Exhibit (a)(3)








March 31, 2000




TO:                  UNIT HOLDERS OF CHRISKEN PARTNERS CASH INCOME FUND L.P.

SUBJECT:             OFFER TO PURCHASE UNITS

Dear Unit Holder:

         As described in the enclosed  Offer to Purchase and related  Letters of
Transmittal  (the  "Offer"),  MP  VALUE  FUND 4, LLC;  MORAGA FUND  1,  L.P.; MP
INCOME FUND 16,  LLC;  ACCELERATED  HIGH YIELD  INSTITUTIONAL  INVESTORS,  LTD.;
ACCELERATED HIGH YIELD INSTITUTIONAL FUND, LTD.;  ACCELERATED HIGH YIELD PENSION
INVESTORS, LTD.; MORAGA-DEWAAY FUND, LLC; MP FALCON FUND, LLC; MORAGA GOLD, LLC;
and PREVIOUSLY  OWNED MORTGAGE  PARTNERSHIPS  INCOME 3, L.P.  (collectively  the
"Purchasers") are offering to purchase up to 5,542 Units of limited  partnership
interest  (the  "Units") in CHRISKEN  PARTNERS CASH INCOME FUND L.P., a Delaware
limited partnership(the "Partnership") at a purchase price equal to:

                                  $285 per Unit

less the amount of any distributions  declared or made with respect to the Units
between  March 31, 2000 and May 5, 2000,  or such other date to which this Offer
may be extended.

        The Offer will provide you with an  opportunity  to liquidate  all, or a
portion of, your investment in CHRISKEN  PARTNERS CASH INCOME FUND L.P.  without
the usual transaction costs associated with market sales or partnership transfer
fees.

         After carefully reading the enclosed Offer, if you elect to tender your
Units,  mail  (using the  enclosed  pre-addressed,  postage  paid  envelope)  or
telecopy a duly  completed and executed copy of the Letter of  Transmittal  (the
yellow form) and Change of Address forms,  and any other  documents  required by
the Letter of Transmittal, to the Depositary for the Offer at:

MacKenzie Patterson, Inc.,
1640 School Street
Moraga, California 94556
Facsimile: (925) 376-7983
E-Mail Address: offers@mackpatt.com

If you have any  questions or need  assistance,  please call the  Depository  at
800-854-8357.


This Offer expires (unless extended) May 5, 2000.