UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
xANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year endedMarch 31, 20202021
¨ 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 0-26200
BOSTON CAPITALBF GARDEN TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)
| Delaware | 04-3208648 |
| (State or other jurisdiction | (I.R.S. Employer |
| of incorporation or organization) | Identification No.) |
| 101 Arch Street, 13th Floor Boston, Massachusetts 02110 | ||
| (Address of principal executive offices) (Zip Code) |
One Boston Place, Suite 2100, Boston, Massachusetts 02108 (888) 773-1487
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code(617)624-8900code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| None | None | None |
Securities registered pursuant to Section 12(g) of the Act:
Title of class
Beneficial Assignee Certificates
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
| Yes¨ | Nox |
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
| Yes¨ | Nox |
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.
| Yesx | No¨ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
| Yesx | No¨ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer¨ | Accelerated Filer¨ | |
| Non-accelerated filerx | Smaller Reporting Companyx | |
| Emerging Growth Company¨ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
| Yes¨ | Nox |
DOCUMENTS INCORPORATED BY REFERENCE
None.
BOSTON CAPITALBF GARDEN TAX CREDIT FUND IV L.P.
FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 20202021
TABLE OF CONTENTS
| PART I | ||
| Item 1. | Business | 1 |
| Item 1A. | Risk Factors | 3 |
| Item 1B. | Unresolved Staff Comments | 5 |
| Item 2. | Properties | 5 |
| Item 3. | Legal Proceedings | 33 |
| Item 4. | Mine Safety Disclosures | 33 |
| PART II | ||
| PART III | ||
| PART IV | ||
| Item 15. | ||
| Item 16. | Form 10-K Summary | |
| Signatures |
| Item 1. | Business |
Organization
BF Garden Tax Credit Fund IV L.P. (formerly known as Boston Capital Tax Credit Fund IV L.P.) (the "Fund") is a limited partnership formedwas organized under the laws of the State of Delaware Revised Uniform Limited Partnership Act as of October 5, 1993.1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). Effective as of June 1, 2001 there wasDecember 15, 2020, Corporate Investment Holdings, Inc., a restructuring, andMassachusetts corporation owned by BF Garden Companion Limited Partnership, a Massachusetts limited partnership formerly known as a result, the Fund's general partner was reorganized as follows. The general partner of the Fund continues to be Boston Capital Companion Limited Partnership (“Companion”), replaced BCA Associates IV L.P., a Delaware limited partnership. TheLimited Partnership as the general partner of the Fund’s general partner, is now BCABF Garden Associates IV L.P., a Delaware limited partnership formerly known as Boston Capital Associates IV L.P. Additionally, Companion replaced Capital Investment Holdings IV Limited Partnership a Massachusetts limited partnership, whoseas the sole general partner is C&M Management, Inc., a Massachusetts corporation. John P. Manning is the principal executive officer of C&M Management, Inc. The limited partner of the Fund’s general partner is Capitalpartner. Also effective as of December 15, 2020, BFBC Holdings GP, LLC, a Delaware limited liability company and an affiliate of Boston Financial Investment Holdings,Management, LP, a generalDelaware limited partnership whose partners are various officers and employees of(“BFIM”), replaced Boston Capital Partners Inc.,II Corporation as the general partner of Companion; and its affiliates.BFIM replaced Boston Capital Companion Holdings Limited Partnership as the sole limited partner of Companion. The assignor limited partner isof the Fund continues to be BCTC IV Assignor Corp., a Delaware corporation which is now wholly-ownedwholly owned by John P. Manning.Companion.
The assignor limited partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the limited partnership interest of the assignor limited partner are assigned by the assignor limited partner by means of beneficial assignee certificates ("BACs") to investors and investors are entitled to all the rights and economic benefits of a limited partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.
A Registration Statement on Form S-11 and the related prospectus, (together with each subsequently filed prospectus, the "Prospectus") were filed with the Securities and Exchange Commission and became effective December 16, 1993, in connection with a public offering (together with each subsequent offering of BACs described herein, the "Offering") in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC. On April 18, 1996, a Form S-11, which registered an additional 10,000,000 BACs for sale to the public in one or more series, became effective. On April 2, 1998, a Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999, a Form S-11, which registered an additional 8,000,000 BACs for sale to the public, became effective. On July 26, 2000, a Form S-11, which registered an additional 7,500,000 BACs for sale to the public, became effective. On July 23, 2001, a Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 24, 2002, a Form S–11, which registered an additional 7,000,000 BAC’s for sale to the public, became effective. On July 1, 2003, a Form S–11, which registered an additional 7,000,000 BAC’s for sale to the public, became effective. As of March 31, 2020,2021, subscriptions had been received and accepted by the General Partner in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41, Series 42, Series 43 Series 44, Series 45 and Series 46 for 83,651,080 BACs in twenty-seven series representing capital contributions of $836,177,880 in the aggregate.
Description of Business
The Fund's principal business is to invest as a limited partner in other limited partnerships (the "Operating Partnerships") each of which will own or lease and will operate an apartment complex exclusively or partially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartment complexes, which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive government assistance. Each apartment complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the "Federal Housing Tax Credit"), providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources. Some apartment complexes may also qualify for the historic rehabilitation tax credit under Section 47 of the Code (the "Rehabilitation Tax Credit"). Section 236 (f) (ii) of the National Housing Act, as amended, and Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as tax credits. The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income. Some of the apartment complexes in which the Fund has invested are receiving their rent supplements from HUD. HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the apartment complex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress will continue rent supplement programs payable directly to owners of apartment complexes.
As of March 31, 20202021 the Fund had invested in 0 Operating Partnerships on behalf of Series 20, 0 Operating Partnerships on behalf of Series 21, 0 Operating Partnerships on behalf of Series 22, 0 Operating Partnerships on behalf of Series 23, 0 Operating Partnerships on behalf of Series 24, 0 Operating Partnerships on behalf of Series 25, 31 Operating PartnershipsPartnership on behalf of Series 26, 0 Operating Partnerships on behalf of Series 27, 0 Operating Partnerships on behalf of Series 28, 52 Operating Partnerships on behalf of Series 29, 0 Operating Partnerships on behalf of Series 30, 0 Operating Partnerships on behalf of Series 31, 31 Operating PartnershipsPartnership on behalf of Series 32, 21 Operating PartnershipsPartnership on behalf of Series 33, 21 Operating PartnershipsPartnership on behalf of Series 34, 0 Operating Partnerships on behalf of Series 35, 0 Operating Partnerships on behalf of Series 36, 0 Operating Partnerships on behalf of Series 37, 0 Operating Partnerships on behalf of Series 38, 0 Operating Partnerships on behalf of Series 39, 0 Operating Partnerships on behalf of Series 40, 82 Operating Partnerships on behalf of Series 41, 62 Operating Partnerships on behalf of Series 42, 110 Operating Partnerships on behalf of Series 43, 32 Operating Partnerships on behalf of Series 44, 1311 Operating Partnerships on behalf of Series 45 and 1210 Operating Partnerships on behalf of Series 46. A description of these Operating Partnerships is set forth in Item 2 herein.
The business objectives of the Fund are to:
| (1) | Provide current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor's federal income tax liability from active, portfolio and passive income; |
| (2) | Preserve and protect the Fund's capital and provide capital appreciation and cash distributions through increases in value of the Fund's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the apartment complexes; |
| (3) | Provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and |
| (4) | Provide cash distributions (except with respect to the Fund's investment in some non-profit Operating Partnerships) from capital transaction proceeds. The Operating Partnerships intend to hold the apartment complexes for appreciation in value. The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions. |
Employees
The Fund does not have any employees. Services are performed by the general partner and its affiliates and agents retained by them.
| Item 1A. | Risk Factors |
As used in this Item 1A, references to “we, “us” and “our” mean the Fund.
An investment in our BACs and our investments in Operating Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds available for distribution to our limited partners, if any, on liquidation of our investments.
In addition to the other information set forth in this report, you should carefully consider the following factors which could materially affect our business, financial condition or results of operations. The risks described below are not the only risks we face. Additional factors not presently known to us or that we currently deem to be immaterial also may materially adversely affect our business operations.
The ability of limited partners to claim tax losses from their investment in us is limited.
The IRS may audit us or an Operating Partnership and challenge the tax treatment of tax items. The amount of Low Income Housing Tax Credits and tax losses allocable to the investors could be reduced if the IRS were successful in such a challenge. The alternative minimum tax could reduce tax benefits from an investment in our BACs. Changes in tax laws could also impact the tax benefits from an investment in our BACs and/or the value of the Operating Partnerships. Until the Operating Partnerships have completed a mandatory fifteen year Low Income Housing Tax Credit compliance period, investors are at risk for potential recapture of Low Income Housing Tax Credits that have already been claimed.
The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these rules may have adverse consequences for BAC holders.
Noncompliance with applicable tax regulations may result in the loss of future Low Income Housing Tax Credits and the fractional recapture of Low Income Housing Tax Credits already taken. In most cases the annual amount of Low Income Housing Tax Credits that an individual can use is limited to the tax liability due on the person’s last $25,000 of taxable income. The Operating Partnerships may be sold at a price which would not result in our realizing cash distributions or proceeds from the transaction. Accordingly, we may be unable to distribute any cash to our investors. Low Income Housing Tax Credits may be the only benefit from an investment in our BACs.
Poor performance of one housing complex, or the real estate market generally, could impair our ability to satisfy our investment objectives.
Each housing complex is subject to mortgage indebtedness. If an Operating Partnership failed to pay its mortgage, it could lose its housing complex in foreclosure. If foreclosure were to occur during the first 15 years of the existence of the Fund, the loss of any remaining future Low Income Housing Tax Credits, a fractional recapture of previously claimed Low Income Housing Tax Credits, and a loss of our investment in the housing complex would occur. To the extent the Operating Partnerships receive government financing or operating subsidies, they may be subject to one or more of the following risks:
- difficulties in obtaining rent increases;
- limitations on cash distributions;
- limitations on sales or refinancing of Operating Partnerships;
- limitations on transfers of interests in Operating Partnerships;
- limitations on removal of local general partners;
- limitations on subsidy programs; and
- possible changes in applicable regulations.
The value of real estate is subject to risks from fluctuating economic conditions, including employment rates, inflation, tax, environmental, land use and zoning policies, supply and demand of similar properties, and neighborhood conditions, among others.
No trading market for the BACs exists or is expected to develop.
There is currently no active trading market for the BACs. Accordingly, limited partners may be unable to sell their BACs or may have to sell BACs at a discount. Limited partners should consider their BACs to be a long-term investment.
Investors may realize taxable gain on sale or disposition of BACs.
Upon the sale or other taxable disposition of BACs, investors will realize taxable income to the extent that their allocable share of the non-recourse mortgage indebtedness on the apartment complexes, together with the money they receive from the sale of the BACs, is greater than the original cost of their BACs. This realized taxable income is reduced to the extent that investors have suspended passive losses or credits. It is possible that the sale of BACs may not generate enough cash to pay the tax obligations arising from the sale.
Investors may have tax liability in excess of cash.
Investors eventually may be allocated profits for tax purposes which exceed any cash distributed to them. For this tax liability, the investor will have to pay federal income tax without a corresponding cash distribution.
Similarly, in the event of a sale or foreclosure of an apartment complex or a sale of BACs, an investor may be allocated taxable income, resulting in tax liability, in excess of any cash distributed to him or her as a result of such event.
Investors may not receive cash if apartment complexes are sold.
There is no assurance that investors will receive any cash distributions from the sale or refinancing of an apartment complex. The price at which an apartment complex is sold may not be large enough to pay the mortgage and other expenses which must be paid at such time. Even if there are net cash proceeds from a sale, expenses such as accrued Fund management fees and unpaid loans will be deducted pursuant to Section 4.02(a) of the Fund Agreement. If any of these events happen, investors will not get all of their investment back, and the only benefit from an investment will be the tax credits received.
The sale or refinancing of the apartment complexes is dependent upon the following material factors:
- The necessity of obtaining the consent of the operating general partners;
- The necessity of obtaining the approval of any governmental agency(ies) providing government assistance to the apartment complex; and
- The uncertainty of the market.
Any sale may occur well after the fifteen-year federal housing tax credit compliance period.
We have insufficient sources of cash to pay our existing liabilities.
We currently do not have sufficient cash resources to satisfy our financial liabilities. Furthermore, we do not anticipate that we will have sufficient available cash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our general partner and its affiliates. Though the amounts payable to the general partner and its affiliates are contractually currently payable, we do not believe that the general partner or its affiliates will demand immediate payment of these contractual obligations in the near term; however, there can be no assurance that this will be the case. We would be materially adversely affected if the general partner or its affiliates demanded payment in the near term of our existing contractual liabilities or suspended the provision of services to us because of our inability to satisfy these obligations. All monies currently deposited, or that will be deposited in the future, into the Fund's working capital reserves are intended to be utilized to pay our existing and future liabilities.
| Item 1B. | Unresolved Staff Comments |
Not applicable.
| Item 2. | Properties |
The Fund has acquired a limited partnership interest in 6856 Operating Partnerships in 1110 series, identified in the table set forth below. The apartment complexes owned by the Operating Partnerships are eligible for the Federal Housing Tax Credit. Initial occupancy of a unit in each apartment complex which initially complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a designated percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." The Operating Partnerships and the respective apartment complexes are described more fully in the Prospectus. The general partner believes that there is adequate casualty insurance on the properties.
Please refer to Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 20
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 20 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 21
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 21 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 22
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 22 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 23
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 23 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 24
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 24 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 25
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 25 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 26
PROPERTY PROFILE AS OF MARCH 31, 20202021
| Property Name | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||
| Brookhaven Apts. | Shrevport, LA | 35 | $ | 1,070,448 | 2/97 | 1/97 | 100 | % | $ | 726,113 | ||||||||||
| Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||
| Brookhaven Apts. | Shrevport, LA | 35 | $ | 1,047,285 | 2/97 | 1/97 | 100 | % | $ | 726,113 | ||||||||||
| Devonshire II Apts. | London, OH | 28 | 546,118 | 1/97 | 12/96 | 100 | % | 182,070 | ||||||||||||
| Devonshire West Apts. | W. Jefferson, OH | 19 | 394,445 | 1/97 | 1/97 | 100 | % | 126,983 | ||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 27
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 27 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 28
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 28 have been disposed of.
Boston CapitalBF Tax Credit Fund IV L.P. - Series 29
PROPERTY PROFILE AS OF MARCH 31, 20202021
| Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||
| Colonial Apts. | Poplarville, MS | 16 | $ | 359,406 | 10/97 | 7/97 | 100 | % | $ | 86,039 | ||||||||||
| The Lincoln Hotel | San Diego, CA | 41 | 684,886 | 2/97 | 7/97 | 100 | % | 697,511 | ||||||||||||
| Palmetto Place Apts. | Benton, LA | 40 | 1,160,387 | 10/98 | 4/99 | 100 | % | 1,153,878 | ||||||||||||
| Regency Apts. | Poplarville, MS | 16 | 401,938 | 10/97 | 7/97 | 100 | % | 102,419 | ||||||||||||
| Westfield Apts. | Welsh, LA | 40 | 628,069 | 11/97 | 8/98 | 100 | % | 918,605 | ||||||||||||
Property Name | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||||||||
| The Lincoln Hotel | San Diego, CA | 41 | $ | 676,279 | 2/97 | 7/97 | 100 | % | $ | 697,511 | ||||||||||||||||
| Palmetto Place Apts. | Benton, LA | 40 | 1,150,036 | 10/98 | 4/99 | 100 | % | 1,153,878 | ||||||||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 30
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 30 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 31
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 31 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 32
PROPERTY PROFILE AS OF MARCH 31, 20202021
| Property Name | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||||||||
| Pecan Manor Apts. | Natchitoches, LA | 40 | $ | 623,725 | 7/98 | 10/98 | 100 | % | $ | 1,501,914 | ||||||||||||||||
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq | Const | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||
| Columbia Luxar | Dallas, TX | 125 | $ | 2,750,400 | 8/98 | 12/99 | 100 | % | $ | 3,947,106 | ||||||||||
| Parkside Plaza Apts | New York, NY | 39 | 1,267,574 | 7/99 | 5/01 | 100 | % | 2,931,239 | ||||||||||||
| Pecan Manor Apts. | Natchitoches, LA | 40 | 637,182 | 7/98 | 10/98 | 100 | % | 1,501,914 | ||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 33
PROPERTY PROFILE AS OF MARCH 31, 20202021
Property Name | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||||||||
| Stonewall Retirement Village | Stonewall, LA | 40 | $ | 1,205,104 | 7/98 | 1/99 | 100 | % | $ | 1,495,966 | ||||||||||||||||
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||
| Columbia Luxar | Dallas, TX | 125 | $ | 2,750,400 | 8/98 | 12/99 | 100 | % | $ | 3,947,106 | ||||||||||
| Stonewall Retirement Village | Stonewall, LA | 40 | 1,198,344 | 7/98 | 1/99 | 100 | % | 1,495,966 | ||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 34
PROPERTY PROFILE AS OF MARCH 31, 20202021
| Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||||||||||||||||||||
| Hillside Club Apts. | Bear Creek Township, MI | 56 | $ | 1,682,845 | 10/98 | 12/99 | 100 | % | $ | 2,097,333 | Bear Creek Township, MI | 56 | $ | 1,654,958 | 10/98 | 12/99 | 100 | % | $ | 2,097,333 | |||||||||||||||||||||||||
| Romeo Village Apts. | Montour Falls, NY | 24 | 987,527 | 10/98 | 4/99 | 100 | % | 753,362 | |||||||||||||||||||||||||||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 35
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 35 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 36
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 36 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 37
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 37 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 38
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 38 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 39
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 39 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 40
PROPERTY PROFILE AS OF MARCH 31, 20202021
All properties in Series 40 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 41
PROPERTY PROFILE AS OF MARCH 31, 20202021
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||||
| Cedar Grove Apartments Phase I | Shepherdsville, KY | 36 | $ | 899,024 | 5/02 | 7/01 | 100 | % | $ | 424,955 | ||||||||||||
| Cranberry Cove Apartments | Beckley, WV | 28 | 904,503 | 5/02 | 1/02 | 100 | % | 514,844 | ||||||||||||||
| Franklin Green | Franklin Grove, IL | 12 | 264,584 | 5/02 | 9/01 | 100 | % | 308,576 | ||||||||||||||
| Marina Woods Apts. | Halfmoon, NY | 32 | 1,387,733 | 7/01 | 4/02 | 100 | % | 1,626,221 | ||||||||||||||
| Marwood Senior Apts. | Upper Marlboro, MD | 155 | 10,909,301 | 7/01 | 8/02 | 100 | % | 1,385,308 | ||||||||||||||
| Mill Creek Village | Mt. Carroll, IL | 12 | 311,220 | 5/02 | 9/01 | 100 | % | 264,354 | ||||||||||||||
| Northline Terrace | Mentoda, IL | 24 | 549,701 | 5/02 | 6/01 | 100 | % | 545,986 | ||||||||||||||
| Palisades Park | Fulton, IL | 16 | 392,591 | 5/02 | 9/01 | 100 | % | 396,066 | ||||||||||||||
| Property Name | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||||||||
| Marina Woods Apts. | Halfmoon, NY | 32 | $ | 1,387,733 | 7/01 | 4/02 | 100 | % | $ | 1,626,221 | ||||||||||||||||
| Marwood Senior Apts. | Upper Marlboro, MD | 155 | 10,676,480 | 7/01 | 8/02 | 100 | % | 1,385,308 | ||||||||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 42
PROPERTY PROFILE AS OF MARCH 31, 20202021
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||||
| Chester Townhouses Phase II | Chester, SC | 52 | $ | 1,811,740 | 4/06 | 12/06 | 100 | % | $ | 421,158 | ||||||||||||
| Lynnelle Landing Apts. | Charleston, WV | 56 | 1,046,883 | 3/02 | 9/02 | 100 | % | 2,009,976 | ||||||||||||||
| Marwood Senior Apartments | Upper Marlboro, MD | 67 | 10,909,301 | 09/04 | 8/02 | 100 | % | 160,174 | ||||||||||||||
| Parkhurst Place | Amherst, NH | 42 | 3,087,159 | 1/02 | 9/02 | 100 | % | 518,876 | ||||||||||||||
| Strawberry Lane Apts. | Clayton, NY | 71 | 1,515,602 | 3/02 | 8/02 | 100 | % | 672,589 | ||||||||||||||
| Wingfield Apartments II | Kinder, LA | 42 | 138,007 | 8/02 | 11/01 | 100 | % | 1,422,373 | ||||||||||||||
Property Name | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||||||||
| Chester Townhouses Phase II | Chester, SC | 52 | $ | 1,791,507 | 4/06 | 12/06 | 100 | % | $ | 421,158 | ||||||||||||||||
| Marwood Senior Apartments | Upper Marlboro, MD | 67 | 10,676,480 | 09/04 | 8/02 | 100 | % | 160,174 | ||||||||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 43
PROPERTY PROFILE AS OF MARCH 31, 20202021
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||||
| Charlevoix Apartments | Charlevoix, MI | 40 | $ | 1,038,827 | 9/02 | 11 | /02 | 100 | % | $ | 302,357 | |||||||||||
| Chester Townhouses Phase II | Chester, SC | 52 | 1,811,740 | 4/06 | 12 | /06 | 100 | % | 226,777 | |||||||||||||
| Cloverlane Apartments | Lakeview, MI | 24 | 82,118 | 9/02 | 10 | /02 | 100 | % | 356,228 | |||||||||||||
| Geneva Sr. Citizen Apts. | Geneva, NY | 32 | 1,398,594 | 4/03 | 12 | /03 | 100 | % | 2,035,378 | |||||||||||||
| Lakewood Apartments | Saranac, MI | 24 | 700,543 | 9/02 | 10 | /02 | 100 | % | 475,606 | |||||||||||||
| The Landing Apts. | Whitley, KY | 24 | 1,200,885 | 4/03 | 6 | /04 | 100 | % | 302,763 | |||||||||||||
| Parkside Plaza Apartments | New York, NY | 34 | 1,267,574 | 1/04 | 5 | /01 | 100 | % | 21,847 | |||||||||||||
| Parkside Apartments | Coleman, MI | 40 | 408,539 | 9/02 | 12 | /02 | 100 | % | 832,371 | |||||||||||||
| Riverview Apartments | Blissfield, MI | 32 | 532,588 | 9/02 | 2 | /02 | 100 | % | 509,938 | |||||||||||||
| Stottville Court Apartments | Stockport, NY | 28 | 1,078,948 | 9/02 | 5 | /03 | 100 | % | 1,073,805 | |||||||||||||
| Strawberry Lake Apts. | Norway, MI | 32 | 658,922 | 7/03 | 12 | /03 | 100 | % | 763,285 | |||||||||||||
All properties in Series 43 have been disposed of.
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 44
PROPERTY PROFILE AS OF MARCH 31, 20202021
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | |||||||||||||||
| Aurora Village Sr. | Aurora, CO | 100 | $ | 3,183,698 | 2 | /03 | 3 | /03 | 100 | % | $ | 1,526,951 | ||||||||||
| Post Oak East Apts. | Fort Worth, TX | 246 | 12,049,723 | 7 | /04 | 5 | /06 | 100 | % | 3,874,783 | ||||||||||||
| Villages at Aspen Club | Bealton, VA | 30 | 1,442,760 | 4 | /03 | 10 | /03 | 100 | % | 1,568,815 | ||||||||||||
Property Name | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | |||||||||||||||||||
| Aurora Village Sr. | Aurora, CO | 100 | $ | 3,037,012 | 2/03 | 3/03 | 100 | % | $ | 1,526,951 | ||||||||||||||||
| Villages at Aspen Club | Bealton, VA | 30 | 1,389,956 | 4/03 | 10/03 | 100 | % | 1,568,815 | ||||||||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 45
PROPERTY PROFILE AS OF MARCH 31, 20202021
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | ||||||||||||||||||||||||||||||||||
| Bartlett Bayou | Pascagoula, MS | 48 | $ | 707,548 | 7 | /03 | 9 | /05 | 100 | % | $ | 2,675,101 | Pascagoula, MS | 48 | $ | 690,853 | 7/03 | 9/05 | 100 | % | $ | 2,675,101 | ||||||||||||||||||||||||||
| Dawn Springs Villa | London, KY | 24 | 376,605 | 5 | /05 | 10 | /05 | 100 | % | 1,099,086 | London, KY | 24 | 357,152 | 5/05 | 10/05 | 100 | % | 1,099,086 | ||||||||||||||||||||||||||||||
| Fairview Manor | Childress, TX | 48 | 596,136 | 5 | /03 | 3 | /04 | 100 | % | 859,892 | Childress, TX | 48 | 567,751 | 5/03 | 3/04 | 100 | % | 859,892 | ||||||||||||||||||||||||||||||
| Heritage Christian Home III | Brighton, NY | 12 | - | 1 | /04 | 10 | /03 | 100 | % | 721,545 | Brighton, NY | 12 | - | 1/04 | 10/03 | 100 | % | 721,545 | ||||||||||||||||||||||||||||||
| Kings Pt. Apts. | Sheridan, CO | 50 | 1,654,423 | 8 | /03 | 12 | /03 | 100 | % | 788,729 | Sheridan, CO | 50 | 1,576,361 | 8/03 | 12/03 | 100 | % | 788,729 | ||||||||||||||||||||||||||||||
| London Village | London, KY | 32 | 416,370 | 4 | /05 | 9 | /05 | 100 | % | 2,021,436 | London, KY | 32 | 396,391 | 4/05 | 9/05 | 100 | % | 2,021,436 | ||||||||||||||||||||||||||||||
| Marina Woods Apts. | Halfmoon, NY | 32 | 1,387,733 | 12 | /03 | 4 | /02 | 100 | % | 4,435 | Halfmoon, NY | 32 | 1,387,733 | 12/03 | 4/02 | 100 | % | 4,435 | ||||||||||||||||||||||||||||||
| Mill Race Apts. | Plainwell, MI | 32 | 759,352 | 6 | /03 | 12 | /03 | 100 | % | 347,253 | ||||||||||||||||||||||||||||||||||||||
| Orchard View Apts. | Farmington, MO | 40 | 525,687 | 7 | /03 | 6 | /04 | 100 | % | 2,226,954 | Farmington, MO | 40 | 492,458 | 7/03 | 6/04 | 100 | % | 2,226,954 | ||||||||||||||||||||||||||||||
| Ridge Crest Apts. | St. Louis, MO | 83 | 2,805,216 | 8 | /03 | 9 | /04 | 100 | % | 2,020,327 | ||||||||||||||||||||||||||||||||||||||
| University Plaza Sr. Complex | Greely, CO | 34 | 811,724 | 5 | /03 | 9 | /03 | 100 | % | 332,128 | Greely, CO | 34 | 778,130 | 5/03 | 9/03 | 100 | % | 332,128 | ||||||||||||||||||||||||||||||
| William B. Quarton | Cedar Rapids, IA | 28 | 1,588,580 | 1 | /04 | 7 | /03 | 100 | % | 1,197,000 | Cedar Rapids, IA | 28 | 1,632,526 | 1/04 | 7/03 | 100 | % | 1,197,000 | ||||||||||||||||||||||||||||||
| Willow Oak and Oroville Apartments | Willows, CA | 122 | 3,867,470 | 07 | /04 | 10 | /03 | 100 | % | 1,619,212 | Willows,CA | 122 | 3,865,009 | 07/04 | 10/03 | 100 | % | 1,619,212 | ||||||||||||||||||||||||||||||
Boston CapitalBF Garden Tax Credit Fund IV L.P. - Series 46
PROPERTY PROFILE AS OF MARCH 31, 20202021
Property Name | Location | Units | Mortgage Balance as of 12/31/19 | Acq Date | Const Comp | Qualified Occupancy 3/31/20 | Cap Con paid thru 3/31/20 | Location | Units | Mortgage Balance as of 12/31/20 | Acq Date | Const Comp | Qualified Occupancy 3/31/21 | Cap Con paid thru 3/31/21 | ||||||||||||||||||||||||||||||||||
| Bartlett Bayou Apartments | Pascagoula, MS | 48 | $ | 707,548 | 7 | /03 | 9 | /05 | 100 | % | $ | 786,153 | Pascagoula, MS | 48 | $ | 690,853 | 7/03 | 9/05 | 100 | % | $ | 786,153 | ||||||||||||||||||||||||||
| Clayton Station Apartments | Munfordville, KY | 29 | 638,421 | 4 | /04 | 9 | /04 | 100 | % | 1,274,486 | ||||||||||||||||||||||||||||||||||||||
| Elma Gardens | Elma, WA | 36 | 1,373,496 | 3 | /05 | 1 | /04 | 100 | % | 588,701 | Elma, WA | 36 | 1,365,456 | 3/05 | 1/04 | 100 | % | 588,701 | ||||||||||||||||||||||||||||||
| Jacksonville Square Apts. | Jacksonville, TX | 44 | 943,458 | 11 | /03 | 7 | /04 | 100 | % | 621,519 | Jacksonville, TX | 44 | 926,332 | 11/03 | 7/04 | 100 | % | 621,519 | ||||||||||||||||||||||||||||||
| Kimberly Place Apartments | Danbury, CT | 117 | 5,873,135 | 6 | /04 | 4 | /05 | 100 | % | 2,450,732 | Danbury, CT | 117 | 5,767,178 | 6/04 | 4/05 | 100 | % | 2,450,732 | ||||||||||||||||||||||||||||||
| Linden's Apartments | Shawnee, OK | 54 | 1,000,641 | 12 | /04 | 2 | /06 | 100 | % | 2,963,132 | Shawnee, OK | 54 | 990,022 | 12/04 | 2/06 | 100 | % | 2,963,132 | ||||||||||||||||||||||||||||||
| Ocean East Housing | Portland, ME | 32 | 1,312,987 | 2 | /04 | 6 | /05 | 100 | % | 3,787,273 | Portland, ME | 32 | 1,289,509 | 2/04 | 6/05 | 100 | % | 3,787,273 | ||||||||||||||||||||||||||||||
| Panola Apts. | Carthage, TX | 32 | 614,764 | 12 | /03 | 4 | /04 | 100 | % | 461,573 | Carthage, TX | 32 | 594,107 | 12/03 | 4/04 | 100 | % | 461,573 | ||||||||||||||||||||||||||||||
| Rosehill Apts. | Topeka, KS | 48 | 2,180,508 | 12 | /03 | 9 | /04 | 100 | % | 2,540,503 | Topeka, KS | 48 | 2,141,988 | 12/03 | 9/04 | 100 | % | 2,540,503 | ||||||||||||||||||||||||||||||
| Sandy Hill Apartments | Greenville, KY | 29 | 364,080 | 4 | /04 | 10 | /04 | 100 | % | 1,849,164 | Greenville, KY | 29 | 343,224 | 4/04 | 10/04 | 100 | % | 1,849,164 | ||||||||||||||||||||||||||||||
| Saint Martin Apartments | McCombs, MS | 40 | 465,037 | 8 | /05 | 4 | /06 | 100 | % | 1,539,454 | McCombs, MS | 40 | 402,762 | 8/05 | 4/06 | 100 | % | 1,539,454 | ||||||||||||||||||||||||||||||
| Wagoner Village | Wagoner, OK | 31 | 909,813 | 1 | /04 | 1 | /04 | 100 | % | 341,377 | ||||||||||||||||||||||||||||||||||||||
| Item 3. | Legal Proceedings |
| None. |
| Item 4. | Mine Safety Disclosures |
| Not Applicable |
| (c) | Dividend history and restriction | |
| The Fund has made no distributions of net cash flow to its BAC holders from its inception, October 5, 1993, through March 31, | ||
| The Fund Agreement provides that profits, losses and credits will be allocated each month to the holder of record of a BAC as of the last day of such month. Allocation of profits, losses and credits among BAC holders are made in proportion to the number of BACs held by each BAC holder. | ||
Any distributions of net cash flow or liquidation, sale or refinancing proceeds will be made within 180 days of the end of the annual period to which they
During the year ended March 31, 2000 the Fund made a return of equity distribution to the Series 29 limited partners in the amount of $238,040. The distribution was the result of certain Operating Partnerships not achieving their projected tax credits.
During the year ended March 31, 2006 the Fund made a return of equity distribution to Series 20 limited partners in the amount of $371,349. The distribution was the result of proceeds available from the sale of one Operating Partnership.
| ||
During the year ended March 31, 2006, the Fund made a return of equity distribution to the Series 20 and Series 41 limited partners in the amount of $1,860,003 and $138,998, respectively. The distributions were the result of proceeds available from the refinancing of one Operating Partnership.
During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 24 limited partners in the amount of $604,486. The distribution was the result of proceeds available from the sale of Operating Partnerships.
During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 25 limited partners in the amount of $3,382,746. The distribution was the result of proceeds available from the sale of Operating Partnerships.
During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 26 limited partners in the amount of $2,190,980. The distribution was the result of proceeds available from the sale of Operating Partnerships.
During the year ended March 31, 2016 the Fund made a return of equity distribution to Series 28 limited partners in the amount of $6,191,069. The distribution was the result of proceeds available from the sale of Operating Partnerships.
During the year ended March 31, 2018 the Fund made a return of equity distribution to Series 25 limited partners in the amount of $380,117. The distribution was the result of proceeds available from the sale of Operating Partnerships.
During the year ended March 31, 2018 the Fund made a return of equity distribution to Series 39 limited partners in the amount of $40,046. The distribution was the result of proceeds available from the sale of Operating Partnerships.
During the year ended March 31, 2019 the Fund made a return of equity distribution to Series 27 limited partners in the amount of $307,853 and general partner in the amount of $3,110. The distribution was the result of a tax payment from the sale of Operating Partnerships.
During the year ended March 31, 2019 the Fund made a return of equity distribution to Series 37 limited partners in the amount of $1,020,537. The distribution was the result of proceeds available from the sale of Operating Partnerships.
|
During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 24 limited partners in the amount of $584,813. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 27 limited partners in the amount of $7,318,360. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 28 limited partners in the amount of $669,692. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 31 limited partners in the amount of $2,572,942. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 35 limited partners in the amount of $5,893,687. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 36 limited partners in the amount of $3,044,292. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 38 limited partners in the amount of $2,939,459. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2020 the Fund made a return of equity distribution to Series 40 limited partners in the amount of $804,301. The distribution was the result of proceeds available from the sale of Operating Partnerships. | |
| During the year ended March 31, 2021 the Fund made a return of equity distribution to Series 43 limited partners in the amount of $1,466,663. The distribution was the result of proceeds available from the sale of Operating Partnerships. |
| Item 6. | Selected Financial Data |
Not Applicable. | |
| Item 7. | Management's Discussion and Analysis of |
| Condition and Results of Operations |
This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1993, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A of this Report. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.
Liquidity
The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions held pending investment or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnerships that are returned to fund reserves. These sources of liquidity, along with the Fund’s working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.
Capital Resources
The Fund offered BACs in the Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received and accepted subscriptions for $836,177,880 representing 83,651,080 BACs from investors admitted as BAC holders in Series 20 through 46 of the Fund. On December 19, 2003, the Fund concluded its public offering of BACs.
(Series 20). The Fund commenced offering BACs in Series 20 on January 21, 1994. The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC holders in Series 20. Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994.
During the fiscal year ended March 31, 2020,2021, none of Series 20 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $27,693,970. As of March 31, 2020,2021, all 24 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 21). The Fund commenced offering BACs in Series 21 on July 5, 1994. The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC holders in Series 21. Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994.
During the fiscal year ended March 31, 2020,2021, none of Series 21 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728. As of March 31, 2020,2021, all 14 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 22). The Fund commenced offering BACs in Series 22 on October 12, 1994. The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC holders in Series 22. Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994.
During the fiscal year ended March 31, 2020,2021, none of Series 22 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 22 had been used to invest in 29 Operating Partnerships in an aggregate amount of $18,758,748. As of March 31, 2020,2021, all 29 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 23). The Fund commenced offering BACs in Series 23 on January 10, 1995. The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995.
During the fiscal year ended March 31, 2020,2021, none of Series 23 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278. As of March 31, 2020,2021, all 22 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 24). The Fund commenced offering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995.
During the fiscal year ended March 31, 2020,2021, none of Series 24 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 24 had been used to invest in 24 Operating Partnerships in an aggregate amount of $15,796,309. As of March 31, 2020,2021, all 24 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 25). The Fund commenced offering BACs in Series 25 on September 30, 1995. The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995.
During the fiscal year ended March 31, 2020,2021, none of Series 25 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,324,539. As of March 31, 2020,2021, all 22 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 26). The Fund commenced offering BACs in Series 26 on January 18, 1996. The Fund received and accepted $39,959,000 representing 3,995,900 BACs from investors admitted as BAC holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.
During the fiscal year ended March 31, 2020,2021, none of Series 26 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 26 had been used to invest in 45 Operating Partnerships in an aggregate amount of $29,401,215. As of March 31, 2020, 422021, 44 of the properties have been disposed of and 3 remain.1 remains. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 27). The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996.
During the fiscal year ended March 31, 2020,2021, none of Series 27 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 27 had been used to invest in 16 Operating Partnerships in an aggregate amount of $17,881,574. As of March 31, 2020,2021, all 16 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 28). The Fund commenced offering BACs in Series 28 on September 30, 1996. The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997.
During the fiscal year ended March 31, 2020,2021, none of Series 28 net offering proceeds were used to pay installments of its capital contributions to
the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 28 had been used to invest in 26 Operating Partnerships in an aggregate amount of $29,281,983. As of March 31, 2020,2021, all 26 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 29). The Fund commenced offering BACs in Series 29 on February 10, 1997. The Fund received and accepted $39,918,000 representing 3,991,800 BACs from investors admitted as BAC holders in Series 29. Offer and sales of BACs in Series 29 were completed on June 20, 1997.
During the fiscal year ended March 31, 2020,2021, none of Series 29 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 29 had been used to invest in 22 Operating Partnerships in an aggregate amount of
$29,137,877. $29,137,877. As of March 31, 2020, 172021, 20 of the properties have been disposed of and 52 remain. The Fund had completed payment of all installments of its capital contributions to 21 of the Operating Partnerships. Series 29 has outstanding contributions payable to 1 Operating Partnership in the amount of $785 as of March 31, 2020.2021. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.
(Series 30). The Fund commenced offering BACs in Series 30 on June 23, 1997. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC holders in Series 30. Offer and sales of BACs in Series 30 were completed on September 10, 1997.
During the fiscal year ended March 31, 2020,2021, none of Series 30 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 30 had been used to invest in 20 Operating Partnerships in an aggregate amount of $19,497,869. As of March 31, 2020,2021, all 20 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
41
(Series 31). The Fund commenced offering BACs in Series 31 on September 11, 1997. The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC holders in Series 31. Offer and sales of BACs in Series 31 were completed on January 18, 1998.
During the fiscal year ended March 31, 2020,2021, none of Series 31 applied $25,000net offering proceeds were used to pay installments of its capital contributions to the contributions payable to current year dispositions.Operating Partnerships. Proceeds from the offer and sale of BACs in Series 31 had been used to invest in 27 Operating Partnerships in an aggregate amount of $32,569,100. As of March 31, 2020,2021, all 27 of the properties hashave been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 32). The Fund commenced offering BACs in Series 32 on January 19, 1998. The Fund had received and accepted $47,431,000 representing 4,754,198 BACs from investors admitted as BAC holders in Series 32. Offer and sales of BACs in Series 32 were completed on June 23, 1998.
During the fiscal year ended March 31, 2020,2021, none of Series 32 applied $1,229net offering proceeds were used to pay installments of its capital contributions payable to current year dispositions.the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 32 had been used to invest in 17 Operating Partnerships in an aggregate amount of $34,129,677. As of March 31, 2020, 142021, 16 of the properties have been disposed of and 3 remain.1 remains. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 1999, the Fund had purchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II of
Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC. Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Partnership Agreements. The Fund utilized $1,092,847 of Series 32 net offering proceeds to invest in Operating Partnerships for this investment.
(Series 33). The Fund commenced offering BACs in Series 33 on June 22, 1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACs from investors admitted as BAC holders in Series 33. Offer and sales of BACs in Series 33 were completed on September 21, 1998.
During the fiscal year ended March 31, 2020,2021, none of Series 33 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 33 had been used to invest in 10 Operating Partnerships in an aggregate amount of $19,594,100. As of March 31, 2020, 82021, 9 of the properties have been disposed of and 2 remain.1 remains. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 34). The Fund commenced offering BACs in Series 34 on September 22, 1998. The Fund had received and accepted $35,273,000 representing 3,529,319 BACs from investors admitted as BAC holders in Series 34. Offer and sales of BACs in Series 34 were completed on February 11, 1999.
During the fiscal year ended March 31, 2020,2021, none of Series 34 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 34 had been used to invest in 14 Operating Partnerships in an aggregate amount of $25,738,978. As of March 31, 2020, 122021, 13 of the properties have been disposed of and 2 remain.1 remains. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 35). The Fund commenced offering BACs in Series 35 on February 22, 1999. The Fund received and accepted $33,002,000 representing 3,300,463 BACs from investors admitted as BAC holders in Series 35. Offer and sales of BACs in Series 35 were completed on June 28, 1999.
During the fiscal year ended March 31, 2020,2021, none of Series 35 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 35 had been used to invest in 11 Operating Partnerships in an aggregate amount of $24,002,391. As of March 31, 2020,2021, all 11 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 36). The Fund commenced offering BACs in Series 36 on June 22, 1999.
The Fund received and accepted $21,068,375 representing 2,106,837 BACs from investors admitted as BAC holders in Series 36. Offer and sales of BACs in Series 36 were completed on September 28, 1999.
During the fiscal year ended March 31, 2020,2021, none of Series 36 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 36 had been used to invest in 11 Operating Partnerships in an aggregate amount of $15,277,041. As of March 31, 2020,2021, all 11 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 37). The Fund commenced offering BACs in Series 37 on October 29, 1999. The Fund received and accepted $25,125,000 representing 2,512,500 BACs from investors admitted as BAC holders in Series 37. Offer and sales of BACs in Series 37 were completed on January 28, 2000.
During the fiscal year ended March 31, 2020,2021, none of Series 37 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 37 had been used to invest in 7 Operating Partnerships in an aggregate amount of $18,735,142. As of March 31, 2020,2021, all 7 of the properties have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
(Series 38). The Fund commenced offering BACs in Series 38 on February 1, 2000. The Fund received and accepted $25,431,000 representing 2,543,100 BACs from investors admitted as BAC holders in Series 38. Offer and sales of BACs in Series 38 were completed on July 31, 2000.
During the fiscal year ended March 31, 2020,2021, none of Series 38 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 38 had been used to invest in 10 Operating Partnerships in an aggregate amount of $18,612,287. As of March 31, 2020,2021, all 10 of the properties and the general partner interest have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2002, the Fund used $420,296 of Series 38 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 39). The Fund commenced offering BACs in Series 39 on August 1, 2000. The Fund received and accepted $22,921,000 representing 2,292,152 BACs from investors admitted as BAC holders in Series 39. Offer and sales of BACs in Series 39 were completed on January 31, 2001.
During the fiscal year ended March 31, 2020,2021, none of Series 39 net offering proceeds to were used to pay installments of its capital contributions to the Operating Partnership. Proceeds from the offer and sale of BACs in Series 39 had been used to invest in 9 Operating Partnerships in an aggregate amount of $17,115,492. As of March 31, 2020,2021, all 9 of the properties and the general partner interest have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2002, the Fund used $192,987 of Series 39 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 40). The Fund commenced offering BACs in Series 40 on February 1, 2001. The Fund received and accepted $26,269,250 representing 2,630,256 BACs from investors admitted as BAC holders in Series 40. Offer and sales of BACs in Series 40 were completed on July 31, 2001.
During the fiscal year ended March 31, 2020,2021, none of Series 40 applied $102net offering proceeds to were used to pay installments of its capital contributions payable to a current year disposition.the Operating Partnership. Proceeds from the offer and sale of BACs in Series 40 had been used to invest in 16 Operating Partnerships in an aggregate amount of $19,030,772. As of March 31, 2020,2021, all 16 of the properties and the general partner interest have been disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2002, the Fund used $578,755 of Series 40 net offering proceeds to acquire 5 limited partnership equity interests in limited liability companies, which are the general partners of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 41). The Fund commenced offering BACs in Series 41 on August 1, 2001. The Fund received and accepted $28,916,260 representing 2,891,626 BACs from investors admitted as BAC holders in Series 41. Offer and sales of BACs in
Series 41 were completed on January 31, 2002.
During the fiscal year ended March 31, 2020,2021, none of Series 41 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 41 had been used to invest in 23 Operating Partnerships in an aggregate amount of $21,278,631. As of March 31, 2020, 152021, 21 of the properties have been disposed of and 82 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2002, the Fund used $195,249 of Series 41 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 42). The Fund commenced offering BACs in Series 42 on February 1, 2002. The Fund received and accepted $27,442,620 representing 2,744,262 BACs from investors admitted as BAC holders in Series 42. Offer and sales of BACs in Series 42 were completed on July 31, 2002.
During the fiscal year ended March 31, 2020, none of2021, Series 42 net offering proceeds were usedapplied $254 of contributions payable to pay installments of its capital contributions to the Operating Partnerships.current year dispositions. Proceeds from the offer and sale of BACs in Series 42 had been used to invest in 23 Operating Partnerships in an aggregate amount of $20,661,120. As of March 31, 2020, 172021, 21 of the properties have been disposed of and 62 remain. The Fund had completed payment of all installments of its capital contributions to 22 Operating Partnerships. Series 42 has outstandingThe Fund had completed payment of all installments of its capital contributions payable to 1 Operating Partnership in the amountall of $254 as of March 31, 2020. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.Partnerships.
(Series 43). The Fund commenced offering BACs in Series 43 on August 1, 2002. The Fund received and accepted $36,379,870 representing 3,637,987 BACs from investors admitted as BAC holders in Series 43. Offer and sales of BACs in Series 43 were completed on December 31, 2002.
45
During the fiscal year ended March 31, 2020,2021, none of Series 43 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 43 had been used to invest in 23 Operating Partnerships in an aggregate amount of $27,400,154. As of March 31, 2020, 122021, all 23 of the properties and the general partner interest have been disposed of and 11 remain.disposed. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2005, the Fund used $268,451 of Series 43 net offering proceeds to acquire 1 limited partnership equity interest in a
limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. During the fiscal year ended March 31, 2003, the Fund used $805,160 of Series 43 net offering proceeds to acquire 7 limited partnership equity interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies. The investments are reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 44). The Fund commenced offering BACs in Series 44 on January 14, 2003. The Fund received and accepted $27,019,730 representing 2,701,973 BACs from investors admitted as BAC holders in Series 44. Offer and sales of BACs in Series 44 were completed on April 30, 2003.
During the fiscal year ended March 31, 2020,2021, none of Series 44 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 44 had been used to invest in 10 Operating Partnerships in an aggregate amount of $20,248,519. As of March 31, 2020, 72021, 8 of the properties have been disposed of and 32 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2004, the Fund used $164,164 of Series 44 net offering proceeds to acquire 1 limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 45). The Fund commenced offering BACs in Series 45 on July 1, 2003. The Fund received and accepted $40,143,670 representing 4,014,367 BACs from investors admitted as BAC holders in Series 45. Offer and sales of BACs in Series 45 were completed on September 16, 2003.
During the fiscal year ended March 31, 2020,2021, none of Series 45 applied $16,724net offering proceeds were used to pay installments of its capital contributions payable to a current year disposition.the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 45 had been used to invest in 31 Operating Partnerships in an aggregate amount of $30,232,512. As of March 31, 2020, 182021, 20 of the properties have been disposed of and 1311 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2004, the Fund used $302,862 of Series 45 net offering proceeds to acquire 1 limited partnership equity interest in limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
(Series 46). The Fund commenced offering BACs in Series 46 on September 23, 2003. The Fund received and accepted $29,809,980 representing 2,980,998 BACs from investors admitted as BAC holders in Series 46. Offer and sales of BACs in Series 46 were completed on December 19, 2003.
During the fiscal year ended March 31, 2020,2021, none of Series 46 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships. Proceeds from the offer and sale of BACs in Series 46 had been used to invest in 15 Operating Partnerships in an aggregate amount of $22,495,082. As of March 31, 2020, 32021, 5 of the properties have been disposed of and 1210 remain. The Fund had completed payment of all installments of its capital contributions to all of the Operating Partnerships.
During the fiscal year ended March 31, 2004, the Fund used $228,691 of Series 46 net offering proceeds to acquire 1 limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company. The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.
47
Results of Operations
The Fund incurs a fund management fee to the general partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred, net of fees received, for the fiscal years ended March 31, 2021 and 2020 was $648,148 and 2019 was $1,102,092 and 1,548,223,1,102,092, respectively.
The Fund's investment objectives do not include receipt of significant cash flow distributions from the Operating Partnerships in which it has invested or intends to invest. The Fund's investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.
As funds are utilized by the individual series for payment of fund management fees, operating expenses and capital contributions to the Operating Partnerships, it is anticipated that the “cash and cash equivalents” amounts for each series will decrease. As a result of the reduction, it is expected that interest income reported by each series will begin to decrease after the first full year of operations. Occasionally the Fund will make interest-bearing loans to Operating Partnerships against contributions due for release at a later date.
(Series 20). The series did not have any properties as of March 31, 20202021 and 2019.2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $0, and $174,307, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 20 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0 and $128,979, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In April 2018, the investment general partner of Boston Capital Tax Credit Fund III – Series 18 and Series 20 transferred their respective interests in Virginia Avenue Affordable Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $499,989 and cash proceeds to the investment partnerships of $823,080 and $156,777 for Series 18 and Series 20, respectively. Of the total proceeds received, $7,560 and $1,440, for Series 18 and Series 20, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $815,520 and $155,337, for Series 18 and Series 20, respectively, were returned to cash reserves. A gain on the sale of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $815,520 and $155,337, for Series 18 and Series 20, respectively, as of June 30, 2018.
In December 2018, the investment general partner transferred its interest in Concordia Housing Associates I, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,299,239 and cash proceeds to the investment partnership of $44,000. Of the total proceeds received, $2,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $42,000 were returned to cash reserves held by Series 20. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $42,000 as of December 31, 2018.$0.
(Series 21). The series did not have any properties as of March 31, 20202021 and 2019.2020.
For the tax years ended December 31, 20192021 and 2018,2020, the series, in total, generated $0 in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 21 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0.
(Series 22). The series did not have any properties as of March 31, 20202021 and 2019.2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $0, and $673,638, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 22 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0 and $(38,144), respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.$0.
In December 2018, the investment general partners transferred their respective interest in Concordia Housing Associates II, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,335,237 and cash proceeds to the investment partnerships of $20,000 and $20,000 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,000 and $1,000 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,000 and $19,000 for Series 22 and Series 23, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,000 and $19,000 for Series 22 and Series 23, respectively, as of December 31, 2018.
In December 2018, the investment general partners transferred their respective interests in Concordia Housing Associates III, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,320,530 and cash proceeds to the investment partnerships of $20,000 and $20,000 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,000 and $1,000 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,000 and $19,000 for Series 22 and Series 23, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,000 and $19,000 for Series 22 and Series 23, respectively, as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Drakes Branch Elderly Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,121,427 and cash proceeds to the investment partnership of $320. Of the total proceeds received, $320 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining proceeds to be returned to cash reserves held by Series 22. No gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.
(Series 23). The series did not have any properties as of March 31, 20202021 and 2019.2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $0, and $(831,977), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 23 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0 and $(27,002), respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In December 2018, the investment general partners transferred their respective interests in Concordia Housing Associates II, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,335,237 and cash proceeds to the investment partnerships of $20,000 and $20,000 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,000 and $1,000 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,000 and $19,000 for Series 22 and Series 23, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,000 and $19,000 for Series 22 and Series 23, respectively, as of December 31, 2018.
In December 2018, the investment general partners transferred their respective interests in Concordia Housing Associates III, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,320,530 and cash proceeds to the investment partnerships of $20,000 and $20,000 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,000 and $1,000 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,000 and $19,000 for Series 22 and Series 23, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,000 and $19,000 for Series 22 and Series 23, respectively, as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Ithaca I Limited Partnership I to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $413,732 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 23. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of December 31, 2018.$0.
(Series 24). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $1,349,392$0 and $208,575,$1,349,392, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 20192020 Investments in Operating Limited Partnerships for Series 24 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 20192020 the net income (loss) of the Series was $182,795$0 and $(46,494),$182,795, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In December 2018, the investment general partners transferred their respective interests in Northfield Housing, Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $34,341 and cash proceeds to the investment partnerships of $26,678 and $13,322 for Series 24 and Series 42, respectively. Of the total proceeds received, $3,000 and $1,500 for Series 24 and Series 42, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,678 and $11,822 for Series 24 and Series 42, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $23,678 and $11,822 for Series 24 and Series 42, respectively, as of December 31, 2018.
In November 2019, the investment general partners transferred their respective interests in Los Lunas Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $215,000 and cash proceeds to the investment partnerships of $277,458 and $138,542, for Series 24 and Series 42, respectively. Of the total proceeds received, $19,342 and $9,658, for Series 24 and Series 42, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $258,116 and $128,884, for Series 24 and Series 42, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $258,116 and $128,884, for Series 24 and Series 42, respectively, as of December 31, 2019.
In November 2019, the investment general partner transferred its interest in Overton Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,807,765 and cash proceeds to the investment partnership of $5,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 were returned to cash reserves held by Series 24. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,500 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Autumn Ridge Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,368,935 and cash proceeds to the investment partnership of $20,400. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,900 were returned to cash reserves held by Series 24. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,900 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in New Hilltop Apartments, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,208,829 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 24. No gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2019.
(Series 25). The series had a totaldid not have any properties as of 0 properties at March 31, 20202021 and 2019.
2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $0, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 25 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0.
(Series 26). As of March 31, 20202021 and 2019,2020, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties1 property at March 31, 2020, all of2021, which werewas at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $2,703,114$459,504 and $(83,764),$2,703,114, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 26 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $21,565$(47,101) and $(87,819),$21,565, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In June 2018, the investment general partner transferred its interest in Beckwood Manor One Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $831,636 and cash proceeds to the investment partnership of $14,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $10,500 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $10,500 as of June 30, 2018.
In November 2019, the investment general partner transferred its interest in Warrensburg Heights, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $955,481 and cash proceeds to the investment partnership of $23,800. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,300 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,300 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in A.V.A., Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,129,910 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $47,500 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $47,500 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Beauregard Apartments Partnership, A L.D.H.A to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,157,847 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Southwind Apartments Partnership, A L.D.H.A to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,020,849 and cash proceeds to the investment partnership of $21,441. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,941 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $13,941 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in T.R. Bobb Apartments Partnership, A L.D.H.A to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $925,142 and cash proceeds to the investment partnership of $17,868. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $10,368 were returned to cash reserves held by Series 26. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $10,368 as of December 31, 2019.
In December 2020, the investment general partner transferred its interest in New Devonshire II, L.P., with cash proceeds to the investment partnership of $11,200. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.
In December 2020, the investment general partner transferred its interest in New Devonshire West, L.P., with cash proceeds to the investment partnership of $7,600. These proceeds were returned to cash reserves held by Series 26 and recorded as a gain on transfer as of December 31, 2020.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.
Brookhaven Apartments Partnership, A Louisiana Partners
(Series 27). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $462,098$0 and $(110,722),$462,098, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 27 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $818,126$0 and $11,264,$818,126, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In September 2019, the operating general partner of Northrock Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $5,547,522, which included the outstanding mortgage balance of approximately $968,733 and cash proceeds to the investment partnerships of $778,672 and $1,445,882, for Series 27 and Series 33, respectively. Of the total proceeds received by the investment partnerships, $1,750 and $3,250, for Series 27 and Series 33, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $14,520 and $26,962 for Series 27 and Series 33, respectively, which was returned to the cash reserves.
In December 2019, the investment general partner transferred its interest in Angelou Associates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $868,278 and cash proceeds to the investment partnership of $58,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $49,000 were returned to cash reserves held by Series 27. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $49,000 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Magnolia Place Apartments Partnership, A Mississippi LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,000 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 27. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019.
(Series 28). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $1,484,122$0 and $82,835,$1,484,122, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 28 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $(20,913)$0 and $(51,959)$(20,913), respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In June 2018, the investment general partner transferred its interest in Evergreen Three Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $749,754 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,500 were returned to cash reserves held by Series 28. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $8,500 as of June 30, 2018.
In September 2019, the investment general partner transferred its interest in Fairway II LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,665 and cash proceeds to the investment partnership of $9,600. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,100 were returned to cash reserves held by Series 28. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,100 as of September 30, 2019.
In December 2019, the investment general partner transferred its interest in Jackson Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,110,303 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,324 will be returned to cash reserves held by Series 28. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,324 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Maplewood Apartments Partnership, a LA Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,048,996 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,324 were returned to cash reserves held by Series 28. The transfer proceeds were received in January 2020 and applied against the receivable. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,324 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in R.V.K.Y., Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,199,792 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,500 were returned to cash reserves held by Series 28. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,500 as of December 31, 2019.
(Series 29). As of March 31, 20202021 and 2019,2020, the average Qualified Occupancy for the series was 100%. The series had a total of 52 properties at March 31, 2020,2021, all of which were at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $(456,323)$492,283 and $(174,247)$(456,323), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 29 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $(68,538)$(12,814) and $57,356,$(68,538), respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In June 2018, the investment general partner transferred its interest in Edgewood Apartments Partnership, A Louisiana Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,914,574 and cash proceeds to the investment partnership of $108,000. Of the total proceeds received, $5,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $102,500 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $102,500 as of June 30, 2018.
In June 2018, the investment general partner transferred its interest in Emerald Trace Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,591,041 and cash proceeds to the investment partnership of $25,494. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,494 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,494 as of June 30, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $100 for Series 29 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2018.
In April 2020, the investment general partner transferred its interest in Poplarville Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $356,220 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 will bewas paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of June 30, 2020.
TheIn October 2020, the investment general partner will continuetransferred its interest in Ozark Associates, Limited Partnership to monitoran entity affiliated with the followingoperating general partner for its assumption of the outstanding mortgage balance of approximately $396,535 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $3,000 was for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,000 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnerships becausePartnership of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance periodthe proceeds from the transfer, net of the overhead and there is therefore no risk to past credit delivery.expense reimbursement, has been recorded in the amount of $13,000 as of December 31, 2020.
In October 2020, the investment general partner of transferred its interest Westfield Apartments Partnership, A LouisianaLA Limited Partnership
to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $919,015 and cash proceeds to the investment partnership of $30,000 of the total proceeds received, $8,000 was paid for expenses related to the transfer, which include third party legal costs. The Lincoln Hotel
Ozark Associates, L.P.
Poplarville Housing Inc.remaining proceeds of approximately $22,000 were returned to cash reserves held by Series 29. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of December 31, 2020.
(Series 30). The series did not have any properties as of March 31, 20202021 and 2019.2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $0, and $158,999, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 30 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0 and $114,811, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In June 2018, the investment general partner transferred its interest in Emerald Trace II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $206,800 and cash proceeds to the investment partnership of $24,506. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,506 were returned to cash reserves held by Series 30. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,506 as of June 30, 2018.
In June 2018, the investment general partner transferred its interest in Pyramid One, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,927 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $5,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,500 were returned to cash reserves held by Series 30. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,500 as of June 30, 2018.
In September 2018, the investment general partner transferred its interest in JMC Limited Liability Company to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $885,168 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $6,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,000 were returned to cash reserves held by Series 30. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,000 as of December 31, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $16,549 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Jeffries Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,313,353 and cash proceeds to the investment partnership of $60,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $57,500 were returned to cash reserves held by Series 30. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $57,500 as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in K.G.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,695,038 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $47,500 were returned to cash reserves held by Series 30. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $47,500 as of December 31, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $48,627 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of December 31, 2018.$0.
(Series 31). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $(406,563)$0 and $2,504,309,$(406,563), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 31 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $619,372$0 and $23,184,$619,372, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses, and the fund management fee.
In June 2018, the investment general partner transferred its interest in Heritage One to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $814,632 and cash proceeds to the investment partnership of $11,000. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,500 were returned to cash reserves held by Series 31. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,500 as of June 30, 2018.
In July 2018, the investment general partner transferred its interest in N.M.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $781,448 and cash proceeds to the investment partnership of $42,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $39,500 were returned to cash reserves held by Series 31. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $39,500 as of December 31, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $22,452 for Series 31 was recorded as gain on the transfer of the Operating Partnership as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Canton Housing One Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,985,952 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 31. No gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Canton Housing Two Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $954,499 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 31. No gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Canton Housing Three Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $735,823 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 31. No gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Canton Housing Four Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $676,092 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 31. No gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in G.A.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $657,592 and cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,500 were returned to cash reserves held by Series 31. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,500 as of December 31, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $18,842 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of December 31, 2018.expenses.
In April 2019, the operating general partner of Sencit Hampden Associates LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 10, 2019. The sales price of the property was $2,700,000, which included the outstanding mortgage balance of approximately $973,555. Of the total proceeds received by the investment partnership, $64,295 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $8,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $587,469 will be returned to cash reserves held by Series 31. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $587,469 as of June 30, 2019. In September 2019, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $31,431 which was returned to the cash reserves. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $900 which was returned to the cash reserves.
(Series 32). As of March 31, 20202021 and 2019,2020, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties1 property at March 31, 2020, all of2021, which werewas at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $(23,109)$(472,683) and $(2,182,894)$(23,109), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 32 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $57,220$2,525,949 and $414,940,$57,220, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In January 2018, the operating general partner of Pyramid Four Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 17, 2018. The sales price of the property was $1,536,000, which included the outstanding mortgage balance of approximately $388,399 and cash proceeds to the investment partnership of $492,880. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $487,880 will be returned to cash reserves held by Series 32. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $487,880 as of June 30, 2018. In March 2019, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $51,208 which was returned to the cash reserves.
In December 2019, the investment general partner transferred its interest in Pearlwood Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $642,620 and cash proceeds to the investment partnership of $147,500. Of the total proceeds received, $5,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $142,000 were returned to cash reserves held by Series 32. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $142,000 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Pineridge Apartments Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,141,577 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 32. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019. In addition, outstanding capital contributions payable to the Operating Partnership in the amount of $1,229 for Series 32 was recorded as gain on the transfer of the Operating Partnership as of December 31, 2019.
In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP, with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.
In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,530,007 and $2,530,007, for Series 32 and Series 33, respectively. Of the total proceeds received by the investment partnership, $37,987 and $37,987, for Series 32 and Series 33, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $2,492,020 and $2,492,020, for Series 32 and Series 33, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.
The investment general partner will continue to monitor the following Operating PartnershipsPartnership because of operational or other issues. However, thesethis Operating Partnerships havePartnership has exited theirits LIHTC compliance period and there is therefore no risk to past credit delivery.
Pecan Manor Apartments Partnership, A Louisiana Partnership in Commendam Parkside Plaza, LLP
(Series(Series 33). As of March 31, 20202021 and 20192020 the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties1 property at March 31, 2020, all of2021, which werewas at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $(407,625)$(375,692) and $(611,960)$(407,625), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 33 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the Series was $1,424,616$2,473,777 and $(61,753),$1,424,616, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In September 2019, the operating general partner of Northrock Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $5,547,522, which included the outstanding mortgage balance of approximately $968,733 and cash proceeds to the investment partnerships of $778,672 and $1,445,882, for Series 27 and Series 33, respectively. Of the total proceeds received by the investment partnerships, $1,750 and $3,250, for Series 27 and Series 33, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $776,922 and $1,442,632, for Series 27 and Series 33, respectively, as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $14,520 and $26,962 for Series 27 and Series 33, respectively, which was returned to the cash reserves.
In January 2021, the investment general partner sold its interest in Kiest Townhomes, L.P., with cash proceeds to the investment partnership of $2,530,007 and $2,530,007, for Series 32 and Series 33, respectively. Of the total proceeds received by the investment partnership, $37,987 and $37,987, for Series 32 and Series 33, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $2,492,020 and $2,492,020, for Series 32 and Series 33, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.
(Series 34). As of March 31, 20202021 and 2019,2020, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties1 property at March 31, 2020, all of2021, which werewas at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $(1,213,322)$(304,964) and $(426,408)$(1,213,322), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 20192020 Investments in Operating Limited Partnerships for Series 34 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the Series was $214,215$(43,305) and $(66,014),$214,215, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In July 2019, the investment general partner transferred its interest in Abby Ridge, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $216,241 and cash proceeds to the investment partnership of $262,500. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $257,500 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $257,500 as of September 30, 2019.
In December 2019, the investment general partner transferred its interest in Belmont Affordable Housing II, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $307,057 and cash proceeds to the investment partnership of $31,500. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,000 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $27,000 as of December 31, 2019.
TheIn November 2020, the investment general partner will continuetransferred its interest in Montour Falls Village Limited Partnership, with cash proceeds to monitor the followinginvestment partnership of $24,000. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership, and $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,800 were returned to cash reserves held by Series 34. A gain on the transfer of the Operating Partnership, becausenet of operational or other issues. However, these Operating Partnershipthe overhead and expense reimbursement, has exited their LIHTC compliance period and there is therefore no risk to past credit delivery.
RHP 96-I, L.P.been recorded in the amount of $20,800 as of December 31, 2020.
(Series 35). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $1,781,343$0 and $(106,373),$1,781,343, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 35 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $1,497,913$0 and $(32,532),$1,497,913, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In August 2019, the investment general partner transferred its interest in New Caney Housing II, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,027,284 and cash proceeds to the investment partnership of $150,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $141,000 were returned to cash reserves held by Series 35. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $141,000 as of September 30, 2019.
In December 2019, the investment general partner transferred its interest in Tennessee Partners XII Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,790,885 and cash proceeds to the investment partnership of $1,422,642. Of the total proceeds received, $8,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,414,642 were returned to cash reserves held by Series 35. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,414,642 as of December 31, 2019.
(Series 36). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $(201,909)$0 and $(500,638)$(201,909), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 36 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $527,639$0 and $541,603,$527,639, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships miscellaneous income and the general and administrative expenses.
In December 2017, the operating general partner of Ashton Ridge L.D.H.A., Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on July 31, 2018. The sales price of the property was $4,780,000, which included the outstanding mortgage balance of approximately $2,200,645. In addition, to cash proceeds from the sale, the operating/cash reserves/escrows of $212,517 were distributed after the sale. Cash proceeds from the sale returned to the investment partnerships $244,787 and $1,027,525, for Series 36 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $1,624 and $6,876 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $243,163 and $1,020,649 for Series 36 and Series 37, respectively, were returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $243,163 and $1,020,649 for Series 36 and Series 37, respectively, as of December 31, 2018. In November 2018, the investment partnerships received additional proceeds equal to its share of the final reconciliation of the Operating Partnership’s cash in the amounts of $9,941 and $41,726, which was returned to the cash reserves of Series 36 and Series 37, respectively.
In February 2019, the operating general partner of Willowbrook Apartments Partnership, A Louisiana Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 19, 2019. The sales price of the property was $1,625,000, which included the outstanding mortgage balance of approximately $522,219 and cash proceeds to the investment partnership of $481,325. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $476,325 will be returned to cash reserves held by Series 36. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $476,325 as of June 30, 2019. In October 2019, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $91,333 which was returned to the cash reserves.
In December 2019, the investment general partner transferred its interest in Wingfield Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,052,315 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,324 were returned to cash reserves held by Series 36. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,324 as of December 31, 2019.
(Series 37). The series had a totaldid not have any properties as of 0 properties at March 31, 20202021 and 2019.2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $0, and $(2,066,905), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 37 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0 and $1,015,799, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
$0.
In December 2017, the operating general partner of Ashton Ridge L.D.H.A., Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on July 31, 2018. The sales price of the property was $4,780,000, which included the outstanding mortgage balance of approximately $2,200,645. In addition, to cash proceeds from the sale, the operating/cash reserves/escrows of $212,517 were distributed after the sale. Cash proceeds from the sale returned to the investment partnerships $244,787 and $1,027,525, for Series 36 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $1,624 and $6,876 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $243,163 and $1,020,649 for Series 36 and Series 37, respectively, were returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $243,163 and $1,020,649 for Series 36 and Series 37, respectively, as of December 31, 2018. In November 2018, the investment partnerships received additional proceeds equal to its share of the final reconciliation of the Operating Partnership’s cash in the amounts of $9,941 and $41,726, which was returned to the cash reserves of Series 36 and Series 37, respectively.
(Series 38). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $(4,286,134)$0 and $98,166,$(4,286,134), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 38 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $1,440,353$0 and $25,195,$1,440,353, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In June 2018, the investment general partner transferred its interest in Heritage Two Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $823,454 and cash proceeds to the investment partnership of $10,500. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,000 were returned to cash reserves held by Series 38. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,000 as of June 30, 2018.
In February 2019, the operating general partner of Willowbrook II Apartments Partnership, A Louisiana Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 19, 2019. The sales price of the property was $1,625,000, which included the outstanding mortgage balance of approximately $425,416 and cash proceeds to the investment partnership of $527,974. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $522,974 will be returned to cash reserves held by Series 38. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $522,974 as of June 30, 2019. In October 2019, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $26,459 which was returned to the cash reserves.
In June 2019, the investment general partner transferred its interest in Aldine Westfield Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,544,775 and cash proceeds to the investment partnership of $950,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $941,000 were returned to cash reserves held by Series 38. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $941,000 as of June 30, 2019.
In December 2019, the investment general partner transferred its interest in Hammond Place Apartments Partnership, A LA Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $915,109 and cash proceeds to the investment partnership of $23,824. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,324 were returned to cash reserves held by Series 38. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $16,324 as of December 31, 2019.
(Series 39). The series had a totaldid not have any properties as of 0 properties at March 31, 20202021 and 2019.2020.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $0 and $0, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 39 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $0.
(Series 40). As of March 31, 2019, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of March 31, 2021 and 2020.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $(1,130,225)$0 and $(652,740)$(1,130,225), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 40 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $2,844,772$0 and $(58,641),$2,844,772, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the general and administrative expenses.
In September 2018, the investment general partner transferred its interest in MA No. 2 LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,003,723 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $5,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $44,500 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $44,500 as of December 31, 2018.
In January 2019, the investment general partner transferred its interest in Sedgwick-Sundance Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,082,984 and cash proceeds to the investment partnership of $27,144. Of the total proceeds received, $9,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs and appraisal services. The remaining proceeds of approximately $17,644 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $17,644 as of March 31, 2019. In addition, equity outstanding for the Operating Partnership in the amount of $102 for Series 40 was recorded as gain on the transfer of the Operating Partnership as of September 30, 2019.
In August 2019, the investment general partner transferred its interest in Capitol Five Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,185,023 and cash proceeds to the investment partnership of $40,594. Of the total proceeds received, $4,950 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $35,644 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $35,644 as of September 30, 2019.
In September 2019, the operating general partner of Northrock Housing Associates II Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $4,416,742, which included the outstanding mortgage balance of approximately $1,484,229 and cash proceeds to the investment partnership of $2,523,259. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $2,518,259 will be returned to cash reserves held by Series 40. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $2,518,259 as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $36,674 which was returned to the cash reserves.
In December 2019, the investment general partner transferred its interest in Carlyle Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $269,980 and cash proceeds to the investment partnership of $311,000. Of the total proceeds received, $6,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $305,000 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $305,000 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Center Place Apartments II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $631,880 and cash proceeds to the investment partnership of $19,059. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,559 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $15,559 as of December 31, 2019.
In December 2019, the investment general partners transferred their respective interests in Meadowside Associates, LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,570,219 and cash proceeds to the investment partnerships of $2,500 and $2,500 for Series 40 and Series 41, respectively. Of the total proceeds received, $1,250 and $1,250 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,250 and $1,250 for Series 40 and Series 41, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,250 and $1,250 for Series 40 and Series 41, respectively, as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Oakland Partnership, A Louisiana Partnership in Commendam to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,051,700 and cash proceeds to the investment partnership of $27,397. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,897 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,897 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Western Gardens Partnership, A Louisiana Partnership in Commendam to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,109,796 and cash proceeds to the investment partnership of $28,589. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,089 were returned to cash reserves held by Series 40. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $25,089 as of December 31, 2019.
(Series 41) As of March 31, 20202021 and 20192020 the average Qualified Occupancy for the series was 100%. The series had a total of 82 properties at March 31, 2020,2021, all of which were at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 2018,2019, the series, in total, generated $(74,588)$538,038 and $(1,524,075)$(74,588), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 2019,2020, Investments in Operating Limited Partnerships for Series 41 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $(28,195)$13,924 and $(114,941)$(28,195), respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In April 2018, the operating general partner of Madison Housing Associates Two Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 15, 2018. The sales price of the property was $2,012,220, which included the outstanding mortgage balance of approximately $1,387,319 and cash proceeds to the investment partnership of $23,000. Of the total proceeds received by the investment partnership, $9,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $14,000 were returned to cash reserves held by Series 41. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $14,000 as of June 30, 2018.
In December 2019, the investment general partners transferred their respective interests in Meadowside Associates, LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,570,219 and cash proceeds to the investment partnerships of $2,500 and $2,500 for Series 40 and Series 41, respectively. Of the total proceeds received, $1,250 and $1,250 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,250 and $1,250 for Series 40 and Series 41, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,250 and $1,250 for Series 40 and Series 41, respectively, as of December 31, 2019.
In March 2020, the investment general partner transferred its interest in Breezewood Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $918,226 and cash proceeds to the investment partnership of $21,533. Of the total proceeds received, $2,243 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,290 were returned to cash reserves held by Series 41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,290 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Hawthorne Associates, A L Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $923,842 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $7,500 were returned to cash reserves held by Series 41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $7,500 as of March 31, 2020.
In August 2020, the investment general partner transferred its interest in Cranberry Cove Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $895,911 and cash proceeds to the investment partnership of $49,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $46,500 were returned to cash reserves held by Series 41. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $46,500 as of September 30, 2020.
In December 2020, the investment general partner transferred its interest in Cedar Grove Apartments, Phase I Limited Partnership, with cash proceeds to the investment partnership of $18,000. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of December 31, 2020.
In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Fulton Limited Partnership, with cash proceeds to the investment partnership of $8,400. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.
In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mendota Limited Partnership, with cash proceeds to the investment partnership of $12,600. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.
In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Mt. Carroll Limited Partnership, with cash proceeds to the investment partnership of $6,300. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.
In March 2021, the investment general partner transferred its interest in Rural Housing Partners of Franklin Grove Limited Partnership, with cash proceeds to the investment partnership of $6,300. These proceeds were returned to cash reserves held by Series 41 and recorded as a gain on transfer as of March 31, 2021.
The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.
Rural Housing Partners of Mendota L.P.Marwood Senior Associates, LLC
Rural Housing Partners of Mt. Carroll, LP
Rural Housing Partners of Fulton L.P.Halfmoon BDC Limited Partnership
(Series 42). As of March 31, 20202021 and 20192020 the average Qualified Occupancy for the series was 100%. The series had a total of 62 properties at March 31, 2020,2021, all of which were at 100% Qualified Occupancy.
For the tax years ended December 31, 2019 and 2018 the series, in total, generated $151,314$1,988,544 and $(1,165,631),$151,314, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 20192020 Investments in Operating Limited Partnerships for Series 42 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 20192020 the net income (loss) of the series was $307,410$663,263 and $(26,534),$307,410, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In August 2018, the investment general partner transferred its interest in Great Bridge Dover Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,638,266 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $42,500 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $42,500 as of December 31, 2018.
In December 2018, the investment general partners transferred their respective interests in Northfield Housing, Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $34,341 and cash proceeds to the investment partnerships of $26,678 and $13,322 for Series 24 and Series 42, respectively. Of the total proceeds received, $3,000 and $1,500 for Series 24 and Series 42, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $23,678 and $11,822 for Series 24 and Series 42, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $23,678 and $11,822 for Series 24 and Series 42, respectively, as of December 31, 2018.
In November 2019, the investment general partners transferred their respective interests in Los Lunas Apartments Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $215,000 and cash proceeds to the investment partnerships of $277,458 and $138,542, for Series 24 and Series 42, respectively. Of the total proceeds received, $19,342 and $9,658, for Series 24 and Series 42, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $258,116 and $128,884, for Series 24 and Series 42, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $258,116 and $128,884, for Series 24 and Series 42, respectively, as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Crittenden County Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $514,200 and cash proceeds to the investment partnership of $259,774. Of the total proceeds received, $7,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $252,774 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $252,774 as of December 31, 2019.
In March 2020, the investment general partners transferred its interest in Breezewood II Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $906,547 and cash proceeds to the investment partnerships of $21,696 and $2,304 for Series 42 and Series 45, respectively. Of the total proceeds received, $2,260 and $240 for Series 42 and Series 45, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,436 and $2,064 for Series 42 and Series 45, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,436 and $2,064 for Series 42 and Series 45, respectively, as of March 31, 2020.
In July 2020, the operating general partner of Lynnelle Landing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2020. The sales price of the property was $1,650,000, which included the outstanding mortgage balance of approximately $1,014,143 and cash proceeds to the investment partnership of $130,000. Of the total proceeds received by the investment partnership, $5,000 was paid for expenses related to the sale, which include third party legal costs. In addition $11,300 was applied to advances outstanding. The remaining proceeds from the sale of $113,700 will be returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $113,700 as of December 31, 2020.
In October 2020, the investment general partner transferred its interest Wingfield Apartments Partnership II, A LA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $112,922 and cash proceeds to the investment partnership of $31,500 of the total proceeds received, $6,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,000 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $25,000 as of December 31, 2020
In November 2020, the investment general partner transferred its interest in Strawberry Lane, LLC, with cash proceeds to the investment partnership of $70,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $67,500 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $67,500 as of December 31, 2020. In addition, equity outstanding for the Operating Partnership in the amount of $254 for Series 42 was recorded as gain on the sale of the Operating Partnership as of December 31, 2020.
In November 2020, the investment general partner transferred its interest in Parkhurst Place Limited Partnership, with cash proceeds to the investment partnership of $525,000. Of the total proceeds received, $9,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $516,000 were returned to cash reserves held by Series 42. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $516,000 as of December 31, 2020.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.
Wingfield Apartments Partnership II, LPMarwood Senior Associates, LLC
(Series 43) As of March 31, 2020, and 2019 the average Qualified Occupancy for the series was 100%. The series had a total of 11did not have any properties as of March 31, 2020, all of which were at 100% Qualified Occupancy.
2021.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $(982,763)$(2,349,737) and $(1,094,635)$(982,763), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 20192020 Investments in Operating Limited Partnerships for Series 43 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $1,170,010$50,372 and $333,590,$1,170,010, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships, general and administrative expenses and the fund management fee.
In April 2018, the investment general partner transferred its interest in Bohannon Place, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $185,872 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $6,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of June 30, 2018.
In December 2018, the investment general partner transferred its interest in Carpenter School I Elderly Apartments Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,342,297 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $34,762 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfers. Of the remaining proceeds, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $738 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $738 as of December 31, 2018. In addition, equity outstanding for the Operating Partnership in the amount of $26,082 for Series 43 was recorded as gain on the transfer of the Operating Partnership as of December 31, 2018.
In December 2018, the investment general partner transferred its interest in Henderson Fountainhead, A Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $807,402 and cash proceeds to the investment partnership of $43,200. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $39,700 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $39,700 as of December 31, 2018.
In January 2019, the investment general partner transferred its interest in MDI Limited Partnership #81 to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,027,416 and cash proceeds to the investment partnership of $360,000. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $352,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $352,500 as of March 31, 2019.
In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of June 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves.
In July 2019, the investment general partner transferred its interest in Gilbert Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,996 and cash proceeds to the investment partnership of $200,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $195,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $195,000 as of September 30, 2019.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited their LIHTC compliance period and there is therefore no risk to past credit delivery.
Parkside Plaza, LLP
(Series 44) As of March 31, 2020 and 2019, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at March 31, 2020, all of which were at 100% Qualified Occupancy.
For the tax years ended December 31, 2019 and 2018 the series, in total, generated $4,968,672 and $(149,430), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 2020 and 2019 Investments in Operating Limited Partnerships for Series 44 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 2020 and 2019, the net income (loss) of the series was $2,918,827 and $(217,684), respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. No gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and expired on December 31, 2018.
United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it was the third party property management company and the investment general partner who directed property operations starting in January 2014. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances were made by the investment limited partner during the remainder of the fourth quarter of 2015 or during the first half of 2016. Starting in November 2015, mortgage payments were not made by the Operating Partnership. As a result, the lender issued a default notice on December 8, 2015, and accelerated payment of the mortgage note. On February 10, 2016 the court appointed a receiver to manage the property. The foreclosure on the property occurred on July 21, 2016. The tax credit recapture costs and interest penalties as a result of the foreclosure sale is estimated at $780,762. This is equivalent to recapture costs and interest penalties of $289 per 1,000 BACs. No gain or loss on the foreclosure of the Operating Partnership has been reported. Note that the 15-year low income housing tax credit compliance period for Families First II would have expired on December 31, 2018.
In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of June 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was paid from the cash reserves.
In July 2019, the investment general partner transferred its interest in Gilbert Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,996 and cash proceeds to the investment partnership of $200,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $195,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $195,000 as of September 30, 2019.
In June 2020, the investment general partner transferred its interest in Pyramid Seven Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,200,885 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of June 30, 2020.
In September 2020, the investment general partner transferred its interest in Charlevoix Apartments LDHA, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,013,428 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Cloverlane Apartments – Lakeview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $61,559 and cash proceeds to the investment partnership of $70,800. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,300 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $68,300 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Lakewood Apartments – Saranac Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $684,395 and cash proceeds to the investment partnership of $4,800. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,300 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,300 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Parkside Apartments – Coleman LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $357,178 and cash proceeds to the investment partnership of $8,000. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $5,500 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $5,500 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Riverview Apartments – Blissfield LDHA Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $515,806 and cash proceeds to the investment partnership of $6,400 of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in Strawberry Lake Apartments – Norway LDHA LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $652,289 and cash proceeds to the investment partnership of $6,400. Of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,900 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of September 30, 2020.
In September 2020, the investment general partner transferred its interest in New Chester Townhouses II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $630,455 and cash proceeds to the investment partnership of $13,650. Of the total proceeds received, $4,375 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $875 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $8,400 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $8,400 as of September 30, 2020.
In November 2020, the investment general partner transferred its interest in Stottville Limited Partnership, with cash proceeds to the investment partnership of $28,000. Of the total proceeds received, $2,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $26,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $26,000 as of December 31, 2020.
In November 2020, the investment general partner transferred its interest in Lyceum Housing Limited Partnership, with cash proceeds to the investment partnership of $130,000. Of the total proceeds received, $9,000 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $121,000 were returned to cash reserves held by Series 43. A gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded in the amount of $121,000 as of December 31, 2020.
In December 2020, the investment general partner transferred its interest in Parkside Plaza LLP., with cash proceeds to the investment partnership of $79,208 and $792, for Series 32 and Series 43, respectively. These proceeds were returned to cash reserves held by Series 32 and Series 43 and recorded as a gain on transfer as of December 31, 2020.
(Series 44) As of March 31, 2021 and 2020, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at March 31, 2021, all of which were at 100% Qualified Occupancy.
For the tax years ended December 31, 2020 and 2019 the series, in total, generated $(2,531,764) and $4,968,672, respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 2021 and 2020 Investments in Operating Limited Partnerships for Series 44 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 2021 and 2020, the net income (loss) of the series was $488,406 and $2,918,827, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In March 2019, the operating general partner of Alexander Mills, LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 31, 2019. The sales price of the property was $21,216,275, which included the outstanding mortgage balance of approximately $11,408,365 and cash proceeds to the investment partnerships of $1,065,532 and $1,302,317 for Series 43 and Series 44, respectively. Of the total proceeds received by the investment partnerships, $4,950 and $6,050 for Series 43 and Series 44, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, will be returned to cash reserves. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,060,582 and $1,296,267 for Series 43 and Series 44, respectively, as of June 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $21,924 and $26,795 for Series 43 and Series 44, respectively, which was returned to the cash reserves. In December 2020, the investment partnership incurred an additional fee in the amount of $67,957 and $83,058 for Series 43 and Series 44, respectively, which was used from the cash reserves.
In September 2019, the operating general partner of Northrock Housing Associates Three Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 23, 2019. The sales price of the property was $2,640,737, which included the outstanding mortgage balance of approximately $709,074 and cash proceeds to the investment partnership of $1,565,456. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,560,456 will be returned to cash reserves held by Series 44. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $1,560,456 as of September 30, 2019. In December 2019, the investment partnership received its share of the final reconciliation of the Operating Partnership’s cash in the amount of $37,807 which was returned to the cash reserve.
In March 2020, the investment general partner transferred its interest in New Oxford I Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,134,723 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $4,000 will bewas paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 were returned to cash reserves held by Series 44. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Orchard River Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,834,195 and cash proceeds to the investment partnership of $170,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $167,500 were returned to cash reserves held by Series 44. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $167,500 as of March 31, 2020.
In March 2021, the investment general partner of Series 44 and BF Garden Tax Credit Fund V - Series 49 transferred their respective interest in Post Oak East Apartments, L.P., with cash proceeds to the investment partnership of $715,894 and $210,826, for Series 44 and Series 49, respectively. Of the total proceeds received by the investment partnership, $20,664 and $6,082, for Series 44 and Series 49, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. The remaining proceeds of $695,230 and $204,744, for Series 44 and Series 49, respectively, were returned to cash reserves and recorded as a gain on sale as of March 31, 2021.
(Series 45) As of March 31, 20202021 and 20192020 the average Qualified Occupancy for the series was 100%. The series had a total of 1311 properties as of March 31, 2020,2021, all of which were at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $(2,937,009)$(836,835) and $(1,046,233)$(2,937,009), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 20192020 Investments in Operating Limited Partnerships for Series 45 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $446,137$57,082 and $412,104,$446,137, respectively. The major components of these amounts are the Fund's share of gain on sale of Operating Limited Partnerships and the fund management fee.
In June 2018, the investment general partner transferred its interest in New Shinnston Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $455,569 and cash proceeds to the investment partnership of $350,000. Of the total proceeds received, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $342,500 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $342,500 as of June 30, 2018.
In January 2019, the investment general partner transferred its interest in Borger Fountainhead, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $642,974 and cash proceeds to the investment partnership of $57,600. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $54,100 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $54,100 as of March 31, 2019.
In January 2019, the investment general partner transferred its interest in Lorie Village, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $612,720 and cash proceeds to the investment partnership of $125,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $121,000 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $121,000 as of March 31, 2019.
In January 2019, the investment general partner transferred its interest in Lakeview Station Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $532,127 and cash proceeds to the investment partnership of $120,000. Of the total proceeds received, $4,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $116,000 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $116,000 as of March 31, 2019.
In December 2019, the investment general partner transferred its interest in Lone Terrace Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,177,699 and cash proceeds to the investment partnership of $39,854. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,354 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,354 as of December 31, 2019.
In December 2019, the investment general partner transferred its interest in Sulphur Terrace Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,128,449 and cash proceeds to the investment partnership of $65,594. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $63,094 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $63,094 as of December 31, 2019.
In January 2020, the operating general partner of Jefferson Housing Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on March 18, 2020. The sales price of the property was $2,004,845, which included the outstanding mortgage balance of approximately $1,489,672 and cash proceeds to the investment partnership of $515,173. Of the total proceeds received by the investment partnership, $7,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $507,673 will be returned to cash reserves held by Series 45. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $507,673 as of March 31, 2020. In addition, equity outstanding for the Operating Partnership in the amount of $16,724 for Series 45 was recorded as gain on the sale of the Operating Partnership as of March 31, 2020.
In March 2020, the investment general partners transferred its interest in Breezewood II Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $906,547 and cash proceeds to the investment partnerships of $21,696 and $2,304 for Series 42 and Series 45, respectively. Of the total proceeds received, $2,260 and $240 for Series 42 and Series 45, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,436 and $2,064 for Series 42 and Series 45, respectively, were returned to cash reserves. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,436 and $2,064 for Series 42 and Series 45, respectively, as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Brookside Square Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,084,329 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $4,000 will bewas paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in East View Family Housing, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $590,976 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $13,500 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $13,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Lawrenceville I Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $764,406 and cash proceeds to the investment partnership of $7,500. Of the total proceeds received, $4,000 will bewas paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Reese I Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,472,278 and cash proceeds to the investment partnership of $5,000. Of the total proceeds received, $4,000 will bewas paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,000 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,000 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Valleyview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $633,499 and cash proceeds to the investment partnership of $27,600. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $25,100 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $25,100 as of March 31, 2020.
In February 2020, the operating general partner of Ridge Crest Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 3, 2020. The sales price of the property was $4,000,000, which included the outstanding mortgage balance of approximately $2,878,985. Cash proceeds from the sale resulted in a total cash payment to the investment partnership of $210,224. Of the total proceeds received by the investment partnership, $22,432 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $3,000 was paid for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $184,792 will be returned to cash reserves held by Series 45. A gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $184,792 as of September 30, 2020. In January 2021, the investment partnership received additional proceeds equal to its share of the Operating Partnership’s cash in the amount of $15,025 which was returned to the cash reserves.
In September 2020, the investment general partner transferred its interest Mill Race Apartments - Plainwell Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $726,236 and cash proceeds to the investment partnership of $17,400 of the total proceeds received, $2,500 was paid for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,900 were returned to cash reserves held by Series 45. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $14,900 as of September 30, 2020.
The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.
Heritage Christian Home III, LP
Harbet Avenue Limited Partnership
University Plaza Investment Group, LLLP
Halfmoon BDC Limited Partnership
(Series 46) As of March 31, 20202021 and 20192020 the average Qualified Occupancy for the series was 100%. The series had a total of 1210 properties as of March 31, 2020,2021, all of which were at 100% Qualified Occupancy.
For the tax years ended December 31, 20192020 and 20182019 the series, in total, generated $(374,601)$(679,327) and $(443,364)$(374,601), respectively, in passive tax income (losses) that were passed through to the investors, and also provided $0.00 for both years in tax credits per BAC to the investors.
As of March 31, 20202021 and 20192020 Investments in Operating Limited Partnerships for Series 46 was $0. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended March 31, 20202021 and 2019,2020, the net income (loss) of the series was $(102,687)$(49,738) and $(174,420)$(102,687), respectively. The major components of these amounts are the Fund's miscellaneous incomeshare of gain on sale of Operating Limited Partnerships and the fund management fee.
In March 2020, the investment general partner transferred its interest in Deer Meadow Apartments, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $917,524 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of March 31, 2020.
In March 2020, the investment general partner transferred its interest in Tanglewood Village Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,090,639 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,500 as of March 31, 2020.
Linden–Shawnee Partners, L.P. (The Linden’s Apartments) is a 54-unit family property locatedIn June 2020, the investment general partner transferred its interest in Shawnee, OK. The property continuedClayton Station, Limited to operate below breakeven throughout 2019. As of March 2020, occupancy is 91%. The investment limited partner will continue to workan entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $638,421 and cash proceeds to the management companyinvestment partnership of $75,000. Of the total proceeds received, $6,500 was paid to monitorBCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $68,500 were returned to cash reserves held by Series 46. A gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and improve operations. The operatingexpense reimbursement, has been recorded in the amount of $68,500 as of June 30, 2020.
In December 2020, the investment general partner is under an operating deficit guarantee throughtransferred its interest in Wagoner Village Apartments, Limited Partnership, with cash proceeds to the endinvestment partnership of compliance. The 15-year low income housing tax credit compliance period with respect$44,826. These proceeds were returned to Linden-Shawnee Partners, L.P. expirescash reserves held by Series 46 and recorded as a gain on transfer as of December 31, 2020.
Saint Martin Apartments, L.P. (Saint Martin Apartments) is a 40-unit garden style property located in McComb, MS. The 2019 the property operated below breakeven due to elevated operating expenses.
The investment limitedgeneral partner will continue to work withmonitor the operating general partner and the management company to monitor and improve operations. The operating general partner is under an operating deficit guarantee through the endfollowing Operating Partnerships because of compliance. The 15-year low income housing tax creditoperational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period with respectand there is therefore no risk to past credit delivery.
Linden–Shawnee Partners, L.P.
Saint Martin Apartments, L.P. expires on December 31, 2020.
Ocean East of Portland, LLC
Panola Housing, Ltd.
Off Balance Sheet Arrangements
None.
Principal Accounting Policies and Estimates
The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund’s financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.
The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.
If the book value of the Fund’s investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.
The main reason an impairment losses typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2020 and 2019. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment losses has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.
In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.
Principal Accounting Policies and Estimates - continued
Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund’s interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund’s balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund’s exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture.
Change in Accounting Principle
In May 2014,recapture to the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2014-09,Revenue from Contracts with Customers (Topic 606)(“ASU 2014-09”), as amended by subsequent Accounting Standard Updates (collectively, “ASC 606”). The Partnership adopted ASC 606 during 2019 and applied the guidance on a retrospective basis. There was no impact as a resultinvestors of the adoption of ASC 606 to recognize revenue on the financial statements of the Partnership as of and for the period ended March 31, 2020.Fund.
In August 2016, the FASB issued Accounting Standards Update 2016-15Statement of Cash Flows (Topic 230),Classification of Certain Cash Receipts and Cash Payments. The Partnership adopted the update on a retrospective basis. The effect of the adoption was the application of an accounting policy election to classify distributions received from investees using the nature of the distribution approach. The Partnership classifies distributions from tax credit investments as returns on investment because the design of the project entity is to generate tax credits and losses rather than income from operations. Application of the accounting policy election had no impact on the presentation in the statement of cash flows in the current or prior reporting periods.
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
| (b) | Management's Annual Report on Internal | |
77
| Management of the Fund is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) of each series individually, as well as the Fund as a whole. The Fund’s internal control system over financial reporting is designed to provide reasonable assurance to the Fund’s management regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United | ||
| Due to inherent limitations, an internal control system over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. |
| Item 10. | Directors, Executive Officers and Corporate Governance of the Fund | |
| (a), (b), (c), (d) and (e) |
The Fund has no directors or executivesexecutive officers of its own. The following biographical information is presented for the partnersCorporate Investment Holdings, Inc., as the sole manager and sole member of the General Partnersgeneral partner and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston Capital"))such parties with principal responsibility for the Partnership'sFund's affairs.
John P. Manning,Gregory Voyentzie, age 71, is one51, has served as Chief Executive Officer of the two original founders of Boston Capital Corporation, which was formedBFIM since June 2018. Mr. Voyentzie joined BFIM in 1974. From its beginning, Boston Capital’s goal was to focus on providing equity investment capital for the development of apartment properties throughout the country. Under Mr. Manning’s leadership as CEO for the past 44 years, Boston Capital has grown into one of the largest owners/investors in apartment properties in the United States. Through a number of affiliated partnerships, Boston Capital’s present portfolio is comprised of approximately 1,556 properties with an original development cost in excess of $19.6 billion. These properties are located in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam. As CEO of Boston Capital, Mr. Manning continues to oversee the company’s business development goals. Capitalizing on its core competencies of tax credit investment underwriting, those business development goals include an expansion of investment capital for market rate real estate investment as well as providing mortgage financing for a limited and exclusive number of property acquisitions. Mr. Manning is a recognized leader in the housing and real estate industries,1999 and has served on the boards of a number of national housing organizations and governmental commissions. In 1997, President Clinton appointed Mr. Manning to the President’s Export Council, a board comprised primarily of Fortune 500 CEOs that advised the President on government policies and programs that affect U.S. trade performance. He was also a Presidential appointee to the President’s Advisory Committee on the Arts. Mr. Manning serves on the boards of numerous organizations and charities including The Alliance for Business Leadership and the American Ireland Fund. Mr. Manning is also a member of the Board of Directors of Liberty Mutual Group, the parent company of Liberty Mutual Insurance Company, and sits on Liberty Mutual’s investment and compensation committees.
Mr. Manning is a graduate of Boston College.
Jeffrey H. Goldstein, age 58, directs Boston Capital’s comprehensive real estate services, which include all aspects of origination, underwriting and acquisition. As COO, Mr. Goldstein is responsible for the financial and operational areas of Boston Capital Corporation and assists in the design and implementation of business development and strategic planning objectives. Prior to assuming the role of COO, Mr. Goldstein served as Director of Acquisitions and prior to that served as Director of Asset Management. He also served as the head of the Dispositions and Special Assets Groups. With more than 30over 26 years of experience in the real estateaffordable housing industry. Prior to his current position, Mr. Voyentzie was an Executive Vice President of BFIM and co-lead of the Production group, where he maintained joint responsibility for establishing the strategic direction of the syndication platform, identifying and development industry,marketing new capital sources and selecting property-level investments. Mr. GoldsteinVoyentzie has held several other senior positions within BFIM and has been instrumental ina member of the diversification and expansion of Boston Capital’s businesses. Prior to joining Boston Capital in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where he was responsible for placing debt on all new construction projects and debt structure for existing apartment properties. Prior to that, he served as manager for Homeowner Financial Services, a financial consulting firm for residential and commercial properties, and worked as an analyst responsible for budgeting and forecasting for the New York City Council Finance Division.firm's Investment Committee since 2005.
Mr. GoldsteinMarie Reynolds, age 54, is activethe Chief Financial Officer (CFO) and Chief Operating Officer (COO) of BFIM. Ms. Reynolds joined BFIM in the Dana Farber Cancer Institute community, serving as a member on its Visiting Committee. Mr. Goldstein holds a BA from the University of Colorado1995 and an MBA from Northeastern University
Kevin P. Costello, age 73, directs the functions of the Boston Capital Institutional Investment business. He has led this operational area since its inception in 1992, which encompasses investment activities for corporate institutional, private proprietary and state CRA funds. All investor services and communications to Boston Capital’s corporate investors fall under his responsibility as well. Mr. Costello has over 25 years of financial analysis and reporting experience within the affordable housing industry. In her role as CFO and COO of BFIM, Ms. Reynolds sets financial policy for BFIM and works with senior executives to set strategic direction and develop policies that have organization-wide impact. Ms. Reynolds was named BFIM’s CFO in the real estate syndication2014 and investment services industry including previous roles at Boston Capital managing the Affordable Housing Acquisition Team as well as being responsible for the structuring and distribution of conventional and tax credit private placements. Prior to the introduction of the corporate tax credit business, Mr. Costello was responsible for broker dealer due diligence and investor services for the Boston Capital public tax credit funds. He currently serves on the Executive Committee at Boston Capital. Prior to joining Boston CapitalCOO in 1987, Mr. Costello held executive positions with real estate syndication and investment services firms. Mr. Costello serves on the Board of Directors of FamilyAid Boston, whose mission is to prevent and end homelessness. He is a graduate of Stonehill College and received an MBA in Finance from the Rutgers Graduate School of Business Administration.
Marc N. Teal, age 56, oversees the operational accounting, including financial and SEC reporting, budgeting, audit and tax for Boston Capital, its affiliated entities and all Boston Capital-sponsored programs. He is also responsible for the additional oversight of internal audit, regulatory and housing compliance and information technology. Mr. Teal manages Boston Capital’s banking and borrowing relationships and directs the treasury management of all working capital reserves. He previously served as Director of Accounting and prior to that served as Vice President of Partnership Accounting. Mr. Teal has more than 27 years of finance and accounting experience. Prior to joining Boston Capital in 1990, Mr. Teal held various positions with Cabot, Cabot & Forbes, a multifaceted real estate company and Liberty Real Estate Corp. He received a BS in Accountancy from Bentley University and a Masters in Finance from Suffolk University.2020.
| (f) | Involvement in certain legal proceedings. |
| None. | |
| (g) | Promoters and control persons. |
| None. | |
| (h) and (i) | The Fund has no directors or executive officers and accordingly has no audit committee and no audit committee financial expert. The Fund is not a listed issuer as defined in Regulation 10A-3 promulgated under the Securities Exchange Act of 1934. |
The general partner of the Fund, |
| Item 11. | Executive Compensation |
| (a), (b), (c), (d) and (e) |
The Fund has no officers or directors and no compensation committee. However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the general partner and its affiliates for the following fees during the 20202021 fiscal year:
1. An annual fund management fee based on .5 percent of the aggregate cost of all apartment complexes acquired by the Operating Partnerships, less the amount of reporting fees received, has beenwas accrued or paid to Boston Capital Asset Management Limited Partnership.Partnership, a former affiliate of the general partner. As part of the sale disclosed the fund management fee is now payable to BF Garden Companion Limited Partnership (formerly known as Boston Capital Companion Limited Partnership), an affiliate of the general partner. The annual fund management fees charged to operations for the year ended March 31, 20202021 was $1,102,092.
$648,148.
2. The Fund has reimbursed or accrued as a payable to anformer affiliate of the general partner a total of $659,058$152,025 for amounts charged to operations during the year ended March 31, 2020.2021. The reimbursement is for items like postage, printing, travel, and overhead allocations.
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters | |||
| (a) | Security ownership of certain beneficial owners. | ||
As of March 31, 2020,
As of March 31, 2021, 83,651,080 BACs had been issued. The following Series are known to have an investor, Everest Housing, 199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.
| Series 21 | 6.14% | ||
| Series 22 | 8.69% | ||
| Series 23 | 6.79% | ||
| Series 26 | 8.71% | ||
| Series 27 | 9.34% | ||
| Series 28 | 6.31% | ||
| Series 32 | |||
| Series 41 | 9.76% | ||
| Series 42 | |||
| Series 43 | 7.39% | ||
| Series 44 | |||
| Series 45 | |||
| Series 46 | 7.12% | ||
As of March 31, 2020,
As of March 31, 2021, 83,651,080 BACs had been issued. The following Series are known to have an investor, Summit Venture, P.O. Box 47638, Phoenix, AZ 85068, with holdings in excess of 5% of the total outstanding BACs in the series.
As of March 31, 2021, 83,651,080 BACs had been issued. The following Series are known to have an investor, David Lesser, 199 S Los Robles Ave Suite 200, Pasadena CA 91101, with holdings in excess of 5% of the total outstanding BACs in the series.
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There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund. There is a provision in the Fund’s Partnership Agreement which allows, under certain circumstances, the ability to change control.
Exhibit No. 3 - Organization Documents.
Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.
Exhibit No. 10 - Material contracts.
Exhibit No. 13 - Financial Statements.
Exhibit No. 28 - Additional exhibits.
Pursuant to the requirements
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:
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