February 14, 2002
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Boston Financial Qualified Housing Tax Credits L.P. IV
Report on Form 10-QSB for the Quarter Ended December 31, 2001
File Number 0-19765
Dear Sir/Madam:
Pursuant to the requirements of section 15(d) of the Securities Exchange Act of
1934, filed herewith is one copy of subject report.
Very truly yours,
/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller
QH4-Q3.DOC
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-QSB
(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, 2001
-------------------------------------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
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Commission file number 0-19765
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Boston Financial Qualified Housing Tax Credits L.P. IV
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Massachusetts 04-3044617
- ------------------------------------ ---------------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
101 Arch Street, Boston, Massachusetts 02110-1106
- ----------------------------------------- --------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (617) 439-3911
----------------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No .
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION Page No.
- ------------------------------ --------
Item 1. Financial Statements
Balance Sheet (Unaudited) - December 31, 2001 1
Statements of Operations (Unaudited) - For the Three and Nine
Months Ended December 31, 2001 and 2000 2
Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Nine Months Ended December 31, 2001 3
Statements of Cash Flows (Unaudited) - For the
Nine Months Ended December 31, 2001 and 2000 4
Notes to the Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
PART II - OTHER INFORMATION
Items 1-6 11
SIGNATURE 12
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
The accompanying notes are an integral part of
these financial statements.
BALANCE SHEET
December 31, 2001
(Unaudited)
Assets
Cash and cash equivalents $ 772,421
Marketable securities, at fair value 431,336
Restricted cash (Note 2) 42,405
Investments in Local Limited Partnerships, net (Note 1) 14,637,784
Other assets 7,428
-------------
Total Assets $ 15,891,374
==============
Liabilities and Partners' Equity
Accounts payable to affiliate $ 518,974
Deferred asset (Note 2) 42,405
Accrued expenses 107,622
-------------
Total Liabilities 669,001
--------------
General, Initial and Investor Limited Partners' Equity 15,210,769
Net unrealized gains on marketable securities 11,604
------------- -
Total Partners' Equity 15,222,373
-------------
Total Liabilities and Partners' Equity $ 15,891,374
=============
The accompanying notes are an integral part of
these financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended December 31, 2001 and 2000
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31, December 31, December 31,
2001 2000 2001 2000
------------- ------------- -------------- ---------------
Revenue:
Investment $ 9,732 $ 13,869 $ 40,142 $ 41,251
Bad debt recovery (Note 1) (21,940) - 352,080 -
Other 2,063 1,350 6,367 121,652
------------- ------------- -------------- --------------
Total Revenue (10,145) 15,219 398,589 162,903
------------- ------------- -------------- --------------
Expenses:
Asset management fee, affiliate 43,369 45,776 126,165 137,328
General and administrative,
(includes reimbursements to an
affiliate of $122,885 and $163,714
in 2001 and 2000, respectively) 75,208 145,699 222,195 313,291
Provision for valuation of investments
in Local Limited Partnerships - 73,583 - 132,012
Amortization 16,400 16,400 49,202 49,202
------------- ------------- -------------- --------------
Total Expenses 134,977 281,458 397,562 631,833
------------- ------------- -------------- --------------
Income (Loss) before equity in income
(losses) of Local Limited Partnerships (145,122) (266,239) 1,027 (468,930)
Equity in income (losses) of Local
Limited Partnerships (Note 1) 216,779 (115,435) (104,739) (186,554)
------------- ------------- -------------- --------------
Net Income (Loss) $ 71,657 $ (381,674) $ (103,712) $ (655,484)
============= ============= ============== ==============
Net Income (Loss) allocated:
To General Partners $ 717 $ (3,817) $ (1,037) $ (6,555)
To Limited Partners 70,940 (377,857) (102,675) (648,929)
------------- ------------- -------------- --------------
$ 71,657 $ (381,674) $ (103,712) $ (655,484)
============= ============= ============== ==============
Net Income (Loss) per Limited
Partnership Unit (68,043 Units) $ 1.04 $ (5.56) $ (1.51) $ (9.54)
============= ============= ============== ==============
The accompanying notes are an integral part of
these financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
STATEMENT OF CHANGES IN PARTNERS' EQUITY (Deficiency)
For the Nine Months Ended December 31, 2001
(Unaudited)
Initial Investor Net
General Limited Limited Unrealized
Partners Partner Partners Gains Total
------------- ------------- ------------ ------------- -------------
Balance at March 31, 2001 $ (437,942) $ 5,000 $ 15,747,423 $ 7,574 $ 15,322,055
------------- ------------- ------------ ------------- -------------
Comprehensive Income (Loss):
Change in net unrealized gains
on marketable securities
available for sale - - - 4,030 4,030
Net Loss (1,037) - (102,675) - (103,712)
------------- ------------- ------------- ------------- -------------
Comprehensive Income (Loss) (1,037) - (102,675) 4,030 (99,682)
------------- ------------- ------------- ------------- -------------
Balance at December 31, 2001 $ (438,979) $ 5,000 $ 15,644,748 $ 11,604 $ 15,222,373
============= ============= ============= ============= =============
The accompanying notes are an integral part of
these financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
STATEMENTS OF CASH FLOWS
For the Nine Months Ended December 31, 2001 and 2000
(Unaudited)
2001 2000
------------- -------------
Net cash used for operating activities $ (449,207) $ (102,583)
Net cash provided by investing activities 803,395 167,323
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Net increase in cash and cash equivalents 354,188 64,740
Cash and cash equivalents, beginning 418,233 87,187
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Cash and cash equivalents, ending $ 772,421 $ 151,927
============= =============
The accompanying notes are an integral part of
these financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
Notes to the Financial Statements
(Unaudited)
The unaudited financial statements presented herein have been prepared in
accordance with the instructions to Form 10-QSB and do not include all of the
information and note disclosures required by accounting principles generally
accepted in the United States of America. These statements should be read in
conjunction with the financial statements and notes thereto included with the
Partnership's Form 10-KSB for the year ended March 31, 2001. In the opinion of
management, these financial statements include all adjustments, consisting only
of normal recurring adjustments, necessary to present fairly the Partnership's
financial position and results of operations. The results of operations for the
periods may not be indicative of the results to be expected for the year.
The Managing General Partner of the Partnerships has elected to report results
of the Local Limited Partnerships of which the Partnership has a limited
partnership interest on a 90 day lag basis, because the Local Limited
Partnerships report their results on a calendar year basis. Accordingly, the
financial information of the Local Limited Partnerships that is included in the
accompanying financial statements is as of September 30, 2001 and 2000.
1. Investments in Local Limited Partnerships
The Partnership uses the equity method to account for its limited partnership
interests in twenty-two Local Limited Partnerships which own and operate
multi-family housing complexes, most of which are government-assisted. Upon
dissolution of the Local Limited Partnerships, proceeds will be distributed
according to each respective partnership agreement.
The following is a summary of investments in Local Limited Partnerships at
December 31, 2001:
Capital contributions and advances paid to Local Limited Partnerships
and purchase price paid to withdrawing partners of Local Limited Partnerships $ 43,754,616
Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
unrecognized losses of $8,316,270) (25,212,399)
Cumulative cash distributions received from Local Limited Partnerships (3,363,387)
-------------
Investments in Local Limited Partnerships before adjustment 15,178,830
Excess of investment cost over the underlying net assets acquired:
Acquisition fees and expenses 3,613,837
Accumulated amortization of acquisition fees and expenses (1,022,909)
-------------
Investments in Local Limited Partnerships before reserve for valuation 17,769,758
Reserve for valuation of investments in Local Limited Partnerships (3,131,974)
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Investments in Local Limited Partnerships $ 14,637,784
=============
The Partnership has provided a reserve for valuation for its investment in Local
Limited Partnerships because there is evidence of non-temporary declines in the
recoverable amount of these investments.
For the nine months ended December 31, 2001, the Partnership advanced $245,390
to certain Local Limited Partnerships to fund operating shortfalls, all of which
was reserved. In addition, a Local Limited Partnership reimbursed the
Partnership $597,470 of advances from previous years, of all which had been
previously reserved for.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
Notes to the Financial Statements (continued)
(Unaudited)
1. Investments in Local Limited Partnerships (continued)
----------------------------------------------------
The Partnership's share of the net losses of the Local Limited Partnerships for
the nine months ended December 31, 2001 is $999,595. For the nine months ended
December 31, 2001, the Partnership has not recognized $894,856 of equity in
losses relating to certain Local Limited Partnerships where cumulative equity in
losses and cumulative distributions exceeded its total investments in these
Local Limited Partnerships.
2. Litigation
In June of 1998, the Managing General Partner was informed that the Local
General Partner of Bentley Court, located in Columbia, South Carolina, was
indicted on various criminal charges and pled guilty on certain counts. The
Managing General Partner has replaced the Local General Partner and replaced the
site management company. Further, an IRS audit of the 1993 tax return for the
property questioned the treatment of certain items and has findings of
non-compliance in 1993. The IRS then expanded the scope of the audit to include
the 1994 and 1995 tax returns. As a result, the IRS disallowed the Property's
Tax Credits for each of these years. On behalf of the Partnership, the Managing
General Partner retained counsel to appeal the IRS's findings in order to
minimize the loss of Credits. In the opinion of the Managing General Partner,
there is a substantial risk that Bentley Court and, consequently, the
Partnership will suffer significant Tax Credit recapture and/or Credit
disallowance. However, it is not possible to quantify the risk at this time.
Two of the buildings at Bentley Court, which comprise 32 of the 273 units at the
Property, caught on fire and were determined to be a total loss. Insurance
proceeds should be sufficient to cover the cost to rebuild both buildings.
Construction has commenced and the Managing General Partner believes that the
units will be ready for occupancy by the fall 2001. In the interim, the vacancy
of the two buildings will cause the Property to operate at a deficit.
On April 28, 2001, the Managing General Partner, on behalf of the Partnership,
filed suit against the former Local General Partner of Bentley Court and certain
affiliates of the Local General Partner alleging mismanagement of the Local
Limited Partnership. During May 2001, the former Local General Partner
authorized the release of funds held in escrow in the amount of approximately
$640,000 to the Partnership. The Partnership had advanced approximately $596,000
of costs and expenses related to its investment in the Property. The Partnership
will hold the difference between the funds received and its costs and expenses
until such time as all matters regarding the Property have been resolved.
The Partnership is not a party to any other pending legal or administrative
proceeding, and to the best of its knowledge, no legal or administrative
proceeding is threatened or contemplated against it.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Certain matters discussed herein constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. The
Partnership intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements and is including this statement
for purposes of complying with these safe harbor provisions. Although the
Partnership believes the forward-looking statements are based on reasonable
assumptions, the Partnership can give no assurance that its expectations will be
attained. Actual results and timing of certain events could differ materially
from those projected in or contemplated by the forward-looking statements due to
a number of factors, including, without limitation, general economic and real
estate conditions and interest rates.
Liquidity and Capital Resources
At December 31, 2001, the Partnership had an increase in cash and cash
equivalents of $354,188 from $418,233 at March 31, 2001 to $772,421 at December
31, 2001. The increase is mainly attributable to proceeds from sales and
maturities of marketable securities in excess of purchases of marketable
securities, reimbursements of advances made to a Local Limited Partnership in
previous years and cash distributions received from Local Limited Partnerships.
These increases are partially offset by cash used for operations and advances to
a Local Limited Partnership.
The Managing General Partner initially designated 4% of the Gross Proceeds as
Reserves, as defined in the Partnership Agreement. The Reserves were established
to be used for working capital of the Partnership and contingencies related to
the ownership of Local Limited Partnership interests. Funds totaling
approximately $1,391,000 have been withdrawn from the Reserve account to pay
legal fees relating to various property issues. To date, Reserve funds in the
amount of approximately $304,000 have been used to make additional capital
contributions to a Local Limited Partnership. To date, the Partnership has used
approximately $663,000 of operating funds to replenish Reserves. At December 31,
2001, approximately $585,000 of cash and cash equivalents has been designated as
Reserves. Management believes that the investment income earned on the Reserves,
along with cash distributions received from Local Limited Partnerships, to the
extent available, will be sufficient to fund the Partnership's ongoing
operations. Reserves may be used to fund Partnership operating deficits, if the
Managing General Partner deems funding appropriate. If Reserves are not adequate
to cover the Partnership's operations, the Partnership will seek other financing
sources including, but not limited to, the deferral of Asset Management Fees to
an affiliate of the Managing General Partner or working with Local Limited
Partnerships to increase cash distributions.
In the event a Local Limited Partnership encounters operating difficulties
requiring additional funds, the Partnership's management might deem it in its
best interests to voluntarily provide such funds in order to protect its
investment. The Partnership has advanced approximately $1,105,000 to Local
Limited Partnerships to fund operating deficits.
Since the Partnership invests as a limited partner, the Partnership has no
contractual obligation to provide additional funds to Local Limited Partnerships
beyond its specified investment. Thus, at December 31, 2001, the Partnership had
no contractual or other obligation to any Local Limited Partnership which had
not been paid or provided for.
Cash Distributions
No cash distributions were made during the nine months ended December 31, 2001.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Results of Operations
Three Month Period
The Partnership's results of operations for the three months ended December 31,
2001 resulted in a net income of $71,657 as compared to a net loss of $381,674
for the same period in 2000. The change between years is primarily attributable
to an increase in income of Local Limited Partnerships, as well as a decrease in
general and administrative expenses incurred by the Partnership. Equity in
income of Local Limited Partnerships increased between years due to an increase
in losses not recognized by the Fund for Local Limited Partnerships whose
cumulative equity in losses and cumulative distributions exceeded its total
investment in those Local Limited Partnerships. The decrease in general and
administrative expense is primary due to increased charges from an affiliate of
the General Partner for operational and administrative expenses necessary for
operation of the Partnership which occurred in the three months ended December
31, 2000.
Nine Month Period
The Partnership's results of operations for the nine months ended December 31,
2001 resulted in a net loss of $103,712 as compared to a net loss of $655,484
for the same period in 2000. The change between years is primarily attributable
to a decrease in general and administrative expense and a recovery of bad debt
of $352,080 in the 2001 period. The decrease in general and administrative
expense is primary due to increased charges from an affiliate of the General
Partner for operational and administrative expenses necessary for operation of
the Partnership which occurred in the three months ended December 31, 2000. The
recovery of bad debt in the 2001 period resulted from the reimbursement of
$597,470 of advances made to one Local Limited Partnership in previous years,
net of bad debt expense of $245,390 for advances made to a Local Limited
Partnership in the 2001 period, which were fully reserved.
Property Discussions
The Partnership's investment portfolio consists of limited partnership interests
in 22 Local Limited Partnerships, each of which own and operate a multi-family
apartment complex. A majority of the Properties have stabilized operations and
operate above break-even. A few Properties generate cash flow deficits that the
Local General Partners of those Properties fund through project expenses loans,
subordinated loans or operating escrows. However, some Properties have
persistent operating difficulties that could either: i) have an adverse impact
on the Partnership's liquidity; ii) result in their foreclosure or iii) result
in the Managing General Partner deeming it appropriate for the Partnership to
dispose of its interest in the Property. Also, the Managing General Partner, in
the normal course of the Partnership's business, may desire to dispose of the
Partnership's interest in certain Properties. The following Property discussion
focuses only on such Properties.
The Local General Partner of Buena Vista, located in Buena Vista, Georgia, and
Greentree Village, located in Greenville, Georgia, expressed to the Managing
General Partner some concerns over the long-term financial health of the
Properties. In response to these concerns and to reduce possible future risk,
the Managing General Partner reached agreement with the Local General Partner on
a plan that will ultimately transfer ownership of the Properties to the Local
General Partner. The plan includes provisions to minimize the risk of recapture.
The Properties have generated the majority of their total Tax Credits. The
Managing General Partner has not yet transferred any of the Partnership's
interest in these Properties.
In June of 1998, the Managing General Partner was informed that the Local
General Partner of Bentley Court, located in Columbia, South Carolina was
indicted on various criminal charges and pled guilty on certain counts. The
Managing General Partner has replaced the Local General Partner and replaced the
site management company. Further, an IRS audit of the 1993 tax return for the
Property questioned the treatment of certain items and has findings of
non-compliance in 1993. The IRS then expanded the scope of the audit to include
the 1994 and 1995 tax returns. As a result, the IRS disallowed the Property's
Tax Credits for each of these years. On behalf of the
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions (continued)
- -------------------------------
Partnership, the Managing General Partner retained counsel to appeal the IRS's
findings in order to minimize the loss of Credits. In the opinion of the
Managing General Partner, there is a substantial risk that Bentley Court and,
consequently, the Partnership will suffer significant Tax Credit recapture
and/or Credit disallowance. However, it is not possible to quantify the risk at
this time. As a result of the continuing tax issues at this Property, The
Managing General Partner has decided to fully reserve the Partnership's
investment in Bentley Court.
Two of the buildings at Bentley Court, which comprise 32 of the 273 units at the
Property, caught on fire and were determined to be a total loss. Insurance
proceeds covered the cost to rebuild both buildings and the reconstructed units
were ready for occupancy during late 2001. The vacancy of the two buildings
caused the Property to operate at a deficit.
On April 28, 2000, the Managing General Partner, on behalf of the Partnership,
filed suit against the former Local General Partner of Bentley Court and certain
affiliates of the former Local General Partner alleging mismanagement of the
Local Limited Partnership. During May 2001, the former Local General Partner
authorized the release of funds held in escrow in the amount of approximately
$640,000 to the Partnership. The Partnership had previously funded approximately
$596,000 of costs and expenses related to its investment in the Property. The
Partnership will hold the difference between the funds received and its costs
and expenses until such time as all matters regarding the Property have been
resolved.
The Managing General Partner visited Bentley Court in October 2001 and found the
Property in good condition with 97% of the available units occupied.
BK Apartments, located in Jamestown, North Dakota, continues to operate at a
deficit. As previously reported, in November 1997, due to concerns about the
Property's long term viability, the Managing General Partner consummated a
transfer of 50% of the Partnership's interest in capital and profits of BK
Apartments Limited Partnership to the Local General Partner. The Managing
General Partner also has the right to put the Partnership's remaining interest
to the new Local General Partner any time after September 1, 2001. The Local
General Partner subsequently transferred its general partner interest to a new,
nonprofit general partner. The Partnership will retain its full share of the
Property's Tax Credits, which expired in 2001, until such time as the remaining
interest is put to the new Local General Partner. In addition, the new Local
General Partner has the right to call the remaining interest after the Tax
Credit period has expired. The Property currently operates below break-even and
the new Local General Partner funds the deficits.
Although the neighborhood in which 46 & Vincennes (Chicago, Illinois) is located
improved in the last few years, potential tenants are reluctant to occupy the
Property due to its location. As a result, maintaining occupancy, and therefore,
revenues, continue to be an issue. The Managing General Partner continues to
work closely with the Local General Partner and will continue to closely monitor
Property operations.
During 1994, the Local General Partner at the Dorsett (Philadelphia,
Pennsylvania) transferred its interest in the Property. The IRS subsequently
conducted a compliance audit at the Property and has taken the position that the
Property is subject to recapture due to non-compliance issues. The Managing
General Partner disagrees with the IRS and is working to resolve the matter.
However, in the opinion of the Managing General Partner, there is a substantial
risk that the Dorsett and the Partnership could suffer significant Tax Credit
recapture or Tax Credit disallowance. However, it is not possible to quantify
the potential amount at this time.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
Property Discussions (continued)
- -------------------------------
The Managing General Partner is negotiating a transfer of the Local General
Partner interest in West Pine (Imperial, Pennsylvania) to the Allegheny County
Housing Authority ("ACHA"). The ACHA has informed the Managing General Partner
of its interest in acquiring the Partnership's interest in the Property, pending
their assumption of the Local General Partner interest. Should ACHA assume the
Local General Partner interest, it is likely that the Managing General Partner
would negotiate an agreement that would ultimately transfer the Partnership's
interest in the Property to ACHA. West Pine generated its final year of Tax
Credits during 2001.
The Partnership has implemented policies and practices for assessing potential
impairment of its investments in Local Limited Partnerships. Real estate experts
analyze the investments to determine if impairment indicators exist. If so, the
carrying value is compared to the undiscounted future cash flows expected to be
derived from the asset. If there is a significant impairment in carrying value,
a provision to write down the asset to fair value will be recorded in the
Partnership's financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
PART II OTHER INFORMATION
Items 1-5 Not applicable
Item 6 Exhibits and reports on Form 8-K
(a)Exhibits - None
(b)Reports on Form 8-K - No reports on Form 8-K were filed
during the quarter ended December 31, 2001.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
SIGNATURE
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, thereunto duly authorized.
DATED: February 14, 2002 BOSTON FINANCIAL QUALIFIED HOUSING
TAX CREDITS L.P. IV
By: Arch Street IV, Inc.,
its Managing General Partner
/s/Jenny Netzer
Jenny Netzer
Principal, Head of Housing and
Community Investment