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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) DECEMBER 31, 2002
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Commission file number 0-19244
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Krupp Government Income Trust
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Massachusetts 04-3089272
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(State or other jurisdiction (IRS employer
of incorporation or organization) identification no.)
One Beacon Street, Boston, Massachusetts 02108
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(Address of principal executive offices) (Zip Code)
(617) 523-0066
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(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No
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Item 5. OTHER EVENTS
UPDATES ON POTENTIAL LOAN PAYOFFS
The following information updates information included in the
quarterly report for the period ended September 30, 2002 of Krupp
Government Income Trust ("GIT"). GIT is providing this information
solely in light of the announcement by Berkshire Income Realty,
Inc. ("BIR") of its intention to conduct an exchange offer for
shares. By disclosing the information below, GIT does not intend
to indicate that it believes this information to be material to
shareholders. Moreover, GIT expressly disclaims any obligation to
provide periodic updates regarding the status of its mortgage
portfolio or otherwise, other than in its regular quarterly or
annual public filings.
GIT expects to receive a prepayment of the Mill Pond I PIM.
However, the value of the property is not expected to be
sufficient enough to provide GIT with any proceeds from the
participation feature of the PIM. GIT should receive the proceeds
from the FHA insured mortgage in January 2003. If this happens GIT
will make a special dividend from these proceeds during the first
half of 2003.
GIT expects to receive a prepayment of the Rivergreens PIM during
the first quarter of 2003. At this time GIT does expect to receive
proceeds from the participation feature of the PIM from this
prepayment.
GIT expects to receive a prepayment of the Lifestyles PIMI during
the first quarter of 2003. In addition to the GNMA MBS, GIT
expects to receive full payment on the Additional Loan. However,
GIT does not expect to receive any proceeds from the participation
feature of the PIMI from this prepayment.
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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.
KRUPP GOVERNMENT INCOME TRUST
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(Registrant)
BY: /S/ ROBERT A. BARROWS
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Robert A. Barrows
Treasurer and Chief Accounting Officer of
Krupp Government Income Trust.
Date: January 3, 2003
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