $7,000, $3,400 and $15,000 for Series 14, Series 17 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer. The remaining proceeds of $61,174, $17,577 and $158,058, respectively, were returned to the cash reserves held by Series 14, Series 17 and Series 20, respectively. The proceeds were allocated to the investment limited partnerships based on their original equity investments in the Operating Partnership. The remaining investment limited partner interest was transferred on March 31, 2011. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $61,174, $17,577 and $158,058, respectively, for Series 14, Series 17, and Series 20, as of March 31, 2011.

In May 2010, the investment general partner of Boston Capital Tax Credit Fund III - Series 18 and Series 20, respectively, transferred their interests in Evergreen Hills Associates, Limited Partnership2730 Lafferty Street Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$2,635,694~~$4,119,474 and cash proceeds to the investment ~~partnerships~~partnership of ~~$29,680 and $12,720 in Series 18 and Series 20, respectively.~~$775,000. Of the total proceeds received, ~~$22,680 and $9,720, for Series 18 and Series 20, respectively,~~$18,750 represents reporting fees due to an affiliate of the investment ~~partnerships~~partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,000 and $3,000, for Series 18 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18 and Series 20, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of June 30, 2010.

In June 2010, the investment general partner of Series 20 and Series 41 transferred their respective interests in Cascade Commons LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $22,279,256 and cash proceeds to the investment partnerships of $782,140 and $390,483 for Series 20 and Series 41, respectively. Of the total proceeds received, $18,709 and $9,757 for Series 20 and Series 41, respectively, was$7,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of ~~$763,431 and $380,726~~approximately $748,750 were returned to cash reserves held by Series ~~20 and Series 41, respectively.~~20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of ~~$763,431 and $380,726 for Series 20 and Series 41, respectively,~~$748,750 as of March 31, 2012.

Northfield Apartments, LP (Willow Point I Apartments) is a 120-unit family property in Jackson, Mississippi. The property continues to operate below breakeven through the second quarter of 2012 due to low occupancy, high operating expenses and insufficient rental rates. Although occupancy ended June 2012 at 90%, the average occupancy year to date remained low at 86%, consistent with 2011. According to management, despite the unemployment rate declining from 10.3% in July 2011 to 8.2% in June 2012, resident skips and evictions for non-payment of rent remain problematic. The tenant base has a large hourly-wage employee component and the recovering job market has resulted in a continued reduction of hours. Additionally, management struggles to stabilize occupancy because the Jackson market is saturated with newer affordable units at comparable rents. Consequently, rents have been adjusted downward to $120-$150 below the maximum allowable rates to remain competitive. The constant tenant turnover has resulted in increased maintenance costs. In addition, the property is older and many fixtures require repair and replacement on a consistent basis. Maintenance expenses are expected to negatively impact the property for the foreseeable future. Operating expenses are also adversely impacted by the high water rates charged by the water company in Jackson, MS. The investment general partner continues weekly communication with the operating general partner to discuss operations and occupancy concerns. All real estate tax and insurance payments are current through June 30, 2012; however, the operating general partner has not made a mortgage payment since the third quarter of 2010. The operating general partner had been pursuing a workout plan with the lender and stopped paying debt service in order to motivate the lender to negotiate. In January 2012 the operating general partner advised the investment general partner that the lender had exercised its right to accelerate the mortgage. The operating general partner was unwilling to let this property go into foreclosure and has filed for Chapter 11 bankruptcy protection for the Operating Partnership. On April 6, 2012, the operating general partner submitted a reorganization plan to the bankruptcy court that includes restructuring of the secured and non-insider unsecured debt. This case was still pending at the end of the second quarter of 2012. The 15-year low income housing tax credit compliance period expired on December 31, 2009 with respect to Northfield Apartments, LP. Consequently, the aforementioned bankruptcy will not result in any risk of recapture costs for the investment limited partners. The investment general partner is also in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In April 2011, the investment general partner transferred its interest in Bennetts Pointe LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,274,688 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $55,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $55,000 as of April 30, 2011. In addition, the investment general partner on behalf of the investment partnership entered into a partner interest pledge agreement with the Operating Partnership for receipt of a residual payment. Under the terms of the partner interest pledge agreement, if the property owned by the Operating Partnership is sold within 5 years from the initial transfer date, there would be a residual payment of up to $140,000 distributable to the investment partnership in accordance with the Operating Partnership Agreement. The partners interest pledge agreement goes into effect at the date the investment limited partner transferred its interest.

In September 2011, the investment general partner transferred its interest in Cynthiana Properties Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $403,513 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $15,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $33,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $33,000 as of September 30, 2011.

In August 2011, the operating general partner of Goldenrod Limited entered into an agreement to sell the property to an unrelated third-party buyer and the transaction closed on October 18, 2011. The sales price of the property was $6,855,742, which included the outstanding mortgage balance of approximately $6,668,627 and cash proceeds of $187,115. Of the total proceeds, $50,000 represents transaction costs and $137,115 was a brokerage commission. There were no proceeds returned to cash reserves held by Series 20 and Series 22, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded.

In October 2011, the investment general partner transferred its interest in Floral Acres Apartments II to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $976,250 and cash proceeds to the investment partnership of $41,620. Of the total proceeds received, $16,020 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 ~~will be~~was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $15,600 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $15,600 as of December 31, 2011.

Series 21

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 76 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 21 reflects a net income (loss) from Operating Partnerships of ~~$(77,336)~~$(68,705) and ~~$(105,677),~~$5,911, respectively, which includes depreciation and amortization of ~~$389,745~~$96,439 and ~~$451,813,~~$140,769, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Fort Halifax Associates, LP (Fort Halifax Commons Apartment) is a 24-unit, 100% Low Income Housing Tax Credit property located in Winslow, Maine. The property operated below breakeven ~~through~~for the ~~fourth~~year 2011. Through the second quarter ~~of 2011~~2012, due to ~~low rental rates~~higher average occupancy and ~~a high interest rate~~better collections, the property is operating above breakeven. Occupancy as of June 30, 2012, is 96%. However, the Maine State Housing Authority (MSHA) has called the loan on the ~~debt. The~~ property ~~was 92% occupied as~~because of ~~December 31, 2011. Management has proposed rent increases in its 2012 budget as increased rental income would offset high debt service,~~delinquent payments on taxes and ~~management~~insurance and is ~~awaiting approval~~demanding immediate repayment of the ~~budget by~~entire $894,000 due on the operating general partner. As of the end of the fourth quarter of 2011, the mortgage and insurance payments are current. Real estate taxes are delinquent. On October 11, 2011, the lender issued a notice of mortgage default due to unpaid taxes, delays in past insurance payments, and underfunded tax, insurance, and replacement reserve escrow accounts. On November 11, 2011, the investment limited partner issued a letter to the operating general partner stating that the entity is in violation of the Partnership Agreement for failure to advance funds to meet operating expenses and debt service, including replacement reserves, as the operating general partner's operating deficit guaranty is unlimited in time and amount. As of the end of the fourth quarter of 2011, the insurance payment issue has been resolved and the operating general partner has submitted a payment plan to the lender to address the remaining default issues.note. The operating general partner is ~~awaiting~~considering a bankruptcy filing. A buy-out of the ~~lender's decision regarding~~investment general partner's interest in the ~~plan. The~~Operating Partnership was also proposed, but when contacted by the investment ~~limited~~general partner ~~will continue~~the MSHA denied the request. As an alternative to ~~work with~~bankruptcy, the operating general partner is currently working to ~~ensure that all taxes~~refinance its entire portfolio, consisting of 20 properties, and ~~reserves are paid and that~~has pledged to use a part of the ~~default~~proceeds to pay off the debt owed to the MSHA. The investment general partner is ~~cured.~~monitoring the situation. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Fort Halifax Associates, LP. ~~The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.~~

In December 2011, the investment general partner transferred its interest in Pumphouse Crossing II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,050,124 and cash proceeds to the investment partnership of $100,000. Of the total proceeds received, $36,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 ~~will be~~was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $59,000 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $59,000 as of December 31, 2011.

Black River Run, LP (River Run Apartments) is a 48-unit family property located in Black River Falls, Wisconsin. Occupancy as of ~~December 31, 2011~~June 30, 2012 was ~~95%~~93%. Although expenses remain below the state averages for the investment limited partnership's portfolio of properties, low rental rates in the area have prevented the property from achieving breakeven operations. The property's taxes and insurance are current; however, the operating general partner stopped making debt service payments in 2009 due to cash flow shortfalls. In the first quarter of 2010, the investment general partner learned that the property was six months in arrears on its mortgage and that the lender had issued a notice of default. The note was accelerated in April of 2010. The operating general partner contacted the lender in the hope of gaining an interest only forbearance for a four-year period (the note matures in 2014). The lender did not agree to modify the terms of the loan and demanded a payment of $959,495 to be made by April 20, 2010 to cure the default. The operating general partner failed to provide the funds and the lender commenced a foreclosure proceeding. However, the operating general partner continued ~~negotiations~~discussions with the lender who eventually agreed to terminate the foreclosure proceeding, ~~and as~~but in January of ~~December 2011 has not~~2012 they issued a new ~~notices with regard to the~~notice of default on the loan. ~~The Operating Partnership continues~~In April of 2012, the lender once again agreed to ~~make monthly interest and principal payments on~~delay the ~~loan.~~foreclosure. The operating general ~~partner is currently in the process of completing a loan modification~~partner's negotiations with the ~~lender. The modification proposed is interest only for the next two years at which time the note will mature (2014). The operating general partner hopes to have this resolved by March 31, 2012.~~lender are ongoing. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Black River Run, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

A foreclosure sale occurring in 2012 would not result in any recapture or penalties because the property is beyond the compliance period. As the annual losses generated by the Operating Partnership had previously reduced the investment partnership's tax basis carrying value to zero, no gain or loss would be recognized by the investment partnership as a result of the foreclosure. The operating general partner's operating guarantee is still in force and he has continued to fund operating ~~deficit.~~

Lookout Ridge, LP (Lookout Ridge Apartments) On November 4, 2010, Lookout Ridge was sold to a third-party buyer for $825,000 which included the outstanding mortgage balance of approximately $658,441 and cash proceeds to the investment partnership of $61,749. Of the total proceeds received, $28,000 represents reporting fees paid to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of these remaining proceeds from the transfer, $8,020 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $25,729 were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $25,729 as of December 31, 2010.deficits.

In December 2011, the investment general partner transferred its interest in Pinedale II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,158,867 and cash proceeds to the investment partnership of $100,000. Of the total proceeds received, $36,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $59,000 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $59,000 as of December 31, 2011.

In January 2011, the investment general partner transferred 49.5% of its interest in Tower View LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $526,958 and cash proceeds to the investment partnership of $0. The remaining 50.5% investment limited partner interest in the Operating Partnership was transferred in January 2012 for the assumption of approximately $417,156 of the remaining outstanding mortgage balance and cash proceeds of ~~$0.~~$2. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, noa gain on the sale of the Operating Partnership of the proceeds from the transfer has been ~~recorded.~~recorded in the amount of $2 as of March 31, 2012. In addition, the investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

Series 22

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 22 reflects a net loss from Operating Partnerships of ~~$(489,005)~~$(74,749) and ~~$(593,528)~~$(236,029), respectively, which includes depreciation and amortization of ~~$959,954~~$275,593 and ~~$1,079,369,~~$342,975, 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. ~~Average~~Despite average occupancy ~~in 2011 was 87%, and~~of 95% through the second quarter of 2012, the property ~~ended December 2011 with 100% physical occupancy. Elks Tower Apartments~~ continues to operate below ~~breakeven due to insufficient cash flow.~~breakeven. Annual debt service payments of $35,160 are roughly 32% of total ~~revenues.~~income. The operating general partner covers deficits by accruing ~~the~~payments towards a parking lot lease ~~payments that are~~and an annual maintenance contract owed to ~~an affiliate of~~a related entity. Additionally, the operating general ~~partner.~~partner does not make the required annual replacement reserve deposit. During 2011, the operating general partner advanced funds to the Operating Partnership to cover a legal settlement of $10,000 with a contractor that worked on the original construction of the project. The mortgage, real estate taxes, and insurance payments are current. The low income housing tax credit compliance period expired on December 31, 2011.

In July 2010, the operating general partner of Edmond Properties, A Limited Partnership approved an agreement to sell the property to an unrelated third party and the transaction closed on August 10, 2010. The sales price for the property was $6,565,000, which included the outstanding mortgage balance of approximately $4,198,481 and cash proceeds to the investment partnerships of $654,789 and $654,789 for Series 22 and Series 23, respectively. Of the total proceeds received, $7,500 and $7,500 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $647,289 and $647,289 for Series 22 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current-operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $647,289 and $647,289 for Series 22 and Series 23, respectively, as of September 30, 2010. In December 2010, the investment partnerships received additional proceeds for its share of the Operating Partnership's cash in the amount of $15,150 and $15,150 which were returned to the cash reserves held by Series 22 and Series 23, respectively. In January 2011, the investment partnerships received its share of the remaining Operating Partnership's cash totaling $2,472 of which $1,236 and $1,236 were returned to the cash reserves held by Series 22 and Series 23, respectively.deficits.

In August 2011, the operating general partner of Bayou Crossing LP entered into an agreement to sell the property to an unrelated third-party buyer and the transaction closed on October 18, 2011. The sales price of the property was $7,907,011, which included the outstanding mortgage balance of approximately $7,679,103 and cash proceeds of $227,908. Of the total proceeds, $50,000 represents transaction costs and $177,908 was a brokerage commission. There were no proceeds returned to cash reserves held by Series 22 and Series 23, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded.

Richmond Hardin, LP (Richmond Square Apartments) is a 32-unit family property located in Richmond, Missouri. Despite ~~strong~~much stronger occupancy and a 13% drop in expenses, the property operated below breakeven in 2011. The property continues to operate below breakeven through ~~the fourth quarter of 2011 due to high administrative expenses and real estate taxes as well as insufficient rental rates. As a result of~~June 2012. Despite management's marketing efforts, the average occupancy dropped to 86% through the end of second quarter of 2012, and fell to 78% in June 2012. The property ~~was 100% occupied as of December 31, 2011.~~has been troubled with heavy move outs year to date caused by job loss, job relocations, new home purchases and resident deaths. Although traffic has been steady, management is struggling with many applicants disqualifying due to felony charges, negative rental history and over/under income levels. Management increased advertising and outreach to social service agencies, area employers, and community organizations by distributing marketing materials within a 30 mile radius, and by advertising weekly in the local and county newspapers and on Craig's List. Management also continued offering a temporary rental incentive of $105 off rent per month for the first ~~year. Since occupancy has stabilized~~year and ~~the rents are low compared to the competition~~a $200 resident referral fee for any resident who refers a new applicant that results in ~~the area, management plans on implementing~~a new lease. Management implemented a rent increase of $10 per unit that was effective January 1, 2012, which ~~will increase~~has increased gross potential rent, by $3,840 annually. Management ~~will~~continues to evaluate the effects of the rent increase on occupancy and ~~if minimal,~~may still look to increase rents again in 2012. Real estate taxes were high due to the fact that the property pays both county and city taxes. The county rate is comparable to what other properties pay in the market; however, the city rate raises the total paid for real estate taxes to 24% more than properties in other counties across Missouri. The mortgage, real estate taxes and insurance are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Richmond Hardin. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In August 2010, the investment general partner transferred its interest in Lost Tree Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,320,388 and cash proceeds to the investment partnership of $100,050. Of the total proceeds received, $2,875 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,950 was paid to BCAMLP for expenses related to the transfer, which included third party legal costs. The remaining proceeds of $91,225 were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $91,225 as of September 30, 2010.

In December 2010, the investment general partner transferred its interest in Sacramento Properties Limited to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $412,797 and cash proceeds to the investment partnership of $5,001. Of the total proceeds received, $5,001 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no proceeds returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded as of December 31, 2010.

Kimbark 1200 Associates, Limited Partnership (Kimbark 1200 Apartments) is a 48-unit property located in Longmont, Colorado. In 2011, the property operated below breakeven due to decreased average occupancy of 89%, insufficient rental rates, increased maintenance expenses, and high bad debt. Through June 2012, the property is operating above breakeven and average occupancy has improved to 96%. Maintenance and administrative expenses in 2012 have been well below 2011 figures. The investment general partner intends to continue to work with management and the operating general partner to ensure that occupancy remains high and expenses remain under control. The mortgage, taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Kimbark 1200 Associates, Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the Investment Partnership. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Kimbark 1200 Associates, LP subsequent to June 30, 2012.

Series 23

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 23 reflects a net loss from Operating Partnerships of ~~$(349,069)~~$(69,707) and ~~$(435,146)~~$(105,576), respectively, which includes depreciation and amortization of ~~$819,722~~$213,075 and ~~$944,590,~~$283,152, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Colonna Redevelopment Company (Colonna House) is a 36-unit development located in Hempstead, NY. ~~Replacement reserves have~~Through the second quarter of 2012, occupancy continued to be stable at 90% and the property operated below breakeven. The property also operated below breakeven in 2011. In addition, the replacement reserve has not been fully funded and the accounts payable balance remains high. ~~Over~~Further, over $360,000 is due from the operating general partner and affiliates for unapproved loans from the Operating Partnership. ~~Asset management fees are guaranteed and remain outstanding. In addition, the Operating Partnership~~The reporting from the operating general partner ~~is sporadic. The~~has also been sporadic and the former management company was replaced on June 1, 2010 without the investment general partner's approval. The investment general partner has made several requests to the operating general partner for the 2010 audit. The operating general partner continues to delay finalizing the 2010 audit as they were negotiating pricing and the scope of work with the accountant. During the fourth quarter of 2011, management stated that they were able to get the price reduced to an acceptable level, but had not finalized this audit. The operating general partner stated that they filed an extension for the 2010 tax return. On August 25, 2010, the lender filed a Summons and Complaint, which initiated the foreclosure process due to non-payment. The operating general partner and the lender came to ~~a payment~~an agreement in which payment was made in full ~~was made~~ on February 10, ~~2011 and the mortgage was assigned to an operating general partner related entity. The year-to-date 2011 average occupancy is 89% with operations remaining below breakeven.~~2011. A site visit was conducted in the fourth quarter of 2011 that revealed several issues with regard to water infiltrating the brick/mortar throughout the building. A total of $28,300 was spent on roof repairs and repointing around the air conditioner sleeves in an attempt to stop the water infiltration. As this didn't address the issue, management intends to seal the brick exterior of the building in 2012, costing approximately $50,000. The investment general partner continues to request the 2012 budget in order to understand how these capital initiatives will be funded. There is minimal management oversight at the property as there is only one maintenance person on site on a consistent basis. The investment general partner continues to ~~liaise~~work with the management company in an attempt to better understand operating results and initiatives for the property. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Colonna Redevelopment Company.

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO. Despite average physical occupancy of ~~95%~~100% in the ~~fourth~~second quarter of ~~2011,~~2012, the property operated below breakeven due to low economic occupancy ~~coupled with high operating expenses. Maintenance expenses were high due to high turnover, which led to an increase in make-ready costs.~~caused by a soft rental market and insufficient rental rates. The operating general partner continues to focus on marketing, as there is considerable tax credit competition in the area. ~~In an effort to combat bad debt, the investment general partner is working with management to implement a stricter screening process in order to mitigate evictions and unexpected move outs.~~ Management is aggressively advertising in local publications and online sources. To attract applicants, management continues to offer rental concessions and resident referral fees. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. To date, the operating general partner has advanced $146,810 to cover operating deficits. The mortgage, trade payables, property taxes and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Halls Ferry Apartments LP.

South Hills Apartments (South Hills Apartments, LP) is a 72-unit, family property located in Bellevue, Nebraska. In 2008, the property operated below breakeven as a result of low occupancy, low rental rates and overly burdensome debt, which carried an interest rate of 10.4%. Due to a number of job losses in the area, occupancy decreased to 82% for 2009. There were few qualified prospective residents that could afford the tax credit rents without obtaining rental assistance, which was limited. The property was also competing with newer properties, which offered superior amenity packages. Despite management's marketing and rent collection efforts, the property continued to operate below breakeven in 2009.

Historically, the operating general partner had funded operating deficits in accordance with its operating deficit guarantee, which is unlimited in time and amount. However, in the first quarter of 2009, the operating general partner indicated that it would not continue to support the operations due to financial constraints. As a result, the Operating Partnership missed the April and June mortgage payments. In July 2009, the lender served the Operating Partnership with a Notice of Default and Election to Sell. In addition, the mortgage was in technical default, as it fell below the required minimum combined escrow (real estate taxes, insurance, and replacement reserves) balance of $50,000. The lender demanded a payment of $70,000 to be made by August 3, 2009, to cure the default; however, the operating general partner failed to provide such funds. The lender commenced a foreclosure action on August 4, 2009, with a foreclosure sale that was scheduled for October 20, 2009. At that time, the investment general partner determined that the costs associated with maintaining the property through December 31, 2010, the end of the low income housing tax credit compliance period, appeared to be greater than the benefit associated with maintaining tax credit compliance.

In September 2009, a buyer was identified who was willing to purchase the interests of the Operating Partnership for a nominal amount and keep the property affordable through the remainder of the compliance period, if the lender would agree to withdraw the foreclosure filing. However, the lender rejected this proposal and, in October, accepted a bid from another buyer to purchase from the lender the outstanding debt on the property. The new lender delayed the foreclosure for several weeks. On December 1, 2009, the operating general partner, investment general partner, and new lender signed an agreement to transfer the deed to the lender in lieu of foreclosure in January 2010. On January 4, 2010, the deed was transferred to the new lender. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain on the foreclosure of the Operating Partnership has been recorded as of March 31, 2010. It was originally estimated that a foreclosure occurring in 2010 would result in the Operating Partnership experiencing estimated recapture and interest of $360,713, equivalent to $106 per 1,000 BACs. However, the property appears to have maintained its affordable housing minimum set-aside through 2010, due to the three year vacancy decontrol rule set forth in Section 42 of the Internal Revenue Code, which prevents owners from evicting current residents for three years. As a result, the actual recapture costs were based only on the units that were not occupied by income qualified residents in 2010. This resulted in recapture and interest of $148,802 to the Operating Partnership, equivalent to approximately $44 per 1,000 BACs.

In July 2010, the operating general partner of Edmond Properties, A Limited Partnership approved an agreement to sell the property to an unrelated third party and the transaction closed on August 10, 2010. The sales price for the property was $6,565,000, which included the outstanding mortgage balance of approximately $4,198,481 and cash proceeds to the investment partnerships of $654,789 and $654,789 for Series 22 and Series 23, respectively. Of the total proceeds received, $7,500 and $7,500 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of $647,289 and $647,289 for Series 22 and Series 23, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current-operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $647,289 and $647,289 for Series 22 and Series 23, respectively, as of September 30, 2010. In December 2010, the investment partnerships received additional proceeds for its share of the Operating Partnership's cash in the amount of $15,150, and $15,150 which were returned to the cash reserves held by Series 22 and Series 23, respectively. In January 2011, the investment partnerships received its share of the remaining Operating Partnership's cash totaling $2,472 of which $1,236 and $1,236 were returned to the cash reserves held by Series 22 and Series 23, respectively.

Kimbark 1200 Associates, Limited Partnership (Kimbark 1200 Apartments) is a 48-unit property located in Longmont, Colorado. In ~~February~~2011, the property operated below breakeven due to decreased average occupancy of 89%, insufficient rental rates, increased maintenance expenses, and high bad debt. Through June 2012, the property is operating above breakeven and average occupancy has improved to 96%. Maintenance and administrative expenses in 2012 have been well below 2011 figures. The investment general partner intends to continue to work with management and the operating general partner to ensure that occupancy remains high and expenses remain under control. The mortgage, taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Kimbark 1200 Associates, Limited Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the Investment Partnership. As the property has stabilized and is now operating above breakeven, the investment general partner ~~entered into an agreement~~will cease reporting for Kimbark 1200 Associates, LP subsequent to ~~transfer~~June 30, 2012.

In July 2012, the investment general partner transferred its interest in ~~Broderick Housing Associates LP~~Mathis Apartments, Ltd. to ~~a non-affiliated~~an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$1,611,311~~$850,902 and cash proceeds to the investment partnership of ~~$51,780. The transaction closed on April 26, 2010.~~$9,000. Of the total proceeds received, ~~$10,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $20,400 was~~$2,625 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds ~~from the transfer~~ of ~~$21,380~~approximately $6,375 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $21,380 as of June 30, 2010.

In ~~March 2011,~~July 2012, the investment general partner transferred its interest in ~~Barlee Properties LP~~Orange Grove Seniors to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately ~~$721,401~~$621,696 and cash proceeds to the investment partnership of ~~$23,250.~~$9,000. Of the total proceeds received, ~~$7,281 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $12,300~~$2,625 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately ~~$3,669~~$6,375 were returned to cash reserves held by Series 23. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $3,669 as of March 31, 2011.

Woodland Hills Properties, A LP (Woodland Hills Apartments) is a 10-unit property located in Roland, OK. The property's low-income housing tax credit compliance period expired on December 31, 2009. The operating general partner ceased making debt service payments and funding deficits in September 2009. On February 24, 2010, the lender declared default of the loan and began foreclosure proceedings. On July 7, 2010, a foreclosure sale was completed and title to the property was conveyed. The investment general partner was not notified of the foreclosure by the lender or operating general partner. The investment general partner is working with the operating general partner's attorney to retrieve foreclosure documentation. No proceeds were returned to cash reserves. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of September 30, 2010.

Series 24

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 1816 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 24 reflects a net loss from Operating Partnerships of ~~$(289,412)~~$(53,183) and ~~$(402,973)~~$(69,114), respectively, which includes depreciation and amortization of ~~$834,387~~$171,016 and ~~$1,125,308,~~$353,934, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Commerce Parkway Limited Dividend Housing Associates (Park Meadows Apartments) is an 80-unit family property located in Gaylord Michigan. The property had declining occupancy which led to below breakeven operations in 2011. The Michigan economy continued to be weak and several tenants lost their jobs as a result. The job losses contributed to the decreased occupancy which ultimately caused the operational losses suffered in 2011. In addition, in the first quarter of 2012 the property experienced higher than average turnover due to a mass exodus of tenants that were temporarily housed at Park Meadows due to a fire in a nearby property. Once the fire damaged property was rehabbed the relocated residents moved back, leaving several vacant units at Park Meadows. Occupancy in 2012 has averaged 86% with an increase in June to 95%. Management has increased their marketing efforts and expects to have the vacancy issues remedied in the next quarter. Operating expenses continue to be a challenge. A spike in administrative costs was driven by the expiration of the PILOT (Payment in lieu of taxes) Agreement. The operating general partner appealed the new property tax assessment and was successful in getting the assessed value lowered. This will insure that the property will not see a spike in real estate taxes in 2012. However, the legal costs required by the appeal increased the administrative expense total. The increased marketing efforts have also contributed to higher than budgeted administrative costs. The mortgage, taxes and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Commerce Parkway Limited Dividend Housing Associates.

Elm Street Associates, LP (Elm Street Apartments) is a 35-unit property located in Yonkers, New York. The neighborhood has been a difficult one in which to operate due to high crime. Almost all the residents use some public subsidy, making this a very management-intensive property. Poor tenancy has historically resulted in operating deficits. Other management issues, including poor rent collections and deferred maintenance, have also negatively impacted the property. Occupancy averaged ~~90% through~~88% in 2011, but has shown improvement in the ~~first three quarters~~second quarter of ~~2011. However, it dropped to 80% as of December 2011. Management is trying to be proactive~~2012, with occupancy at 97% in keeping residents by supplying life skills training to families who are having trouble paying rent. After referring families to rent assistance services, they offer counseling for basic budgeting skills to avoid future evictions.June 2012. Operating expenses through the ~~fourth~~second quarter of ~~2011~~2012 are running slightly ~~above budget and~~lower than in the first quarter, primarily due to decreased utilities. However, the property continues to operate below ~~breakeven. The replacement reserve is fully funded.~~breakeven for the year. The operating general partner has funded the operating deficits through cash infusions and deferred management fees. The operating general partner's long-term goal is to work on improving and stabilizing the neighborhood in order to attract and retain residents. The operating general partner funds a community resource center which provides services for the residents, and they are working with the City of Yonkers on a master plan for the neighborhood along with pushing for improved police coverage and sanitation services. They have a longstanding and ongoing commitment to the residents of southwest Yonkers where their housing programs and service offices are located. The operating general partner remains committed to the property and the neighborhood and has expressed a willingness to continue funding deficits. The mortgage, real estate taxes, and insurance payments are all current. ~~The~~On December 31, 2010, the 15-year low income housing tax credit compliance period expired ~~December 31, 2010.~~with respect to Elm Street Associates, LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In June 2012, the investment general partners of Boston Capital Tax Credit Fund III LP - Series 19, Series 24 and Series 42 transferred their respective interests in Jeremy Associates LP ~~(Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Despite~~to an average occupancy of 99% in 2010, the property continued to operate below breakeven due to high operating expenses. Rental revenues increased in 2010, which allowed for a decrease in the amount of cash flow loss from prior years. Occupancy continues to be strong and was 99% as of December 31, 2011. Operating expenses are high mainly due to high maintenance costs, as a result of severe physical deficiencies in a number of buildings on site. Since construction, a number of the buildings have had differential settlement issues resulting in cracked floor slabs, brick veneer, windows and doors and sagging balconies. The operating general partner has addressed these concerns on an ongoing basis via advances. Cost control efforts include staffing reduction, reduced marketing and the shutting down of one boiler during warmer months. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. So farentity affiliated with the operating general partner ~~has advanced over $2,000,000~~ for ~~repairs~~its assumption of the outstanding mortgage balance of approximately $2,804,427 and ~~operating deficits. The mortgage, trade payables, property taxes~~cash proceeds to the investment partnerships of $18,200, $4,536, and ~~insurance are current. The low income housing tax credit compliance period expired on December 31, 2010. The~~$2,264, for Series 19, Series 24 and Series 42, respectively. Of the total proceeds received $13,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the respective investment ~~general partner is~~partnership and the balance represents proceeds from the transfer. Of the remaining proceeds $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 19, Series 24 and Series 42, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the ~~process of exploring various disposition opportunities consistent~~Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment ~~objectives~~limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the ~~investment partnership.~~Operating Partnership was recorded as of June 30, 2012.

New Hilltop Apartments, Phase II (Hilltop Apartments) is a 72-unit property located in Laurens, SC. Only twenty-one of the property's units have rental assistance, and the property has trouble competing with properties that offer more units with rental assistance. In ~~2010,~~2011, average occupancy increased to ~~92%~~96% from ~~73%~~92% in the prior year ~~but~~and, as a result, the property ~~continued to operate below breakeven with a cash deficit~~operated above breakeven. Occupancy was 92% as of $4,854. The primary reasons for the below breakeven operations were insufficient rental rates, vacancy loss, and various capital improvement projects. Occupancy continued to stabilize in 2011, ending December 2011 at 92% and averaging 95% for the year 2011.June 30, 2012. The improved occupancy is the result of a new community manager and a one-month rent concession. Rental rates were increased by $10 in 2011. A $4,000 insurance claim was submitted during the fourth quarter as a result of sewage backup in two units. Operations at the property continue to improve and the property is expected to operate close to breakeven in 2011. Management continues to market the property through local media and civic organizations. The mortgage, real estate tax, insurance and payables to non-related entities are current. The operating general partner's guarantee expired at the end of 2010. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to New Hilltop Apartments, Phase II. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Lake Apartments I, LP (Lake Apartments I) is a 24-unit property located in Fargo, ND. In ~~2010,~~2011, the average occupancy was ~~90%~~93% and the property operated at breakeven, despite increased maintenance and administrative expenses relating to tenant turnover. In early 2010 management made the property pet friendly, opening the door to a new resident base, which had a positive effect on operations. At the close of the ~~fourth~~second quarter of ~~2011~~2012, the physical occupancy was ~~96%~~100% and the property was operating above breakeven. Management continues to remain diligent in reducing tenant turnover through aggressive marketing tactics, which include advertisements in the local newspaper and the Apartment Finder Magazine. Management states that market conditions have strengthened and leasing activities have increased. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments I LP. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Lake Apartments I, LP subsequent to ~~December 31, 2011.~~June 30, 2012.

In July 2011, the investment general partner of Series 24 and Series 25 transferred its interest in New Madison Park IV LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $13,147,712 and cash proceeds to the investment partnerships of $110,731 and $196,854 to Series 24 and Series 25, respectively. Of the total proceeds received, $3,600 and $6,400 from Series 24 and Series 25, respectively, ~~will be~~was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $107,131 and $190,454 were returned to cash reserves held by Series 24 and Series 25, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $107,131 and $190,454 by Series 24 and Series 25, respectively, as of July 31, 2011.

In December 2011, the investment general partner transferred its interest in North Hampton Place, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $624,027 and cash proceeds to the investment partnership of $38,520. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $32,020 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $32,020 as of December 31, 2011.

In April 2012, the investment general partner transferred its interest in Coolidge Pinal II Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,067,708 and cash proceeds to the investment partnership of $32,680. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $27,680 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $27,680 as of June 30, 2012.

Series 25

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 11 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 25 reflects a net income (loss)from Operating Partnerships of ~~$(8,950)~~$(25,932) and ~~$115,955,~~$26,996, respectively, which includes depreciation and amortization of ~~$673,024~~$140,311 and ~~$1,365,995,~~$348,439, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2010, the operating general partner of Sutton Place Apartments Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on April 21, 2011. The sales price of the property was $9,400,000, which included the outstanding mortgage balance of approximately $5,010,000 and cash proceeds to the investment partnership of $947,216. Of the total proceeds received by the investment partnership, $60,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $15,000 ~~will be~~was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. The remaining proceeds from the sale of approximately $872,216 were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $872,216 as of April 30, 2011.

In December 2011, the investment general partner transferred its interest in M.R.H., LP (The Mary Ryder Home) to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $0 and cash proceeds to the investment partnership of $168,850. Of the total proceeds received, $3,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $15,244 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $150,106 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Thesale proceeds were received in January 2012; so a receivable in the amount of $150,106 was recorded as of December 31, 2011. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $150,106 as of December 31, 2011.

In January 2010, the operating general partner of Sandstone Village Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on April 9, 2010. The sales price of the property was $1,509,127, which included the outstanding mortgage balance of approximately $1,324,657 and cash proceeds to the investment partnership of $27,542. Of the total proceeds received, $13,134 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $14,408 was paid to BCAMLP for expenses related to the sale, which includes third party legal costs. No proceeds from the sale were returned to cash reserves. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

In December 2010, the investment general partner transferred its interest in Maple Hill, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $621,609 and cash proceeds to the investment partnership of $98,292. Of the total proceeds received, $3,914 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $84,378 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $84,378 as of December 31, 2010. In addition, the investment partnership received ~~an unsecured note payable in the amount of $49,051. Payment under the note is~~$48,325 that was contingent upon several factors including timely completion of a minor rehabilitation ~~at the property owned by Maple Hill, LP.~~

In January 2011, the investment general partner transferred its interest in Main Everett Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $513,023 and cashon June 25, 2012. The additional proceeds to the investment partnership of $231,170. Of the total proceeds received, $15,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $216,170 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $216,170 as of March 31, 2011.

In January 2011, the investment general partner transferred its interest in Osborne Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $354,307 and cash proceeds to the investment partnership of $183,965. Of the total proceeds received, $15,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $168,965 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $168,965 as of March 31, 2011.reserves.

In May 2011, the investment general partner of transferred its interest in Ohio Investors LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,167,881 and cash proceeds to the investment partnership of $7,071. Of the total proceeds received, $4,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. The remaining proceeds of approximately $2,571 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $2,571 as of May 31, 2011.

In July 2011, the investment general partner of transferred its interest in Smith House II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $938,798 and cash proceeds to the investment partnership of $4,500. Of the total proceeds received, $4,500 ~~will be~~was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No remaining proceeds were returned to cash reserves held by Series 25. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

Series 26

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 4039 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 26 reflects a net loss from Operating Partnerships of ~~$(854,533)~~$(256,478) and ~~$(478,022)~~$(310,330), respectively, which includes depreciation and amortization of ~~$1,628,715~~$534,679 and ~~$1,926,216,~~$551,425, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

~~Country Edge, LP (Country Edge Apts.)~~Beauregard Apartments Partnership, a A.L.D.H.A. (New Hope Bailey Apartments) is a ~~48-unit property~~40-unit rental housing project located in ~~Fargo, North Dakota.~~the city of DeRidder, Louisiana. In ~~2010,~~the second quarter of 2012 the property had low occupancy ~~averaged 84%~~ and below breakeven operations. In 2011, the property operated below ~~breakeven. Operations were adversely affected by high vacancy, high administrative expenses relating to tenant turnover,~~breakeven with a cash flow deficit of ($26,940), and ~~bad debt. In order to increase marketability,~~occupancy was 80% on average for the operating general partner made physical improvements, such as adding new landscaping and replacing appliances. The operating general partner reported that the market has strengthened and leasing activities picked up in the spring and summer of 2011.year. As of ~~December 31, 2011, physical~~June 30, 2012, occupancy ~~was 98%,~~is 85% and ~~the property was operating slightly above~~operations remain below breakeven. Maintenance costs were high in the third quarter of 2011 as a large storm hit in July and caused shingle and siding damage. The repairs were paid out of operations and an insurance claim was filed. All insurance proceeds were received in October 2011. Management remains diligent in marketing and advertising throughout the local community via billboards and fliers. The operating general partner continues to fund all operating deficits as operations are supported by an unlimited guarantee. The mortgage, trade payables, property taxes, and insurance are current. On December 31, ~~2012,~~2010, the 15-year low income housing tax credit compliance period ~~will expire~~expired with respect to ~~Country Edge, LP.~~Beauregard Apartments Partnership. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

Grandview Apartments, LP (Grandview Apts.) is a 36-unit property located in Fargo, North Dakota. In ~~2010,~~2011, average occupancy ~~increased to~~remained at 95% ~~but~~and the property operated ~~slightly below~~above breakeven. ~~High real estate taxes, turnover costs,~~Operating expenses increased in 2011 as a result of higher administrative and ~~high utility expenses negatively affected operations. Despite a weak local economy and a large supply~~maintenance costs. Occupancy remained at 86% as of ~~affordable housing in Fargo, Grandview Apartments maintained high occupancy through the third quarter of 2011. However, occupancy dipped in the fourth quarter of 2011, finishing at 83% on December 31.~~June 30, 2012. Maintenance costs ~~have been~~were high asin 2011 due to a ~~large~~ storm in July ~~of 2011~~that caused shingle and siding damage. The repairs were paid out of operations and an insurance claim was filed. All insurance proceeds have been ~~received and the property operated above breakeven for 2011.~~received. The investment general partner continues to monitor the property's leasing strategies and physical improvements to ensure steps are being taken to enhance marketability. The operating general partner continues to fund all deficits as operations are supported by an unlimited guarantee. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Grandview Apartments, LP.

Lake Apartments IV Limited Partnership (Lake Apartments IV) is a 24-unit property located in Fargo, ND. In ~~2010,~~2011, average occupancy was ~~85%~~93% and the property operated below breakeven. Low occupancy, high administrative and maintenance expenses, and bad debt negatively affected operations. There is a large supply of affordable rental communities in the market and a limited pool of qualified residents, which has increased competition. In spite of the high level of competition, the market strengthened and leasing activities picked up in the warmer weather in the spring and summer of 2011. As of ~~December 31, 2011,~~June 30, 2012, physical occupancy had improved to ~~92%.~~96%, but the property continues to operate below breakeven. Maintenance costs were high asdue to a ~~large~~ storm in July of 2011 that caused shingle and siding damage. The repairs were paid out of operations and an insurance claim was filed. All ~~the~~ insurance proceeds have been ~~received and the property operated above breakeven for 2011.~~received. The operating general partner continues to fund all ~~operating~~ deficits as operations are supported by an unlimited guarantee. ~~The investment general partner will continue to monitor operations and assist management in improving leasing efforts and reducing operating expenses.~~ The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments IV Limited Partnership.

Lake Apartments V Limited Partnership (Lake Apartments V) is a 24-unit property located in Fargo, ND. Occupancy at the property averaged ~~84%~~92% in ~~2010.~~2011. The ~~low~~improved occupancy along with increased administrative and maintenance expenses, resulted in the property operating below breakeven. The market strengthened in the spring and summer of 2011 and leasing improved. As of December 31, 2011, physical occupancy was 96%,helped operations, but the property continued to operate below breakeven ~~due to high maintenance expenses.~~for the year. Management ~~states~~stated the increase in ~~expenses is from~~2011 operating costs was attributable to unit turnover. As of June 30, 2012, physical occupancy was 92%, with the property continuing to operate below breakeven. The operating general partner continues to fund all ~~operating~~ deficits as operations are supported by an unlimited guarantee. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments V Limited Partnership.

Maxton Green Associates Limited Partnership (Carolina Pines Apartments) is a 32-unit development in Maxton, NC. The property operated below breakeven in 2008 and 2009 ~~with occupancy averaging 92% and 88%, respectively. The~~due to a decrease in ~~occupancy in 2009~~occupancy. This was primarily due to evictions of several ~~problematic~~problem tenants at the property that caused unit damages. Security deposits were not refunded on those units and the funds were used to subsidize the cost of repairs. Tenants were held responsible for all additional costs, and a third party collection agency was utilized to collect what the deposits did not cover. To address problem tenants and unit damages, management implemented quarterly unit inspections to ensure that tenants are maintaining units properly. In 2010, average occupancy increased to 93% and the property operated above breakeven due to higher revenues and lower maintenance expenses. ~~Through the fourth quarter of~~In 2011, ~~occupancy averaged 91%.~~operations dropped below breakeven again due to high maintenance costs and a drop in occupancy. In order to improve occupancy at the property, management ~~has~~ placed newspaper advertisements, contacted community agencies, and posted fliers in the community. ~~Operations improved in~~During the ~~fourth quarter~~first half of ~~2011 and~~2012, occupancy averaged 86%, but operations were above breakeven because of Rural Development approval that allowed the property ~~operated above breakeven for~~to reimburse maintenance expenses with the ~~year.~~replacement reserve account. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expired on December 31, 2011.

In December 2010, the investment general partner transferred its interest in Bradley Phase I, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,362,945 and cash proceeds to the investment partnership of $427,597. Of the proceeds received, $3,700 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $413,897 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $413,897 as of December 31, 2010. In addition, the investment partnership received ~~an unsecured note payable in the amount of $156,021. Payment under the note is~~$153,712 that was contingent upon several factors including timely completion of a minor rehabilitation ~~at the property owned by Bradley Phase I, LP.~~on June 25, 2012. The additional proceeds were returned to cash reserves.

In December 2010, the investment general partner transferred its interest in Bradley Phase II, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $785,259 and cash proceeds to the investment partnership of $247,532. Of the proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $236,332 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $236,332 as of December 31, 2010. In addition, the investment partnership received ~~an unsecured note payable in the amount of $96,453. Payment under the note is~~$95,056 that was contingent upon several factors including timely completion of a minor rehabilitation ~~at the property owned by Bradley Phase II, LP.~~on June 25, 2012. The additional proceeds were returned to cash reserves.

In December 2010, the investment general partner transferred its interest in Butler St./Hanover Towers, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,019,407 and cash proceeds to the investment partnership of $819,441. Of the total proceeds received, $7,704 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $801,737 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $801,737 as of December 31, 2010. In addition, the investment partnership received ~~an unsecured note payable in the amount of $293,823. Payment under the note is~~$289,475 that was contingent upon several factors including timely completion of a minor rehabilitation ~~at the property.~~on June 25, 2012. The additional proceeds were returned to cash reserves.

T.R. Bobb Apartments Partnership, A L.D.H.A. (T.R. Bobb Apartments) is a 30-unit property in New Iberia, Louisiana. In 2010, occupancy averaged 75% and the property operated with a cash flow deficit. Total operating expenses were 13% over the prior year state average despite a 23% reduction in maintenance costs. In 2011 ~~occupancy decreased to~~the property operated below breakeven with a cash flow deficit of ($57,164). Occupancy remained at 75% on average ~~70% and ended~~for the ~~year at 60%, with operations remaining below breakeven.~~year. As of June 30, 2012, the property is 77% occupied. The investment general partner intends to continue to monitor the property until operations stabilize. The mortgage, tax and insurance payments are current. The low-income housing tax credit compliance period expired on December 31, 2011.

In January 2012, the investment general partner transferred its interest in Liberty Village, LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,691,405 and cash proceeds to the investment partnership of $50,843. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,101 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $44,242 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $44,242 as of January 31, 2012.

In January 2012, the investment general partner transferred 50% of its interest in Little Valley Estates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $548,864 and cash proceeds to the investment partnership of $1. Of the total proceeds received, $1 was returned to cash reserves held by Series 26. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in January 2013 for the assumption of approximately $548,865 of the remaining outstanding mortgage balance and anticipated cash proceeds of $0. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1 as of January 31, 2012. In addition, the investment general partner on behalf of the investment limited partnership entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

In January 2012, the investment general partner transferred 50% of its interest in Tremont Station LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $552,029 and cash proceeds to the investment partnership of $1. Of the total proceeds received, $1 was returned to cash reserves held by Series 26. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in January 2013 for the assumption of approximately $552,028 of the remaining outstanding mortgage balance and anticipated cash proceeds of $0. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership'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 overhead and expense reimbursement, has been recorded in the amount of $1 as of January 31, 2012. In addition, the investment general partner, on behalf of the investment limited partnership, entered into an agreement with the Operating Partnership for receipt of a residual payment, if any. Under the terms of the residual agreement, if the property owned by the Operating Partnership is refinanced or sold, on or before December 18, 2013, and cash proceeds are paid to the Operating Partnership as a result of such refinance or sale, there will be a payment of cash proceeds distributable to the investment limited partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partnership transferred its interest.

In July 2012, the investment general partner transferred its interest in Edgewood Estates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $551,073 and cash proceeds to the investment partnership of $14,668. Of the total proceeds received, $5,668 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,625 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In July 2012, the investment general partner transferred its interest in The Willows to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,052,508 and cash proceeds to the investment partnership of $12,030. Of the total proceeds received, $3,030 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,625 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,375 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In August2012, the investment general partner transferred its interest in Decro Nordhoff Apartments LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,846,531 and cash proceeds to the investment partnership of $2,500. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. There were no remaining proceeds returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Series 27

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was ~~99.3% and~~ 100%~~, respectively.~~. The series had a total of 15 properties at ~~December 31, 2011,~~June 30, 2012, all of which 14 were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 27 reflects a net ~~income (loss)~~loss from Operating Partnerships of ~~$(204,438)~~$(40,245) and ~~$271,601,~~$(73,279), respectively, which includes depreciation and amortization of ~~$1,009,303~~$333,498 and ~~$1,198,635,~~$332,176, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Holly Heights, LP (Holly Heights Apartments) is a 30-unit property located in Storm Lake, Iowa. The property had occupancy of ~~90%~~97% as of ~~December 31, 2011.~~June 30, 2012. Despite average occupancy of 93% in 2011 and expenses in line with state averages, the property has continued to incur small operating deficits due to low rental rates coupled with a high interest rate on the permanent mortgage. ~~Management~~The property has historically suffered from high debt service payments as the interest rate on the mortgage is 9.19%. Refinancing is not feasible because of a high prepayment penalty. The mortgage matured on April 15, 2012 with a $444,794 balloon payment due at that time. The operating general partner presented the loan to various lenders in the hope of refinancing but the net operating income of the property ~~cannot~~could not support a loan large enough to take out the existing debt. The Operating Partnership continued to make monthly interest and principal payments on the loan in good faith after the April maturity date had passed with no formal extension from US Bank, the lender. However, US Bank did not issue any notices with regard to the maturity/default on the loan. In June 2012, the Operating Partnership obtained a three-month extension on the loan through August 30, 2012, with the intent to obtain another three-month extension through November 30, 2012. The management company, an affiliate of the operating general partner, is deferring all fees until operations improve. ~~The~~At this point, the operating general partner ~~discontinued funding deficits in~~is not looking to refinance the ~~fourth quarter of 2008.~~current loan. He is instead focused on selling the property and using the proceeds to pay off the debt. At the end of ~~fourth~~the first quarter ~~2011,~~of 2012, the ~~2008-2009~~2008-2010 real estate taxes in the amount of ~~$28,000~~$46,641 remained unpaid. ~~Property~~On June 21, 2012, US Bank paid the taxes in Iowa are paid in semi-annual installments due in September of the same year and March of the following year. Real estate taxes become delinquent if not paid by April 1 of the year following the year of the tax bill. A tax sale occurs on the third Monday of June of the year following the year of the tax bill. This occurred on June 21, 2010. One year and nine-months after the tax sale occurs, a warning is sent to the property owner stating that they have 90 days to pay taxes plus interest accrued before a tax sale deed is created. Ninety days after the warning the property is given to the tax sale holder, as long as the paperwork is completed and the redemption occurred.full. The investment general partner intends to continue to ~~monitor~~work with the ~~property and payment~~operating general partner to resolve the mortgage loan issues. As of June 30, 2012, the ~~taxes. The mortgage and~~ insurance payments, real estate taxes and mortgage are all current. The low-income housing tax credit compliance period ends on December 31, 2012.

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property in Harlem, New York. Winn Residential became the managing agent effective October 1, 2010. Tenant receivables are an issue that has historically plagued the project. However, in 2010, the property made substantial progress collecting prior as well as current tenant receivables. Winn has implemented an aggressive rent collection policy and is working with attorneys to follow up on all past cases that were allowed to lapse. The resulting increase in cash flow allowed the property to report slightly above breakeven operations in 2010. ~~Winn made payments towards reducing account payables as well as funding~~Overall, the property's performance declined significantly in 2011. A 26% increase in operating costs caused the property to operate at a deficit of ($30,889). Replacement reserves were fully funded in accordance with the Partnership Agreement. The increase in operating costs was due to a $6,000 increase in administrative expenses, a $15,000 increase in utility expenses, and a $20,000 increase in maintenance expenses. The property funded deficits through withdrawing from replacement ~~reserves. Throughout 2011, utility costs continue to be lower than budget. During 2011, Winn made physical repairs to the roof, boilers, emergency lighting, compactor doors,~~reserves, withdrawing from tax and ~~intercom system.~~insurance escrow, and accruing asset management and partnership management fees. The mortgage and insurance are current through the ~~fourth~~second quarter of ~~2011,~~2012, with occupancy ending at 100%. as of June 30, 2012. The property is real estate tax ~~exempt,~~exempt. Angelou operated slightly above breakeven through June 30, 2012. Accounts payable and accrued monthly expenses still remain high through the ~~property is operating slightly below breakeven with fully funded reserves.~~first 6 months of 2012. The investment general partner met with Winn Management in ~~early~~ January of 2012 to review the 2012 operating budget and initiatives. Management ~~is projecting~~implemented a 5%3% rent increase effective in the first quarter of 2012. The operating general partner has formally addressed all maintenance issues that were raised during the investment general partner's 2011 site visit. The investment general partner is scheduled to be at the property during the third quarter of 2012 to perform a site visit and assess management operations. The low income housing tax credit compliance period expires on December 31, 2013.

Lake Apartments II Limited Partnership (Lake Apartments II) is a 24-unit property located in Fargo, ND. In ~~2010,~~2011, occupancy averaged ~~84%~~90% and the property operated below breakeven. ~~However, management noted that leasing activities improved during the summer of 2011, and it~~Management remains diligent in marketing the property through ~~online~~on-line ads, fliers and billboards. As of ~~December 31, 2011,~~June 30, 2012, physical occupancy was 100%~~. Despite the increase in occupancy,~~ and the property ~~continued to operate~~is operating slightly below ~~breakeven due to increased maintenance expenses.~~breakeven. The operating general partner states that the extremely harsh weather during the past winter increased grounds, maintenance, and snow removal costs. The operating general partner continues to fund all ~~operating~~ deficits as operations are supported by an unlimited guarantee. The mortgage, trade payables, property taxes, and insurance are current. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Lake Apartments II, Limited Partnership.

In December 2010, the investment general partner transferred its interest in Harbor LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,528,742 and cash proceeds to the investment partnership of $1,658,582. Of the total proceeds received, $10,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $1,638,582 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to $2,321,435. Accordingly, a loss on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $(682,853) as of December 31, 2010. In addition, the investment partnership received ~~an unsecured note payable in the amount of $584,595. Payment under the note is~~$575,945 that was contingent upon several factors including timely completion of a minor rehabilitation ~~at the property.~~on June 25, 2012. The additional proceeds were returned to cash reserves.

Kiehl Partners, LP (Park Crest Apartments) is a 216-unit family property located in Sherwood, AR. Despite ending the second quarter of 2012 at ~~83%~~73% occupied and 77% leased, the property continued to operate above breakeven ~~through the fourth quarter of 2011~~ due to favorable low ~~floating rate~~floating-rate financing. ~~During~~The property continued to suffer from staffing shortages through the ~~third quarter of 2011 the property sustained fire damage.~~past year but has since hired a new manager, assistant manager and maintenance supervisor. Management is currently advertising in The ~~fire was caused when a plug-in air freshener overheated~~Apartment Guide and ~~ignited a sofa in an apartment unit. No one was injured as a result of the fire and the resident was relocated~~using leasing banners to ~~another unit at~~draw prospects into the property. ~~Repairs~~The greatest traffic source for Park Crest Apartments comes from the local housing authority. The property has been subject to ongoing Fair Housing claims by residents. There was also a slip and fall claim by a resident that has been referred to the ~~unit are complete and the City of Sherwood issued a Certificate of Occupancy in December, 2011.~~operating general partner's insurance carrier. Replacement reserves continue to be fully funded. All mortgage, tax and insurance payments are current. ~~Since the repairs are complete and the property is consistently operating above breakeven, the investment general partner will cease reporting~~The end of compliance for Kiehl Partners, LP ~~subsequent to~~is December 31, ~~2011.~~2013.

C.R. Housing Limited Partnership (The Casa Rosa) is a 97-unit family property located in San Juan, Puerto Rico. The propery operated with below breakeven operations in 2011 brought on by insufficient rental rates and high debt service. The property continues to operate below breakeven through June 30, 2012 despite an average occupancy of 93% year-to-date. All taxes, insurance and mortgage payments are current. On December 31, 2013, the 15-year low income housing tax credit compliance period will expire with respect to C.R. Housing, Limited Partnership.

Series 28

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 2624 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 28 reflects a net loss from Operating Partnerships of ~~$(602,878)~~$(165,977) and ~~$(1,179,802)~~$(206,310), respectively, which includes depreciation and amortization of ~~$1,609,547~~$501,463 and ~~$1,658,516,~~$522,723, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Fairway II LDHA, (Fairway Apartments II) is a 48-unit family property located in Marlette, MI. The new site manager believes that at the very minimum tenants should occupy 44 out of the 48 units, as these 44 apartments are subsidized. Occupancy dropped at the beginning of the second quarter of 2009 due to the eviction of difficult tenants that were admitted under the previous management's tenure in 2008. The property reported average occupancy of 85% in 2010, ending the year with five vacancies and operations below breakeven. Occupancy averaged 88% in 2011, but ended the year at 81%. ~~Management explained that the~~The decrease in occupancy was caused by the eviction of numerous problem tenants. Due to the property's history of vandalism and drug related activity, ~~with residents,~~ management ~~thought it was necessary to tighten~~tightened their tenant qualification standards. The stricter standards have reduced the drug activity and the police calls which have ultimately stabilized the community. Management ~~reported that finding quality tenants~~ has ~~been difficult,~~also widened the geographical outreach of their advertising into surrounding towns, which has increased leasing traffic but ~~they are processing new applicants for move in.~~failed to significantly increase occupancy. Occupancy is averaging 87% in 2012 with June 2012 occupancy at 96%. Despite the ~~increase in vacancy in the third and fourth quarters of 2011,~~relatively low occupancy, the property ~~operated close to~~is operating above breakeven for the year. The mortgage, taxes, and insurance are all ~~current through December 31, 2011.~~current. The low income housing tax credit compliance period expires on December 31, 2012.

Maplewood Apartments Partnership (Maplewood Apartments) is a 40-unit property located in Winnfield, Louisiana. In 2009, the property averaged 74% occupancy and operated below breakeven. The investment general partner conducted a site visit in March 2010 to assess the physical condition of the property and to interview management. During the site visit, the investment general partner identified major deferred maintenance issues and fourteen vacant units that had not been turned over. In an effort to improve operations at the property, the investment general partner approved a management change which was finalized in April 2010. The new management company has a strong track record of managing ~~successful~~ properties in this region and they made an immediate positive impact on ~~this property.~~operations. The operating general partner made a request for reserve funds in order to pay for the turnover of the vacant units in need of major repair. According to the operating general partner, all of these repairs were completed by October 15, 2010. In addition, they completed repairs to major cracks in the drives and walkways throughout the property. They also replaced 170 feet of sewer main under the property. In total, the managing agent spent $60,000 over the second half of 2010 to address deferred maintenance at the property and to ensure that all units were rent ready. As a result of their efforts, occupancy improved to 98% as of December 31, 2010. Occupancy reached 100% in March 2011, then fluctuated in the summer months of 2011 due to the loss of Section 8 vouchers by several tenants, and ~~finally~~ ended the year at 98%. Management is working with the local Housing and Urban Development field office to obtain more vouchers should they become available. Management has also started advertising to attract new qualified tenants. In 2011 the ~~property's operating~~property operated below breakeven with a cash flow deficit ~~was significantly reduced~~of ($22,025). This is an improvement over prior year. Occupancy increased from ~~prior years, and~~an average of 73% in 2010 to 90% in 2011, ending the year at 98%. As of June 30, 2012, the property is 98% occupied. Under new management, the property is better positioned to stabilize in 2012. The operating general partner's guarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2013.

1374 Boston Road, LP (1374 Boston Road) is a 15-unit property in the Bronx, New York. In 2003, the Operating Partnership recorded a $112,000 loan from the operating general partner to pay for a tax lien. Further investigation showed that the tax lien was incurred during the construction period. As a result, the loan should have been funded by the operating general partner, without reimbursement, as part of his obligation to complete construction of the property according to the Operating Partnership agreement and the development agreement. The investment general partner's repeated requests to restructure the loan went unheeded. In September 2005, legal counsel for the investment general partner sent a letter demanding a removal of the loan from the Operating Partnership account and the return of all payments made on this loan. The operating general partner's response failed to address the issue satisfactorily. Additionally, in December 2005, a title search on the Operating Partnership showed at least $60,000 in liens that were never reported to the investment general partner. The investment general partner evaluated what the impact of removing the operating general partner would be since these lien issues remain unresolved. The investment general partner has decided against proceeding due to the inadequate value of the property based on size and location, as well as the operating general partner's continued funding, neither of which supports an extended legal battle for removal. ~~In 2008~~Management has been unresponsive in providing regular reporting. Sporadic occupancy reports show occupancy averaging 80% for 2010 and ~~2009,~~2011, and the property operated with ~~an average occupancy of 99% with below~~above breakeven operations. ~~In 2010 operations were back above breakeven~~The first mortgage was fully paid off as of December 31, 2010. The second mortgage matures in December 2012. It appears as though $3,000 is outstanding to make the mortgage current. There is insufficient operating cash to cover payables. However, the operating general partner continues to fund deficits. The investment general partner has not received any occupancy or financial reporting for ~~the year. In 2011 operations remained above breakeven, with average occupancy reported to be at 80%.~~first or second quarter 2012. The ~~mortgage and~~ property ~~taxes are current.~~has a tax abatement which will expire in 2028. The low income housing tax credit compliance period expired on December 31, 2011.

Yale Village, LP (Yale Village Apartments) is an 8-unit property in Yale, OK. Throughout 2010, occupancy was at 100%. Operating expenses were 15% above the state average for the investment general partner's portfolio, but the property still managed to generate cash flow for the year. In 2011, overall operating expenses increased ~~even more.~~further. Maintenance expenses were particularly high due to staircase replacements ~~on the property~~ that were expensed ~~in 2011.~~during the year. The property ~~will~~was not be reimbursed byfrom the replacement reserve account due to Rural Development regulations. Also due to Rural Development restrictions, the property is required to contract out all maintenance work at a higher cost instead of using affiliated ~~company employees. Despite an average occupancy~~companies. Occupancy has averaged 100% through the second quarter of ~~94%~~2012 and due to a decrease in ~~2011, high maintenance~~operating expenses ~~caused operations to fall below breakeven by~~ the ~~end of 2011.~~property is operating above breakeven. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2012.

Blanchard Partnership, A LA Partnership (Blanchard Place II) is a 32-unit complex in Shreveport, LA. In 2009, occupancy averaged 80% and the property operated below breakeven. Poor management brought about deferred maintenance, and problems with resident retention. In ~~an effort to improve operations,~~April 2010, the investment general partner approved an operating general partner transfer ~~that was effective~~ in ~~April 2010.~~an effort to improve operations. The ~~new~~incoming operating general partner has the experience, personnel, and systems in place needed to ~~improve operations. Their first course~~bolster occupancy, increase resident retention, and address five years of ~~action was~~deferred maintenance. Management continues to focus on leasing and marketing, and requires that the site manager and supervisor submit a written rent-up plan for review by senior management. Occupancy increased in 2010 and 2011, to an average of 96% for both years. Through the second quarter of 2012, occupancy has averaged 94%, with current occupancy at 84% as of June 30, 2012. While operations have improved since the operating general partner transfer, the property continues to operate below breakeven due to high maintenance expenses as management continues to address ~~all~~five years of deferred maintenance ~~issues~~ at the ~~property, which~~property. The operating general partner states that they ~~completed in July and August of 2010. Improvements included repairs to stairways, concrete drives, and walks. There were over $20,000 in replacement reserve withdrawals used to address deferred~~expect maintenance items inherited upon the property's transfer. Funds were used for flooring, refrigerator and range replacement, stairwell painting, coil cleaning, pressure washing, and new windows. Occupancy improved 16% from 2009 to average 96% in 2010, although operations remained below breakeven. Occupancy remained high in 2011, averaging 96% through the fourth quarter. The property's expenses have decreased by approximately 30% in 2011, showing signs that the property's expenses are beginning to normalize. The property operated above breakeven for the year, and management expects operations to continue to ~~improve~~decrease as ~~expenses~~the amount of deferred maintenance at the ~~property begin to stabilize.~~site has decreased. The investment general partner intends to continue to monitor occupancy and expenses at the site, and ~~occupancy~~intends to continue to work with the new operating general partner until operations stabilize. The low income housing tax credit compliance period expires on December 31, 2012.

Athens Partners, LP (Park Village Apartments) is an 80-unit family property located in Athens, TN. Through the ~~fourth~~second quarter of ~~2011,~~2012, the property continued to operate above ~~breakeven and it closed the fourth quarter 89% occupied. During~~breakeven. Park Village ended the second quarter of 2012 with 95% physical occupancy. During 2011 the property sustained wind damage caused by severe thunderstorms. No residents were displaced as a result of the wind damage and the repairs were completed to the property in November 2011. All mortgage, tax and insurance payments are current. The low income housing tax credit compliance period ~~for Athens Partners, LP~~ expires on December 31, 2013. ~~Since the repairs are complete and~~As the property has stabilized and is ~~consistently~~now operating above breakeven, the investment general partner will cease reporting for Athens Partners, LP subsequent to ~~December 31, 2011.~~June 30, 2012.

In January 2012, the investment general partner transferred its interest in Milton Senior LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,167,648 and cash proceeds to the investment partnership of $35,099. Of the total proceeds received, $3,840 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,070 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $26,189 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $26,189 as of January 31, 2012.

In January 2012, the operating general partner of Clubview Partners entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on March 1, 2012. The sales price of the property was $3,500,000, which included the outstanding mortgage balance of approximately $3,404,135 and cash proceeds to the investment partnership of $13,805. Of the total proceeds received by the investment partnership, $2,935 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds from the sale of $10,870 will be returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $10,870 as of March 31, 2012.

In July 2012, the investment general partner of Boston Capital Tax Credit Fund IV LP - Series 28 transferred its interest in Evangeline Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $929,592 and cash proceeds to the investment partnership of $32,200. Of the total proceeds received, $23,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $6,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed basedon the number of BACs held by each investor at the time of distribution.

In July 2012, the investment general partner transferred its interest in Ashberry Manor, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $689,877 and cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $15,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the" RRN") with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 5 years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment general partner transferred its interest.

Series 29

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the Series was 99.2%. The series had a total of 21 properties at ~~December 31, 2011,~~June 30, 2012, of which 20 were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 29 reflects a net loss from Operating Partnerships of ~~$(606,708)~~$(191,811) and ~~$(1,098,590)~~$(240,753), respectively, which includes depreciation and amortization of ~~$1,732,816~~$608,805 and ~~$1,953,609,~~$594,590, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Collins Housing Limited Partnership (The Meadows Apartments) is a 36-unit, family property located in Collins, Mississippi. The property operated below breakeven in 2011 primarily due to low occupancy. Collins Housing ended the second quarter of 2012 at 75% physical occupancy. Due to weak and declining economic conditions, which began in 2010 and have continued through the second quarter of 2012, many employers have either closed or significantly reduced employee hours. Because a large portion of the tenant base is composed of hourly-wage employees, evictions and move outs have increased. Management reported that residents who are no longer able to afford their rent continue to move back in with friends or family. Due to the property's rural location, traffic has been limited. Management has been aggressively marketing the community by distributing fliers throughout the area and having brightly colored directional signage installed. Additionally, a tenant referral program and move-in specials are being offered.

Furthermore, during the first quarter of 2012 the property sustained fire damage, which occurred when a resident left their stove on and unattended. No one was injured but the fire spread through the attic and caused significant damage. All displaced residents temporarily relocated to live with family or moved into vacant units at the property. The cost to repair the damage will be approximately $345,000 and will be covered entirely by insurance proceeds. As of June 30, 2012 the demolition associated with the repairs had been completed. In May of 2012, the operating general partner submitted a tax credit application; the result of the application is expected to be determined in the third quarter of 2012. If tax credits are awarded, the building will be rebuilt at the time of rehabilitation. If not, the operating general partner will start rebuilding as soon as possible. All the units must be placed in service before December 31, 2014 to avoid recapture. The operating general partner does not anticipate having any difficultly meeting that deadline. The mortgage payments, taxes, insurance and accounts payable are all current. On December 12, 2012, the 15-year low income housing tax credit compliance period will expire with respect for The Meadows Apartments.

Lombard Partners, LP (Lombard Heights Apts.), located in Springfield, Missouri, operated below breakeven starting in 2005. The property suffered from ineffective management, which led to poor physical condition and low occupancy. Average occupancy was 72%, 47% and 70%, respectively, in 2005, 2006 and 2007. In the first quarter of 2007, the investment general partner learned that the property was five months in arrears on its mortgage and that the lender had issued a notice of default. The lender replaced on-site management with a third-party management company at the end of the second quarter of 2007. To stabilize the property, the lender depleted the replacement reserve account to fund unit turnovers, which improved occupancy to the mid-90%s. The investment general partner and the lender discussed a possible workout, which included replenishing the reserves and paying down the outstanding mortgage. In December 2007, the lender polled the bondholders for their preference in resolving the default. They were given the options of foreclosure sale, 18-month debt forbearance as part of a workout plan, or refinancing the property. On June 30, 2008 the lender notified the investment general partner that the bondholders had approved proceeding with a foreclosure sale. The property was sold on July 31, 2008 for $772,800. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain from the sale of the Operating Partnership has been recorded.

As a result of the foreclosure, the Operating Partnership lost remaining credits of $47,840. The investment general partner has determined that the new owner will not continue to operate the property as a Section 42 property. As a result, the Operating Partnership also experienced recapture and interest of $199,516. This represents a loss of tax credits, and recapture and interest of $12 and $49, respectively, per 1,000 BACs. The investment general partner has started to pursue the guarantors under the guaranty with a view to recovering the investment general partner's losses. Counsel recently resolved jurisdictional issues and is now pursuing the guarantors in Massachusetts. Additionally, the operating general partner's attorney withdrew as counsel in September 2009. While the individual guarantors have the option of representing themselves, the court ordered the operating general partner's ownership entity to obtain new counsel and file a notice of appearance by November 6, 2009, which it did not do. This failure to comply with the court order now exposes the defendants to the risk of sanctions up to and including a default judgment. The investment general partner's counsel filed a motion for sanctions with the court in December 2009 that led to the scheduling of a court hearing on this matter in May 2010. In late May 2010, the court granted the investment general partner's motion for sanctions. The hearing on the sanctions occurred on January 31, 2011. On March 30, 2011 the court approved a damages judgment of $389,043, plus legal costs and interest of $29,726. This development likely increases the chance of some recovery from the guarantors; however, the size of that recovery is difficult to predict since the guarantors' financial situation is unknown to the investment general partner at this time. As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion "in aid of judgment" in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. A ruling on this motion was expected by the end of the second quarter of 2011; however, that did not occur as a result of local Missouri counsel not filing the petition to register the judgment until ~~late in the third quarter~~October 6, 2011. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to squash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in ~~January 2012. It is now expected that~~Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This sent the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner's motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner has been notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery. Counsel for the investment general partner anticipates that it will take ~~place~~the deposition of the operating general partner in ~~late February~~the third quarter of 2012. To date, the parties ~~have been~~remain unable to agree on the ~~appropriate~~suitable size of a settlement.

Bryson Apartments, Limited Partnership (Pecan Hill Apartments) is a 16-unit development located in Bryson, TX, which has a population of approximately 500. With only 16 units, the occupancy at the property fluctuates significantly when only two or three units become vacant. The property operated below breakeven in the first half of 2010 due to low average occupancy of 88% and increased operating expenses. Increased marketing efforts resulted in improved occupancy in the second part of the year. As of December 2010, the property was 90% occupied, and it operated above breakeven in 2010. Through the fourth quarter of 2011, the property was ~~87%~~91% occupied and was operating at breakeven. In the second quarter of 2012, occupancy continues to be strong at 88%, but the property is operating with slight deficit. The operating general partner continues to fund deficits as necessary. The mortgage, taxes and insurance are all current. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Bryson Apartments, Limited Partnership.

Northfield Apartments III, LP (Willow Point Apartments III) is a 120-unit property located in Jackson, Mississippi. ~~Through the fourth quarter of 2011, the~~The property continued to operate below breakeven through the second quarter of 2012 due to low occupancy, high ~~maintenance~~operating expenses, insufficient rental rates and ~~utility expenses. Occupancy trended downward in~~burdensome debt service. Although occupancy ended June 2012 at 94%, the ~~second half of the year, but the property still had an~~ average occupancy year to date remained low at 84%, compared to 91% in 2011. According to management, despite the unemployment rate declining from 10.3% in July 2011 to 8.2% in June 2012 resident skips and eviction for non-payment of ~~90% for~~rent remain problematic. The tenant base has a large hourly-wage employee component and the ~~year 2011. Management noted that many~~recovering job market has resulted in a continued reduction of hours. Additionally, management struggles to stabilize occupancy because the ~~move-outs were residents who moved~~Jackson market is saturated with newer affordable units at comparable rents. Consequently, rents have been adjusted downward to $100 below the maximum allowable rates to remain competitive. The constant tenant turnover has resulted in ~~during the $99 move-in promotion and were unable to make timely rental payments. Maintenance expenses remained high as management continued to turn vacant units. Additionally,~~increased maintenance costs. In addition, the property is older and many fixtures require repair and replacement on a consistent ~~basis, therefore high maintenance~~basis. Maintenance expenses are expected to negatively impact the property for the foreseeable future. ~~During~~Operating expenses are also adversely impacted by the ~~third quarter,~~high water rates charged by the water company in Jackson, MS. The investment general partner ~~conducted a site visit~~continues weekly communication with the operating general partner to ~~inspect the physical condition of the property, analyze the local market~~discuss operations and interview the property management team. While the management team appeared qualified for the role, the property is tired and shows signs of wear. Further, the Jackson market is saturated with affordable units and the property faces competition from newer affordable communities. occupancy concerns.

All mortgage ~~tax~~ and insurance payments are current as of ~~December 31, 2011. However, during the third quarter of 2011, the lender had to advance funds to pay delinquent 2010 real estate taxes. While~~June 30, 2012. To date, the 2011 real estate taxes, ~~are not considered delinquent yet, it is unlikely that~~approximately $54,130 which were due on February 1, remain outstanding with interest accruing at 1% per month. In 2011, the ~~property will have~~lender advanced funds sufficient ~~cash flow~~ to pay the ~~2011 taxes. The~~full tax bill. Note that the lender ~~may be unwilling~~has communicated to ~~advance additional funds to pay the 2011 real estate taxes and~~ the operating general partner that it may not be willing to fund 2011 taxes. The operating general partner, who is no longer under an operating deficit guaranty, has limited capacity to fund deficits. ~~On December 31,~~If the 2011 tax bill is not paid by August 27, 2012, a priority lien will be placed against the property and sold to a third party investor who can then charge the operating partnership an 18% interest rate on the unpaid tax amount. The 15-year low income housing tax credit compliance period ~~will expire~~ with respect to Northfield Apartments III, ~~LP.~~LP will expire on December 31, 2012. However, if the property is foreclosed in 2012, the estimated tax credit recapture cost and interest penalty of $173,404 is equivalent to recapture and interest of $43 per 1,000 BACs.

Forest Hill Apartments, L.P. (The Arbors) is an 85-unit senior property located in Richmond, VA. Through the fourth quarter of 2011, the property operated with an average physical occupancy of ~~86%~~87%. ~~Physical~~However, occupancy ~~continued to decline throughout~~declined significantly during the fourth quarter. As of December 31, 2011, the property's physical occupancy was 72%. In December 2009, Forest Hill leased 20 units to residents that were displaced by a fire at a nearby senior property with HUD subsidized rents. As of the third quarter 2011, repairs had been completed on the damaged property and it was leasing again. Many of the residents that were relocated to Forest Hill in 2009 returned to their former property in late 2011, causing an occupancy issue at Forest Hill. Forest Hill continued to operate below breakeven in 2011 due in large part to the ongoing vacancy challenges. The management company, an affiliate of the operating general partner, appears focused on marketing initiatives to increase applicant traffic and occupancy. Physical occupancy ~~is projected~~has improved to ~~improve~~93% as of June 30, 2012. Due to ~~80% in~~increased expenses associated with advertising and marketing, as well as increased maintenance costs, the ~~first~~property continues to operate below breakeven through the second quarter of 2012. The mortgage, real estate taxes, and property insurance escrows are current. The operating general partner continues to fund all operating deficits as necessary. On December 31, 2013, the 15-year low income housing tax credit compliance period will expire with respect to Forest Hill Apartments II, LP.

Westfield Apartments Partnership (Westfield Apartments) is a 40-unit development located in Welsh, Louisiana. Occupancy averaged 85% and 74% in 2009 and 2010, respectively. In 2011, occupancy decreased further to average 68% for the year. However, in the fourth quarter, occupancy started to stabilize and reached 80% by year-end 2011. As of June 30, 2012, occupancy is 68%. The property operated atwith a cash deficit in both 2010 and 2011 due to low revenues and fluctuating expenses. The investment general partner ~~intends~~will complete a site visit in 2012 to ~~monitor~~inspect for potential deferred maintenance issues at the site due to significantly reduced maintenance expenses from prior years. All real estate tax, mortgage, and insurance payments are current. The 15-year low income housing tax credit compliance period will expire on December 31, 2013.

Series 30

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 30 reflects a net loss from Operating Partnerships of ~~$(500,799)~~$(189,533) and ~~$(641,831)~~$(180,033), respectively, which includes depreciation and amortization of ~~$860,627~~$253,602 and ~~$918,764,~~$297,689, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Bellwood Four LP (Whistle Stop Apartments) is a 28-unit complex in Gentry, Arkansas. Occupancy has historically been low at the property, as it is in a very rural area with limited rental demand. ~~The property is operating slightly below breakeven with 75%~~Average occupancy was 76% in 2011, and has further dropped to 64% as of ~~December 2011. There~~June 2012. Occupancy has been ~~a recent decrease~~particularly low in ~~occupancy due to~~2012 as management has increased evictions for non-payment of rent. ~~With~~Due to the ~~goal of increasing~~poor occupancy, the property is operating below breakeven. Management expects occupancy to trend upward now that the evictions have been made. Additionally, in an effort to increase occupancy, management continues to run advertisements in local media outlets and distributes fliers in adjacent towns in hopes of attracting qualified tenants. Management ~~is in contact~~has an ongoing dialogue with the local ~~HUD~~Department of Housing and Urban Development office seeking new residents and aid for current residents who have difficulty making rent payments. Management notes that Gentry is not as desirable as nearby Shiloam Springs, and that the local applicant pool consists primarily of food factory employees, most of whom exceed income qualifications. As a rental incentive, management ~~is offering~~continues to offer two months of free electricity. ~~The property has recently had high operating expenses due to turnover costs incurred to get units rent ready.~~ In an effort to minimize expenses, property management completes as many work orders as possible in-house. ~~The local economy continues to suffer from job cuts at local factories.~~ The mortgage, taxes and insurance are current. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Bellwood Four LP.

JMC, LLC (Farwell Mills Apts.) is a 27-unit property in Lisbon, ME. ~~Despite occupancy of 93% as of December 31, 2011, the~~The property continued to operate below breakeven in the second quarter of 2012 due to ~~high bad debt,~~low occupancy, high turnover costs, and required improvements to the property. ~~Management's eviction~~Occupancy remained low at 85% as of June 30, 2012 as management evicted residents for non-payment of ~~rent contributed~~rent. Management is working diligently to ~~high bad debt~~increase leasing by accepting and processing applications on-site rather than in ~~December 2011.~~the corporate office. The investment general partner will shop the new occupancy specialist in the third quarter of 2012. Management advertises the property twice a week on Craigslist and Postlets and continues to offer a move-in special of the first month free and $299 applied toward the security deposit. Although there is a constant flow of traffic from Craigslist, numerous applicants are denied due to insufficient landlord references. Due to the age of the property, management continues to make a number of necessary improvements during unit turns. These items cannot be reimbursed from the replacement reserve as the reserve has been depleted. In the fourth quarter, the property also experienced an increase in heating, ventilation, and air conditioning service calls for repairs and replacements which further contributed to high maintenance expenses. The property currently has a waitlist of 41 applicants and occupancy remains strong. Since occupancy remains strong and toTo offset high maintenance expenses, management ~~plans on implementing~~implemented a 2.5% rent increase effective April 1, 2012. In the second quarter, the investment general partner conducted a site visit to assess the property's physical condition and meet with management to discuss operations. The property was found to be in good physical condition. The operating general partner funds cash deficits by deferring fees owed to his management and maintenance companies. All tax, insurance, and mortgage payments are current. The operating general partner's operating deficit guarantee, capped at $400,000, expires in July 2013. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to JMC, LLC.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA. ~~The property~~Occupancy has had inconsistent occupancy levels since 2003. In 2009, occupancy declined to a low of 77%, but rebounded to 87% by year-end 2010. The property operated above breakeven in 2010 due to reduced vacancy loss and lower maintenance costs. Other tax credit communities in the area have been able to operate with high occupancy levels while also having the ability to charge higher rents than Western Trails II. This is primarily due to their communities being newer with superior amenities including additional bathrooms, garages, swimming pools and exercise facilities. There are four major competitors located within a few miles of Western Trails Apartments II. Average occupancy declined from ~~95%~~100% in ~~2010~~March 2012 to ~~91% in 2011. Management attributed the drop in occupancy to flooding concerns in the Council Bluffs and Carter Lake section~~83% as of ~~Iowa.~~June 30, 2012. As ~~severe flooding continued through early 2011, Pottawattamie County leaders declared~~ a disaster on May 31, 2011, resulting in evacuations, voluntary power outages and road closures. Many residents of Council Bluffs chose to live with family members out of state or at nearby properties not threatened by a levee break along the Missouri River. Althoughresult, the property is ~~outside~~operating below breakeven. The rental market in the ~~100-year floodplain~~surrounding area continues to be a challenge. Deficits are funded through Operating General Partner advances. In February 2012, the HOME loan was amended to defer principal and ~~has not been affected by local flooding, management saw a significant decline in traffic. The operating general partner negotiated~~interest payments until August 15, 2012. A payment of ~~past due audit fees in 2011, which resulted in higher administrative costs. Due to lower occupancy~~$9,353 is owed on August 15, 2012, $10,304 on August 15, 2013, $11,250 on August 15, 2014 and ~~higher administrative costs,~~ the ~~property operated below breakeven in 2011.~~remaining principal balance of $165,111 on August 15, 2015. The taxes, insurance, and mortgage payments are all current. The low income housing tax credit compliance period expires on December 31, 2013.

Millwood Park, LP (Millwood Park Apartments) is a 172-unit family property in Douglasville, Georgia. Historically, the property has struggled in this highly competitive market. Management utilizes move-in specials and increased advertising with local businesses and rental guides. As part of the Operating Partnership restructuring in June of 2008, the new operating general partner agreed to extend the expiring operating deficit guarantee through September 2011. Deficits have been and continue to be largely funded by operating general partner advances along with accruing management fees. The investment general partner found the property to be in ~~excellent~~good physical condition ~~upon~~during a site inspection in ~~March 2011.~~January 2012. In 2010, 2011 and the first half of 2012 the property operated below breakeven primarily due to high operating expenses, bad debt, high vacancy losses, and a burdensome debt service.

~~Through~~ During 2011, occupancy averaged 89%, although it declined to an average of 81% for the fourth quarter of ~~2011,~~2011. During the first quarter of 2012 occupancy started to improve averaging 85% for the quarter and ending at 87% at March 31, 2012. This positive leasing trend was sustained in the second quarter of 2012 with occupancy averaging ~~89%, but declined to 80% as of December 31, 2011.~~91%. The property continued to operate significantly below breakeven in ~~2011.~~2011 and the first half of 2012. The property continues to offer the $99 move-in special along with reduced rental rates of $599 for two-bedroom units and $695 for three-bedroom units. Management also offers complimentary carpet steam clean and touch up painting to all current residents that renew within 30 days of the lease expiration date. The operating general partner hired a third party consultant to formulate a new marketing plan during the third quarter of 2010. This plan was still in effect through the ~~fourth quarter~~first half of ~~2011.~~2012.

The property manager resigned effective March 1, 2011 and the assistant property manager was promoted. The new property manager continues to focus on resident retention efforts by hosting monthly tenant birthday gatherings, lease renewal parties, crime awareness meetings, and an after school program. The private security company continues to have a positive impact as crime at the property has decreased. Management will continue to fund the private security operations with the hope that the decrease in home invasions will have a residual effect on surrounding community violence, increasing property appeal and occupancy. A new maintenance supervisor was hired in May 2011. The operating general partner hired a new regional director of operations in the fourth quarter to oversee its Georgia portfolio. The operating general partner has funded all operating deficits through ~~2011.~~2011 and the first half of 2012. In January of 2012, the operating general partner informed the investment general partner that ~~their~~its ability and/or willingness to continue to fund operating deficits for the remainder of the compliance period ~~will~~would be severely limited. Both parties are discussing scenarios to assess additional funding sources for 2012 and beyond. The operating general partner continues to have regular conversations with the lender about re-structuring the existing mortgage debt; however, no definitive plan has been offered by the lender. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Millwood Park. The effective date of the management change will be August 15, 2012. The investment general partner intends to monitor this change to determine whether the new management company is able to deliver better operating results for Millwood Park. All tax, insurance, and mortgage payments are current ~~through 2011.~~as of June 30, 2012. The low income housing tax credit compliance period expires on December 31, 2014. If the property is foreclosed in 2012, the estimated tax credit recapture cost and interest penalty of $333,404 is equivalent to tax credit recapture and interest of $123 per 1,000 BACs.

In December 2010, the investment general partner transferred its interest in Byam, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $722,105 and cash proceeds to the investment partnership of $163,641. Of the total proceeds received, $2,300 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $10,000 was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $151,341 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $151,341 as of December 31, 2010. In addition, the investment partnership received ~~an unsecured note payable in the amount of $73,946. Payment under the note is~~$72,943 that was contingent upon several factors including timely completion of a minor rehabilitation ~~at the property.~~on June 25, 2012. The additional proceeds were returned to cash reserves.

Hillside Terrace Associates, LP (Hillside Terrace Apartments) is a 64-unit property in Poughkeepsie, NY. In ~~2010,~~the first half of 2012, the property's occupancy averaged ~~99% and the property operated well above breakeven. Occupancy averaged~~ 100% ~~through December 31, 2011 and the property continued to operate above breakeven.~~. While the property's ~~occupancy and~~ operations are ~~strong,~~stable, the property encountered a problem with its septic system's leeching field. Since its installation in 2000-2001, the field has failed to perform in a consistent manner. As a result, management initiated a program to pump the system monthly. Over the years, the pumping has occurred more frequently due to flooding in the field. In an effort to temporarily reduce the flooding and associated pumping costs, the property has effectively reduced its flow rate by utilizing conservation methods including low-flow faucets and front loading washing machines. As a more permanent solution, the investment general partner and the operating general partner ~~are in~~began negotiations with the abutting property owner to connect to its sewer system. The negotiation bogged down in late 2011 due to an unrelated conflict between the abutter and the Town of Poughkeepsie. As of the first half of 2012, the conflict has been resolved and the agreement has been signed with the neighboring land owner. The investment general partner intends to continue to work with management and the operating general partner ~~in an effort~~ to remedy the failed septic system. Operating expenses were higher than projected because of higher utility and maintenance costs related to the septic system issue; however, the property was still able to generate cash due to higher rents than projected and strong occupancy. Another issue was that the Operating Partnership underfunded its operating reserve account per the terms of the lender's regulatory agreement. This technically represents an event of default, which could result in demanding immediate full payment of the loan. Based on history with the lender, management does not believe the loan will be called. The investment limited partner intends to work with the investment general partner on soliciting a loan covenant waiver to ensure that the mortgage will not be called. The low income housing tax credit compliance period expires on December 31, 2014.

Jeffries Associates Limited Partnership (New River Gardens) is a 48-unit property located in Radford, Virginia. In 2011, the property operated well above breakeven with an average of 89% occupancy. Nevertheless, occupancy started to decline significantly in the fourth quarter of 2011, and occupancy averaged only 75% through June 2012, causing the property to operate below breakeven. Management attributes the recent decline in occupancy to tough competition from the overbuilt local tax credit market, depressed local economy, and the appeal of its own sister property. Soft market conditions due to the overbuilt market have resulted in the property's rents (1 BR - $385, 2 BR - $425) being comparable to market-rate rents and numerous other tax credit properties. The sister property has 100% Rural Development rental assistance and while that property has a waiting list, those applicants are unwilling to move into Jeffries Associates as it does not have rental assistance. To improve traffic, management continues to ask other regional properties to refer applicants, as well as advertise in two local papers and two rental guides, and by distributing fliers at supermarkets, doctors' offices, and laundromats. In May 2012, USDA-RD approved a rental incentive equal to one month's free rent, and management hopes that the incentive will improve occupancy. Expenses remain within budget, and management does not anticipate requiring any large capital repairs this year. The investment general partner intends to continue to work with management and the general partner to ensure that occupancy improves and expenses remain under control. The mortgage, taxes, and insurance are current.

Series 31

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 26 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 31 reflects a net loss from Operating Partnerships of ~~$(457,824)~~$(246,647) and ~~$(824,707)~~$(186,658), respectively, which includes depreciation and amortization of ~~$2,299,553~~$785,072 and ~~$2,469,896,~~$745,936, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Canton Housing One, LP (Madison Heights Apartments) is an 80-unit property located in Canton, Mississippi. Occupancy was ~~75%~~80% at the end of the ~~fourth~~second quarter of ~~2011.~~2012. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. In addition, there were several gang-related incidents at or near the property in 2010. Because of the gang activity, management hired a police officer to patrol the site and is working with the local police department to ensure extra patrols and support for the property. These actions have increased security at the site. Management has also taken several measures in its effort to increase occupancy. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. Further, arrangements were made to employ a full-time manager at the site and extra personnel have been hired to turn vacancies. As a result of low occupancy, the property operated below breakeven in the ~~fourth~~second quarter of ~~2011.~~2012. All mortgage, insurance, and tax payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period will expire with respect to Canton Housing One, LP.

San Angelo Bent Tree, LP (San Angelo Bent Tree Apartments) is a 112-unit development located in San Angelo, Texas. As of December 31, 2011, occupancy was 96%; however, the property operated below breakeven due to low economic occupancy coupled with high operating expenses, specifically administrative, maintenance, utilities and bad debt. Management's marketing strategy focused on aggressive business and community outreach programs coupled with print and on-line advertising. To promote resident retention and appeal to prospective residents, management organizes weekly social events and free monthly workshops for residents on various topics. In order to increase and maintain strong physical occupancy, management offers incentives and concessions. They are currently offering a one-month concession prorated over a 12-month period, a $200 resident referral gift card incentive, and a finder's fee of one month's rent to realtors who bring in qualified residents. Utility expenses in 2011 increased over 2010 levels, due to an increase in water/sewer rates. To reduce utility expenses, management organizes informational seminars for residents on reducing consumption and puts out a monthly newsletter that outlines various energy conservation tips. The operating general partner continues to fund operating deficits as needed. The investment general partner will continue to monitor the property's performance. All real estate tax, mortgage, and insurance payments are current. On December 31, 2013, the 15-year low income housing tax credit compliance period will expire with respect to San Angelo Bent Tree, LP.

Riverbend Housing Associates, LP (Riverbend Estates) is a 28-unit development in Biddeford, ME. The property continued to operate below breakeven through the ~~fourth~~second quarter of ~~2011~~2012 as a result of low average occupancy in the first quarter and high administrative and maintenance expenses. ~~As of December 31, 2011,~~Although the property ~~was 82% occupied. Management continues~~averaged 86% occupancy in the first quarter, occupancy rebounded to ~~advertise the property on websites such~~100% as ~~Craig's List and~~of June 30, 2012. Occupancy increased as management began accepting tenants at lower income levels. The ~~Apartment Guide. They are also offering rental incentives including one month of free rent and $300 for resident referrals. Marketing efforts have generated rental inquiries; however, the~~ majority of the rental applicants only satisfy the 30% and 40% area median income standard, rather than the ~~required~~targeted 60%. level. Since the four remaining vacant units ~~are~~were at the ~~50%~~60% level, management lowered the 60% rents to the 50% rents; however, applicants cannot even afford this level. Management continues to reach out to the 36 people on the waitlist to determine if they can afford the 50% rent and is looking into renting some of the 60% units at 40% rent ~~levels.~~level. The property ~~has also~~ suffered from high administrative and maintenance expenses as a result of evictions for non-payment of rent ~~occurring~~and appliance replacements due to the age of the property. To offset high administrative and maintenance expenses, management implemented a 4.5% rent increase effective April 1, 2012. To further reduce expenses, management is in the ~~previous quarters.~~process of changing the hot water actuator valves to separate the forced hot water from the domestic hot water. This will save the property money by eliminating the hot water from constantly circulating and producing heat in the hallways in the summer months. In the second quarter, the investment general partner conducted a site visit to assess the property's physical condition and meet with management to discuss operations. The property was found to be in good physical condition. All tax, insurance, and mortgage payments are current. The operating general partner is responsible for funding operating deficits, capped at $300,000, through the end of the tax credit compliance period. The operating general partner funds cash deficits by deferring fees owed to his management and maintenance companies. On December 31, 2013, the 15-year low income housing tax credit compliance period will expire with respect to Riverbend Housing Associates, LP.

Seagraves Apartments, L.P. (Western Hills Apartments) is a 16-unit property in Ferris, TX. Occupancy decreased to an average of 77% through 2011, and the property operated below breakeven. Through June 2012, occupancy is 79%, and the property continues to operate below breakeven. The operating general partner states that it has become difficult to attract qualified applicants who can afford the rent because the property does not offer full rental assistance. Management continues to market the property through advertisements in local newspapers and fliers. Rental traffic has increased as a result of the marketing; however, the traffic has resulted in unqualified applicants. The operating general partner continues to monitor occupancy and operations at the property, and is currently considering concessions to qualified applicants. The operating general partner continues to fund deficits. All real estate taxes are current. The investment general partner intends to continue to monitor occupancy and operations to ensure that occupancy rises above 90%, and the property returns to breakeven operations. The low income housing tax credit compliance period expires on December 31, 2014.

Series 32

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 32 reflects a net loss from Operating Partnerships of ~~$(939,428)~~$(298,456) and ~~$(1,178,741)~~$(283,235), respectively, which includes depreciation and amortization of ~~$1,615,614~~$516,648 and ~~$1,726,241,~~$547,892, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2010, the investment general partner sold its membership interests in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. A gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010.

In August 2010, the operating general partner of FFLM Associates - Carriage Pointe entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on September 24, 2010. The sales price of the property was $775,000, which included the outstanding mortgage balance of approximately $115,914 and cash proceeds to the investment partnerships of $75,000 and $75,000 to Series 32 and Series 33, respectively. Of the total proceeds received, $15,000 and $15,000 from Series 32 and Series 33, respectively, was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of $60,000 and $60,000 were returned to cash reserves held by Series 32 and Series 33, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amounts of $60,000 and $60,000 for Series 32 and Series 33, respectively, as of September 30, 2010.

Indiana Development, LP (Clear Creek Apartments) is a 64-unit development, located in North Manchester, Indiana. In the years prior to 2008, the property operated considerably below breakeven as a result of low occupancy and incurred significant cash deficits. During that period, the operating general partner, who does not have an affiliated management company, engaged five different management companies. In early 2008 in connection with a portfolio-wide debt restructuring, the operating general partner engaged the current third party management company to manage its portfolio of LIHTC properties including Clear Creek Apartments. This management company appears more effective than any of the previous management firms and operations have moderately improved. ~~In 2011~~For the quarter ending June 30, 2012, average occupancy was ~~96%~~97% compared to average occupancies of ~~93%~~96% and ~~94%~~93% reported for 2011 and 2010, ~~and 2009,~~ respectively. ~~Despite strong occupancy,~~For the quarter ending June 30, 2012 the property ~~continues to operate below breakeven. In 2011,~~expended net cash flow ~~expended from property operations totaled~~of approximately ($~~15,000)~~6,000). Net cash flows expended from property operations totaled ($~~23,707)~~32,066) and ($~~3,499)~~23,707) in ~~2010~~2011 and ~~2009,~~2010, respectively. Although the quality of the tenant base and physical occupancy ~~has~~have improved since 2009, administrative, maintenance ~~expenses~~ and bad debt expenses remain high. Also, although rental rates have ~~remained~~recently begun to increase with higher occupancy rates, they remain at a reduced level in order to compete with other properties in the sub-market. The local economy in northern Indiana has improved slightly but overall remains weak. To date, the operating general partner has funded all operating deficits, although its unlimited operating deficit guarantee expired in September 2004. The operating general partner financed operating deficits of $41,123 and $30,012 in 2011 and ~~$17,399 in~~ 2010, ~~and 2009,~~ respectively. The mortgage, tax and insurance payments are current as of ~~December 31, 2011.~~June 30, 2012.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 35-unit co-op property in Harlem, New York. The property operated below breakeven in 2005, 2006, 2007, and 2008 due to high utility, maintenance and administrative expenses combined with collection loss. Operations improved to above breakeven status in 2009. ~~Occupancy averaged 100% in 2010.~~ Due to high bad debt and operating expenses, the property operated slightly below breakeven in 2010. Occupancy was 100% as of June 30, 2012 with operations back above breakeven status. Excessive ~~receivable~~receivables and accounts payable ~~balances continue~~continued to hinder ~~operations. Winn Residential became~~operations as the property operated significantly below breakeven in 2011. The deficit was funded by drawing down $46,000 of operating reserves in addition to accruing another $45,000 of payables. In their first full calendar year of managing operations, management was proactive in evicting delinquent tenants and raising the rents for new ~~managing agent effective October 1, 2010. The property reported 100% occupancy through the fourth quarter of 2011. Utility costs declined in 2011 due~~tenants to an amount closer to the installation of retrofit kits supplied by the local water company. The operating general partner informed the investment general partner of a water bill rebate that will be applied to the 2011 utility bill. Since Winn Management began oversight of the property, it has repaired the boilers and roof. Some of the tenants' apartments were also renovated due to damages from a roof leak. The mortgage and insurance are current. The property is real estate tax exempt, and the property is operating below breakeven with fully funded reserves. Higher vacancy loss due to evictions and elevated bad debt are the predominant factors contributing to the 2011 deficit.credit maximum. The investment general partner met with ~~Winn Management~~management in ~~early~~ January of 2012 to review the 2012 operating budget and initiatives. Management did implement rent increases averaging 3% in January 2012. The investment general partner is ~~projecting a 5% rent increase effective in~~scheduled to meet with management during the ~~first~~third quarter of 2012 to discuss the timely payment of vendor invoices and operations. The outstanding payables balance decreased from $78,000 at year end 2011 to $64,815 at the end of the second quarter 2012. The operating general partner has formally addressed all maintenance issues that were raised during the investment general partner's 2011 site visit. The mortgage and insurance are current and the property is tax exempt. The low income housing tax credit compliance period expires on December 31, 2015.

Athens Partners, LP (Park Village Apartments) is an 80-unit family property located in Athens, TN. Through the fourth quarter of 2011, the property continued to operate above breakeven and it closed the fourth quarter 89% occupied. During the second quarter of 2011 the property sustained wind damage caused by severe thunderstorms. No residents were displaced as a result of the wind damage and the repairs were completed to the property in November, 2011. All mortgage, tax and insurance payments are current. The low income housing tax credit compliance period for Athens Partners, LP expires on December 31, 2013. Since the repairs are complete and the property is consistently operating above breakeven, the investment general partner will cease reporting for Athens Partners, LP subsequent to December 31, 2011.

Series 33

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 33 reflects a net loss from Operating Partnerships of ~~$(383,586)~~$(116,223) and ~~$(459,003)~~$(162,679), respectively, which includes depreciation and amortization of ~~$701,617~~$224,779 and ~~$750,722,~~$250,428, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit family property ~~located~~ in Dallas, GA. The property ~~operated~~continued to operate below breakeven through the ~~fourth~~second quarter of ~~2011 as a result~~2012 due to low economic occupancy, high operating expenses and burdensome debt service. Despite physical occupancy averaging 91% through the first half of 2012, ending June at 93%, evictions for non-payment of rent remain problematic, resulting in high ~~concession~~vacancy loss and ~~high~~bad debt. Furthermore, consistent turnover has caused maintenance ~~expenses. At~~costs to remain high. To help mitigate these losses and with occupancy stabilized above 90%, management eliminated the ~~close of the fourth quarter the property was 93% occupied. Management continues to offer a~~ongoing concession of ~~one~~ half off the first month's ~~rent. Given the weak local economy, the concessions are necessary~~rent in June 2012. In order to keep occupancy strong. Turnover remains a challenge for the property; each month several residents are forced to vacate units for non-payment. The high turnover has caused maintenance expenses to remain high. Additionally, the vendor hired to turn the vacant units shut off the partnership's account due to non-payment. However, management was successful in finding another vendor to complete the unit turns. To reducelimit turnover and ~~improve~~reduce bad debt, management remains focused on building a strong resident profile. As such, a formal applicant approval process is in place, including credit, criminal and rental background checks. In addition, because Georgia is a tenant-friendly state, causing the ~~resident base,~~eviction process to be lengthy, management ~~changed~~uniformly issues eviction notices to all delinquent tenants on the ~~resident referral program. Moving forward, the referral fee for current residents will increase with every new referral that signs~~sixth of each month. Although a ~~lease. During the~~ third quarter of 2011, there was a grease fire in one unit. The unit sustained fire damage and the unit below sustained water damage. Management contacted the insurance company and at the close of the third quarter was finalizing a contract for the repairs to the damaged units. All work to the units damaged from the fire was completed in the fourth quarter of 2011 and contractors haveparty collection agency is also engaged, success has been ~~paid in full. All mortgage and insurance payments are current as of December 31, 2011. The real estate taxes for this property were delinquent as of December 31, 2011.~~limited. The operating general partner is currently ~~working~~attempting to refinance the mortgage debt, which has an interest rate of 7.85%, significantly higher than current market rates. To help facilitate the refinance, the lender formally waived the yield maintenance penalty on ~~a plan to pay~~June 18, 2012; the waiver expires on October 15, 2012. The operating general partner is currently in the process of completing the required third party reports. All mortgage, insurance and real estate ~~taxes in the first quarter~~tax payments are current as of June 30, 2012.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property ~~located~~ in Millinocket, ME. Despite strong occupancy of 100% as of ~~December 31, 2011,~~June 30, 2012, the property continued to operate at a deficit through the ~~fourth~~second quarter of 2012 due to high utility and maintenance ~~expenses. Management indicated that even if occupancy were to reach 100%, the property would not be able to support the high operating~~ expenses. The high utility costs are directly related to the increased cost of fuel coupled with an inefficient heating system. Maintenance expenses also continued to be high in the ~~fourth~~second quarter due to ~~carpet, vinyl, and refrigerator~~costly HVAC repairs as well as appliance replacement. To offset the high expenses, management ~~was granted~~implemented a $10 rent increase ~~scheduled for~~effective May 1, 2012. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund cash deficits as necessary. All mortgage, tax and insurance payments are current.

Southaven Partners I, LP (Bradford Park Apartments) is a 208-unit family property located in Southaven, MS. The property operated above breakeven through the ~~fourth~~second quarter of ~~2011~~2012 and ended ~~the year 89% occupied.~~June 2012 with 96% occupancy. During ~~the second quarter of~~ 2011 the property sustained wind damage caused by severe thunderstorms and fire damage caused when lightning struck a satellite dish and started a fire on the roof of a building. At the close of the fourth quarter of 2011, all repair work was complete and in November a certificate of occupancy for the fire-damaged building was issued by the city of Southaven, MS. All mortgage, tax and insurance payments are current. ~~Since the repairs are complete and~~As the property has stabilized and is ~~consistently~~now operating above breakeven, the investment general partner will cease reporting for ~~Southaven~~Southhaven Partners I, LP subsequent to ~~December 31, 2011.~~June 30, 2012.

In October 2011, the investment general partner transferred its interest in Bradford Group Partners of Jefferson County, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $978,663 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $30,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $8,434 ~~will be~~was paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $21,566 were returned to cash reserves held by Series 33. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,566 as of December 31, 2011. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within 5 years from the expiration of the LIHTC Compliance Period on December 31, 2014, there will be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

Series 34

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 34 reflects a net loss from Operating Partnerships of ~~$(799,122)~~$(398,591) and ~~$(972,863)~~$(405,855), respectively, which includes depreciation and amortization of ~~$1,652,999~~$578,645 and ~~$1,616,162,~~$621,318, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Belmont Affordable Housing II, LP (Belmont Affordable Housing Two Apartments) is a 20-unit family scattered site rehabilitation property in West Philadelphia, Pennsylvania. The property operated below breakeven in 2010. Turnover in 2010 led to higher maintenance and bad debt expenses along with significantly increased tenant accounts receivable. The operating general partner attributed high maintenance costs to heating repairs, but also to the wear and tear that has occurred over the past twelve years. The tenant profile has a history of damaging the units prior to move out. The operating general partner has not provided occupancy reports since the second quarter of 2011, but a ~~recent verbal occupancy and~~ site visit ~~report~~ conducted on October 7, 2011 indicated 100% occupancy at that time. In 2011, operating expenses increased $5,000 from the prior year due to taxes, professional fees, management fees, insurance, and compliance monitoring. Although there is still a cash flow deficit, operations improved from 2010. There have been no occupancy reports or financial reports sent in for 2012 to date and the operating general partner has been unresponsive to various requests and questions from the investment general partner. The mortgage, taxes and insurance are all current. The low income housing tax credit compliance period expires on December 31, 2013.

Boerne Creekside Apartments LP, (Boerne Creekside Apartments) is a 71-unit family property located in Boerne, Texas. Physical occupancy started to decline in May of 2009 as the local economy softened. The property also experienced an increase in turnover mostly because of the economic downturn. The local economy continues to struggle; many employers have relocated or reduced their work force. Evictions and skips at the property rose when residents lost their means of employment and could no longer meet their rent obligations. In addition, management's inability to enforce a stringent collection policy contributed to an increase in delinquency loss. These issues led to an escalation of marketing and maintenance expenses and resulted in operating deficits. To address and hopefully cure these issues, the operating general partner replaced the management company in December of 2009. The new management has increased marketing efforts and continues to reach out to local businesses to try to increase occupancy. Fliers and postcards are frequently distributed to various employers, businesses, housing-related service agencies, and community organizations. The new management continues to work diligently with the Boerne Housing Authority to increase the referral of prospective residents and to lobby the agency for additional Section 8 vouchers. Management has also added concessions and other incentives to improve occupancy. They continue to offer one month of free rent prorated over a 12-month lease. To minimize turnover and boost resident retention management continues to organize monthly social events at the property. Despite management's increased efforts, the subject property operated below breakeven in 2010 and lost ($121,017). The poor operations were attributed to low average occupancy, insufficient rental rates and high operating expenses. The property experienced low average occupancy in 2010, but did show improvements in the second half of the year. Through the fourth quarter of 2011 average occupancy has improved and the property has averaged 93% for the year. Management continues to work diligently to lower expense levels and their efforts have helped lower overall operating expenses in 2011.With the help of the improved occupancy and a decrease in expenses, the property has operated above breakeven for the year. Now that occupancy and operations have stabilized, management plans to slowly decrease concessions at this property. The property's mortgage, real estate taxes, and insurance are current as of December 31, 2011. The operating general partner is committed to this property and has indicated that he will fulfill his operating deficit guarantee as required. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Boerne Creekside Apartments, LP subsequent to December 31, 2011.

Merchants Court, LLLP (Merchants Court Apartments) is a 192-unit family property ~~located~~ in Dallas, GA. The property ~~operated~~continued to operate below breakeven through the ~~fourth~~second quarter of ~~2011 as a result~~2012 due to low economic occupancy, high operating expenses and burdensome debt service. Despite physical occupancy averaging 91% through the first half of 2012, ending June at 93%, evictions for non-payment of rent remain problematic, resulting in high ~~concession~~vacancy loss and high maintenance expenses. At the close of the fourth quarter the property was 93% occupied. Management continues to offer a concession of one half off of the first month's rent. Given the weak local economy, the concessions are necessary in order to keep occupancy strong. Turnover remains a challenge for the property; each month several residents are forced to vacate units for non-payment. The highbad debt. Furthermore, consistent turnover has caused maintenance ~~expenses~~costs to remain high. ~~Additionally,~~To help mitigate these losses and with occupancy stabilized above 90%, management eliminated the ~~vendor hired to turn the vacant units shut~~ongoing concession of half off the ~~partnership's account due~~first month's rent in June 2012. In order to ~~non-payment. However, management was successful in finding another vendor to complete the unit turns. To reduce~~limit turnover and ~~improve~~reduce bad debt, management remains focused on building a strong resident profile. As such, a formal applicant approval process is in place, including credit, criminal and rental background checks. In addition, because Georgia is a tenant-friendly state, causing the ~~resident base,~~eviction process to be lengthy, management ~~changed~~uniformly issues eviction notices to all delinquent tenants on the ~~resident referral program. Moving forward, the referral fee for current residents will increase with every new referral that signs~~sixth of each month. Although a ~~lease. During the~~ third quarter of 2011, there was a grease fire in one unit. The unit sustained fire damage and the unit below sustained water damage. Management contacted the insurance company and at the close of the third quarter was finalizing a contract for the repairs to the damaged units. All work to the units damaged from the fire was completed in the fourth quarter of 2011 and contractors haveparty collection agency is also engaged, success has been ~~paid in full. All mortgage and insurance payments are current as of December 31, 2011. The real estate taxes for this property were delinquent as of December 31, 2011.~~limited. The operating general partner is currently ~~working~~attempting to refinance the mortgage debt, which has an interest rate of 7.85%, significantly higher than current market rates. To help facilitate the refinance, the lender formally waived the yield maintenance penalty on ~~a plan to pay~~June 18, 2012; the waiver expires on October 15, 2012. The operating general partner is currently in the process of completing the required third party reports. All mortgage, insurance and real estate ~~taxes in the first quarter~~tax payments are current as of June 30, 2012.

RHP 96-I, LP (Hillside Club I Apartments) is a 56-unit property located in ~~Petosky,~~Petoskey, Michigan. In the years prior to 2008, Hillside Club I Apartments operated below breakeven as a result of low occupancy and incurred significant cash deficits. Also prior to 2008, the operating general partner, who does not have an affiliated management company, engaged several third party management companies to manage the property. In early 2008, in connection with a portfolio wide restructuring, the operating general partner hired the current third party management company, who subsequently was able to make some improvements to property operations. Average occupancy for the second quarter of 2012 was 92%. Occupancy ~~has~~had improved moderately ~~and stabilized~~ to average 91% and 90% for 2011 and ~~90% and 87% for~~ 2010, ~~and 2009,~~ respectively. Management is currently offering a reduced security deposit as a leasing incentive, has eliminated the application fee, and has increased overall marketing efforts.

The local economy in northern Michigan has suffered over the last several years ~~and remains weak. For 2011~~although it did begin to improve slightly in 2011. Through June 30, 2012, net cash flow expended from property operations totaled approximately ($~~43,200)~~9,000). Negative operations in 2012 have been financed through increased payables. During 2011, net cash flow expended from operations totaled ($71,888) due to increases in real estate taxes, utilities and maintenance expenses. Net cash flow expended in 2011 was funded through advances from the operating general partner and proceeds from a loan provided by the investment general partner, discussed below. During 2010, ~~and 2009,~~ net cash flow expended from property operations totaled ($15,613) ~~and ($17,876), respectively.~~. 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 temporarily ceased to fully support the property's operations in the fourth quarter of 2006. As a result, the Operating Partnership fell into arrears on both its tax and mortgage payments.

On December 6, 2010 the Operating Partnership received a formal Default Notice from its first mortgage lender indicating a mortgage payment deficiency of $40,426. The first mortgage lender did continue to accept monthly mortgage payments through June 2011 during the period of the ~~on-going~~ongoing mortgage default. On May 11, 2011 the Operating Partnership received an ~~Event~~event of ~~Default Notice~~default notice accelerating the full amount of the debt and triggering the accrual of default interest. In addition, the Operating Partnership's 2010 PILOT payment of $31,697 was due to the taxing authority by June 15, 2011.

On June 30, 2011 the investment general partner provided a loan of $78,448 from fund reserves to the Operating Partnership. From these funds, $46,751 was paid to the first mortgage lender to cure the mortgage default and $31,697 was paid to the taxing authority for the outstanding 2010 PILOT charge. The loan from the investment general partner bears interest at prime plus 1%, is payable from property cash flow by December 31, 2013, and is secured by the operating general partner's general partner interest in the Operating Partnership as well as cash flows from the general partnership interest in Hillside Club II LDHA LP, an unaffiliated entity owning the adjacent, Phase II property.

The PILOT ~~program~~for Hillside Club I Apartments expired effective ~~June 15, 2011~~December 31, 2010, resulting in an increase in real estate taxes from $31,697 in 2010 to $66,898 in 2011. On February 1, 2012, the lender issued a notice of default to the Operating Partnership because the real estate tax escrow did not have sufficient funds to pay the initial installment due to the taxing authority on February 14, 2012 of approximately $52,000. The lender subsequently used replacement reserves and other funds to make a protective advance to pay the initial real estate tax installment. On March 30, 2012, the operating general partner ~~is appealing~~reached an installment payment agreement with the lender to repay the amount of the protective advance at the default rate and replenish the replacement reserves. The last payment installment to repay the protective advance was made by the operating general partner to the lender on April 30, 2012. In addition, the operating general partner reached an agreement with the taxing authority to ~~extend~~reduce the ~~program. The operating general partner is also attempting to refinance~~assessed value of the ~~first mortgage loan. If successful, the refinance is anticipated to occur~~property so that real estate taxes will be approximately $42,000 in ~~the second or third quarter of~~ 2012. The operating general partner and investment general partner are exploring selling the property, along with Phase II, to a buyer who will ~~need~~continue to ~~obtain an extension of PILOT program~~operate both properties in accordance with Section 42. The 15-year low income housing tax credit compliance period with respect to ~~be able to re-finance the current mortgage balance.~~RHP-I 96, LP expires on December 31, 2014. As of ~~December 31, 2011,~~June 30, 2012, all mortgage, tax, and insurance payments are current.

The property manager resigned effective March 1, 2011 and the assistant property manager was promoted. The new property manager continues to focus on resident retention efforts by hosting monthly tenant birthday gatherings, lease renewal parties, crime awareness meetings, and an after school program. The private security company continues to have a positive impact as crime at the property has decreased. Management will continue to fund the private security operations with the hope that the decrease in home invasions will have a residual effect on surrounding community violence, increasing property appeal and occupancy. A new maintenance supervisor was hired in May 2011. The operating general partner hired a new regional director of operations in the fourth quarter to oversee its Georgia portfolio. The operating general partner has funded all operating deficits through ~~2011.~~2011 and the first half of 2012. In January of 2012, the operating general partner informed the investment general partner that ~~their~~its ability and/or willingness to continue to fund operating deficits for the remainder of the compliance period ~~will~~would be severely limited. Both parties are discussing scenarios to assess additional funding sources for 2012 and beyond. The operating general partner continues to have regular conversations with the lender about re-structuring the existing mortgage debt; however, no definitive plan has been offered by the lender. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Millwood Park. The effective date of the management change will be August 15, 2012. The investment general partner intends to monitor this change to determine whether the new management company is able to deliver better operating results for Millwood Park. All tax, insurance, and mortgage payments are current ~~through 2011.~~as of June 30, 2012. The low income housing tax credit compliance period expires on December 31, ~~2014.~~2013. If the property is foreclosed in 2012, the estimated tax credit recapture cost and interest penalty of $642,173 is equivalent to tax credit recapture and interest of $178 per 1,000 BACs.

Howard Park Limited Partnership (Howard Park Apartments) is a 16-unit family property located in Florida City, FL. ~~The property operated with below breakeven operations in 2009 due to high real estate taxes.~~ In 2007 the ~~taxes significantly increased due to a reassessment error. The~~ property was ~~improperly~~ assessed ~~as market rate. The increase~~incorrectly, resulting in ~~the tax bills also included adjustments~~high property taxes for ~~prior years.~~years 2007-2009 that operations could not support. The operating general partner ~~filed a petition~~was successful in reducing the property's assessed value for ~~reassessment. Due~~2010 onward, but needed to ~~the tax increase, the operating general partner received a~~obtain personal ~~loan~~loans to pay the ~~past year adjustments plus the taxes due through 2008. A hearing was held with the Valuation Adjustment Board, which resulted in a reduction in the assessed value for tax year 2010~~2007 and ~~forward. The operating general partner is currently seeking additional personal financing through a local bank~~2008 taxes. Funds could not be obtained to pay the ~~balance~~2009 taxes. In the first quarter of 2012, the 2009 and 2010 taxes. He has also begun the process of filing for a further tax abatement. In 2010, the property maintained an average occupancy of 97% with operations above breakeven. Occupancy continues to be high at 98% through 2011. The investment general partner ~~intends~~advanced funds to ~~continue~~the Operating Partnership to monitor property operations and the operating general partner's efforts to secure financing for the property taxes. If necessary, the investment limited partner may consider advancing the partnership fundspay delinquent 2009 taxes in order to avoid a tax lien and preserve credit delivery. The operating general partner should have made the personal loans to Howard Park as a subordinated operating general partner advance; however, improper monthly payments of principal and interest were made on the loans from the Operating Partnership during 2010. This additional debt drove operations below breakeven. The 2011 operations were also below breakeven due to these loan payments, despite high average occupancy of 97%. A demand notice was sent to the operating general partner to return the funds improperly paid out of the Operating Partnership towards his personal loans. Once payments are no longer being made on the additional debt, the property is anticipated to operate above breakeven. Unaudited financials show the property has been able to generate positive net operating income in 2012. The low income housing tax credit compliance period expires on December 31, 2014.

Series 35

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 35 reflects a net loss from Operating Partnerships of ~~$(796,032)~~$(215,708) and ~~$(705,422)~~$(262,108), respectively, which includes depreciation and amortization of ~~$1,257,243~~$416,954 and ~~$1,166,489,~~$420,462, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brazoswood Apartments, LP (Brazoswood Apartments) is a 72-unit property located in Clute, Texas. The property operated below breakeven in the fourth quarter of 2011 due to low occupancy caused by current housing market conditions, insufficient rental rates, and increasing operating expenses, specifically utilities, maintenance and insurance. Although average occupancy increased to 93% in the fourth quarter of 2011, further improvement is needed to achieve breakeven operations. Maintenance expenses are high due to turnover and the need to make vacant units rent ready. Utility expenses are high due to high water rates in the City of Clute. The continued struggle with vacancy is a direct reflection of economic conditions in rural Texas, where ongoing job losses have led to increased evictions and migration from the area. The property is not located in a densely populated area and the majority of residents are retail employees struggling with diminishing work hours and layoffs. Management's marketing strategy focuses on aggressive business and community outreach programs coupled with print and on-line advertising. To promote resident retention and appeal to prospective residents, management organizes weekly social events and free monthly workshops for residents on various topics. Management has also added concessions and other incentives to improve occupancy. They are currently offering a one month rent concession prorated over a 12-month period, a $200 resident referral gift card incentive, and a finder's fee of one month's rent to realtors who bring in qualified residents. The investment general partner continues to work with management to reduce economic vacancy and control expenses. All real estate tax, insurance and mortgage payments are current.

Columbia Woods, LP (Columbia ~~Wood~~Woods Townhomes) is a 120-unit family property ~~located~~ in Newnan, GA. ~~Historically,~~Columbia Woods has historically struggled to maintain average occupancy ~~has been a concern at this property due~~above 90% and operating expenses are also high. In 2010, average occupancy for the year improved to ~~economic decline~~91%, but dropped to 88% during the fourth quarter. The drop in occupancy combined with high operating expenses resulted in below breakeven operations in 2010. Operations in 2011 were similar. Occupancy was an average of 90%, but declined during the ~~area. In 2009, occupancy averaged 83%~~second half of the year to 82%. Expenses continued to be high in 2011 and the property again operated below breakeven. ~~In 2010, operations made significant improvements over 2009 results, but still operated below breakeven for~~Occupancy through the year. Management hired new portfolio and property managers, and both are familiar with the market and have been effective in their efforts to improve operations. Occupancy increased from 75% in September 2009 to 88% as of December 2010. In 2011, occupancy averaged 91% and ended the year at 82%. Historically, the lack of income has affected management's ability to pay bills, resulting in high payables. Management plans to pay down accounts payable from available cash flow as operations continue to improve.

~~In the third~~second quarter of ~~2011 the investment general partner met with the operating general partner~~2012 is 90% and ~~visited this site.~~operations are still below breakeven. In an effort to increase occupancy, management has been distributing fliers at local businesses and offers merchants a $50 referral fee. The resident referral fee is currently $250 and competing properties are being offered a $100 referral fee. The property ~~was very well maintained~~has partnered with a nearby market rate project that is sending under-income prospects to Columbia Woods in exchange for over-income referrals. The security deposit has been reduced to $99 or $399, dependent on the resident's credit score and prorated move-in rent is being waived. Current rents are at the ~~tax credit files were in very good order. Capital improvements in 2010 included new signage and asphalt repairs. These improvement projects were funded from replacement reserves and~~maximum allowable rate. Management is working to control expenses but through the second quarter, operating ~~general partner advances. Real estate tax, insurance and mortgage payments~~expenses are ~~current.~~in-line with 2011. The operating general partner's ~~guarantee remains unlimited. Rental achievement has not yet been met. After rental achievement is met,~~obligation to fund deficits under the operating deficit ~~guarantee is unlimited for three years. The~~guaranty has expired; however, the operating general partner continues to fund deficits ~~as needed.~~and advanced $198,515 during 2011, bringing total advances to $1,402,394. The ~~investment general partner continues to hold bi-monthly conference calls with the~~ operating general partner ~~and management staff to review all operational issues~~is currently exploring refinancing options that would result in a lower interest rate than the current loan, which is at 8.25%. However, a large yield maintenance premium would be associated with the ~~property. These reviews are planned to continue until occupancy and operations stabilize.~~prepayment of the existing loan. The low income tax credit compliance period expires on December 31, 2016. Real estate taxes, mortgage and insurance payments are current.

Hillside Terrace Associates, LP (Hillside Terrace Apartments) is a 64-unit property in Poughkeepsie, NY. In ~~2010,~~the first half of 2012, the property's occupancy averaged ~~99% and the property operated well above breakeven. Average occupancy was~~ 100% ~~through December 31, 2011 and the property continues to operate above breakeven.~~. While the property's ~~occupancy and~~ operations are ~~strong,~~stable, the property encountered a problem with its septic system's leeching field. Since its installation in 2000-2001, the field has failed to perform in a consistent manner. As a result, management initiated a program to pump the system monthly. Over the years, the pumping has occurred more frequently due to flooding in the field. In an effort to temporarily reduce the flooding and associated pumping costs, the property has effectively reduced its flow rate by utilizing conservation methods including low-flow faucets and front loading washing machines. As a more permanent solution, the investment general partner and the operating general partner ~~are in~~began negotiations with the abutting property owner to connect to ~~his~~its sewer system. The negotiation bogged down in late 2011 due to an unrelated conflict between the abutter and the Town of Poughkeepsie. As of the first half of 2012, the conflict has been resolved and the agreement has been signed with the neighboring land owner. The investment general partner ~~will~~intends to continue to work with management and the operating general partner ~~in an effort~~ to remedy the failed septic system. Operating expenses were higher than projected because of higher utility and maintenance costs related to the septic system issue; however, the property was still able to generate cash due to higher rents than projected and strong occupancy. Another issue was that the Operating Partnership underfunded its operating reserve account per the terms of the lender's regulatory agreement. This technically represents an event of default, which could result in demanding immediate full payment of the loan. Based on history with the lender, management does not believe the loan will be called. The investment limited partner intends to work with the investment general partner on soliciting a loan covenant waiver to ensure that the mortgage will not be called. The low income housing tax credit compliance period expires on December 31, 2014.

In July 2012, the investment general partner transferred its interest in Brazoswood Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,835,833 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $2,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. The remaining proceeds of approximately $52,500 were returned to cash reserves held by Series 35. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Series 36

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 36 reflects a net loss from Operating Partnerships of ~~$(279,516)~~$(83,640) and ~~$(269,597)~~$(49,351), respectively, which includes depreciation and amortization of ~~$766,733~~$235,574 and ~~$770,082,~~$241,543, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Farmington Meadows Apartments (Aloha Housing Limited Partnership) is a 69-unit apartment complex located in Aloha, OR, with project-based Section 8 subsidy on 100% of the units. ~~Historically, the~~The property ~~has~~ operated above ~~breakeven. In 2009,~~breakeven through 2007; however, in 2008, despite strong ~~average~~ occupancy of ~~96% for the year,~~95%, the property operated below breakeven due to the high debt service requirements. Occupancy remains strong, with an average of 99% for 2011 and the first half of 2012. Despite strong occupancy, operations continue to struggle due to the high debt service payments. The property operated below breakeven in 2011 and in the first half of 2012. A number of other issues have also affected cash flow, resulting in several late payments on the mortgage. The property's balconies deteriorated significantly from 2006 to 2008. While awaiting contractors' bids to repair the balconies, management issued letters directing residents not to use their balconies until they were repaired. Despite the letters, one resident continued to use her balcony and sprained her ankle when the balcony collapsed in August 2008. The incident was reported to both parties' insurance companies, but the resident has taken no legal action. After the incident, all doors to the balconies were boarded up immediately. Work to remediate the balconies was completed in the first quarter of 2009.

Due to limited funds, the Operating Partnership ~~has alternated~~had been alternating between paying vendors and making its debt service ~~payments. After~~payments; however, the sewer line was repaired in July 2008 for $60,000, the contractor who performed the work filed a lien on the property. Payment has since been made, but this caused some arrearage in the mortgage payments. The operating general partner brought the mortgage current, but payables began to build again. In order to pay down some of these payables, the Operating Partnership missed two mortgage payments in 2009. The mortgage payments were brought current andmortgages have remained current since ~~then~~2009, partially through a release of funds from the Operating Partnership's debt service reserve. At the end of the ~~fourth~~first quarter of ~~2011,~~2012, the real estate tax and insurance payments and the two mortgages are current; however, the debt service reserve fund and the transition fund remain underfunded. To date, the lender has not issued a default notice.

In March 2008, the operating general partner replaced the management agent. The new agent is very skilled in all areas of Low-Income Housing Tax Credit property management and continues to work hard to help cure all physical issues and improve operations at Aloha Housing. Occupancy remains strong and was 100% at the end of the fourth quarter of 2011. Despite the strong occupancy, operations continue to struggle due to the high debt service payments. The property operated below breakeven in 2011. Although the mortgage lenders have not issued notices of default as of the end of the fourth quarter, they could do so since there are ongoing mortgage payment arrearages associated with payments to the debt service reserve fund and the transition fund. Such a notice could trigger a foreclosure action in 2012 if the operating general partner does not keep the mortgage current. At the end of the second quarter of 2010 the operating general partner agreed to pursue refinancing the current debt. In the second quarter of 2011 the operating general partner was advised by the potential lender it had been working with for the prior nine months that, due to the operating general partner's inability to satisfy the lender's underwriting criteria, the lender would not be able to refinance the mortgage debt at that time. ~~At the end of the fourth quarter of 2011~~

On March 22, 2012 the operating general partner and an affiliate of the ~~investment general partner are continuing~~current management company executed a purchase and sale agreement, in which the management company plans to ~~investigate the possibility of selling this property to an owner that would be able to bring in new financing~~purchase and ~~guarantee that~~rehabilitate the property ~~would stay~~and re-syndicate a new stream of LIHTC. The sale is contingent upon the management company receiving an award of 2013 LIHTC, which was granted in July 2012. If the sale is consummated, the management company intends to keep the property compliant with LIHTC regulations through the end of the compliance period on December 31, 2013. If a sale or some type of refinancing does not occur ~~as forecasted by the operating general partner, the property could go into foreclosure in 2012 if~~and the operating general partner does not keep the mortgage payments ~~current.~~current, the property could be sold at a foreclosure sale as early as 2012. A foreclosure sale in 2012 would require the Operating Partnership to recognize estimated tax credit recapture costs and an interest penalty of approximately $330,130, equivalent to $155 per 1,000 BACs. The investment general partner intends to continue to monitor the progress ~~on these~~of the sale and all other issues and will continue to encourage the operating general partner to fund deficits in a ~~timelier~~timely manner.

Nowata Village, LP (Nowata Village Apartments) is a 28-unit property in Nowata, OK. In 2010, occupancy averaged 90% but the property operated at a small cash deficit due to high operating expenses. In 2011, operating expenses decreased slightly, but the property still operated at a deficit because it averaged only 86% occupancy for the year. Maintenance expenses have been particularly high in 2010 and 2011 due to Rural Development restrictions. The property is now required to contract out all maintenance work at a higher cost instead of using affiliated company employees. Occupancy has increased to 93% as of June 30, 2012; however, the property continues to operate below breakeven due to continued high maintenance costs. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2014.

Series 37

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 37 reflects a net loss from Operating Partnerships of ~~$(564,043)~~$(368,168) and ~~$(759,269)~~$(196,713), respectively, which includes depreciation and amortization of ~~$1,230,911~~$398,952 and ~~$1,251,742,~~$399,077, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

~~In the third~~second quarter of ~~2011, the investment general partner met with the operating general partner~~2012 is 90% and ~~visited this site.~~operations are still below breakeven. In an effort to increase occupancy, management has been distributing fliers at local businesses and offers merchants a $50 referral fee. The resident referral fee is currently $250 and competing properties are being offered a $100 referral fee. The property ~~was very well maintained~~has partnered with a nearby market rate project that is sending under-income prospects to Columbia Woods in exchange for over-income referrals. The security deposit has been reduced to $99 or $399, dependent on the resident's credit score and prorated move-in rent is being waived. Current rents are at the ~~tax credit files were in very good order. Capital improvements in 2010 included new signage and asphalt repairs. These improvement projects were funded from replacement reserves and~~maximum allowable rate. Management is working to control expenses but through the second quarter, operating ~~general partner advances. Real estate tax, insurance and mortgage payments~~expenses are ~~current.~~in-line with 2011. The operating general partner's ~~guarantee remains unlimited. Rental achievement has not yet been met. After rental achievement is met,~~obligation to fund deficits under the operating deficit ~~guarantee is unlimited for three years. The~~guaranty has expired; however, the operating general partner continues to fund deficits ~~as needed.~~and advanced $198,515 during 2011, bringing total advances to $1,402,394. The ~~investment general partner continues to hold bi-monthly conference calls with the~~ operating general partner ~~and management staff to review all operational issues~~is currently exploring refinancing options that would result in a lower interest rate than the current loan, which is at 8.25%. However, a large yield maintenance premium would be associated with the ~~property. These reviews are planned to continue until occupancy and operations stabilize.~~prepayment of the existing loan. The low income tax credit compliance period expires on December 31, 2016. Real estate taxes, mortgage and insurance payments are current.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. The project consists of three and four-bedroom single family rental homes, with a home ownership option available to qualifying tenants. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, and most tenants need significant subsidies to afford the $1,000+/per month rents. The property has experienced a significant decline in operations and cash flow since 2006. As of ~~December 31, 2011,~~June 30, 2012, Baldwin Villas had significant unpaid debt service obligations, accrued real estate taxes, and operating payables. It also had a list of deferred maintenance items that could not be addressed due to the property's weak operating cash flow.

Since 2008, Baldwin Villas has had numerous monetary and technical defaults on its first mortgage debt. The Operating Partnership obtained the initial funding for this project from variable rate bonds issued by the state housing authority. These bonds were secured by an irrevocable letter of credit issued by a local bank. The letter of credit fee, which had been accruing at approximately $33,000 per quarter, totaled approximately $213,000 on August 30, 2011 when the letter of credit was drawn on and the bonds were paid in full. This event converted the original bond financing for the ~~operating partnership~~Operating Partnership to a traditional commercial mortgage loan.

On August 30, 2011, Baldwin Villas entered into a Settlement Agreement with the lender resulting in a new mortgage note being issued which is guaranteed by the operating general partner and its principals. Under the terms of the new mortgage note, the principal balance outstanding for the loan was confirmed at $4,809,749. In addition, there is a deferred amount owed to the bank for unpaid letter of credit fees and other bank costs (e.g. legal costs) of $459,856. The interest rate on the new mortgage note was set at 2% over prime. The note has a maturity date of June 30, 2013, and monthly installments of $35,000 that commenced on October 22, 2011. According to the Settlement Agreement, Baldwin Villas was required to make $30,000 installment payments in August and September 2011 to pay down the principal balance of the new mortgage note, as well as pay the 2009, 2010 and 2011 outstanding real estate taxes based on an agreed upon payment schedule. In addition, one of the principals of the operating general partner is required to pay the lender an additional $400,000 toward the mortgage debt ~~through~~with two, $200,000 installment payments due on April 30, 2012 and November 30, 2012, respectively, from distributions or income from certain unrelated entities owned by that principal. Furthermore, as part of the Settlement Agreement, Baldwin Villas provided the lender with "consent and confession judgments" through the Circuit Court of Oakland County, MI, which, in the event of a default under the Settlement Agreement, would allow the lender to appoint a receiver who would have the authority to sell the property. The Settlement Agreement was executed without the knowledge or consent of the investment general partner.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In February 2012, the operating general partner provided $109,055 to pay 2009 outstanding real estate taxes, interest and penalties. In 2011, the operating general partner provided ~~$93,000~~$146,382 of operating deficit advances to Baldwin Villas to satisfy the required payment obligations of the new mortgage note and settlement agreement. ~~In 2009, the operating general partner provided $101,846 to pay 2007 outstanding real estate taxes, interest and penalties.~~ From inception through ~~December 31, 2011,~~June 30, 2012, the operating general partner has provided operating deficit advances to Baldwin Villas totaling ~~$194,846. Real estate taxes (and related interest and penalties) for 2009 totaling $109,055 are due to Oakland County by March 31,~~approximately $373,000. As of July 16, 2012 ~~to avoid a tax lien foreclosure by~~ the ~~County. Also, per the Settlement Agreement, Baldwin Villas was~~ required to pay the 2009 real estate taxes by December 31, 2011. The operating general partner indicated that it will make an operating advance to Baldwin Villas of $109,055 by January 31, 2012 for payment of the 2009 real estate taxes. Per the operating general partner, other than the 2009 real estate tax payment, all requiredmonthly installment payments of the new mortgage note and settlement agreement have been ~~made,~~made; however, the 2010 and no2011 real estate taxes, totaling approximately $97,800 and $89,300, respectively have not been paid. Also, the operating general partner indicated that the April 20, 2012 installment payment of $200,000 due from certain unrelated entities owned by a principal of the operating general partner has been paid. No default notice has been received by the partnership from the ~~lender as of as of January 17, 2012.~~lender.

~~The~~For the quarter ending June 30, 2012, average occupancy had further eroded to 69%. Average occupancy decreased to ~~80%~~79% for 2011 compared to 89% ~~and 88%~~ for ~~2010 and 2009, respectively.~~2010. The increased vacancy at the property is due to the continued poor local economy and limited job opportunities in the Pontiac area, as well as the lack of available funds to complete costly tenant turnovers, as further discussed below. In recent years Section 8 vouchers have again become available and as of ~~December 31, 2011~~June 30, 2012 approximately ~~41%~~40% of the property's tenant base consists of Section 8 voucher holders. Since 2009, management has tried to improve occupancy through working with the local housing authority to obtain voucher holder referrals, held several open houses, and increased online and newspaper advertisements. A new full time property manager was hired in January 2012.

The property has operated significantly below breakeven for the past few years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family homes. ~~Maintenance~~In previous years, maintenance expenses ~~are~~were very high due to extremely costly unit turnover expenses for these single-family homes. ~~Management has been using a credit agency~~However, for ~~more comprehensive credit checks in an effort to curb unit turnovers~~the quarter ending June 30, 2012 and ~~tenant receivables. Utility expenses increased~~ in 2011, ~~and 2010~~maintenance expenses decreased due to poor occupancy and less cash flow available to address the charges to maintain basic heating and lighting for unoccupied homes. Additionally, the homes were built on slabs and settling has caused plumbing issues and shifting of some of the exterior walkways. Repairs are being made on an as-needed basis and management is further extending payables.property's maintenance needs. Although there are qualified tenants available, vacancies continue to remain high due to the lack of available funds to complete the costly tenant turnovers. Utility expenses have been a problem at the property since 2010 when occupancy started to decline as the operating partnership is required to pay for basic heating and lighting costs rather than tenants for the increased number of vacant units. This problem continued during the first half of 2012.

In January 2011, Baldwin Villas received a tax foreclosure notice from Oakland County regarding past due2008 real estate taxes. Total taxes, interest and penalties of $105,695 were due on March 31, 2011 or the County had the right to take the property through foreclosure. On March 16, 2011, the lender made a protective advance for the outstanding amount to prevent the property from being taken through foreclosure. The protective advance was added to the principal balance in the new mortgage note and Settlement Agreement discussed above.

Through June 30, 2012, the Operating Partnership expended net cash flow of approximately ($205,000) due to low occupancy and consequently low rental revenue, high debt service payment requirements from the Settlement Agreement, and high real estate taxes. Negative operations were primarily funded by advances from the operating general partner and accrual of real estate taxes. In 2011, the Operating Partnership ~~has~~ expended net cash flows of ~~approximately~~ ($~~305,000)~~606,688) funded primarily through ~~$93,000 of~~the increase in mortgage debt from default fees from the Settlement Agreement, operating deficit advances from the operating general partner, as well as accruals of operating payables ~~letter of credit fees~~ and real estate taxes. In 2010, ~~and 2009~~ the Operating Partnership expended net cash flows of ($306,845) ~~and (307,148), respectively,~~ funded primarily through increased accruals in operating payables, interest, letter of credit fees, and real estate ~~taxes, as well as the previously mentioned operating deficit advance made by the operating general partner in 2009.~~taxes.

As noted above, the operating general partner reports that the lender has not yet issued a default notice to the Operating Partnership with regard to the new mortgage note and Settlement Agreement. As of ~~December 31, 2011,~~June 30, 2012, the Operating Partnership remains current on its property insurance obligations. Real estate taxes for 2011 ~~2010~~ and ~~2009~~2010 totaling approximately ~~$310,000~~$187,100 remain unpaid. The operating general partner indicated that it did file appeals for the 2011 and 2010 real estate taxes, which are currently pending. ~~Payables are high and continue to increase.~~ The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and tenant turnover expenses which will improve occupancy at the property. Also, the operating general partner is pursuing a sales effort of the property to low-income qualified homebuyers in coordination with a nonprofit affordable housing agency and the lender. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. If the property is foreclosed in 2012, the estimated tax credit recapture cost and interest penalty of $761,943 is equivalent to recapture and interest of $297 per 1,000 BACs.

Series 38

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% qualified occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 38 reflects a net loss from Operating Partnerships of ~~$(466,570)~~$(91,292) and ~~$(417,307)~~$(122,728), respectively, which includes depreciation and amortization of ~~$861,795~~$258,984 and ~~$896,060,~~$269,432, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family ~~development located~~property in Woodstock, GA. ~~The property suffered from fluctuating~~Columbia Creek has historically struggled to maintain average occupancy above 90% and ~~declining~~operating expenses are also high. In 2010 and 2011, average occupancy ~~over the last few years resulting~~of 88% and 90%, respectively, coupled with high operating expenses resulted in below breakeven ~~operations.~~operations in both years. Occupancy through the second quarter of 2012 is 91% and operations remain below breakeven. In an effort to increase occupancy, management has been distributing fliers at local businesses and offers merchants a $50 referral fee. The ~~primary causes~~resident referral fee is currently $250 and competing properties are being offered a $100 referral fee. Management had hoped to reach 95% occupancy during the second quarter, but fell short of that goal, reaching 92% for June 2012. Current rents are at the ~~poor performance were low occupancy, high~~maximum allowable rate. Management is working to control expenses and through the second quarter, operating expenses are down approximately 16% relative to 2011, particularly administrative, bad debt and ~~high~~maintenance expenses. The operating ~~expenses. According~~general partner's obligation to ~~management, maintaining high occupancy~~fund deficits under the operating deficit guaranty has ~~been difficult because~~expired; however, the operating general partner continues to fund deficits and advanced $307,879 during 2011. During the second quarter of ~~a declining market area and lack of qualified applicants due to job losses in~~2012, $75,000 was approved for withdrawal from the ~~area.~~Operating Deficit Reserve. The operating general partner ~~has reduced rental rates and~~ is currently ~~offering resident referral fees, merchant referral fees and giveaways as~~exploring refinancing options that would result in a ~~means to improve occupancy. In 2010,~~lower interest rate than the ~~property continued to operate below breakeven due to low occupancy and high bad debt. In 2010, management hired new portfolio and property managers. Both are familiar~~current loan, which is at 8.20%. However, a large yield maintenance premium would be associated with the ~~market and have been very effective in their efforts to improve operations. Occupancy has increased from 73% in September 2009 to 88% as of December 2011.~~

The investment general partner met with the operating general partner and visited the site in September 2011. The property is very well maintained and shows nicely as a result of recent capital improvement projects including exterior painting and re-stripingprepayment of the parking lot. A model unit has been set up and landscaping improvements have been done to further enhance curb appeal. Management also upgraded the fitness equipment in 2011. All tax credit compliance files are kept in good order. All real estate tax, insurance and mortgage payments are current. The investment general partner continues to hold bi-monthly conference calls with the operating general partner and management staff to review all operational issues at the property. These reviews are planned to continue until occupancy and operations stabilize.existing loan. The low income ~~housing~~ tax credit compliance period expires on December 31, 2016. Real estate taxes, mortgage and insurance payments are current.

Bristow Place Apartments, Limited Partnership (Bristow Place Apartments) is a 28-unit family property in Bristow, OK. ~~In 2009, occupancy averaged 96% and the property was able to generate cash flow.~~ In 2010, operations fell below breakeven due to a drop in occupancy and a 47% increase in operating expenses, particularly maintenance and insurance costs. The majority of maintenance costs were replacement items that were not reimbursed from the replacement reserve account due to Rural Development restrictions. In addition, Rural Development required the property to contract out all maintenance work at a higher cost rather than using affiliated company employees. A spike in insurance claims across the Midwest in 2008 and 2009 resulted in significantly higher insurance premiums. As a result of the lower occupancy and increased operating expenses, Bristow Place suffered a cash flow deficit in 2010. ~~Throughout~~In 2011, average occupancy dropped to ~~79%~~82%. ~~Operating~~Although operating expenses ~~decreased; however,~~decreased in 2011, the lower rental income resulted in the property operating below ~~breakeven operations.~~breakeven. Through the second quarter of 2012, the property is averaging 93% occupancy and is operating at breakeven. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2015.

Series 39

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 39 reflects net loss from Operating Partnerships of ~~$(438,019)~~$(183,879) and ~~$(500,841)~~$(171,779), respectively, which includes depreciation and amortization of ~~$717,963~~$237,028 and ~~$689,429,~~$229,619, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Series 40

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at ~~December 31, 2011,~~June 30, 2012, all of which at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 40 reflects a net loss from Operating Partnerships of ~~$(348,711)~~$(129,782) and ~~$(477,864)~~$(148,731), respectively, which includes depreciation and amortization of ~~$989,412~~$335,702 and ~~$975,508,~~$328,104, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

~~The~~For the quarter ending June 30,, 2012, average occupancy had further eroded to 69%. Average occupancy decreased to ~~80%~~79% for 2011 compared to 89% ~~and 88%~~ for ~~2010 and 2009, respectively.~~2010. The increased vacancy at the property is due to the continued poor local economy and limited job opportunities in the Pontiac area, as well as the lack of available funds to complete costly tenant turnovers, as further discussed below. In recent years Section 8 vouchers have again become available and as of ~~December 31, 2011~~June 30, 2012 approximately ~~41%~~40% of the property's tenant base consists of Section 8 voucher holders. Since 2009 management has tried to improve occupancy through working with the local housing authority to obtain voucher holder referrals, held several open houses, and increased online and newspaper advertisements. A new full time property manager was hired in January 2012..

As noted above, the operating general partner reports that the lender has not yet issued a default notice to the Operating Partnership with regard to the new mortgage note and Settlement Agreement. As of ~~December 31, 2011,~~June 30, 2012, the Operating Partnership remains current on its property insurance obligations. Real estate taxes for 2011 ~~2010~~ and ~~2009~~2010 totaling approximately ~~$310,000~~$187,100 remain unpaid. The operating general partner indicated that it did file appeals for the 2011 and 2010 real estate taxes, which are currently pending. ~~Payables are high and continue to increase.~~ The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and tenant turnover expenses which will improve occupancy at the property. Also, the operating general partner is pursuing a sales effort of the property to low-income qualified homebuyers in coordination with a nonprofit affordable housing agency and the lender. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. If the property is foreclosed in 2012, the estimated tax credit recapture cost and interest penalty of $156,018 is equivalent to recapture and interest of $58 per 1,000 BACs.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit complex located in Dequincey, LA. In 2009, occupancy averaged 78% and the property operated below breakeven. In addition to the occupancy issues in 2009, maintenance costs increased 171% over 2008 figures. According to the operating general partner, the large increase in maintenance expenses was due to Rural Development required repairs. In 2010, occupancy averaged 76% and the property operated at breakeven. Occupancy steadily improved throughout most of 2011, from 63% at the end of the first quarter, to 79% at the end of the second quarter, to 85% at the end of the third quarter of 2011. At year-end the property was back down to 65% occupied. As of June 30, 2012, occupancy has improved to 81%. The investment general partner plans to continue to work with the operating general partner to further increase and stabilize occupancy. All tax, insurance and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Sedgwick - Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. A decline in occupancy in 2011 and insufficient rental rates resulted in below breakeven operations for the year. Despite an average annual occupancy of 92% in 2011, occupancy declined below 90% in the second half of the year due to a number of deaths and residents moving to assisted living facilities. In an effort to reduce vacancy, management has been actively marketing the area with fliers, cold calling local agencies, advertising in the local newspaper, and offering a $99 move-in special for the first month. Occupancy averaged 93% in the first quarter of 2012 and improved to 94% year to date. Despite this improvement, operations have remained below breakeven. Kansas Housing approved the last rate increase in April 2011; management will continue to implement rent increases as they are allowed. The real estate taxes, mortgage and insurance are all current. The low income housing tax credit compliance period expires on December 31, 2016.

Series 41

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 41 reflects a net loss from Operating Partnerships of ~~$(589,583)~~$(205,295) and ~~$(521,493)~~$(165,252), respectively, which includes depreciation and amortization of ~~$1,156,611~~$554,592 and ~~$1,142,026,~~$372,880, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property in Mt. Carroll, IL. The property is located in a depressed rural area. Occupancy at the property averaged 71% in 2011 and was 67% ~~in 2011.~~as of June 30, 2012. The low occupancy ~~in 2011 was~~is the result of ~~the~~weak economic ~~hardship that faces~~conditions in the area. Two of the units lost rental assistance from Rural Development several years ago because they were vacant for more than six months. It is now difficult to find tenants who can afford the rents of these two units without rental assistance. According to the operating general partner, there is little chance of regaining the lost rental assistance. As a result, the operating general partner has focused on reducing operating expenses. ~~The~~However, the property operated ~~slightly above~~below breakeven through the ~~fourth~~second quarter of ~~2011.~~2012. The mortgage, property taxes, and insurance are current.

Rural Housing Partners of Fulton, LP (Palisades Park) is a 16-unit family property in Fulton, IL. The property is located in a depressed rural area and receives rental assistance from Rural Development. In 2011 the property operated with an average occupancy of ~~83%~~86%. ~~The low occupancy was the~~Management intensified its leasing efforts by using concessions and other incentives, such as one month rent free prorated over a 12-month lease. As a result of ~~the poor economic condition~~management's efforts, occupancy increased to 94% as of ~~the surrounding area. Operations~~June 30, 2012 and operations have been slightly above breakeven through the ~~fourth~~second quarter of ~~2011 as the operating general partner has focused on reducing expenses.~~2012. The mortgage, property taxes and insurance are current.

Hawthorne Associates, LP (Sandalwood Apartments) is a 20-unit property located in Toppenish, Washington. The property operated slightly below breakeven in 2007 but improved back to breakeven status in 2008 and 2009 with occupancy averaging 90% for both years. In 2010, average occupancy was 88%, with operations just reaching breakeven status. As of December 31, 2011, occupancy was 90% and the property operated just slightly below breakeven. Through the second quarter of 2012, average occupancy continues to be stable at 90%; however, the property is ~~90%, down from 95% at the end of September, 2011, with operations~~operating slightly below breakeven ~~status.~~due to collections issues. The rent collection and eviction policies are a focus for the management company and they are being strictly enforced. The taxes, mortgage and insurance are all current. The low income tax credit compliance period expires on December 31, 2015.

~~Bienville Partnership (Bienville Apartments) is a 32-unit complex in Ringgold, LA.~~ In 2009, average occupancy was 79% and the property operated below breakeven. In an effort to improve operations, the investment general partner approved an operating general partner transfer that was effective in April 2010. The new operating general partner has the experience, personnel, and systems in place to improve operations. The new operating general partner's first order of business was to address any existing deferred maintenance items, and then focus on marketing and leasing. They also added a security patrol on weekend nights in an effort to eliminate criminal activity at the site. In addition, they built a fence around the property, added high intensity exterior lighting, and closed off one entrance to the property to reduce drive thru traffic. Security has improved as a result of these efforts. In order to improve occupancy at the property, management began focusing on leasing and marketing, improving occupancy to an average of 88% for 2010. According toMay 2012, the operating general partner ~~they improved their relationship with~~of Hawthorne Associates approved an agreement to sell the ~~local HUD office~~property to a non-affiliated entity and ~~other community action agencies and this has been effective at driving prospective tenants~~the transaction is scheduled to ~~the property. Through the fourth quarter of 2011, occupancy has averaged 93% with current occupancy at 91% as of~~close in December ~~31, 2011. In order to better address finding tenants~~2013. The sales price for the ~~three vacant units, the operating general partner~~property is requesting that both the site manager and supervisor submit a written rent up plan for review by senior management. The operating general partner feels this request should help in understanding how the current site manager is marketing the units, and what additional tactics can be implemented to help improve the marketing and leasing process. The operating general partner is also offering a $50 incentive to the site manager for each unit rented, and a $50 dollar referral to all existing tenants who have remained in compliance. The property operated below breakeven in 2010 mainly due to significant increases in maintenance expenses to address deferred maintenance items inherited upon the property's transfer. Expenses have decreased through the fourth quarter of 2011, but are still high due to Federal Housing Administration required repairs and remaining deferred maintenance issues that are being addressed. The property operated close to breakeven for the year, and management expects expenses to start normalizing moving forward. The investment general partner intends to monitor occupancy and expenses at the site and continue to work with the new operating general partner until operations stabilize. The low income housing tax credit compliance period expires on December 31, 2016.

In June 2010, the investment general partner of Series 20 and Series 41 transferred their respective interests in Cascade Commons LP to an entity affiliated with the operating general partner for its assumption of$1,266,636, which includes the outstanding mortgage balance of approximately ~~$22,279,256~~$966,636 and estimated cash proceeds to the investment ~~partnerships~~partnership of ~~$782,140 and $390,483 for Series 20 and Series 41, respectively.~~$120,000. Of the ~~total~~estimated proceeds to be received ~~$18,709~~by the investment partnership, $2,750 represents reporting fees due to an affiliate of the investment partnership and ~~$9,757 for Series 20 and Series 41, respectively, was~~the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the ~~transfer,~~sale, which includes third party legal costs. The remaining proceeds from the sale of ~~$763,431 and $380,726 were~~approximately $112,250 will be returned to cash reserves held by Series ~~20 and Series 41, respectively.~~41. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. ~~Annual losses generated by the Operating~~

Bienville Partnership ~~which were applied against~~(Bienville Apartments) is a 32-unit complex in Ringgold, LA. The property has poor management practices resulting in security issues, deferred maintenance, and problems with resident retention. In April 2010, the investment ~~limited partnership's investment~~general partner approved an operating general partner transfer to try and improve operations. While security issues, occupancy, and operations have improved since the operating general partner transfer, the property continues to operate below breakeven from high maintenance expenses, as management continues to address five years of deferred maintenance at the property. Average occupancy in 2011 was 93%, and through June 2012, occupancy is 91%. The operating general partner states that they expect the high maintenance expenses to continue decreasing, as there have been improvements in the ~~Operating Partnership in accordance~~annual audits performed by Rural Development, which outline any required maintenance. The investment limited partner intends to continue to monitor occupancy and expenses at the site, and plans continue to work with the ~~equity method of accounting, had previously reduced~~new operating general partner until operations stabilize. The low income housing tax credit compliance period expires on December 31, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) is a 28-unit property located in Beckley, West Virginia. In 2011, the ~~investment~~property operated below breakeven and averaged 90% occupancy. The property operated below breakeven in 2011 due to high expenses and bad debt associated with resident eviction and turnover resulting from residents' job losses. Management changes in the ~~Operating Partnership~~fourth quarter of 2011 also led to ~~zero. Accordingly, a gain on~~increased operational instability at the ~~sale~~property. Through the first two quarters of 2012, these problems have persisted. Occupancy dipped slightly further and then rebounded to 89% occupied at the end of the ~~Operating Partnership~~second quarter of ~~the proceeds from the sale, net of the overhead~~2012. At this small property, one or two vacant units have a disproportionate impact on occupancy figures. The investment general partner intends to continue to have monthly calls with management to monitor operations and ~~expense reimbursement, has been recorded in the amount of $763,431~~ensure that occupancy improves and ~~$380,726 for Series 20~~remains stable. All mortgage, tax, and ~~Series 41, respectively, as of June 30, 2010.~~insurance payments are current.

Series 42

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 2221 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 42 reflects a net loss from Operating Partnerships of ~~$(357,076)~~$(88,892) and ~~$(329,576)~~$(68,763), respectively, which includes depreciation and amortization of ~~$1,263,651~~$429,751 and ~~$1,268,772,~~$410,004, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Commerce Parkway Limited Dividend Housing Associates (Park Meadows Apartments) is an 80-unit family property located in Gaylord, Michigan. The property had declining occupancy which led to below breakeven operations in 2011. The Michigan economy continued to be weak and several tenants lost their jobs as a result. The job losses contributed to the decreased occupancy which ultimately caused the operational losses suffered in 2011. In addition, in the first quarter of 2012 the property experienced higher than average turnover due to a mass exodus of tenants that were temporarily housed at Park Meadows due to a fire in a nearby property. Once the fire damaged property was rehabbed the relocated residents moved back, leaving several vacant units at Park Meadows. Occupancy in 2012 has averaged 86% with an increase in June to 95%. Management has increased their marketing efforts and expects to have the vacancy issues remedied in the next quarter. Operating expense continue to be a challenge. A spike in administrative costs was driven by the expiration of the PILOT (Payment in lieu of taxes) Agreement. The operating general partner appealed the new property tax assessment and was successful in getting the assessed value lowered. This will insure that the property will not see a spike in real estate taxes in 2012. However, the legal costs required by the appeal increased the administrative expense total. The increased marketing efforts have also contributed to higher than budgeted administrative costs. The mortgage, taxes and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Commerce Parkway Limited Dividend Housing Associates.

Wingfield Apartments Partnership II LP (Wingfield Apartments II) is a 42-unit multifamily development located in Kinder, Louisiana. In 2009, occupancy averaged 70% and the property operated below breakeven. Occupancy declined further in 2010, averaging 65%, with operations remaining below breakeven. Occupancy improved to 79% as of year-end 2010. In 2011, occupancy averaged 91% but ended the year at 74%. While the local economy has been a factor contributing to the occupancy issues, manager turnover has also been a recurring issue at the property in past years. The investment general partner ordered a secret shopping report in June 2010 in which the manager received a very poor score. Accordingonsite management was determined to ~~the report, the manager was rude and exhibited no closing ability.~~be lacking necessary skills to improve operations. According to the operating general partner, this manager was removed in August 2010. ~~They replaced this manager with one of their experienced managers from another property who has a proven track record for leasing up rural properties located in economically challenged locations.~~ The investment general partner conducted a site visit in October of 2011 to assess the physical condition of the property as well as the effectiveness of the new manager. With the exception of some cracking to asphalt drives and walks, the property was in very good physical condition. ~~It was also concluded that the~~The new manager was professional during the site visit and ~~effective in her role.~~continues to work towards stabilizing the operations. As of June 30, 2012, occupancy was 83%. The investment general partner intends to continue to monitor occupancy and expenses at the property. The low income housing tax credit compliance period expires on December 31, 2016. All real estate tax, mortgage, and insurance payments are current.

Dorchester Court Apartments (Dorchester Court Limited Dividend Housing Association, LP) is a 131-unit apartment complex located in Port Huron, MI, with 75% of the units devoted to elderly housing. Due to construction delays and slow initial lease-up, the property experienced difficulty generating positive cash flow from the onset. Further, one of the two original members of the operating general partner entity was unable to contribute his share of the advances required under the operating deficit guarantee. In July 2005, that member was replaced and a new member was inserted as the second member of the operating general partner entity. Although the new second member did not assume the obligations of the guarantor, it had significant resources and contributed over $190,000 to the Operating Partnership to fund the property's operating deficits during the 2006-2007 periods. In 2008, however, growing tensions between the two members resulted in less attention to management of the property and diminished willingness of the operating general partner to fund deficits. In May 2009, the Operating Partnership approved the transfer of interests within the operating general partner entity; the new second member transferred its interest to the remaining single member. As noted above, the members had been at odds and the transfer was deemed likely to clarify control of the entity and result in improved performance of the property. In addition, the management company was replaced in May 2009 with a management company affiliated with the remaining single member of the operating general partner.

Occupancy averaged only 88% for 2011, but improved to 91% for ~~2010 and 87% for 2011, and~~the first half of 2012. Operations were below breakeven in 2011; however, as of June 30, 2012 the property is now operating ~~nominally above~~at breakeven. Management is marketing heavily throughout the area to improve occupancy. A fire occurred on December 25, 2010 that resulted in fire and water damage to one unit and water damage to two other units and some hallways. No residents were injured in the fire. Rehabilitation of these units was completed in the fourth quarter of 2011. The damages were covered under the Operating Partnership's property insurance. The Operating Partnership has been funding the replacement reserve in accordance with the loan and Operating Partnership agreements. The mortgage, taxes and insurance payments are all current as of ~~December 31, 2011.~~June 30, 2012. Accounts payable and accrued expenses stood at approximately ~~$64,400~~$48,000 as of the end of the ~~fourth quarter 2011,~~first half 2012, which equates to ~~just under two months~~about one month of operating expenses. The investment general partner intends to continue to monitor improvements in operations and management's efforts to maintain payables at an acceptable level.

In June 2012, the investment general partners of Boston Capital Tax Credit Fund III LP - Series 19, Series 24 and Series 42 transferred their respective interests in Jeremy Associates LP ~~(Coopers Crossing Apartments) is a 93-unit family development located in Las Colinas, Texas. Despite~~to an average occupancy of 99% in 2010, the property continued to operate below breakeven due to high operating expenses. Rental revenues increased in 2010, which allowed for a decrease in the amount of cash flow loss from prior years. Occupancy continues to be strong and was 99% as of December 31, 2011. Operating expenses are high mainly due to high maintenance costs, as a result of severe physical deficiencies in a number of buildings on site. Since construction, a number of the buildings have had differential settlement issues resulting in cracked floor slabs, brick veneer, windows and doors and sagging balconies. The operating general partner has addressed these concerns on an ongoing basis via advances. Cost control efforts include staffing reduction, reduced marketing and the shutting down of one boiler during warmer months. The operating general partner continues to fund operating deficits despite the expiration of the operating deficit guarantee. So farentity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,804,427 and cash proceeds to the investment partnerships of $18,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively. Of the total proceeds received $13,200, $4,536, and $2,264, for Series 19, Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the respective investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds $5,000 will be paid to BCAMLP for expenses related to the transfer, which includes third party legal costs. No proceeds were returned to cash reserves held by Series 19, Series 24 and Series 42, respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership was recorded as of June 30, 2012.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) is a 56-unit property located in Charleston, West Virginia. In 2011, the property averaged 94% occupancy but operated slightly below breakeven. Operations were below breakeven mostly because of excessive bad debt associated with resident eviction and turnover resulting from resident job losses. During the first two quarters of 2012, these issues have persisted, occupancy has ~~advanced over $2,000,000 for repairs~~steadily declined, and ~~operating deficits. The mortgage, trade payables,~~the property ~~taxes and insurance are current. The low income housing tax credit compliance period expired on December 31, 2010.~~was 80% occupied as of June 30, 2012. The investment general partner ~~is in the process of exploring various disposition opportunities consistent~~intends to continue to have monthly calls with ~~the investment objectives of the investment partnership.~~management to monitor operations and ensure that occupancy improves and remains stable. All mortgage, tax, and insurance payments are current.

Series 43

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 43 reflects a net loss from Operating Partnerships of ~~$(699,918)~~$(146,644) and ~~$(661,595)~~$(221,807), respectively, which includes depreciation and amortization of ~~$1,642,441~~$571,057 and ~~$1,629,994,~~$516,388, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Lakewood Apartments-Saranac, LP (Lakewood Apartments) is a 24-unit property located in Saranac, MI. In 2011 the property operated above breakeven. Occupancy averaged 92% in 2011 and is averaging 93% through June 2012. The ~~area suffers from~~market is slightly challenging due to high unemployment and lack of public transportation, ~~and limited retail stores. In addition,~~but the property has consistently improved operations. The property only has seven subsidized units while other area properties are 100% subsidized. As a result, the property has struggled to maintain consistent occupancy and has operated below breakeven every year since inception. In order for occupancy to remain above 90% the property needs to offer rental concessions. The property operated below breakeven in 2010, despite an increase in average occupancy to 91%. Average occupancy continued to increase in 2011 with the first quarter reporting an average of 96% and the second quarter reported full 100% occupancy. For the last 6 months of 2011, average occupancy dropped significantly to 89% for the third quarter and to 83% for the fourth quarter. Management explained that the decrease in occupancy was caused by a significant drop in work available to the tenants. The property has begun approaching local businesses for qualified applicants and has one scheduled move in for the beginning of 2012. At the start of 2011, the property had begun to operate close to breakeven, while making the required replacement reserve deposits. During the first two quarters of 2011 the property continued to operate with a high accounts payable balance which was caused by unpaid management fees. These management fees are owed to both the previous and current management companies. With the increase in occupancy at the beginning of 2011, the property was able to keep all other vendors current, while paying a full management fee each month plus one additional outstanding fee. Due to the decrease in occupancy in the fourth quarter, the payment of the additional owed management fee was suspended until the property can sustain above breakeven operations. All taxes and insurance are ~~current through December 31, 2011.~~current. The replacement reserve account is fully funded. The low income housing tax credit compliance period ~~expired~~expires on December 31, ~~2010.~~2016. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Lakewood Apartments-Saranac, LP subsequent to June 30, 2012.

Riverview Apartments - Blissfield L.D.H.A., LP (Riverview Apartments) is a 32-unit property in Blissfield, MI. The property has suffered from inconsistent occupancy in recent years due to its isolated location and the decline of the Michigan economy. A new manager was hired in July 2009 that increased marketing and leasing efforts. Occupancy stabilized and averaged 94% in 2009, allowing the property to generate cash for the year. In early 2010, the local Public Housing Authority began using HUD's new Enterprise Income Verification System; an electronic income verification system designed to increase the efficiency and accuracy of tenant income and rent determinations as well as deter housing fraud. A brochure was distributed to the residents to inform themBecause of the new system, and five tenants immediately vacated the property causing occupancy to drop from 94% in December 2009 to 78% in January 2010. The property struggled to maintain occupancy in 2010 and ended the year at 83% with deficits being funded throughpoor operating results, a USDA Rural Development ~~approved~~ Workout Agreement~~(waiving~~ was put in place in 2010 which waived the annual replacement reserve deposit until December 31, ~~2012). During this time~~2012. In 2011, management ~~reported that rent growth had become limited due~~continued to ~~market rate competition in~~focus on marketing the ~~area. As~~vacant units through community outreach. Occupancy averaged 90% for the year and operating results were above breakeven. Through the second quarter of 2012, the property is averaging 94% occupancy with operations remaining above breakeven. Management has continued offering a one month concession as a means of attracting more ~~potential tenants~~prospects to the ~~property, management implemented a one-month rent concession.~~property. Marketing focused on internet sources such as Craigslist and Rent Linx Plus as well as advertising in the local newspaper. Management continues outreach to the local social service providers, but focusing on the Continuum of Care. During 2011 management continued to market the vacant units, and at the close of the fourth quarter of 2011, occupancy averaged 90% for the year while reporting operations close to breakeven. The property's tax and insurance escrow is fully funded. All real estate taxes, mortgage, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2017. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Riverview Apartments - Blissfield L.D.H.A., LP subsequent to June 30, 2012.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, MS. ~~In 2009,~~Average physical occupancy was 97% in 2011; however, the property ~~operated below~~was unable to operate at breakeven due to ~~decreased occupancy and~~ low rental rates. ~~Average~~Through the second quarter of 2012, average physical occupancy in 2009 was 89%. Through the fourth quarter of 2010, occupancy improved and as of December the property was 93% occupied. Despite improved occupancy, the property operated below breakeven in 2010. Through the fourth quarter of 2011 the property was 97% occupied. Again, despite the strong physical occupancy, low rental rates in the area continued to ~~negatively impact cash flow~~be strong at 97% and the property operated ~~below~~slightly above breakeven. The management company continues to market the available units by working closely with the housing authority and by ~~running~~employing various marketing efforts to attract qualified residents. Marketing consists of advertisements in the local newspaper and distributing fliers to local business, churches, and schools. Management has also contacted the local housing authority and has instituted a resident referral program. To help retain residents, management is organizing on-site events to enhance the sense of community at the property. The investment general partner is working with management to develop more regular social programs and activities at the property. The ~~investment general partner intends to continue to work with the operating general partner in an effort to stabilize operations above breakeven. The~~ mortgage, real estate taxes, insurance, and account payables are all current.

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a 35-unit co-op property in Harlem, New York. The property operated below breakeven in 2005, 2006, 2007, and 2008 due to high utility, maintenance and administrative expenses combined with collection loss. Operations improved to above breakeven status in 2009. ~~Occupancy averaged 100% in 2010.~~ Due to high bad debt and operating expenses, the property operated slightly below breakeven in 2010. Occupancy was 100% as of June 30, 2012 with operations back above breakeven status. Excessive ~~receivable~~receivables and accounts payable ~~balances continue~~continued to hinder ~~operations. Winn Residential became~~operations as the property operated significantly below breakeven in 2011. The deficit was funded by drawing down $46,000 of operating reserves in addition to accruing another $45,000 of payables. In their first full calendar year of managing operations, management was proactive in evicting delinquent tenants and raising the rents for new ~~managing agent effective October 1, 2010. The property reported 100% occupancy through the fourth quarter of 2011. Utility costs declined in 2011 due~~tenants to an amount closer to the installation of retrofit kits supplied by the local water company. The operating general partner informed the investment general partner of a water bill rebate that will be applied to the 2011 utility bill. Since Winn Management began oversight of the property, it has repaired the boilers and roof. Some of the tenants' apartments were also renovated due to damages from a roof leak. The mortgage and insurance are current. The property is real estate tax exempt, and the property is operating below breakeven with fully funded reserves. Higher vacancy loss due to evictions and elevated bad debt are the predominant factors contributing to the 2011 deficit.credit maximum. The investment general partner met with ~~Winn Management~~management in ~~early~~ January of 2012 to review the 2012 operating budget and initiatives. Management did implement rent increases averaging 3% in January 2012. The investment general partner is ~~projecting a 5% rent increase effective in~~scheduled to meet with management during the ~~first~~third quarter of 2012 to discuss the timely payment of vendor invoices and operations. Outstanding payables balance decreased from $78,000 at year end 2011 to $64,815 at the end of the second quarter 2012. The operating general partner has formally addressed all maintenance issues that were raised during the investment general partner's 2011 site visit. The mortgage and insurance are current and the property is tax exempt. The low income housing tax credit compliance period expires on December 31, 2015.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Occupancy, which averaged 94% during 2008, began to decline in the fourth quarter of 2008, reaching 89% occupancy in December 2008. Occupancy was relatively stable during 2009 and the first half of 2010 at 90%, but this could only be achieved with rent concessions. During the third and fourth quarters of 2010 occupancy regressed to levels not seen since July 2009 and only averaged 85% and 83%, respectively, and ended 2010 at 83% occupancy due to move-outs, evictions and fewer new leases. The major employers in the area cut either staffing levels or worker's hours and this situation had not started to improve as of December 31, 2010. Since most residents of Alexander Mills are hourly employees, those who have retained their jobs have had their income significantly reduced. Also, the significant decline in the construction industry in the Atlanta Metro area led to additional vacancies at the site. Management has been very proactive in managing expenses, collecting tenant receivables, and developing rent payment workout plans to retain residents where possible. In spite of these efforts, the management company reported a material increase in bad debt expense in the second quarter of 2010. Bad debt expense did decline in the third and fourth quarters of 2010 compared to the second quarter of 2010; however, it was still significantly above what would be considered normal for a multi-family apartment community. The investment general partner performed a site visit in ~~May 2010~~March 2011 and revisited the property in ~~March 2011.~~January 2012. The property was found to be in excellent condition. The investment general partner intends to continue to monitor operations to ~~ensure~~achieve stabilization.

The September 2009 mortgage payment was late and the operating general partner indicated it was unwilling to continue to advance funds to subsidize the Operating Partnership's below breakeven operations. In addition, the operating general partner hoped that its decision to stop mortgage payments would trigger negotiations with the first mortgage lender on a possible loan restructure or forbearance agreement. This tactic resulted in a forbearance agreement that closed on April 13, 2010, and converted the loan to an interest only payment schedule through December 31, 2011, at which time the contractual mortgage amortization ~~restarts.~~restarted. At closing on the forbearance agreement, the past due interest was paid and a $200,000 operating deficit reserve was established. At the time the forbearance agreement closed in April 2010, the investment general partner expected that property operations would be able to pay the interest only debt service payments through year end 2011 without needing to access monies in the newly established operating deficit reserve. That did not turn out to be the case as operations at Alexander Mills deteriorated over the second half of 2010 due to general weakness in the Lawrenceville, GA sub-market as evidenced by low physical and economic occupancy at the property and resulting incremental costs for bad debt, evictions and unit turn expenses. As of December 31, 2011, the balance in the operating deficit reserve was fully depleted.

In the first quarter 2011 there were signs that the local economy was improving as occupancy increased to 90% from 83% in the fourth quarter 2010 and negative cash flow declined to ($29,000) for the first quarter 2011. This improvement in market conditions continued in the second, third and fourth quarters of 2011 as physical occupancy improved to average 95%, 94% and 96%, respectively. For the last two months of the second quarter of 2011 and all of the third and fourth quarters of 2011, the property operated at a breakeven level. While the rental market ~~in Cobb County~~ started to improve in the first half of 2011, and continued to improve in the second half of 2011 and through the first half of 2012, operations at Alexander Mills ~~are~~were not strong enough at the start of 2012 to pay debt service including amortization which ~~re-starts~~re-started with the ~~Feb~~February 1, 2012 mortgage payment. The operating general partner is forecasting a cash flow deficit of $150,000 to $180,000 in 2012. As calendar year 2012 began, the operating general partner and the investment general partner agreed to start the year funding deficits on a month by month basis by reducing the property management fee to 3% (from 5%) and making advances from fund reserves while monitoring the local apartment market. Through June 30, 2012, $83,974 from fund reserves of the investment general partners of Alexander Mills, L.P., had been advanced to the Operating Partnership to keep the mortgage current. If the market strengthening does not continue, or the investment general partner determines that fund reserves are no longer available to finance monthly deficits at Alexander Mills, then the Operating Partnership faces a high probability of foreclosure and potential recapture costs in 2012. If recapture were to occur in 2012, the Operating Partnership would lose future tax credits of $324,495, and incur recapture and interest penalty costs of $888,890, equivalent to approximately $89 and $244 per 1,000 BACs respectively.

Due to the aforementioned risks, the operating general partner contacted the loan servicer in May 2011 to initiate conversations about extending the expiration date of the existing forbearance period or amending the mortgage loan terms in some other fashion. In June 2011, the loan was transferred to the special servicer to address the operating general partner's request. The investment general partner and the operating general partner negotiated with the special servicer throughout the fourth quarter of 2011; however, these negotiations were unsuccessful. The initial response from the special servicer in August 2011 was that it would not extend the forbearance period, nor amend any other loan terms unless the Operating Partnership paid down the loan by 13% - 17% (i.e. $1.5M - $2.0M) of the outstanding principal. The investment general partner and the operating general partner continued to negotiate with the special servicer during the fourth quarter of 2011; however, the special servicer offered no compromise from the proposed loan pay down. The ~~interest only~~ mortgage payment, real estate taxes and insurance payments were current as of June 30, 2012.

Henderson Fountainhead L.P. (Seven Points Apartments) is a 36-unit family property in Seven Points, Texas. The property operated slightly below breakeven in 2011 from increased maintenance expenses and low occupancy, which averaged 85%. In 2012, year-to-date occupancy increased to 90%, but the property continues to operate slightly below-breakeven. Administrative and maintenance expenses are running above budget year to date. The investment general partner intends to work with the operating general partner on reducing expenses and increasing occupancy and resident retention at the property. All real estate tax, insurance, and mortgage payments are current. The low income housing tax credit compliance period expires on December 31, ~~2011.~~2017.

Series 44

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy was 100%. The series had a total of 10 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the nithreene month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 44 reflects a net loss from Operating Partnerships of ~~$(1,165,789)~~$(425,961) and ~~$(907,759)~~$(344,692), respectively, which includes depreciation and amortization of ~~$1,798,468~~$587,579 and ~~$1,801,546,~~$600,486, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Post Oak East Apartments (Post Oak East L.P.) is a 240-unit family property located in Euless, Texas. Occupancy began to decline in the fourth quarter of 2009, reaching 85% in December 2009. A new management company, hired in December 2009, implemented a comprehensive marketing and resident retention program in an effort to increase occupancy and find more qualified residents. As a result, occupancy improved to an average of 92% in both 2010 and 2011. Prior to the construction loan converting to conventional permanent fixed-rate financing in November 2010, the property was operating above breakeven. However, the debt payments under the construction loan (floating rate, tax-exempt bonds) consisted of only interest payments with no principal amortization payments. Had the loan converted to permanent financing under the floating rate for tax-exempt bonds, as originally planned, and the property maintained the then current levels of bad debt expense, unit turnover costs, and real estate taxes, operations would have been below breakeven.

In November 2010, simultaneously with the conversion to conventional permanent financing, and with the approval of the Texas Department of Housing and Community Affairs and the investment general partner, the Operating Partnership admitted a new non-profit operating general partner that assumed 51% of the original operating general partner interest. The remaining 49% of the original operating general partner interest was converted to a Class B limited partner interest, owned by the original operating general partner. Because of its non-profit status, the new operating general partner entitles the property to a full abatement of the real estate taxes, saving the property approximately $150,000 annually. Under the terms of the permanent loan (principal of $13,600,000 and a fixed interest rate of 5.50%) and a full abatement of the real estate taxes, the property is operating above breakeven.

In an effort to facilitate the closing of the permanent financing in November 2010, the investment general partner approved the release of the remaining equity prior to the Operating Partnership meeting rental achievement. In October of 2011, the Operating Partnership was able to document rental achievement. The property's mortgage and insurance payments are current as of December 31, 2011.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. Due to an operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011. The operating general partner continued to fund all deficits through the end of 2011 even as their operating deficit guarantee expired. In early January of 2012, the operating general partner informed the investment general partner that ~~their~~its willingness to continue to fund operating deficits for the remainder of the compliance period ~~will~~would be limited. Both parties are discussing scenarios to assess additional funding sources for 2012 and beyond. Note that the operating general partner has continued to fund deficits through the July 1, 2012 mortgage payment.

Occupancy improved in 2010 averaging 94%. Occupancy remained strong averaging ~~95%~~94% in 2011 ~~ending at 97% as~~and during the first half of ~~December 31, 2011.~~2012. Currently, management offers a move-in special on the two-bedroom terrace level apartments where prospective tenants will pay a reduced rent of $699 for the first six months, and the regular rate of $745 for the remainder of the year lease. Management continues to market the property by distributing fliers to local and city businesses, using on-line advertising sites, and leaving property information at the local housing authority for recent voucher recipients. Recently, the property partnered with Community Connections, a social service organization. During the fourth quarter of 2009, management implemented a surety bond as an incentive for new residents. The residents will pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit. Management hired a new leasing consultant in May 2011 to aid in further improving occupancy. The operating general partner hired a new regional director of operations in the fourth quarter of 2011 to oversee its Georgia portfolio. Though occupancy remains strong, the property ~~continues~~continued to operate below breakeven through the end of ~~2011.~~2011 and during the first half of 2012. This drop in cash flow is attributable to high tenant receivables, bad debt, higher than budgeted vacancy losses, rental concessions, and high utility costs. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Brookside Park. The effective date of the management change will be August 15, 2012. The investment general partner intends to monitor this change to determine whether the new management company is able to deliver better operating results for Brookside Park. The property's mortgage, real estate tax and insurance payments are current ~~through the end~~as of ~~2011.~~June 30, 2012. The low income housing tax credit compliance period expires on December 31, 2019. If recapture were to occur in 2012, the Operating Partnership would lose future tax credits of $63,284, and incur recapture and interest penalty costs of $44,511, equivalent to approximately $23 and $16 per 1,000 BACs respectively.

In the first quarter 2011 there were signs that the local economy was improving as occupancy increased to 90% from 83% in the fourth quarter 2010 and negative cash flow declined to ($29,000) for the first quarter 2011. This improvement in market conditions continued in the second, third and fourth quarters of 2011 as physical occupancy improved to average 95%, 94% and 96%, respectively. For the last two months of the second quarter of 2011 and all of the third and fourth quarters of 2011, the property operated at a breakeven level. While the rental market ~~in Cobb County~~ started to improve in the first half of 2011, and continued to improve in the second half of 2011 and through the first half of 2012, operations at Alexander Mills ~~are~~were not strong enough at the start of 2012 to pay debt service including amortization which ~~re-starts~~re-started with the ~~Feb~~February 1, 2012 mortgage payment. The operating general partner is forecasting a cash flow deficit of $150,000 to $180,000 in 2012. As calendar year 2012 began, the operating general partner and the investment general partner agreed to start the year funding deficits on a month by month basis by reducing the property management fee to 3% (from 5%) and making advances from fund reserves while monitoring the local apartment market. Through June 30, 2012, $83,974 from fund reserves of the investment general partners of Alexander Mills, L.P., had been advanced to the Operating Partnership to keep the mortgage current. If the market strengthening does not continue, or the investment general partner determines that fund reserves are no longer available to finance monthly deficits at Alexander Mills, then the Operating Partnership faces a high probability of foreclosure and potential recapture costs in 2012. If recapture were to occur in 2012, the Operating Partnership would lose future tax credits of $397,410, and incur recapture and interest penalty costs of $1,086,449, equivalent to approximately $147 and $402 per 1,000 BACs respectively.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. Due to a downturn in the local economy and rising unemployment, average occupancy has suffered at Memphis 102 since 2007. In 2011, average occupancy fell significantly to 76% at Memphis 102 due to the continuing downward rental market and the lack of job opportunities in Memphis, as well as the unavailability of Section 8 vouchers from the Memphis Housing Authority due to the operating general partner not being current on the real estate taxes owed by Memphis 102. In late 2011, the Housing Authority once again started to refer Section 8 voucher holders to Memphis 102. For the quarter ending June 30, 2012, occupancy continues to struggle averaging 65%. Management has recently ~~begun radio~~increased its advertising and ~~other advertising~~ marketing efforts ~~as well as offering~~and continues to offer rental concessions; however, occupancy remains a significant challenge atin 2012. For the ~~start of 2012. In~~quarter ending June 30, 2012 and in 2011, net cash flow expended by property operations totaled approximately ($~~260,000)~~120,000) and ($204,196), respectively, due to high real estate taxes and accompanying interest and penalties, as well as high maintenance expenses and bad debt. ~~Moreover, bad debt expense increased to approximately $1,000 per unit during 2011.~~ Negative operations were funded primarily by the accrual of real estate taxes and accompanying interest and other penalties levied by the City of Memphis and Shelby County, as well as by approximately $21,000 of net advances from the operating general partner and its affiliates. In 2010, occupancy was relatively stable at 88%, but the property operated below breakeven due to high real estate taxes, and maintenance and bad debt expenses. In 2010, net cash flow expended by property operations totaled ($17,842)~~. The operating general partner had provided operating deficit advances to the Operating Partnership in prior years. The 2010 cash flow deficit~~, which was funded with operating general partner deficit advances. ~~Mortgage and insurance payments are current as of December 31, 2011.~~

During a site visit to the property in August 2011, the investment general partner noted that the management company, an affiliate of the operating general partner, lacked certain internal controls, communication, and structure to provide accurate and timely reporting. It was also noted that the weak economy and lack of job opportunities in the Memphis area have continued to negatively impact occupancy. Furthermore, the operating general partner indicated that it was negotiating with ~~city~~City and ~~county~~County officials on a repayment plan for outstanding real estate taxes which have been accruing for most of Memphis 102 individual tax parcels since 2006. The estimated accrued real estate tax liability for Memphis 102 totals approximately ~~$565,000~~$645,000 as of ~~December 31, 2011.~~June 30, 2012.

On September 2, 2011, the lender filed a complaint with the Chancery Court of Shelby County, TN requesting the appointment of a receiver for Memphis 102 and four other unrelated LIHTC partnerships of the operating general partner primarily due to significant unpaid real estate taxes and incomplete reporting. A hearing was originally scheduled for September 21, 2011. The ~~attorney~~attorneys representing ~~the estate of one of~~ the operating general ~~partners~~partner negotiated with the lender and obtained several continuances of the hearing extending the date of the hearing ~~until March 26,~~past July 2012. As conditions of the continuances, the lender is requiring that Memphis 102 and the four other unrelated LIHTC partnerships meet certain conditions, including: 1) providing complete information on the status of past due real estate taxes for all properties, 2) obtaining written agreements with the County and City to stay all tax sales, 3) executing and complying with repayment plans for the real estate tax liabilities with both the City and Shelby County, and 4) installing new operating and financial management controls at the management company in order to provide reporting satisfactory to the lender. Memphis 102 and the operating general partner are in the process of completing these conditions ~~at the start of 2012~~ and are continuing to negotiate with the lender. The mortgage and insurance payments are current as of June 30, 2012, although the significant unpaid real estate taxes are an undeclared default on the mortgage.

The low income housing tax credit compliance period expires on December 31, 2018. If the property is foreclosed in 2012, the estimated credit loss of ~~$1,013,286~~$1,024,194 and tax credit recapture cost and interest penalty of ~~$1,650,752~~$1,626,248 is equivalent to credit loss of ~~$375~~$379 and tax credit recapture and interest of ~~$611~~$602 per 1,000 BACs.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family development, located in West Memphis, AR. Occupancy ~~is averaging 89%~~averaged 85% in 2011 ~~but continued~~and declined to ~~decline~~75% in the second ~~half of 2011~~quarter 2012 due to ~~a significant downturn~~continued weakness in the local economy. The property has seen an increase in bad debt resulting from job loss and reduction in take-home pay among current residents. ~~The~~However, despite these issues, the property ~~continues~~was able to ~~operate~~generate a small positive cash flow in 2011. In the second quarter of 2012, the property has operated below breakeven. In addition to low occupancy, the property is struggling with a high level of accounts payable. Management is focused on paying outstanding bills but the limited cash flow has made it difficult to do so. The mortgage payments, ~~insurance,~~real estate taxes and ~~accounts payable~~insurance are current. The low income housing tax credit compliance period expires on December 31, 2018.

North Forty Aspen Plus, ~~L.P.~~LP (Aspen Village Townhomes), is a 30-unit apartment complex located approximately 45 miles southwest of Washington D.C. in Bealeton, Virginia. The units are all three-bedrooms and they are located in fifteen duplex townhomes. ~~Between the years 2004 and 2008, occupancy was stable and the property averaged occupancy of 95% to 98%. Occupancy dropped to 88% in 2009 and the property operated below breakeven.~~ The property ~~rebounded~~experienced a decline in ~~2010, averaging 99% and operating above breakeven. Occupancy stabilized~~occupancy in 2011, ~~averaging 94% for~~caused primarily by weakness in the ~~year,~~local economy. In 2012, occupancy has rebounded and ~~operations were close~~remained strong at 100% as of June 2012, largely due to ~~breakeven.~~increased marketing and a strengthening economy. The property continued to operate above breakeven due to increased occupancy. In addition, the property was inspected in December 2011, and was found in excellent condition. The operating general partner expects to make minor parking lot repairs in 2012, which will be funded from the replacement reserve account. All real estate tax, insurance and mortgage payments are current. ~~The low income housing tax credit compliance period expires on December 31, 2017.~~As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for North Forty Aspen Plus, LP subsequent to June 30, 2012.

Series 45

As of ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ the average Qualified Occupancy for the series was 100%. The series had a total of 30 properties at ~~December 31, 2011,~~June 30, 2012, all of which were at 100% Qualified Occupancy.

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 45 reflects a net loss from Operating Partnerships of ~~$(740,280)~~$(294,879) and ~~$(1,031,350)~~$(247,801), respectively, which includes depreciation and amortization of ~~$2,168,015~~$700,739 and ~~$2,210,227~~$717,340 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

As noted above, the operating general partner reports that the lender has not yet issued a default notice to the Operating Partnership with regard to the new mortgage note and Settlement Agreement. As of ~~December 31, 2011,~~June 30, 2012, the Operating Partnership remains current on its property insurance obligations. Real estate taxes for 2011 ~~2010~~ and ~~2009~~2010 totaling approximately ~~$310,000~~$187,100 remain unpaid. The operating general partner indicated that it did file appeals for the 2011 and 2010 real estate taxes, which are currently pending. ~~Payables are high and continue to increase.~~ The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and tenant turnover expenses which will improve occupancy at the property. Also, the operating general partner is pursuing a sales effort of the property to low-income qualified homebuyers in coordination with a nonprofit affordable housing agency and the lender. The 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. If the property is foreclosed in 2012, the estimated tax credit recapture cost and interest penalty of $45,103 is equivalent to recapture and interest of $11 per 1,000 BACs.

Occupancy improved in 2010 averaging 94%. Occupancy remained strong averaging ~~95%~~94% in 2011 ~~ending at 97% as~~and during the first half of ~~December 31, 2011.~~2012. Currently, management offers a move-in special on the two-bedroom terrace level apartments where prospective tenants will pay a reduced rent of $699 for the first six months, and the regular rate of $745 for the remainder of the year lease. Management continues to market the property by distributing fliers to local and city businesses, using on-line advertising sites, and leaving property information at the local housing authority for recent voucher recipients. Recently, the property partnered with Community Connections, a social service organization. During the fourth quarter of 2009, management implemented a surety bond as an incentive for new residents. The residents will pay a minimal amount for a surety bond as opposed to a higher amount for a security deposit. The property will receive a guarantee that the surety bond, limited to the bond cap amount, will cover all damage incurred to a unit. Management hired a new leasing consultant in May 2011 to aid in further improving occupancy. The operating general partner hired a new regional director of operations in the fourth quarter of 2011 to oversee its Georgia portfolio. Though occupancy remains strong, the property ~~continues~~continued to operate below breakeven through the end of ~~2011.~~2011 and during the first half of 2012. This drop in cash flow is attributable to high tenant receivables, bad debt, higher than budgeted vacancy losses, rental concessions, and high utility costs. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Brookside Park. The effective date of the management change will be August 15, 2012. The investment general partner will monitor this change to determine whether the new management company is able to deliver better operating results for Brookside Park. The property's mortgage, real estate tax and insurance payments are current ~~through the end~~as of ~~2011.~~June 30, 2012. The low income housing tax credit compliance period expires on December 31, 2019. If recapture were to occur in 2012, the Operating Partnership would lose future tax credits of $1,694,674, and incur recapture and interest penalty costs of $1,191,984, equivalent to approximately $422 and $297 per 1,000 BACs respectively.

Lone Terrace, Limited Partnership (Lone Terrace Apartments) is a 31-unit family property in Lone Grove, OK. ~~In 2009, the property generated cash flow with 95% average occupancy and operating expenses below state averages.~~ In 2010, operations fell below breakeven for the year due to a 6% drop in occupancy and an increase in maintenance and insurance costs. The majority of maintenance costs were replacement items that were not reimbursed from the replacement reserve account due to Rural Development restrictions. In addition, Rural Development required the property to contract out all maintenance work at a higher cost instead of using affiliated company employees. Insurance costs also increased due to a spike in claims across the Midwest in 2008 and 2009. ~~Throughout~~In 2011, occupancy averaged 92%. As a result of a further increase in maintenance expenses, operations remained below breakeven in 2011. Through the second quarter of 2012, the property is averaging 91% occupancy and is currently operating below breakeven. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2018.

Sulphur Terrace, ~~Limited Partnership~~LP (Sulphur Terrace Apartments) is a 32-unit family property in Sulphur, OK. ~~Operations were below breakeven in 2009 due to high maintenance and insurance costs, despite an average occupancy~~In 2010, the property generated a cash flow deficit for the year. The primary cause of ~~95%.~~the deficit was that Rural Development restrictions prohibited the property from reimbursing maintenance costs from the replacement reserve account. Also due to Rural Development restrictions, the operating general partner was required to contract out all maintenance work at a higher cost instead of using the affiliated company employees. A spike in insurance claims across the Midwest in 2008 and 2009 also caused insurance costs to double. In ~~2010,~~2011, the property ~~once again suffered a deficit~~recovered and operated well, averaging 95% occupancy for the ~~year. Maintenance expenses decreased slightly but not enough for operations to breakeven.~~year and generating positive cash flow. Rural Development approved a rent increase effective January 1, ~~2011. Although average~~2011 which helped boost revenues. Through the second quarter of 2012, the property continued to have strong occupancy ~~remained at~~averaging 95%~~, rental income increased by 13%. Operating expenses decreased slightly,~~ and ~~operations were above breakeven in 2011.~~it is generating positive cash flow. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate taxes, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, ~~2018.~~2018.As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Sulphur Terrace, LP subsequent to June 30, 2012.

Series 46

For the ~~nine~~three month periods ended ~~December 31,~~June 30, 2012 and 2011, ~~and 2010,~~ Series 46 reflects a net loss from Operating Partnerships of ~~$(453,894)~~$(140,589) and ~~$(495,629)~~$(189,789), respectively, which includes depreciation and amortization of ~~$1,015,199~~$331,841 and ~~$1,035,354,~~$334,988, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Agent Kensington LP (Kensington Heights Apartments) is a 126-unit senior property located in Kansas City, MO. The property had below breakeven operations resulting from high operating expenses, specifically maintenance costs. During the second quarter of 2010, it was identified that the property was dealing with a bed bug issue. Since that time, the bed bug remediation has become an extensive and ongoing problem. In 2011, maintenance costs continued to increase as a new contractor was engaged to assist in eradicating the bed bug infestation. Despite the ongoing pest issue, the 2011 occupancy averaged 96% and has continued to remain strong through the second quarter of 2012, averaging 95%. Management is projecting the property to continue to operate below breakeven in 2012. Although the guarantee has expired, the operating general partner has been funding deficits. All mortgage, taxes and insurance are current. The low income housing tax credit compliance period expires on December 31, 2018.

Rosehill Apartments (Rosehill Place of Topeka, L.L.C.) is a 48-unit elderly apartment complex located in Topeka, Kansas. Despite strong occupancy ~~averaging~~of 97% ~~in 2010 and 2011,~~, the property ~~is operating~~operated just below ~~breakeven.~~breakeven in 2011. The operating managing member hired a consultant to appeal the real estate assessment in March 2011; however, the consultant did not complete the appeal process before transferring to a new company. Therefore, the operating managing member hired another consulting firm to appeal the 2011 ~~assessed value~~real estate assessment via the payment under protest process when the first half of the 2011 taxes were paid in December ~~2011.~~2011;however, the appeal was not approved by the tax authority. The operating managing member could appeal further to the state tax court; however, it has been determined that the cost to do so, would far exceed the anticipated reduction in the taxes. In addition, because occupancy is ~~very~~ strong, ~~in September 2010,~~ the state tax credit-allocating agency approved a $15 per unit per month rent increase in November 2010 and another $10 increase, which took effect ~~in November 2010. This increase~~May 1, 2012. These increases in rental income ~~along with a slight reduction~~should help in ~~real estate taxes should result~~improving operations. The property operated slightly below breakeven in the ~~property operating above breakeven.~~first half of 2012 at 98% occupancy and only two months into the latest rent increase. A further rent increase will not be permitted until May 2013 (one increase per year). In December 2010, with the approval of the investment general partner, the operating managing member closed a transaction, which re-set the principal balance outstanding on the first mortgage loan from its then current balance to its original commitment amount. This provided enough capital to pay the past due real estate taxes, which were approximately two and a half years in arrears. The operating ~~general partner~~managing member reports that the monthly mortgage, tax, and insurance escrow payments are current as of ~~December 31, 2011.~~June 30, 2012.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2011 and 2010. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting ~~Changes~~Pronouncements

In ~~June 2009,~~May 2011, the ~~FASB~~Financial Accounting Standards Board ("FASB") issued an ~~amendment~~update to ~~the accounting~~existing guidance related to fair value measurements on how to measure fair value and ~~disclosure requirements for the consolidation of variable interest entities (VIEs). The amended guidance modifies the consolidation model~~what disclosures to ~~one based on control and economics, and replaced~~provide about fair value measurements. For fair value measurements categorized as level 3, a reporting entity should disclose quantitative ~~primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (1) the power to direct the activities~~information of the ~~VIE that most significantly impact the VIE's economic performance~~unobservable inputs and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the amended guidance requires continual reconsiderationassumptions, a description of the ~~primary beneficiary~~valuation processes and narrative description of ~~a VIE and adds an additional reconsideration event for determination~~the sensitivity of ~~whether an entity~~the fair value to changes in unobservable inputs. This update is ~~a VIE. Additionally, the amendment requires enhanced and expanded disclosures around VIEs. This amendment was~~ effective for ~~fiscal years~~interim and annual periods beginning after ~~November~~December 15, ~~2009.~~2011. The adoption of this ~~guidance on April 1, 2010~~update did not ~~have a material effect on~~materially affect the Fund's condensed 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 under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(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, 2011~~June 30, 2012 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, ~~2011.~~2012.

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

None

Item 3.
Defaults upon Senior Securities

None

Item 4.
Mine Safety Disclosures

Not Applicable

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

101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended ~~December 31, 2011~~June 30, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished 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~~August 14, 2012		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~~August 14, 2012	/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~~August 14, 2012	/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.

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition *		Gain/(Loss) on Disposition

Series 20	3	1	$	103,600	$	103,600
Series 21	2	-		118,000		118,000
Series 22	-	2		-		-
Series 23	-	1		-		-
Sereis 24	2	-		139,151		139,151
Series 25	4	1		1,065,241		1,215,347
Series 33	1	-		21,566		21,566

Total	12	5	$	1,447,558	$	1,597,664

	9 Months Gross Fund Management Fee	9 Months Asset Management and Reporting Fee	9 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 137,311	$ 38,602	$ 98,709
Series 21	77,277	76,639	638
Series 22	139,552	11,241	128,311
Series 23	116,289	10,716	105,573
Series 24	121,475	30,601	90,874
Series 25	96,554	87,454	9,100
Series 26	255,312	36,705	218,607
Series 27	175,284	40,798	134,486
Series 28	250,587	26,818	223,769
Series 29	248,553	55,784	192,769
Series 30	130,608	16,612	113,996
Series 31	273,114	32,524	240,590
Series 32	212,571	26,031	186,540
Series 33	98,862	45,219	53,643
Series 34	219,897	34,154	185,743
Series 35	171,270	41,985	129,285
Series 36	120,448	39,795	80,653
Series 37	153,648	18,518	135,130
Series 38	123,300	20,902	102,398
Series 39	102,600	14,135	88,465
Series 40	150,012	12,792	137,220
Series 41	178,551	23,118	155,433
Series 42	187,335	40,454	146,881
Series 43	230,085	34,720	195,365
Series 44	213,528	70,242	143,286
Series 45	274,923	40,689	234,234
Series 46	187,146	12,514	174,632
	$4,646,092	$939,762	$3,706,330

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, ~~2011.~~2012.

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

	None

Item 3.	Defaults upon Senior Securities

	None

Item 4.	Mine Safety Disclosures

	Not Applicable

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

		101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended ~~December 31, 2011~~June 30, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished herewith