UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10 - K/A
Annual Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the Fiscal Year Ended March 31, 1996
Commission File Number 33-11194
CENTURY PACIFIC HOUSING FUND-I
A California Limited Partnership
I.R.S. Employer Identification No. 95-3938971
1925 Century Park East, Suite 1760, Los Angeles, CA 90067
Registrant's Telephone Number: (310) 208-1888
Securities Registered Pursuant to Section 12(b) or 12(g) of
the Act:
NONE
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed with the Commission by
Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding twelve months (or such shorter period
that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the
past 90 days.
Yes [X] No [ ]
DOCUMENTS INCORPORATED BY REFERENCE
Registrant's Prospectus dated April 15, 1987, as amended
(the Prospectus) and the Registrant's Supplement No. 3
dated December 21, 1988 to Prospectus dated April 15,1987
(Supplement No. 3) but only to the extent expressly
incorporated by reference in Parts I through IV hereof.
Capitalized terms which are not defined herein have the
same meaning as in the Prospectus.
TABLE OF CONTENTS
PART I
Page
ITEM 1 BUSINESS 2
ITEM 2 PROPERTIES 3
ITEM 3 LEGAL PROCEEDINGS 6
ITEM 4 SUBMISSION OF MATTERS
TO A VOTE OF SECURITY HOLDERS 6
PART II
ITEM 5 MARKET FOR THE REGISTRANT'S
PARTNERSHIP INTERESTS 7
ITEM 6 SELECTED FINANCIAL DATA 7
ITEM 7 MANAGEMENT'S DISCUSSION AND
ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF
OPERATIONS 8
ITEM 8 FINANCIAL STATEMENTS AND
SUPPLEMENTARY DATA 11
ITEM 9 CHANGES AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE 11
PART III
ITEM 10 DIRECTORS AND EXECUTIVE OFFICERS
OF THE REGISTRANT 12
ITEM 11 EXECUTIVE COMPENSATION 13
ITEM 12 PARTNERSHIP INTEREST OWNERSHIP
OF CERTAIN BENEFICIAL OWNERS
AND MANAGEMENT 14
ITEM 13 CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS 14
PART IV
ITEM 14 EXHIBITS, FINANCIAL STATEMENT
SCHEDULES AND REPORTS ON
FORM 8-K 15
SIGNATURES 16
PART I
ITEM 1. BUSINESS
Century Pacific Housing Fund-I (the Partnership) was formed
on October 6, 1986 as a limited partnership under the laws
of the State of California to invest in multi-family housing
developments. The Partnership's business is to invest
primarily in other limited partnerships (Operating
Partnerships) that are organized for the purpose of either
constructing or acquiring and operating existing affordable
multi-family rental apartments that are eligible for the Low-
Income Housing Tax Credit, or to a lesser extent, the
Rehabilitation Tax Credit, both enacted by the Tax Reform Act
of 1986 (sometimes referred to as Credits or Tax Credits).
The Partnership invested in 21 properties (the properties).
Each of the properties qualifies for the Low-Income Housing
Tax Credit, and one property, a historic structure,
qualifies for the Rehabilitation Tax Credit. All of these
properties receive one or more forms of assistance from
federal, state or local governments. A summary of the
Partnership's objectives and a summary of the Tax Credits are
provided in the Prospectus under "Investment Objectives and
Policies" and "Federal Income Tax Aspects" on pages 45 and
79, respectively, and are incorporated herein by reference.
In order to stimulate private investment in low and moderate
income housing of the types in which the Partnership has
invested, the federal government has provided investors with
significant ownership incentives intended to reduce the
risks and provide investors/owners with certain tax benefits,
limited cash distributions and the possibility of long-term
capital gains. The ownership incentives include interest
subsidies, rent subsidies, mortgage insurance and other
measures. However, there remains significant risks inherent
in this type of housing. Long-term investments in real
estate limit the ability of the Partnership to vary its
portfolio in response to changing economic, financial and
investment conditions, and such investments are subject to
changes in economic circumstances and housing patterns,
rising operating costs and vacancies, rent controls and
collection difficulties, costs and availability of energy,
as well as other factors which normally affect real estate
values. In addition, these properties usually are rent
restricted and are subject to government agency programs
which may or may not require prior consent to transfer
ownership.
The Partnership acquired the properties by investing as the
limited partner in Operating Partnerships which own the
properties. As a limited partner, the Partnership's
liability for obligations of the Operating Partnerships is
limited to its investment. The Partnership made capital
contributions to the Operating Partnerships in amounts
sufficient to pay the Operating Partnerships' expenses and to
reimburse the general partners for their costs incurred in
forming the Operating Partnerships, if any, and acquiring
the properties. For each acquisition, this typically
included a cash down payment (in one or more installments),
acceptance of the property's mortgage indebtedness, and
execution of a Purchase Money Note in favor of the seller
of the property. For a summary of the acquisition financing
activities for each property, see the financial information
contained under Item 2.
The Partnership's primary objective is to provide Low-Income
Housing Tax Credits to limited partners generally over a 10-
year period. Each of the Partnership's Operating
Partnerships has been allocated by the relevant state tax
credit agency an amount of the Low-Income Housing Tax Credit
for 10 years from the date the property is placed-in-service.
The required holding period of the properties is 15 years
(the Compliance Period). The properties must satisfy rent
restrictions, tenant income limitations and other
requirements (the Low-Income Housing Tax Credit Requirements)
in order to maintain eligibility for recognition of the Low-
Income Housing Tax Credit at all times during the Compliance
Period. Once an Operating Partnership has become eligible
for the Low-Income Housing Tax Credit, it may lose such
eligibility and suffer an event of recapture if its property
fails to remain in compliance with the Low-Income Housing Tax
Credit Requirements. To date, none of the Operating
Partnerships have suffered an event of recapture of the Low-
Income Housing Tax Credit.
All of the Operating Partnerships receive rental subsidy
payments, including payments under Section 8 of Title II of
the Housing and Community Development Act of 1974 ("Section
8"). The subsidy agreements expire at various times during
and after the 15-year compliance period of the Operating
Partnerships. The United States Department of Housing and
Urban Development ("HUD") has issued a notice implementing
provisions to renew Section 8 contracts expiring during HUD's
fiscal year 1996, where requested by an owner, for an
additional one year term at current rent levels. As of June
13, 1996, seven of the Operating Partnerships' Section 8
contracts are due to expire during 1996, one year contract
extensions have been granted for three of the Operating
Partnerships. The remaining four Operating Partnerships have
not yet received HUD's approval of their extension requests.
At the present time, the Partnership cannot reasonably
predict legislative initiatives and government budget
negotiations, the outcome of which could result in a
reduction in funds available for the various federal and
state administered housing programs including the Section 8
program. Such changes could adversely affect the future net
operating income and debt structure of any or all Operating
Partnerships receiving such subsidy or similar subsidies.
Employees
The Partnership does not employ any persons. Alternatively,
the Partnership reimburses an affiliate for overhead
allocation consisting primarily of payroll costs.
ITEM 2. PROPERTIES
As of March 31, 1996, the Partnership had acquired equity
interests in Operating Partnerships as set forth in the table
below. Each of the properties acquired by the Operating
Partnerships receives benefits under government assistance
programs. The table set forth below summarizes the
properties acquired, and the purchase price, original
indebtedness assumed and the government assistance programs
benefitting each property. Further information concerning
these properties may be found in Supplement No. 3 to the
Prospectus, pages 4 through 66, which information is
incorporated herein by reference and is summarized below.
CPHP-V CPHP-VIII CPHP-XI CPHP-XII
Jaycee Sunset Continental Yale
Towers T/Homes Terrace Village
Dayton, Newton, Fort Worth, Houston,
OH KS TX TX
204 U. 50 U. 200 U. 180 U.
________ ________ ________ _________
Average Occupancy-
1995 99% 88% 93% 77%
Purchase Price $5,700,000 $1,225,000 $4,600,000 $5,250,000
Cash Down Payment 400,196 138,000 482,883 530,894
Purchase Note 16,500 - - -
Mortgage Assumed 3,000,123 751,905 2,609,991 3,075,000
Residual Note 2,283,181 335,095 1,507,126 1,644,106
Government Sec 236/ Sec 236/ Sec 236/
Assistance Payment Sec 8 Sec 236 Sec 8 Sec 8
______________________________________________________________
CPHP XIII CPHP XIV CPHP XV CPHP XVI
Atlantis Kings Row Castle Rockwell
Gardens
Virginia Houston, Lubbock, Oklahoma
Bch, VA TX TX City,OK
208 U. 180 U. 152 U. 60 U.
_________ _________ _________ _________
Average Occupancy-
1995 100% 96% 96% 92%
Purchase Price $6,032,000 $3,780,000 $3,268,000 $1,235,400
Cash Down Payment 801,000 394,213 320,140 129,564
Purchase Note - - - -
Mortgage Assumed 2,678,416 1,848,269 1,787,613 707,207
Residual Note 2,552,584 1,537,518 1,160,247 398,629
Gov't Assistance Sec 236/ Sec 236/ Sec 236/ Sec 236/
Program Sec 8 Sec 8 Sec 8 Sec 8
______________________________________________________________
CPHP XVII CPHP XVIII COLEMAN CPHP XX
London Sq. Ascension MANOR Holiday
Village Towers Assoc.,LP Heights
Oklahoma Memphis, Baltimore, Fort
City, OK TN MD Worth,TX
200 U. 197 U. 50 U. 100 U.
_________ _________ _________ _________
Average Occupancy-
1995 94% 100% 98% 99%
Purchase Price $4,214,000 $6,727,500 $3,990,000 $2,200,000
Cash Down Payment 414,097 409,094 1,625,000 191,000
Purchase Note - 50,000 - -
Mortgage Assumed 2,820,832 3,863,739 2,365,000 1,120,000
Residual Note 979,071 2,404,667 - 889,000
Gov't Assistance Sec 236/ Sec 221(d) Sec 236/
Program Sec 8 Sec 236 (4)/Sec8 Sec 8
______________________________________________________________
CPHP XXII CPHP I CPHP II-VOA CPHP III
Harriet Charter Sunset Highland
Tubman Terr House Park Park
Berkeley, Dothan, Denver, Topeka,
CA AL CO KS
91 U. 100 U. 242 U. 200 U.
________ _________ _________ _________
99% 100% 96% 95%
Purchase Price $4,732,000 $2,146,000 $6,500,000 $6,900,000
Cash Down Payment 593,000 195,000 956,000 939,000
Purchase Note - - - -
Mortgage Assumed 1,718,171 1,169,000 3,081,144 2,024,000
Residual Note 2,420,829[2] 782,000 2,462,856 3,937,000
Gov't Assistance Sec 236/ Sec 236 Sec 236/ Sec221(d)
Program Sec 8 Sec 8/ (3)/Sec 8/
Flex Sub- Flex Sub-
sidy Loan sidy Loan
______________________________________________________________
CPHP IV CPHP VI CPHP VII CPHP IX
Forest Edgewood Gulfway Wind
Glen Terrace Ridge
Kansas Danville, New Orleans, Wichita,
City, KS IL LA KS
160 U. 150 U. 206 U. 136 U.
_________ _________ _________ _________
Average Occupancy-
1995 97% 88% 79% 83%
Purchase Price $4,960,000 $3,540,000 $5,700,000 $3,500,000
Cash Down Payment 738,000 680,000 683,000 382,000
Purchase Note - - - -
Mortgage Assumed 2,488,000 2,359,950 3,301,974 1,791,936
Residual Note 1,734,000 500,050 1,715,026 1,326,064
Gov't Assistance Sec 236/ Sec 8 Sec 236/ Sec 236/
Program Sec 8/ Sec 8 Sec 8/
Flex Sub- Flex Sub-
sidy Loan sidy Loan
______________________________________________________________
CPHP X
Bergen Circle
Springfield,
201 U. TOTAL
__________ __________
Average Occupancy-
1995 94%
Purchase Price $12,261,000 $98,460,900
Cash Down Payment 1,768,000 12,770,081
Purchase Note - 66,500
Mortgage Assumed 6,946,158 51,508,428
Residual Note 3,546,842 34,115,891
Gov't Assistance
Program Sec 236/
Sec 8
______________________________________________________________
[1] (Coleman Manor - Purchase Price) This amount represents
the development cost and not the purchase price.
[2] This total includes a flex subsidy loan in the amount of
$185,000 and the assumption of a prior residual note in
the amount of $200,000.
______________________________________________________________
ITEM 3. LEGAL PROCEEDINGS
As of June 13, 1996, there were no pending legal proceedings
against the Partnership or any Operating Partnership in which
it has invested.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no submissions of matters to a vote of security
holders during the year ended March 31, 1996.
PART II
ITEM 5. MARKET FOR THE REGISTRANT'S PARTNERSHIP INTERESTS
There is presently no public market for the Units of limited
partnership interest (the Units), and it is unlikely that any
public market for the Units will develop. See the Prospectus
under "Transferability of Interests" on pages 29 and 72 of
the Prospectus, which information is incorporated herein by
reference. The number of owners of Units as of June 13, 1996
was approximately 2,093, holding 22,315 units.
As of June 13, 1996, there were no cash distributions.
ITEM 6. SELECTED FINANCIAL DATA
The following summary of selected financial data should be
read in conjunction with Item 14, herein, which also includes
a summary of the Partnership's significant accounting
policies.
Three
Year Year Year Year Months
Ended Ended Ended Ended Ended
Mar 31, Mar 31, Mar 31, Mar 31, Mar 31,
Operations 1996 1995 1994 1993 1992
__________ ________ ________ ________ ________ _______
Revenue $ 3,900 $ 5,000 $ 4,200 $ 5,000 $ 5,805
Operating
Expenses (75,053) (72,069)(106,432)(141,671)(153,399)
Equity in Net
Losses of
Operating
Partnerships (176,789)(241,098)(256,914)(291,967)(884,861)
________ ________ ________ ________ _________
Net Loss $(247,942)(308,167)(359,146)(428,638)(1,032,455)
======== ======= ======= ======= =========
Net Loss per Unit
of Limited
Partnership
Interest $ (11) $ (14) $ (16) $ (19) $ (45)
Financial Position
__________________
March March March March March
31,1996 31,1995 31,1994 31,1993 31, 1992
________ _______ _______ _______ _________
Total Assets $547,704 $722,045 $961,812 $1,253,235$1,604,996
======== ======= ======= ========= =========
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
The Partnership raised $8,517,000 in equity capital during
calendar year 1987 and raised an additional $13,798,000
through April 15, 1988. In late December 1987, the
Partnership invested in eight Operating Partnerships, which
own eight multi-family properties located in various states
representing $45,507,000 of property value. During 1988, the
Partnership invested in an additional 13 properties located
in eight states representing $52,953,900 of property value.
As of March 31, 1996, the Partnership's portfolio consists of
21 properties. The properties are located in 13 states and
contain 3,267 residential units. The average occupancy level
for each property during calendar year 1995 was approximately
94% and most properties generated sufficient revenue to cover
operating costs, debt service, and the funding of reserves.
For a summary of the combined financial status of the
Operating Partnerships and the properties, see the financial
information contained under Item 14.
Liquidity and Capital Resources
The Partnership is currently experiencing a liquidity
problem. Under the Partnership Agreement, the Partnership is
entitled to receive distributions of surplus cash from the
Operating Partnerships which is to provide the funds
necessary for the Partnership to meet its operating costs.
To date, the Operating Partnerships have not provided
sufficient cash distributions to enable the Partnership to
meet its current obligations. The Partnership has also
incurred allocated losses from all but one of its Operating
Partnerships to the extent of the Partnership's cash
contributions and has a negative working capital. As a
result of the foregoing, the Partnership has been dependent
upon its general partners and affiliates for continued
financial support to meet its operating costs. Management
maintains that the general partners and/or affiliates, though
not required to do so, will continue to fund operations of
the Partnership by continuing to fund operating costs and by
deferring payment of allocated overhead expenses and
repayment of operating cash advances.
Management believes the possibility exists that one or
several Operating Partnerships may require additional
capital, in addition to that previously contributed by the
Partnership, to sustain operations. In such case, the source
of the required capital needs may be from (i) limited
reserves from the Partnership (which may include
distributions received from Operating Partnerships that would
otherwise be available for distribution to partners), (ii)
debt financing at the Operating Partnership level (which may
not be available), or (iii) additional equity contributions
from the general partner of the Operating Partnerships (which
may not be available). There can be no assurance that any of
these sources would be readily available to provide for
possible additional capital requirements which may be
necessary to sustain the operations of the Operating
Partnerships. However, the Partnership is under no
obligation to fund operating deficits of the Operating
Partnerships in the form of additional contributions or
loans.
Due to the uncertainty of the continuation of the Section 8
program, management has been forced to look at several
options to prepare for the possible lack of subsidy income to
the Operating Partnerships. The loss of subsidy income to
the Operating Partnerships will make it more difficult for
the Operating Partnerships to provide sufficient cash
distributions to the Partnership. Management has identified
the courses of action they will take as a result of the
potential changes to the Section 8 program.
The plan that the Operating Partnerships follow will depend
on the federal government's decision to implement the
decentralization or elimination of HUD. HUD's proposed Mark-
to-Market approach would create an atmosphere where the
Projects would have to compete for residents in the
conventional market. The following alternatives are listed
as plans of action that management plans to pursue in
response to HUD's actions:
1) HUD may transfer project control to a local Housing
Authority in the form of block grants. The Housing
Authority would determine the market rents based on the
area market. The projects will respond to the local
Housing Authority and follow their procedures and
guidelines.
2) The current tenants may receive a housing voucher
administered by the local Housing Authority. The projects
will accept vouchers and actively seek applicants who have
vouchers. The projects will also accept non-voucher
residents who will pay rent amounts not to exceed the
maximum rents for persons at 60% of the median income
level as in compliance with Section 42 of the Internal
Revenue Code (IRC).
3) If no subsidies or vouchers are given to the projects or
the tenants, all rents will be raised not to exceed the
maximum rents for persons at 60% of the median income
level as in compliance with Section 42 of the IRC. With
rental rate increases, many of the current residents
will be unable to pay the higher rents, thus forcing
them to move from the projects and to seek housing
elsewhere. An increase in the move out rate will cause
a severe cash flow strain to the project. To compensate
for the loss of income and increased vacancy turnover
costs, the projects will require effective marketing,
competitive rental rates and possible upgrading to units
and/or common areas to attract qualified applicants and
maintain a low vacancy rate.
4) HUD may restructure loans in order to minimize the
monthly costs to the project and reduce the chances for
default. Even with reduced or eliminated payments, the
project will be forced to increase rents in order to
operate.
5) The final option is to buy off the HUD insured loan
making the complex free from HUD's or the local Housing
Authority's regulations.
Tax Reform Act of 1986, Omnibus Budget Reconciliation Act
of 1987, Technical and Miscellaneous Revenue Act of 1988,
Omnibus Budget Reconciliation Act of 1989, and Omnibus
Budget Reconciliation Act of 1990
The Partnership is organized as a limited partnership and
is a "pass through" tax entity which does not, itself, pay
federal income tax. However, the partners of the
Partnership, who are subject to federal income tax, may be
affected by the Tax Reform Act of 1986, the Omnibus Budget
Reconciliation Act of 1987, the Technical and Miscellaneous
Revenue Act of 1988, the Omnibus Budget Reconciliation Act of
1989 and the Omnibus Budget Reconciliation Act of 1990
(collectively the Tax Acts). The Partnership will consider
the effect of certain aspects of the Tax Acts on the partners
when making investment decisions. The Partnership does not
anticipate that the Tax Acts will have a material adverse
impact on the Partnership's business operations, capital
resources, plans or liquidity.
Results of Operations
The Partnership generated revenue of $3,900, $5,000, and
$4,200 in the fiscal years ended March 31, 1996, 1995, and
1994, respectively, which principally represents transfer
fees charged to limited partners to cover administrative
costs incurred by the Partnership upon the private transfer
of their interests. There were $6,487,341 in tax losses
generated during the Partnership's calendar tax year ended
December 31, 1995, arising primarily from Operating
Partnership losses allocated to the Partnership and the
Partnership's general and administrative costs. The
Partnership received $3,246,039 in tax credits allocated
directly from the Operating Partnerships for the calendar
tax year ended December 31, 1995.
Inflation
Inflation is not expected to have a material adverse
impact on the Partnership's operations during its period
of ownership of the properties.
Recent Accounting Statements Not Yet Adopted
In March 1995, the FASB issued SFAS No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived
Assets to Be Disposed Of". SFAS No. 121 is effective for
financial statements issued for fiscal years beginning after
December 15, 1995, with earlier application permitted. SFAS
No. 121 addresses the accounting for long-lived assets and
certain identifiable intangibles to be held and used by an
entity to be reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount of
an asset may not be recoverable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements together with the report of the
independent auditors thereon are set forth at the pages
indicated in Item 14.
ITEM 9. CHANGES AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE
There are no known disagreements on any matter of accounting
principles or practices of financial statement disclosure
with current or predecessor auditors.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Partnership has no officers or directors. Management of
the Partnership is vested in Irwin Jay Deutch and Century
Pacific Capital Corporation (CPCC) (the general partners).
The general partners will involve themselves in the day-to-
day affairs of the Partnership as required to protect the
limited partners' investment and advance the Partnership's
tax investment objectives. Mr. Deutch, the managing general
partner, has the overall responsibility for the preparation
and transmittal of periodic reports to the limited partners,
preparation and filing of the Partnership's tax returns with
the IRS and the appropriate state tax authorities, and the
preparation and filing of reports to HUD and other government
agencies.
Following is biographical information on Mr. Deutch and the
Executive Officers of CPCC:
Irwin Jay Deutch
Irwin Jay Deutch, age 55, is Chairman of the Board,
President, and Chief Executive Officer of Century Pacific
Realty Corporation (CPRC), a general partner of the Operating
Partnerships that own the properties in which CPHF-I has
invested, and its Affiliates. Mr. Deutch has been involved
with low-income housing investments since 1968. He is the
individual general partner in 62 private limited partnerships
and two public limited partnerships investing in 209
properties, including 196 multi-family properties with 33,700
apartment units, 10 commercial projects, and 3 hotel
properties. Fifty-eight of the 62 private limited
partnerships have invested in affordable housing. In his
capacity as general partner and officer of CPRC, he oversees
the management of these partnerships and assumes overall
responsibility for the development, direction, and operation
of all affiliated CPRC companies. Mr. Deutch is recognized
as an expert in the field of affordable housing and
frequently addresses professional groups on topics of real
estate investment, syndication, tax law, and the Low-Income
Housing Tax Credit program.
Mr. Deutch received a B.B.A. degree with distinction from the
University of Michigan School of Business Administration in
1962 and a Juris Doctor degree with honors from the
University of Michigan Law School in 1965. He is a member of
the Order of the Coif. Mr. Deutch served in the Honors
Program in the Office of the Chief Counsel of the Internal
Revenue Service from 1965 to 1967, where he was assigned to
the Interpretative Division, in Washington, D.C. He attended
Georgetown Law Center and received his Master of Laws degree
in taxation in 1967. Mr. Deutch is a member of the State
Bars of Michigan and California, as well as the American,
Federal, Los Angeles, and Beverly Hills Bar Associations.
Key Officers of CPCC and Affiliates
Essie Safaie, age 47, is Chief Financial Officer and Chief
Operating Officer of CPRC. Prior to joining CPRC in 1988,
from 1985-88 he was Vice President and Chief Financial
Officer of Sunrise Investments, Inc., a real estate
syndication firm with $450 million of real estate under
management. During this period, Mr. Safaie was also
President of an affiliated property management firm, S&L
Property Management, Inc., with over 12,000 residential units
and 800,000 square feet of commercial office space under
direct management. From 1982 to 1985 Mr. Safaie was
assistant controller of Standard Management Company, builders
and managers of luxury hotels, commercial offices and
residential units. From 1980-1982 he served as financial
officer of Diamond "M" Drilling Company. Mr. Safaie received
a B.A. degree in Business Administration from California
State University with a major in accounting.
Charles L. Schwennesen, age 50, is Vice President of
Acquisition Finance for CPRC and is responsible for financial
analysis and "due diligence" reviews of all properties
acquired by CPRC. Prior to joining CPRC in 1987, he was a
consultant to companies which provided investment
opportunities through private placements. From 1984 to 1985
Mr. Schwennesen was Vice President of Cranston Securities
Company and was responsible for the structuring of more than
$30 million of mortgage revenue bond financing for affordable
housing projects. From 1977 to 1984, Mr. Schwennesen was a
manager with the accounting firm of Price Waterhouse where he
specialized in providing auditing and consulting services to
publicly held California real estate development companies
involved in the affordable housing industry. Mr. Schwennesen
is a Certified Public Accountant and holds a Masters degree
in Business Administration from the UCLA Graduate School of
Management and a B.A. degree in Mathematics from UCLA.
ITEM 11. EXECUTIVE COMPENSATION
The Partnership has no officers or directors. However, in
connection with the operations of the Partnership and the
Operating Partnerships, the general partners and their
affiliates will or may receive certain fees, compensation,
income and other payments which are described in the
Prospectus under "Compensation, Fees and Reimbursements" on
page 17, the terms of which are incorporated herein by
reference.
During the fiscal years ended March 31, 1996, 1995 and 1994,
CPCC, a general partner of the Partnership, and CPRC, a
general partner of the Operating Partnerships, earned
$505,381, $503,607 and $500,016, respectively, in
compensation from the Operating Partnerships, and $60,000 was
accrued for each fiscal year for the reimbursement for
overhead allocation from Century Pacific Investment
Corporation (CPIC). During fiscal year 1996, the general
partners received no payments from the Operating
Partnerships.
ITEM 12. PARTNERSHIP INTEREST OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT
No partner in the Partnership owns more than 5% of the total
number of partnership interests outstanding. Irwin J.
Deutch, the managing general partner, holds a one-half
percent general partnership interest and C.P. Westwood
Associates holds a one percent limited partnership interest.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Irwin J. Deutch is the managing general partner of the
Partnership, and CPCC is also a general partner. Irwin J.
Deutch is the sole Director and President of CPCC, and the
stock of CPCC is solely owned by the Deutch Family Trust.
Mr. Deutch is also the President, sole Director and the
Deutch Family Trust is the sole stockholder of Century
Pacific Realty Corporation (CPRC), the general partner of the
Operating Partnerships that own the properties in which the
Partnership has invested. The general partners were
allocated their proportionate share of the Partnership's tax
losses and allocated tax credits. CPCC and CPRC accrued
certain fees for their services in managing and advising the
Partnership and its business. Century Pacific Investment
Corporation (CPIC), an affiliate, provides all the services
and materials necessary for the operation of the Partnership
and is reimbursed for actual costs. These transactions are
more particularly set forth in the notes to the financial
statements found under Item 14.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K
Page
(a) The following documents are filed as part of this
report:
(1) Financial Statements
Independent Auditors' Report F - 1
Balance Sheets at March 31, 1996 and 1995 F - 18
Statements of Operations for the Years
Ended March 31, 1996, 1995, and 1994 F - 19
Statements of Partners' Equity (Deficit)for the
Years Ended March 31, 1996, 1995, and 1994 F - 20
Statements of Cash Flows for the Years Ended
March 31, 1996,1995 and 1994 F - 21
Notes to Financial Statements F - 22
(2) Financial Statement Schedules
Schedule III - Real Estate and Accumulated
Depreciation of Operating
Partnerships in which CPHF-I has
Limited Partnership Interests F - 32
Notes to Schedule III - Real Estate
and Accumulated Depreciation
of Operating Partnerships in which
CPHF-I has Limited Partnership
Interests F - 35
Schedule IV - Mortgage Loans on Real
Estate of Operating Partnerships in
which CPHF-I has Limited Partnership
Interests F - 38
Notes to Schedule IV - Mortgage Loans
on Real Estate of Operating Partnerships
in which CPHF-I has Limited
Partnership Interests F - 44
All other schedules are omitted because they are not
applicable or the required information is shown
in the financial statements or notes thereto.
(b) Reports on Form 8-K
Registrant has not filed a Current Report on Form
8-K during the year ended March 31, 1996.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities and Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CENTURY PACIFIC HOUSING FUND-I
By: Irwin Jay Deutch, as Managing
General Partner
Irwin J. Deutch
Date: _____________ ________________________________
and
Century Pacific Capital Corporation,
as Corporate General Partner and as
Attorney-in-Fact for all Investor
Limited Partners
Irwin J. Deutch
Date: _____________ By: ______________________________
Irwin J. Deutch, President