August 14, 2003
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 June 30, 2003
File Number 0-19765
Dear Sir/Madam:
Pursuant to the requirements of section 15(d) of the Securities Exchange Act of
1934, filed herewith a copy of subject report.
Very truly yours,
/s/Stephen Guilmette
Stephen Guilmette
Assistant Controller
QH4-10Q1.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 June 30, 2003
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 0-19765
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
incorporation or organization) Identification No.)
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) - June 30, 2003 1
Statements of Operations (Unaudited) - For the Three
Months Ended June 30, 2003 and 2002 2
Statement of Changes in Partners' Equity (Deficiency)
(Unaudited) - For the Three Months Ended June 30, 2003 3
Statements of Cash Flows (Unaudited) - For the
Three Months Ended June 30, 2003 and 2002 4
Notes to the Financial Statements (Unaudited) 5
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 7
Item 3. Controls and Procedures 12
PART II - OTHER INFORMATION
Items 1-6 13
SIGNATURE 14
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
BALANCE SHEET
June 30, 2003
(Unaudited)
Assets
Cash and cash equivalents $ 422,408
Marketable securities, at fair value 101,375
Investments in Local Limited Partnerships (Note 1) 12,691,251
Other assets 675
Total Assets $ 13,215,709
Liabilities and Partners' Equity
Due to affiliate $ 284,358
Accrued expenses 60,041
Total Liabilities 344,399
General, Initial and Investor Limited Partners' Equity 12,869,126
Net unrealized gains on marketable securities 2,184
Total Partners' Equity 12,871,310
Total Liabilities and Partners' Equity $ 13,215,709
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 Months Ended June 30, 2003 and 2002
(Unaudited)
2003 2002
Revenue:
Investment $ 2,666 $ 7,610
Other 70,073 4,475
Total Revenue 72,739 12,085
Expenses:
Asset management fees, affiliate 45,121 44,063
Provision for valuation of advances to Local
Limited Partnerships 1,956 167,278
General and administrative (includes reimbursements
to affiliate in the amounts of $40,867 and $86,054
in 2003 and 2002, respectively) 70,832 128,690
Amortization 11,994 16,401
Total Expenses 129,903 356,432
Loss before equity in income (losses) of Local
Limited Partnerships (57,164) (344,347)
Equity in income (losses) of Local Limited Partnerships (Note 1) (318,234) 106,019
Net Loss $ (375,398) $ (238,328)
Net Loss allocated:
General Partners $ (3,754) $ (2,383)
Limited Partners (371,644) (235,945)
$ (375,398) $ (238,328)
Net Loss per Limited Partner Unit (68,043 Units) $ (5.46) $ (3.47)
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 Three Months Ended June 30, 2003
(Unaudited)
Initial Investor Net
General Limited Limited Unrealized
Partners Partners Partners Gains Total
Balance at March 31, 2003 $ (458,641) $ 5,000 $ 13,698,165 $ 2,997 $ 13,247,521
Comprehensive Loss:
Change in net unrealized gains
on marketable securities
available for sale - - - (813) (813)
Net Loss (3,754) - (371,644) - (375,398)
Comprehensive Loss (3,754) - (371,644) (813) (376,211)
Balance at June 30, 2003 $ (462,395) $ 5,000 $ 13,326,521 $ 2,184 $ 12,871,310
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 Three Months Ended June 30, 2003 and 2002
(Unaudited)
2003 2002
Net cash used for operating activities $ (260,392) $ (600,269)
Net cash provided by (used for) investing activities 93,117 (19,185)
Net decrease in cash and cash equivalents (167,275) (619,454)
Cash and cash equivalents, beginning 589,683 747,914
Cash and cash equivalents, ending $ 422,408 $ 128,460
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, 2003. In the opinion of
the Managing General Partner, 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 in 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 March 31, 2003 and 2002.
1. Investments in Local Limited Partnerships
The Partnership has limited partnership interests in twenty-two Local Limited
Partnerships which were organized for the purpose of owning and operating
multi-family housing complexes, all of which are government-assisted. Upon
dissolution of the Local Limited Partnerships, proceeds will be distributed
according to the respective Local Limited Partnership agreements.
The following is a summary of investments in Local Limited Partnerships at June
30, 2003:
Capital contributions and advances paid to Local Limited Partnerships
and purchase price paid to withdrawing partners of Local Limited Partnerships $ 43,941,964
Cumulative equity in losses of Local Limited Partnerships (excluding cumulative
unrecognized losses of $11,041,888) (26,222,226)
Cumulative cash distributions received from Local Limited Partnerships (3,893,184)
Investments in Local Limited Partnerships before adjustments 13,826,554
Excess investment cost over the underlying assets acquired:
Acquisition fees and expenses 3,613,837
Cumulative amortization of acquisition fees and expenses (1,116,907)
Investments in Local Limited Partnerships before reserve for valuation 16,323,484
Reserve for valuation of investments in Local Limited Partnerships (3,632,233)
Investments in Local Limited Partnerships $ 12,691,251
For the three months ended June 30, 2003, the Partnership advanced $1,956 to one
of the Local Limited Partnerships, all of which was reserved. The Partnership
has recorded a reserve for valuation of its investments in certain Local Limited
Partnerships in order to appropriately reflect the estimated net realizable
value of these investments.
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 three months ended June 30, 2003 is $735,642. For the three months ended
June 30, 2003, the Partnership has not recognized $417,408 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.
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.
Accounting Policies
The Partnership's accounting policies include those that relate to its
recognition of investments in Local Limited Partnerships using the equity method
of accounting. The Partnership's policy is as follows:
The Partnership accounts for its investments in Local Limited Partnerships using
the equity method of accounting because the Partnership does not have control
over the major operating and financial policies of the Local Limited
Partnerships in which it invests. Under the equity method, the investment is
carried at cost, adjusted for the Partnership's share of net income or loss and
for cash distributions from the Local Limited Partnerships; equity in income or
loss of the Local Limited Partnerships is included currently in the
Partnership's operations. Under the equity method, a Local Limited Partnership
investment will not be carried below zero. To the extent that equity in losses
are incurred when the Partnership's carrying value of the respective Local
Limited Partnership has been reduced to a zero balance, the losses will be
suspended and offset against future income. Income from Partnership investments
where cumulative equity in losses plus cumulative distributions have exceeded
the total investment in Local Limited Partnerships will not be recorded until
all of the related unrecorded losses have been offset. To the extent that a
Local Limited Partnership with a carrying value of zero distributes cash to the
Partnership, that distribution is recorded as income on the books of the
Partnership and is included in "Other Revenue" in the accompanying financial
statements.
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.
Liquidity and Capital Resources
The Partnership had a decrease in cash and cash equivalents of $167,275 from
$589,683 at March 31, 2003 to $422,408 at June 30, 2003. The decrease is
primarily attributable to cash used for operations and advances to a Local
Limited Partnership offset by cash distributions received from Local Limited
Partnerships.
The Managing General Partner originally 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. The Managing General
Partner may increase or decrease such Reserves from time to time, as it deems
appropriate. At June 30, 2003, $523,783 of cash, cash equivalents and marketable
securities has been designated as Reserves.
To date, professional fees relating to various Property issues totaling
approximately $1,428,000 have been paid from Reserves. To date, Reserve funds in
the amount of approximately $304,000 also have been used to make additional
capital contributions to one Local Limited Partnership. In the event a Local
Limited Partnership encounters operating difficulties requiring additional
funds, the Managing General Partner might deem it in its best interest to
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)
Liquidity and Capital Resources (continued)
voluntarily provide such funds in order to protect its investment. As of June
30, 2003, the Partnership has advanced approximately $1,293,000 to Local Limited
Partnerships to fund operating deficits.
The Managing General Partner 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 paid to an affiliate of the Managing General
Partner or working with Local Limited Partnerships to increase cash
distributions. To date, the Partnership has used approximately $827,000 of
operating funds to replenish Reserves.
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 June 30, 2003, 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 three months ended June 30, 2003.
Results of Operations
The Partnership's results of operations for the three months ended June 30, 2003
resulted in a net loss of $375,398 as compared to a net loss of $238,328 for the
same period in 2002. The change between years is primarily attributable to an
increase in equity in losses, partially offset by an increase in other income as
well as a decrease in provision for valuation of advances to Local Limited
Partnerships. The increase in equity in losses of Local Limited Partnerships is
due to an increase in maintenance expenses at one Local Limited Partnership. The
increase in other income is due to an increase in distributions from Local
Limited Partnerships with carrying values of zero. The decrease in provision for
valuation of advances to Local Limited Partnerships is due to a decrease in
advances to one Local Limited Partnership.
Portfolio Update
The Partnership's investment portfolio consists of limited partnership interests
in twenty-two Local Limited Partnerships, each of which owns and operates a
multi-family apartment complex and each of which has generated Tax Credits.
Since inception the Partnership has generated Tax Credits, net of recapture, of
approximately $1,285 per Limited Partnership Unit with an immaterial amount of
Tax Credits expected to be generated during 2003 and 2004.
Properties that receive low income housing Tax Credits must remain in compliance
with rent restriction and set aside requirements for at least 15 years from the
date the property is completed (the "Compliance Period"). Failure to do so would
result in recapture of a portion of the property's Tax Credits. Between 2003 and
continuing through 2006, the Compliance Period of the twenty-two Properties in
which the Partnership has an interest will expire. The Managing General Partner
has negotiated agreements that will ultimately allow the Partnership to dispose
of its interest in eight Local Limited Partnerships. It is unlikely that the
disposition of any of these Local Limited Partnership interests will generate
any material cash distributions to the Partnership.
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)
Portfolio Update (continued)
The Managing General Partner will continue to closely monitor the operations of
the Properties during the Compliance Period and will formulate disposition
strategies with respect to the Partnership's remaining Local Limited Partnership
interests. It is unlikely that the Managing General Partner's efforts will
result in the Partnership disposing of all of its remaining Local Limited
Partnership interests concurrently with the expiration of the each Property's
Compliance Period. The Partnership shall dissolve and its affairs shall be wound
up upon the disposition of the final Local Limited Partnership interest and
other assets of the Partnership. Investors will continue to be Limited Partners,
receiving K-1s, quarterly and annual reports, until the Partnership is
dissolved.
Property Discussions
A majority of the Properties in which the Partnership has an interest 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 expense loans, subordinated loans or operating escrows. However,
some Properties have had 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 Local Limited
Partnership prior to the expiration of the Compliance Period. Also, the Managing
General Partner, in the normal course of the Partnership's business, may arrange
for the future disposition of its interest in certain Local Limited
Partnerships. The following Property discussions focus only on such Properties.
The Local General Partner of Hampton Lane, located in Buena Vista, Georgia, and
Green Tree Village, located in Greenville, Georgia, expressed to the Managing
General Partner some concerns over the long-term financial health of these
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 Local Limited Partnerships
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 Local Limited Partnerships.
The Managing General Partner negotiated an agreement with an unaffiliated entity
to have the ability to transfer its interest to the unaffiliated entity or its
designee with respect to the following Local Limited Partnerships: Orocovix IV,
located in Orocovix, Puerto Rico, Canfield Crossing, located in Milan, Michigan,
Orchard View, located in Gobles, Michigan and Whitehills II, located in Howell,
Michigan. Although these Properties do not share a common Local General Partner,
they are all Rural Housing Section 515 ("FMHA") properties. The Managing General
Partner has the right to put its interest in any of the Local Limited
Partnerships at any time in exchange for a contingent note that grants the
Partnership 50% of all future net cash receipts from such Local Limited
Partnership interest. Should the Partnership dispose of its interest in the
above-mentioned Local Limited Partnerships in any other manner, the Partnership
will be required to pay a $2,500 termination fee per Local Limited Partnership.
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. Furthermore, an IRS audit of the 1993 tax return for
the Local Limited Partnership questioned the treatment of certain items and had
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 Tax Credits. In the opinion of the Managing
General Partner, there is a substantial risk that the Property and,
consequently, the Partnership will suffer significant Tax Credit recapture
and/or Tax Credit
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)
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.
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 which was used to reimburse the Partnership for
advances made in previous years.
Previously, weak market conditions had caused Bentley Court to be unable to
establish a stabilized occupancy. The Property operates at a deficit, and both
the Local General Partner and the Managing General Partner have advanced the
Property funds to enable it to stay current on its financial obligations.
Operations have stabilized more recently, with higher occupancy and appropriate
debt service coverage and working capital levels.
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 the
Local 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 Property
generated its final year of Tax Credits in 2001 and the Partnership retained its
full share of the Property's Tax Credits through such time period. The Local
General Partner subsequently transferred its general partner interest to a new,
nonprofit general partner. In addition, the new Local General Partner has the
right to call the remaining interest after the Compliance Period has expired.
The Property currently operates below break-even, and the new Local General
Partner has funded the deficits. The Property remains current on its debt
obligations.
Although the neighborhood in which 46 & Vincennes (Chicago, Illinois) is located
has 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, continues to be an issue. A site visit by the Managing
General Partner found the Property in need of some minor improvements but in
overall fair condition. However, the Managing General Partner believes that the
Local General Partner and its affiliated management company are not adequately
performing their responsibilities with respect to the Property. The Managing
General Partner has expressed these concerns to the Local General Partner and
will continue to closely monitor the Property's operations. Advances from the
Local General Partner's Developer Escrow have enabled the Property to stay
current on its loan obligations.
During 1994, the Local General Partner of Dorsett Apartments, located in
Philadelphia, Pennsylvania, transferred its interest in the Local Limited
Partnership. The IRS subsequently conducted a compliance audit of 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. In the opinion of the Managing General
Partner, there is a risk that the Property 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. Further, the Property
suffers from poor location and security issues. Vandalism has caused an increase
in maintenance and repair expenses and has negatively affected the Property's
occupancy levels and tenant profile. However, occupancy has stabilized and
working capital levels are adequate.
The Managing General Partner has negotiated an agreement to transfer the Local
General Partner interest in West Pine, located in Findlay, Pennsylvania, to the
Allegheny County Housing Authority ("ACHA"). The transaction is contingent upon
receiving approval from the U.S. Department of Housing and Urban Development
("HUD").
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)
Should the potential transaction receive HUD approval, the Managing General
Partner would also execute a disposition agreement for the Partnership's
interest in the Local Limited Partnership to an affiliate of the ACHA. The ACHA
has informed the Managing General Partner of its interest in acquiring the
Partnership's interest in the Local Limited Partnership, pending their
assumption of the Local General Partner interest. Currently, the Managing
General Partner continues to work with HUD to obtain final approval to transfer
the Partnership's remaining interest in the Local Limited Partnership. West Pine
generated its final year of Tax Credits in 2001.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV
(A Limited Partnership)
CONTROLS AND PROCEDURES
Controls and Procedures
Based on the Partnership's evaluation as of the end of the period covered by
this report, the Partnership's director has concluded that the Partnership's
disclosure controls and procedures are effective to ensure that information
required to be disclosed in the reports that the Partnership files or submits
under the Securities Exchange Act of 1934 is recorded, processed, summarized and
reported within the time periods specified in the Securities and Exchange
Commission's rules and forms.
There have been no significant changes in the Partnership's internal controls or
in other factors that could significantly affect those controls subsequent to
the date of their evaluation.
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
31.1 Certification of Jenny Netzer pursuant to section 302
of the Sarbanes-Oxley Act of 2002
32.1 Certification of Jenny Netzer pursuant to section 906
of the Sarbanes-Oxley Act of 2002
(b) Reports on Form 8-K - No reports on Form 8-K were filed during
the quarter ended June 30, 2003
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: August 14, 2003 BOSTON FINANCIAL QUALIFIED HOUSING
TAX CREDITS L.P. IV
By: Arch Street IV, Inc.,
its Managing General Partner
/s/Jenny Netzer
Jenny Netzer
Executive Vice President
MMA Financial, LLC