UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

~~[X]~~☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2018~~2019

~~[ ]~~☐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 000-12439

REAL ESTATE ASSOCIATES ~~LIMITED~~LTD IV

(Exact name of registrant as specified in its charter)

California	~~953718731~~95-3718731
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

PO Box 91274

Los Angeles, California 90009

(Address of principal executive offices)

(720) 387-8135

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

Units of Limited Partnership Interest

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ~~[ ]~~ p No ~~[X]~~ x

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 ~~[ ]~~ p No ~~[X]~~ x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ~~[X]~~ x No ~~[ ]~~ p

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted 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 and post such files). ~~[X]~~x ~~Yes~~ [ ] Yes x No p

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ~~[X]~~ x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, ~~and~~ “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer op Accelerated filer op Non-accelerated ~~filer~~Filer op Smaller reporting company x☒ 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 is a shell company (as defined in Rule 12b-2 of the Act). Yes ~~[ ]~~ ☐ No ~~[X]~~ x

State the aggregate market value of the voting and non-voting partnership interests held by non-affiliates computed by reference to the price at which the partnership interests were last sold, or the average bid and asked price of such partnership interests as of the last business day of the registrant’s most recently completed second fiscal quarter. No market exists for the limited partnership interests of the Registrant, and, therefore, no aggregate market value can be determined.

The number of shares outstanding of the registrant’s common stock, as of February 26, 2020 is 12,994.22.

DOCUMENTS INCORPORATED BY REFERENCE

None

FORWARD-LOOKING STATEMENTS

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Annual Report contains or may contain information that is forward-looking within the meaning of the federal securities laws and/or that is based on the Partnership’s current expectations, estimates and projections, including, but not limited to, statements regarding the Partnership’s business strategies, growth opportunities, competitive position, market outlook, expected financial position, expected results of operations, future cash flows, financing plans and plans and objectives of management, and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results. Statements that are not historical facts, including statements about the Partnership’s beliefs and expectations, are forward-looking statements. The words “believe,” “anticipate,” “intend,” “aim,” “expect,” “strive,” “plan,” “estimate,” “could,” “should,” “would,” “predict,” “forecast” and “project” and similar words identify forward-looking statements. Such statements are not guarantees of future performance, events or results and involve potential risks and uncertainties. Accordingly, actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the Partnership’s control, including, without limitation: financing risks, including the availability and cost of financing and the risk that the Partnership’s cash flows from operations may be insufficient to meet required payments of principal and interest; economic impacts to the Partnership as a result of reduced payments and restructuring of mortgage loans under federal law; national and local economic conditions, including concurrent inflation, changing legislation, the pace of job growth and the level of unemployment; the terms of governmental regulations that affect the Partnership and its investment in limited partnerships and interpretations of those regulations; the competitive environment in which the Partnership operates; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for residents in such markets; changes to projections of evaluations of effectiveness of ~~financing~~financial reporting control procedures as a result of changes in conditions or the degree of compliance with procedures; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by the limited partnerships in which the Partnership has invested. The Partnership does not undertake, and specifically disclaims, any obligation to publicly release the result of any revisions that may be made to any forward- looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except for as required by federal securities laws. Readers should carefully review the Partnership’s financial statements and the notes thereto, as well as the other documents the Partnership files from time to time with the Securities and Exchange Commission.

PART I

Item 1. Business

Real Estate Associates Limited IV ("REAL IV" or the "Partnership") is a limited partnership which was formed under the laws of the State of California on August 24, 1981. On March 12, 1982, REAL IV offered 3,000 units consisting of 6,000 limited partnership interests (“Limited Partnership Interests”) and Warrants to purchase a maximum of 6,000 Additional Limited Partnership Interests through a public offering managed by E.F. Hutton Inc. REAL IV received $16,500,000 in subscriptions for units of limited partnership interests (at $5,000 per unit) during the period March 12, 1982 to July 15, 1982, pursuant to a registration statement on Form S-11. As of March 31, 1983, REAL IV received an additional $16,500,000 in subscriptions pursuant to the exercise of warrants and the sale of additional Limited Partnership Interests. Since its offering, the Partnership has not received, nor are limited partners required to make, additional capital contributions.

3The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2033) from the date of the formation of the Partnership or the occurrence of various other events as specified in the terms of the Partnership agreement. The principal business of the Partnership is to invest, directly or indirectly, in other limited partnerships which own or lease and operate Federal, state and local government-assisted housing projects.

~~statement~~The ongeneral ~~Form~~partners ~~S-11. As~~ of ~~March 31, 1983,~~ REAL IV ~~received~~are anNational ~~additional~~Partnership ~~$16~~Investments,~~500~~ LLC,~~000~~ in("NAPICO" ~~subscriptions~~or ~~pursuant to~~ the ~~exercise~~“General ofPartner”), ~~warrants~~a ~~and~~California ~~the~~limited ~~sale~~liability ofcompany, ~~additional~~and ~~Limited~~National Partnership ~~Interests.~~Investments ~~Since its offering~~Associates, ~~the~~a ~~Partnership~~California ~~has~~limited ~~not~~partnership. ~~received,~~The ~~nor~~business ~~are~~of ~~limited~~the ~~partners~~Partnership ~~required~~is toconducted ~~make,~~primarily ~~additional~~by ~~capital contributions~~NAPICO. The

The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2033) from the date of the formation of the Partnership or the occurrence of various other events as specified in the terms of the Partnership agreement. The principal business of the Partnership is to invest, directly or indirectly, in other limited partnerships which own or lease and operate Federal, state and local government-assisted housing projects.3

~~The general partners of REAL IV are National Partnership Investments, LLC, ("NAPICO" or the “~~General Partner~~”),~~ ~~a California limited liability company, and National Partnership Investments Associates, a California limited partnership. The business of the Partnership~~ is ~~conducted primarily by NAPICO. The General Partner is~~ a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The general partners have a one percent interest in profits and losses of the Partnership. The limited partners have the remaining 99 percent interest which is allocated in proportion to their respective individual investments.

REAL IV currently holds limited partnership interests in one local limited partnership, Better Housing Associates LP (the "Local Limited Partnership"), as of December 31, ~~2018~~2019, after selling its interest in one local limited partnership in 2013, assigning its limited partnership interest in one local limited partnership in 2012 and two local limited partnerships in 2011, losing its interest in one local limited partnership to foreclosure in 2006, selling one local limited partnership in 2005, having two properties foreclosed during 2000 and selling its interests in twenty local limited partnerships in 1998. The Local Limited Partnership owns a low income housing project which is subsidized and/or has a mortgage note payable to or insured by various governmental agencies.

The Local Limited Partnership was, at least initially, organized by private developers who acquired the site, or options thereon, and applied for applicable mortgage insurance and subsidies. REAL IV became the principal limited partner in the Local Limited Partnership pursuant to arm's-length negotiations with these developers, or others, who act as general partners. As a limited partner, REAL IV's liability for obligations of the Local Limited Partnership is limited to its investment. The local general partner of the Local Limited Partnership retains responsibility for developing, constructing, maintaining, operating and managing the project. Under certain circumstances of default, REAL IV has the right to replace the local general partner of the Local Limited Partnership, but otherwise does not have control of sale, refinancing, etc.

Although the Local Limited Partnership owns a project that must compete in the market place for tenants, interest subsidies and rent supplements from governmental agencies make it possible to offer these dwelling units to eligible "low income" tenants at a cost significantly below the market rate for comparable conventionally financed dwelling units in the area.

The Partnership has no employees. Management and administrative services are provided by the General Partner and by agents retained by the General Partner.

A further description of the Partnership's business is included in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" included in this Form 10-K.

4Item 1A. Risk Factors

~~Management's~~Not ~~Discussion and Analysis of Financial Condition and Results of Operations" included in this Form 10-K~~applicable.

Item 1A2. ~~Risk~~ ~~Factors~~ Properties

~~Not~~During ~~applicable~~2019, the project in which REAL IV had invested was substantially rented. The following is a schedule of the occupancy status as of December 31, 2019 of the projects owned by the Local Limited Partnership.

~~Item 2. Properties~~ 4

~~During~~SCHEDULE ~~2018,~~OF ~~the~~PROJECTS ~~project~~OWNED inBY ~~which~~LOCAL ~~REAL~~LIMITED ~~IV had invested were substantially rented. The following is a schedule of the occupancy status as of December 31, 2018 of the projects owned by the Local Limited Partnership.~~PARTNERSHIPS

~~SCHEDULE~~IN OFWHICH ~~PROJECTS~~REAL ~~OWNED~~IV BYHAS ~~LOCAL~~AN ~~LIMITED PARTNERSHIPS~~INVESTMENT

INDECEMBER ~~WHICH~~31, ~~REAL IV HAS AN INVESTMENT~~2019

DECEMBER 31, 2018

			Units
			Authorized
		Financed,	For Rental	Occupancy Percentage
		Insured and	Assistance	For the Years ended
	No. of	Subsidized	Under	December 31,
Name and Location	Units	Under	Section 8	2019	2018

95 Vine Street	31	(A)	30	97%	98%
Hartford, CT

			Units
			Authorized
		Financed,	For Rental	Occupancy Percentage
		Insured and	Assistance	For the Years ended
	No. of	Subsidized	Under	December 31,
Name and Location	Units	Under	Section 8	2018	2017
95 Vine Street	31	(A)	30	95 %	97 %
Hartford, CT

(A)Section 8 of Title II of the Housing and Community Development Act of 1974. Financing is provided by the Connecticut Housing Finance Authority.

~~(A)Section~~Ownership ~~8 of Title II of the Housing and Community Development Act of 1974. Financing is provided by the Connecticut Housing Finance Authority.~~ Percentages

~~Ownership~~The ~~Percentages~~following table details the Partnership’s ownership percentage of the Local Limited Partnership and the cost of acquisition of such ownership. All interests are limited partnership interests. Also included is the total mortgage encumbrance on each property of the Local Limited Partnership as of December 31, 2019.

The following table details the Partnership’s ownership percentage of the Local Limited Partnership and the cost of acquisition of such ownership. All interests are limited partnership interests. Also included is the total mortgage encumbrance on each property of the Local Limited Partnership as of December 31, 2018.

	Real IV	Original Cost
	Percentage	Of Ownership	Mortgage
Partnership	Interest	Interest	Notes
		(in thousands)	(in thousands)

Better Housing Associates LP	99%	$310	$604

	Real IV	Original Cost
	Percentage	Of Ownership	Mortgage
Partnership	Interest	Interest	Notes
		(in thousands)	(in thousands)
Better Housing Associates LP	99 %	$ 310	$ 618

Although the Local Limited Partnership owns an apartment complex that must compete with other apartment complexes for tenants, government mortgage interest and rent subsidies make it possible to rent units to eligible tenants at below market rates. In general, management believes that this insulates the project from market competition.

~~Although~~As disclosed in an October 3, 2019 filing on Form 8-K, on September 20, 2019, the Local Limited Partnership ~~owns~~entered aninto ~~apartment~~a ~~complex~~purchase ~~that~~and ~~must~~sale ~~compete~~contract ~~with~~(“Agreement”) ~~other~~to ~~apartment~~sell ~~complexes~~the ~~for~~property ~~tenants~~located at 95 Vine Street, ~~government~~Hartford, ~~mortgage~~CT ~~interest~~to ~~and~~a ~~rent~~third ~~subsidies~~party, ~~make~~Hartford itPreservation ~~possible~~A toLLC, ~~rent~~a ~~units~~Connecticut limited liability company, in exchange for the sum of $1,550,000. The closing of the dale is currently expected to ~~eligible~~occur ~~tenants~~on ator ~~below~~about ~~market~~August ~~rates~~1, 2020. InThe ~~general~~Partnership expects to receive $200,000 ~~management~~in ~~believes~~proceeds ~~that~~from ~~this~~the ~~insulates~~sale. The foregoing description is qualified in its entirety by reference to the ~~project~~Agreement, ~~from~~a ~~market~~copy ~~competition~~of which is filed as Exhibit 10.1 to this report.

5Item 3. Legal Proceedings

~~Item~~The 3General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. ~~Legal~~ ~~Proceedings~~ In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

The General Partner is currently not involved inwith ~~various~~any lawsuits ~~arising~~concerning ~~from~~REAL ~~transactions~~IV inor ~~the~~its ~~ordinary~~Local ~~course~~Limited ~~of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the~~ Partnership.

~~The~~Item ~~General~~4. ~~Partner~~Mine isSafety ~~currently not involved with any lawsuits concerning REAL IV or its Local Limited Partnership.~~Disclosures

~~Item~~Not 4applicable. ~~Mine Safety Disclosures~~

~~Not applicable.~~5

PART II

Item 5. Market for the Registrant’s Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities

The limited partnership interests are not traded on a public exchange but were sold through a public offering managed by E.F. Hutton Inc. It is not anticipated that any public market will develop for the purchase and sale of any partnership interest, therefore, an investor may be unable to sell or otherwise dispose of his or her interest in the Partnership. Limited partnership interests may be transferred only if certain requirements are satisfied. At December 31, ~~2018~~2019, there were 1,~~866~~844 registered holders of 12,994.22 limited partnership interests in the Partnership. The Partnership has invested in certain government assisted projects under programs which in many instances restrict the cash return available to project owners. The Partnership was not designed to provide cash distributions to investors in circumstances other than refinancing or disposition of its investments in local limited partnerships. During the years ended December 31, ~~2018~~2019 and ~~2017~~2018, the Partnership did not distribute any funds to its limited partners.

Bethesda and its affiliates owned 3,~~337~~565.9495 limited partnership interests in the Partnership representing 2527.6944% of the outstanding limited partnership interests in the Partnership at December 31, ~~2018~~2019. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests, either through private purchases or tender offers. Pursuant to the Partnership Agreement, holders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole member. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole member.

Item 6. Selected Financial Data

Not applicable.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

This item should be read in conjunction with the financial statements and other items contained elsewhere in this report.

The General Partner monitors developments in the area of legal and regulatory compliance.

Liquidity and Capital Resources

The property in which the Partnership has invested, through its investments in the Local Limited Partnership, receives one or more forms of assistance from the Federal Government. As a result, the Local Limited Partnership's ability to transfer funds to the Partnership in the form of cash distributions, loans or advances is generally restricted by these government assistance programs. These restrictions, however, are not expected to impact the Partnership’s ability to meet its cash obligations for the foreseeable future. However, should the fund be unable to sell or otherwise dispose of the Local Limited partnership within the next several years, an advance from the general partner may be required.

The Partnership's primary source of funds consists of distributions from the local limited partnership in which the Partnership has invested. It is not expected that the Local Limited Partnership will generate cash flow from operations sufficient to provide for distributions to limited partners in any material amount. An infrequent source of funds is from the sale of a property held by a local limited partnership or from the sale of the Partnership’s interest in a local limited partnership. As of December 31, ~~2018~~2019 and ~~2017~~2018, the Partnership had cash of approximately $~~231~~145,000 and $~~331~~231,000, respectively.

~~Results~~As disclosed in an October 3, 2019 filing on Form 8-K, on September 20, 2019, the Local Limited Partnership entered into a purchase and sale contract (the “Agreement”) to sell the property located at 95 Vine Street, Hartford, CT to a third party, Hartford Preservation A LLC, a Connecticut limited liability company, in exchange for the sum of ~~Operations~~$1,550,000. The closing of the sale is currently expected to occur on or about August 1, 2020. The Partnership Expects to receive $200,000 in proceeds from the sale. The foregoing description is qualified in its entirety by reference to the Agreement, a copy of which is filed in Exhibit 10.1 to this report.

AtResults December 31, 2018 and 2017, the Partnership had investments in one Local Limited Partnership, which owns a housing project that was substantially rented. The Partnership, as a limited partner, does not have a contractual relationship with the Local Limited Partnership or exercise control over the activities and operations, including refinancing and selling decisions, of the Local Limited Partnership that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnership using the equity method. Thus, the individual investments are carried at cost plus the Partnership’s share of the Local Limited Partnership’s profits less the Partnership’s share of the Local Limited Partnership’s losses, distributions and any impairment charges. However, since the Partnership is not legally liable for the obligations of the Local Limited Partnership, or is not otherwise committed to provide additional support to it, the Partnership does not recognize losses once its investment in the Local Limited Partnership reaches zero. Distributions from the Local Limited Partnership are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the statements of operations included in “Item 8. Financial Statements and Supplementary Data”. During the years ended December 31, 2018 and 2017, the Partnership received no distribution from operations of the Local Limited Partnership. The investment balance in the Local Limited Partnership had been reduced to zero prior to December 31, 2011.Operations

At ~~times~~December 31, ~~advances~~2019 ~~are~~and ~~made~~2018, to the Partnership had investments in one Local Limited Partnership, which owns a housing project that was substantially rented. ~~Advances~~The ~~made~~Partnership, byas a limited partner, does not have a contractual relationship with the Local Limited Partnership toor exercise control over the activities and operations, including refinancing and selling decisions, of the Local Limited Partnership ~~are~~that ~~considered~~would ~~part~~require ofor allow for consolidation. Accordingly, the Partnership's ~~investment~~accounts for its investments in ~~limited~~the ~~partnership~~Local Limited Partnership using the equity method. ~~Advances~~Thus, ~~made~~the toindividual investments are carried at cost plus the Partnership’s share of the Local Limited Partnership’s ~~for~~profits ~~which~~less the ~~investment~~Partnership’s ~~has~~share ~~been~~of ~~reduced~~the toLocal ~~zero~~Limited ~~are~~Partnership’s ~~charged~~losses, todistributions ~~expense~~and any impairment charges. ~~While~~However, since the Partnership is not ~~obligated~~legally toliable ~~make~~for ~~advances~~the inobligations of the Local Limited Partnership, ~~the~~or ~~Partnership~~is ~~may~~not ~~make~~otherwise ~~these~~committed ~~advances~~to inprovide ~~order~~additional support to ~~protect~~it, ~~its~~the ~~economic~~Partnership does not recognize losses once its investment in the Local Limited Partnership reaches zero. ~~Advances~~Distributions from the Local Limited Partnership are accounted for as a reduction of ~~$49,000~~the ~~and~~investment ~~$32~~balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero,~~000~~ ~~were~~subsequent ~~made~~distributions ~~during~~received are recognized as income in the statements of operations included in “Item 8. Financial Statements and Supplementary Data”. During the years ended December 31, ~~2018~~2019 and ~~2017~~2018, ~~respectively~~the Partnership received no distribution from operations of the Local Limited Partnership. The investment balance in the Local Limited Partnership had been reduced to zero prior to December 31, 2011.

7At times, advances are made to the Local Limited Partnership. Advances made by the Partnership to the Local Limited Partnership are considered part of the Partnership's investment in limited partnership. Advances made to the Local Limited Partnership for which the investment has been reduced to zero are charged to expense. While not obligated to make advances in the Local Limited Partnership, the Partnership may make these advances in order to protect its economic investment in the Local Limited Partnership. Advances of $0 and $49,000 were made during the years ended December 31, 2019 and 2018, respectively.

There was no recognition of equity in income or losses from the Local Limited Partnership for the years ended December 31, ~~2018~~2019 and ~~2017~~2018, as the Partnership’s investment in the Local Limited Partnerships had been reduced to zero prior to December 31, 2011.

Total revenues from continuing operations for the Local Limited Partnership were approximately $~~359~~371,000 and $~~350~~359,000 for each of the years ended December 31, ~~2018~~2019 and ~~2017~~2018, respectively. Total expenses from ~~continuing operations for the Local Limited Partnership were approximately $454,000 and $439,000 for the years ended December 31, 2018 and 2017, respectively.~~

Total loss from continuing operations for the Local Limited Partnership was approximately $95,000 and $89,000 for the years ended December 31, 2018 and 2017, respectively. The loss from continuing operations allocated to the Partnership was approximately $94,000 for 2018 and approximately $88,000 for 2017, however, these amounts are not recognized on the statements of operations included in “Item 8. Financial Statements and Supplementary Data” because the Partnership had no remaining investment balances in the Local Limited Partnerships.7

Acontinuing ~~recurring~~operations ~~partnership~~for ~~expense is~~ the ~~annual~~Local ~~management~~Limited fee. The fee is payable to the General Partner and is calculated at 0.4 percent of the original remaining invested assets as of the beginning of the year. The fee is paid to the General Partner for its continuing management of the Partnership's ~~affairs. Management fees~~ were approximately $7406,000 ~~for~~and ~~each~~$454,000 offor the years ended December 31, ~~2018~~2019 and ~~2017~~2018, respectively.

~~Operating~~Total ~~expenses,~~loss ~~other~~from ~~than~~continuing ~~management~~operations ~~fees, consist of legal and accounting fees~~ for ~~services~~the ~~rendered~~Local toLimited ~~the~~ Partnership ~~and~~was ~~general and administrative expenses. Legal and accounting fees were~~ approximately $2935,000 and $2595,000 for the years ended December 31, ~~2018~~2019 and ~~2017~~2018, respectively. ~~General~~The ~~and~~loss ~~administrative~~from ~~expenses~~continuing ~~were~~operations allocated to the Partnership was approximately $2934,~~000~~600 for 2019 and approximately $4094,000 for ~~the~~2018, ~~years~~however, ~~ended~~these ~~December~~amounts ~~31,~~are ~~2018~~not ~~and~~recognized ~~2017,~~on ~~respectively.~~the ~~The~~statements ~~reduction~~of operations included in ~~General~~“Item 8. Financial Statements and ~~administrative~~Supplementary ~~expenses~~Data” ~~was~~because ~~due~~the ~~primarily~~Partnership tohad ano ~~reductions~~remaining investment balances in ~~investor~~the ~~relations~~Local ~~expenses~~Limited Partnerships.

~~The~~A ~~Local~~recurring ~~Limited~~partnership ~~Partnership~~expense ~~did~~is ~~not~~the ~~receive~~annual amanagement ~~passing~~fee. ~~score~~The onfee ~~its~~is ~~2016~~payable ~~HUD~~to ~~REAC~~the ~~inspection. All~~General ~~exigent~~Partner ~~health~~ and ~~safety~~is ~~violations~~calculated ~~were~~at ~~corrected immediately~~0.4 ~~Other~~percent ~~items~~of ~~cited in~~ the ~~inspection~~original ~~were~~remaining ~~corrected~~invested ~~within~~assets ~~the~~as 60of ~~day HUD time frame with~~ the ~~exception~~beginning of, the ~~windows and base board heater covers~~year. ~~HUD~~The ~~granted~~fee anis ~~extension~~paid ~~for~~to the ~~completion~~General ofPartner ~~this~~for ~~work.~~its ~~The~~continuing ~~window~~management ~~repairs~~of ~~were completed in February 2017 and~~ the ~~base~~Partnership's ~~board~~affairs. ~~heater~~Management ~~cover~~fees ~~repairs~~ were ~~completed~~approximately in$7,000 ~~April~~for ~~2017.~~each ~~The Partnership had re-inspection from HUD with a passing score~~ of ~~90b.~~the ~~The~~years ~~building~~ended isDecember ~~considered~~31, in2019 ~~good~~and ~~standing~~2018.

~~The~~Operating ~~current~~expenses, ~~policy~~other ofthan ~~the~~management ~~United~~fees, ~~States~~consist ~~Department~~ of ~~Housing~~legal and ~~Urban~~accounting ~~Development~~fees ~~(“HUD”)~~for isservices rendered to ~~not renew~~ the ~~Housing~~Partnership ~~Assistance~~and ~~Payment~~general ~~(“HAP”)~~and ~~Contracts~~administrative ~~on a long term basis on the existing terms~~expenses. InLegal ~~connection~~and ~~with~~accounting ~~renewals~~fees ofwere ~~the~~approximately ~~HAP~~$38,000 ~~Contracts under current law~~ and ~~policy~~$29,000 for the ~~amount~~years ofended ~~rental~~December ~~assistance~~31, ~~payments~~2019 ~~under~~and ~~renewed HAP Contracts will be based on market rentals instead of above market rentals~~2018, ~~which may not be the case under existing HAP Contracts~~respectively. The ~~payments~~increase ~~under the renewed HAP Contracts may not be~~ in anlegal ~~amount~~and ~~that~~accounting ~~would~~fees ~~provide~~was ~~sufficient~~primarily ~~cash~~due ~~flow~~ to ~~permit~~an ~~owners~~increase ofin ~~properties~~legal ~~subject~~costs torelated ~~HAP Contracts~~ to ~~meet~~a ~~the~~potential ~~debt~~sale ~~service requirements~~ of ~~existing loans insured by~~ the ~~Federal~~Local ~~Housing~~Limited ~~Administration (“FHA”) of HUD unless such mortgage loans are restructured~~Partnership. InGeneral ~~order~~and toadministrative ~~address~~expenses ~~the~~were ~~reduction~~approximately ~~in payments under HAP Contracts as a result of current policy~~$38,000 ~~the Multi-family Assisted Housing Reform~~ and ~~Affordability~~$29,000 ~~Act of 1997 (“MAHRAA”) provides~~ for the ~~restructuring~~years ofended ~~mortgage~~December ~~loans~~31, ~~insured~~2019 byand ~~the~~2018, ~~FHA~~respectively. ~~with~~The ~~respect~~increase toin ~~properties~~General ~~subject~~and toadministrative ~~the~~expenses ~~Section~~was 8due ~~program.~~primarily ~~Under~~to ~~MAHRAA,~~ an ~~FHA-insured~~increase ~~mortgage~~in ~~loan~~investor ~~can~~relations ~~be restructured into a first mortgage loan which will be amortized on a current basis and a low interest rate second mortgage loan~~ expenses.

8The Partnership, as a limited partner in the Local Limited Partnership, is subject to the risks incident to the management and ownership of improved real estate. The Partnership investment is also subject to adverse general economic conditions, and, accordingly, the status of the national economy, including substantial unemployment, concurrent inflation and changing legislation, could increase vacancy levels, rental payment defaults, and operating expenses, which in turn, could substantially increase the risk of operating losses for the project.

~~payable to FHA which will only be payable on maturity of the first mortgage loan. This restructuring results in a reduction in annual debt service payable by the owner of the FHA~~Off-~~insured~~Balance ~~mortgage~~Sheet loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount. MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy. Arrangements

~~When~~The Partnership owns a limited partnership interest in the ~~HAP~~unconsolidated ~~Contracts~~Local ~~are~~Limited ~~subject~~Partnership, toin ~~renewal~~which the Partnership’s ownership percentage is 99%. However, ~~there~~based ~~can~~on bethe noprovisions ~~assurance~~of ~~that~~the relevant partnership agreement, the ~~local~~Partnership, as a limited ~~partnerships~~partner, indoes ~~which~~not have control or a contractual relationship with the Local Limited Partnership ~~has~~that anwould ~~investment~~require ~~will~~or beallow ~~permitted~~for toconsolidation ~~restructure~~under ~~its~~accounting ~~mortgage~~principles ~~indebtedness~~generally ~~under~~accepted ~~MAHRAA~~in the United States (see “Note 1 – Organization and Summary of Significant Accounting Policies” of the financial statements in “Item 8. InFinancial ~~addition~~Statements and Supplementary Data”). There are no lines of credit, side agreements or any other derivative financial instruments between the ~~economic~~Local ~~impact~~Limited onPartnership and the Partnership. ofAccordingly the ~~combination~~Partnership’s maximum risk of ~~the~~loss ~~reduced~~related ~~payments~~to ~~under~~this unconsolidated Local Limited Partnership is limited to the ~~HAP~~recorded ~~Contracts~~investments in and receivables from the ~~restructuring~~Local Limited Partnership. See “Note 2 – Investments in and Advances to Local Limited Partnership” of the ~~existing~~financial ~~FHA-insured~~statements ~~mortgage~~in ~~loans~~“Item ~~under~~8. ~~MAHRAA~~Financial isStatements ~~uncertain~~and Supplementary Data” for additional information about the Partnership’s investments in the unconsolidated Local Limited Partnership.

~~The~~Variable ~~Partnership,~~Interest as a limited partner in the Local Limited Partnership, is subject to the risks incident to the management and ownership of improved real estate. The Partnership investment is also subject to adverse general economic conditions, and, accordingly, the status of the national economy, including substantial unemployment, concurrent inflation and changing legislation, could increase vacancy levels, rental payment defaults, and operating expenses, which in turn, could substantially increase the risk of operating losses for the project.Entities

~~Off-Balance~~The ~~Sheet~~Partnership ~~Arrangements~~consolidates any variable interest entity in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

The Partnership owns a limited partnership interest in the unconsolidated Local Limited Partnership, in which the Partnership’s ownership percentage is 99%. However, based on the provisions of the relevant partnership agreement, the Partnership, as a limited partner, does not have control or a contractual relationship with the Local Limited Partnership that would require or allow for consolidation under accounting principles generally accepted in the United States (see “Note 1 – Organization and Summary of Significant Accounting Policies” of the financial statements in “Item 8. Financial Statements and Supplementary Data”). There are no lines of credit, side agreements or any other derivative financial instruments between the Local Limited Partnership and the Partnership. Accordingly the Partnership’s maximum risk of loss related to this unconsolidated Local Limited Partnership is limited to the recorded investments in and receivables from the Local Limited Partnership. See “Note 2 – Investments in and Advances to Local Limited Partnership” of the financial statements in “Item 8. Financial Statements and Supplementary Data” for additional information about the Partnership’s investments in the unconsolidated Local Limited Partnership.

~~Variable~~In ~~Interest~~determining ~~Entities~~whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.

~~The~~At ~~Partnership~~December ~~consolidates~~31, ~~any~~2019 ~~variable~~and ~~interest~~2018, ~~entity in which~~ the Partnership ~~holds~~held a variable ~~interest~~interests ~~and~~in isone ~~the primary beneficiary. Generally, a variable interest entity, or~~ VIE, isfor anwhich ~~entity with one or more of~~ the ~~following~~Partnership ~~characteristics:~~was ~~(a)~~not the ~~total~~primary ~~equity~~beneficiary. ~~investment~~The atPartnership ~~risk~~has isconcluded, ~~not~~based ~~sufficient~~on ~~to permit the entity to finance~~ its ~~activities~~qualitative ~~without~~consideration ~~additional subordinated financial support; (b) as a group, the holders~~ of the ~~equity~~partnership ~~investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights~~agreement, ~~(ii)~~ the ~~obligation~~partnership tostructure ~~absorb~~and the ~~expected~~role ~~losses~~ of the ~~entity,~~general orpartner ~~(iii)~~in the ~~right~~Local toLimited ~~receive~~Partnership, that the ~~expected~~general ~~residual~~partner ~~returns~~ of the ~~entity;~~Local orLimited ~~(c)~~Partnership ~~the~~is ~~equity investors have voting rights that are not proportional to their economic interests and substantially all of~~ the ~~entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The~~ primary beneficiary of ~~a VIE is generally~~ the ~~entity~~Local ~~that~~Limited ~~has~~Partnership. In ~~(a)~~making ~~the~~this ~~power to direct the activities of the VIE that most significantly impact the VIE’s economic performance~~determination, ~~and (b)~~ the ~~obligation~~Partnership toconsidered ~~absorb losses or~~ the ~~right~~following ~~to receive benefits that could potentially be significant to the VIE.~~factors:

9the general partner conducts and manages the business of the Local Limited Partnership;

~~In determining whether it is~~ the ~~primary~~general ~~beneficiary~~partner ofhas ~~a VIE,~~ the ~~Partnership~~responsibility ~~considers~~for ~~qualitative~~ and ~~quantitative~~sole ~~factors,~~discretion ~~including,~~over ~~but~~selecting ~~not~~a ~~limited~~property ~~to:~~management ~~which~~agent ~~activities~~for ~~most significantly impact~~ the ~~VIE’s~~Local ~~economic~~Limited ~~performance and which party controls such activities; the amount and characteristics of the~~ Partnership’s ~~investment;~~underlying the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors. Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate ~~held by these VIEs and general market conditions.~~ properties;

~~At December 31, 2018 and 2017,~~ the ~~Partnership~~general ~~held~~partner ~~variable~~is ~~interests~~responsible ~~in one VIE~~ for ~~which~~approving ~~the~~operating ~~Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure~~ and ~~the~~capital ~~role~~budgets offor the ~~general~~properties ~~partner~~owned inby the Local Limited Partnership~~, that the general partner of the Local Limited Partnership is the primary beneficiary of the Local Limited Partnership.~~; ~~In making this determination, the Partnership considered the following factors:~~

the general partner ~~conducts~~is ~~and~~obligated ~~manages~~to ~~the~~fund ~~business~~any recourse obligations of the Local Limited Partnership;

the general partner ~~has~~is ~~the~~authorized ~~responsibility~~to ~~for~~borrow ~~and~~funds ~~sole~~on ~~discretion~~behalf ~~over~~of ~~selecting a property management agent for~~ the Local Limited Partnership~~’s underlying real estate properties~~; and

the ~~general~~Partnership, ~~partner~~as isa ~~responsible~~limited ~~for~~partner ~~approving~~in ~~operating~~the ~~and~~Local ~~capital~~Limited ~~budgets~~Partnership, ~~for~~does not have the ~~properties~~ability ~~owned~~to bydirect or otherwise significantly influence the activities of the Local Limited Partnership; that most significantly impact such entity’s economic performance.

The sole VIE at December 31, 2019 consists of the ~~general~~Local ~~partner~~Limited Partnership, which is ~~obligated~~directly engaged in the ownership and management of one apartment property with a total of 31 units. The Partnership is involved with this VIE as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to ~~fund~~loss ~~any~~as ~~recourse~~a ~~obligations~~result of its involvement with the ~~Local~~unconsolidated ~~Limited~~VIE is limited to the Partnership; ’s recorded investments in and receivables from this VIE, which was zero at both December 31, 2019 and 2018. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

~~the~~Critical ~~general~~Accounting ~~partner~~Policies ~~is authorized to borrow funds on behalf of the Local Limited Partnership;~~ and Estimates

A summary of the Partnership,’s assignificant aaccounting ~~limited~~policies ~~partner~~is included in “Note 1 – Organization and Summary of Significant Accounting Policies” which is included in the ~~Local~~financial ~~Limited~~statements ~~Partnership,~~in ~~does~~“Item ~~not~~8. ~~have~~Financial Statements and Supplementary Data”. The General Partner believes that the ~~ability~~consistent application of these policies enables the Partnership to ~~direct~~provide orreaders ~~otherwise~~of ~~significantly~~the ~~influence~~financial statements with useful and reliable information about the ~~activities~~Partnership’s operating results and financial condition. The preparation of financial statements in conformity with accounting principles generally accepted in the ~~Local~~United ~~Limited~~States requires the Partnership ~~that~~to ~~most~~make ~~significantly~~estimates ~~impact~~and ~~such~~assumptions. ~~entity~~These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Judgments and assessments of uncertainties are required in applying the Partnership’s ~~economic~~accounting ~~performance~~policies in many areas. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

~~The~~Method ~~sole~~of ~~VIE~~Accounting atfor ~~December~~Investments ~~31,~~in ~~2018 consists of~~ the Local Limited Partnership, which is directly engaged in the ownership and management of one apartment property with a total of 31 units. The Partnership is involved with this VIE as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIE is limited to the Partnership’s recorded investments in and receivables from this VIE, which was zero at both December 31, 2018 and 2017. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

~~Critical~~The ~~Accounting~~Partnership, ~~Policies~~as a limited partner, does not have a contractual relationship with the Local Limited Partnership or exercise control over the activities and ~~Estimates~~operations, including refinancing or selling decisions, of the Local Limited Partnership that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnership using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnership based upon its ownership percentage of 99%. Distributions of surplus cash from operations from the Local Limited Partnership are restricted by the Local Limited Partnership’s Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”) and/or are restricted by the terms of the mortgages encumbering the projects of the

A summary of the Partnership’s significant accounting policies is included in “Note 1 – Organization and Summary of Significant Accounting Policies” which is included in the financial statements in “Item 8. Financial Statements and Supplementary Data”. The General Partner believes that the consistent application of these policies enables the Partnership to provide readers of the financial statements with useful and reliable information about the Partnership’s operating results and financial condition. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Partnership to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. 9

Local Limited Partnership. These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnership’s partnership agreement. This agreement limits the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.

~~Judgments~~The ~~and~~individual ~~assessments~~investments are carried at cost plus the Partnership’s share of ~~uncertainties~~the ~~are~~Local ~~required~~Limited inPartnership’s ~~applying~~profits less the Partnership’s ~~accounting~~share ~~policies~~of inthe ~~many~~Local ~~areas~~Limited Partnership’s losses, distributions and impairment charges. See “Item 8. Financial Statements and Supplementary Data. Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the impairment policy. The Partnership ~~believes~~is ~~that~~not legally liable for the obligations of ~~its~~the ~~significant~~Local ~~accounting~~Limited ~~policies~~Partnership and is not otherwise committed to provide additional support to it. Therefore, it does not recognize losses once its investment in the ~~following~~Local ~~may~~Limited ~~involve~~Partnership reaches zero. Distributions from the Local Limited Partnership are accounted for as a ~~higher~~reduction ~~degree~~of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the statements of ~~judgment~~operations ~~and~~included ~~complexity~~in “Item 8. Financial Statements and Supplementary Data”.

~~Method~~Item of7A. ~~Accounting~~Quantitative ~~for~~and ~~Investments~~Qualitative inDisclosures ~~the~~About ~~Local~~Market ~~Limited Partnership~~Risk

~~The~~Not Partnership, as a limited partner, does not have a contractual relationship with the Local Limited Partnership or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnership that would require or allow for consolidationapplicable. Accordingly, the Partnership accounts for its investments in the Local Limited Partnership using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnership based upon its ownership percentage of 99%. Distributions of surplus cash from operations from the Local Limited Partnership are restricted by the Local Limited Partnership’s Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”) and/or are restricted by the terms of the mortgages encumbering the projects of the Local Limited Partnership. These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnership’s partnership agreement. This agreement limits the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership.

The individual investments are carried at cost plus the Partnership’s share of the Local Limited Partnership’s profits less the Partnership’s share of the Local Limited Partnership’s losses, distributions and impairment charges. See “Item 8. Financial Statements and Supplementary Data. Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the impairment policy. The Partnership is not legally liable for the obligations of the Local Limited Partnership and is not otherwise committed to provide additional support to it. Therefore, it does not recognize losses once its investment in the Local Limited Partnership reaches zero. Distributions from the Local Limited Partnership are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the statements of operations included in “Item 8. Financial Statements and Supplementary Data”.10

Item 7A8. ~~Quantitative~~ ~~and~~Financial ~~Qualitative~~Statements ~~Disclosures~~and ~~About~~Supplementary ~~Market Risk~~ Data

~~Not~~LIST ~~applicable.~~OF FINANCIAL STATEMENTS

11Report of Independent Registered Public Accounting Firm

~~Item~~Balance ~~8. Financial~~Sheets ~~Statements~~- ~~and~~December ~~Supplementary~~31, ~~Data~~ 2019 and 2018

~~LIST~~Statements OFof ~~FINANCIAL~~Operations ~~STATEMENTS~~- Years ended December 31, 2019 and 2018

~~Report~~Statements of ~~Independent~~Changes ~~Registered~~in ~~Public~~Partners’ ~~Accounting~~Capital ~~Firm~~- Years ended December 31, 2019 and 2018

~~Balance~~Statements ~~Sheets~~of Cash Flows - Years ended December 31, ~~2018~~2019 and ~~2017~~2018

~~Statements~~Notes ofto ~~Operations~~Financial -Statements ~~Years ended December 31, 2018 and 2017~~

~~Statements of Changes in Partners’ Capital - Years ended December 31, 2018 and 2017~~11

~~Statements~~Report of ~~Cash~~Independent ~~Flows~~Registered -Public ~~Years~~Accounting ~~ended December 31, 2018 and 2017~~Firm

~~Notes~~To toThe ~~Financial~~Partners ~~Statements~~

12Real Estate Associates Limited IV

~~Report~~Opinion ofon ~~Independent~~the ~~Registered~~Financial ~~Public Accounting Firm~~Statements

ToWe ~~The~~have ~~Partners~~audited the accompanying balance sheets of Real Estate Associates Limited IV (the Company) as of December 31, 2019 and 2018, and the related statements of operations, changes in partners' capital and cash flows for the years ended December 31, 2019 and 2018, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the years ended December 31, 2019 and 2018, in conformity with accounting principles generally accepted in the United States of America.

~~Real~~Basis ~~Estate~~for ~~Associates Limited IV~~Opinion

~~Opinion~~These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the ~~Financial~~Company's ~~Statements~~financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We ~~have~~conducted ~~audited~~our ~~the~~audits ~~accompanying~~in ~~balance~~accordance ~~sheets~~with ofthe ~~Real~~standards ~~Estate~~of ~~Associates Limited IV (~~the ~~Company)~~PCAOB. asThose ofstandards ~~December~~require ~~31,~~that ~~2018~~we ~~and~~plan ~~2017,~~ and perform the ~~related~~audit ~~statements~~to ofobtain ~~operations,~~reasonable ~~changes~~assurance inabout ~~partners'~~whether ~~capital~~the ~~and~~financial ~~cash~~statements ~~flows~~are ~~for~~free ~~the~~of ~~years~~material ~~ended~~misstatement, ~~December~~whether ~~31,~~due ~~2018~~to ~~and~~error ~~2017,~~or ~~and~~fraud. ~~the~~The ~~related~~Company ~~notes~~is ~~(collectively~~not ~~referred~~required to ashave, ~~the~~nor ~~financial~~were ~~statements).~~we Inengaged ~~our~~to ~~opinion~~perform, ~~the~~an ~~financial~~audit ~~statements~~of ~~present~~its ~~fairly,~~internal incontrol ~~all~~over ~~material respects, the~~ financial ~~position~~reporting. ofAs ~~the~~part ~~Company as~~ of ~~December~~our 31audits, ~~2018~~we ~~and~~are ~~2017,~~required ~~and~~to ~~the~~obtain ~~results~~an understanding of ~~its~~internal ~~operations~~control ~~and~~over ~~its~~financial ~~cash~~reporting, ~~flows~~but not for the ~~years~~purpose ~~ended~~of ~~December~~expressing ~~31,~~an ~~2018~~opinion ~~and~~on ~~2017,~~the ineffectiveness ~~conformity~~of ~~with~~the ~~accounting~~Company's ~~principles~~internal ~~generally~~control ~~accepted~~over infinancial ~~the~~reporting. ~~United~~Accordingly, ~~States~~we ofexpress ~~America~~no such opinion.

~~Basis~~Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the overall presentation of the financial statements. We believe that our audits provide reasonable basis for ~~Opinion~~our opinion.

~~These~~We ~~financial~~have ~~statements~~served ~~are~~as the ~~responsibility of the~~ Company's ~~management.~~auditor ~~Our~~since ~~responsibility~~June ~~is to express an opinion on the Company's financial statements based on our audits~~2013. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatementDestin, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.Florida

~~Our~~March ~~audits included performing procedures to assess the risks of material misstatement of the financial statements~~11, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the overall presentation of the financial statements. We believe that our audits provide reasonable basis for our opinion.2020

~~We have served as the Company's auditor since June 2013.~~12

~~Destin,~~REAL ~~Florida~~ESTATE ASSOCIATES LIMITED IV

~~March~~BALANCE ~~25, 2019~~SHEETS

13(in thousands)

REAL ESTATE ASSOCIATES LIMITED IV

	December 31,
	2019	2018
ASSETS
Cash and cash equivalents	$ 145	$ 231
Receivables – limited partners	25	25
Total assets	$ 170	$ 256

LIABILITIES AND PARTNERS' CAPITAL

Liabilities:
Accounts payable and accrued expenses	$ 31	$ 34

Partners' capital:
General partners	43	44
Limited partners	96	178
Total partners’ capital	139	222
Total liabilities and partners’ capital	$ 170	$ 256

~~BALANCE~~See ~~SHEETS~~ Accompanying Notes to Financial Statements

~~(in thousands)~~ 13

	December 31,
	2018	2017
ASSETS
Cash and cash equivalents	$231	$331
Receivables – limited partners	25	25
Total assets	$256	$356
LIABILITIES AND PARTNERS' CAPITAL
Liabilities:
Accounts payable and accrued expenses	$34	$20
Partners' capital:
General partners	44	45
Limited partners	178	291
Total partners’ capital	222	336
Total liabilities and partners’ capital	$256	$356

REAL ESTATE ASSOCIATES LIMITED IV

~~See~~STATEMENTS ~~Accompanying~~OF ~~Notes to Financial Statements~~OPERATIONS

14(in thousands, except per interest data)

REAL ESTATE ASSOCIATES LIMITED IV

	Years Ended December 31,
	2019	2018

Revenues:	$ --	$ --

Operating expenses:
Legal and accounting	38	29
Management fees – General Partner	7	7
General and administrative	38	29
Total operating expenses	83	65

Loss from partnership operations	(83)	(65)
Advances in excess of investment	(0)	(49)

Net (loss)	$ (83)	$ (114)

Net (loss) allocated to general partners (1%)	$ (1)	$ (1)
Net (loss) allocated to limited partners (99%)	$ (82)	$ (113)

Net (loss) per limited partnership interest	$ (6.31)	$ (8.69)

~~STATEMENTS~~See OFAccompanying ~~OPERATIONS~~ Notes to Financial Statements

~~(in thousands, except per interest data)~~ 14

	Years Ended December 31,
	2018	2017
Revenues:	$--	$--
Operating expenses:
Legal and accounting	29	25
Management fees – General Partner	7	7
General and administrative	29	40
Total operating expenses	65	72
Loss from partnership operations	(65)	(72)
Advances in excess of investment	(49)	(32)
Net (loss)	$(114)	$(104)
Net (loss) allocated to general partners (1%)	$(1)	$(1)
Net (loss) allocated to limited partners (99%)	$(113)	$(103)
Net (loss) per limited partnership interest	$(8.69)	$(7.92)

REAL ESTATE ASSOCIATES LIMITED IV

~~See~~STATEMENTS ~~Accompanying~~OF ~~Notes~~CHANGES toIN ~~Financial~~PARTNERS' ~~Statements~~CAPITAL

15(in thousands)

REAL ESTATE ASSOCIATES LIMITED IV

	General	Limited
	Partners	Partners	Total

Partners’ capital, January 1, 2018	$ 45	$ 291	$ 336

Net (loss) for the year
ended December 31, 2018	(1)	(113)	(114)

Partners’ capital, December 31, 2018	44	178	222

Net (loss) for the year
ended December 31, 2019	(1)	(82)	(83)

Partners’ capital, December 31, 2019	$ 43	$ 96	$ 139

~~STATEMENTS~~See OFAccompanying ~~CHANGES~~Notes INto ~~PARTNERS'~~Financial ~~CAPITAL~~ Statements

~~(in thousands)~~ 15

	General	Limited
	Partners	Partners	Total
Partners’ capital, January 1, 2017	$46	$394	$440
Net (loss) for the year
ended December 31, 2017	(1)	(103)	(104)
Partners’ capital, December 31, 2017	45	291	336
Net (loss) for the year
ended December 31, 2018	(1)	(113)	(114)
Partners’ capital, December 31, 2018	$44	$178	$222

REAL ESTATE ASSOCIATES LIMITED IV

~~See~~STATEMENTS ~~Accompanying~~OF ~~Notes~~CASH ~~to Financial Statements~~FLOWS

16(in thousands)

REAL ESTATE ASSOCIATES LIMITED IV

	Years Ended
	December 31,
	2019	2018
Cash flows from operating activities:
Net (loss)	$ (83)	$ (114)
Adjustments to reconcile net (loss) to net cash used in operating activities
Advances in excess of investment in
Local Limited Partnership	0	49
Changes in accounts:
Accounts payable and accrued expenses	(3)	14
Net cash used in operating activities	(86)	(51)
Cash flows used in investing activities:
Advances to Local Limited Partnership	(0)	(49)
	(0)	(49)

Net decrease in cash and cash equivalents	(86)	(100)
Cash and cash equivalents, beginning of the year	231	331

Cash and cash equivalents, end of the year	$ 145	$ 231

~~STATEMENTS~~See OFAccompanying ~~CASH~~Notes ~~FLOWS~~ to Financial Statements

~~(in thousands)~~ 16

	Years Ended
	December 31,
	2018	2017
Cash flows from operating activities:
Net (loss)	$(114)	$(104)
Adjustments to reconcile net (loss) to net cash used in operating activities
Advances in excess of investment in
Local Limited Partnership	49	32
Changes in accounts:
Accounts payable and accrued expenses	14	0
Net cash used in operating activities	(51)	(72)
Cash flows used in investing activities:
Advances to Local Limited Partnership	(49)	(32)
	(49)	(32)
Net decrease in cash and cash equivalents	(100)	(104)
Cash and cash equivalents, beginning of the year	331	435
Cash and cash equivalents, end of the year	$231	$331

REAL ESTATE ASSOCIATES LIMITED IV

~~See~~NOTES ~~Accompanying~~TO ~~Notes~~FINANCIAL ~~to Financial Statements~~STATEMENTS

17DECEMBER 31, 2019

~~REAL~~Note ~~ESTATE~~1 ~~ASSOCIATES~~– Organization ~~LIMITED~~and IVSummary of Significant Accounting Policies

~~NOTES TO FINANCIAL STATEMENTS~~Organization

~~DECEMBER~~Real 31Estate Associates Limited IV (the “Partnership”) was formed under the California Limited Partnership Act on August 24, ~~2018~~1981. The Partnership was formed to invest either directly or indirectly in other limited partnerships which own and operate primarily federal, state and local government-assisted housing projects. The general partners are National Partnership Investments, LLC, a California limited liability company ("NAPICO" or the “General Partner”), and National Partnership Investments Associates, a California limited partnership. The business of the Partnership is conducted primarily by NAPICO. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust.

~~Note~~The 1general ~~– Organization~~partners collectively have a one percent interest in operating profits and ~~Summary~~losses of ~~Significant~~the ~~Accounting~~Partnership. ~~Policies~~The limited partners have the remaining 99 percent interest in proportion to their respective individual investments.

~~Organization~~The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2033) from the date of formation of the Partnership or the occurrence of various other events as specified in the terms of the Partnership Agreement.

~~Real~~Upon ~~Estate~~total ~~Associates~~or ~~Limited~~partial IVliquidation (of the “Partnership”) ~~was~~or ~~formed under~~ the ~~California~~disposition ~~Limited~~or ~~Partnership~~partial ~~Act~~disposition onof ~~August~~a ~~24,~~project ~~1981. The Partnership was formed to invest either directly~~ or ~~indirectly~~project ininterest ~~other limited partnerships which own~~ and ~~operate~~distribution ~~primarily~~of ~~federal~~the proceeds, ~~state~~the ~~and local government-assisted housing projects. The~~ general partners ~~are~~will ~~National~~be ~~Partnership~~entitled ~~Investments,~~to ~~LLC,~~ a ~~California~~liquidation ~~limited~~fee ~~liability~~as ~~company~~stipulated ~~("NAPICO"~~in or the ~~“General Partner”), and National~~ Partnership ~~Investments~~Agreement. ~~Associates,~~The ~~a California~~ limited ~~partnership.~~partners ~~The~~will ~~business~~have ofa ~~the~~priority ~~Partnership~~return isequal ~~conducted~~to ~~primarily~~their byinvested ~~NAPICO.~~capital ~~The~~attributable ~~General~~to ~~Partner~~the isproject(s) aor ~~subsidiary~~project ofinterest(s) ~~Bethesda~~sold. ~~Holdings~~The ~~II,~~general ~~LLC,~~partners' aliquidation ~~privately~~fee ~~held~~may ~~real~~accrue ~~estate~~but ~~asset~~shall ~~management~~not ~~company~~be ~~(“Bethesda”).~~paid ~~Bethesda~~until ~~acquired~~ the ~~General~~limited ~~Partner~~partners onhave ~~December~~received ~~19,~~distributions ~~2012,~~equal ~~pursuant~~ to an100 ~~option~~percent ~~agreement~~of ~~with~~their ~~Aimco/Bethesda~~capital ~~Holdings, Inc~~contributions., aNo ~~subsidiary~~such offees ~~Apartment~~were ~~Investment~~accrued ~~and~~or ~~Management~~paid ~~Company~~during ~~(“Aimco”),~~the ayears ~~publicly~~ended ~~traded~~December ~~real~~31, ~~estate~~2019 ~~investment~~and ~~trust~~2018.

~~The~~Basis ~~general partners collectively have a one percent interest in operating profits and losses~~ of ~~the Partnership. The limited partners have the remaining 99 percent interest in proportion to their respective individual investments.~~ Presentation

The ~~Partnership~~accompanying ~~shall~~financial bestatements ~~dissolved~~have ~~only~~been ~~upon~~prepared ~~the~~in ~~expiration~~conformity ofwith 52accounting ~~complete~~principles ~~calendar~~generally ~~years~~accepted ~~(December 31, 2033) from the date of formation of the Partnership or the occurrence of various other events as specified~~ in the ~~terms~~United ~~of the Partnership Agreement~~States.

~~Upon~~Use ~~total or partial liquidation~~ of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partners will be entitled to a liquidation fee as stipulated in the Partnership Agreement. The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold. The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2018 and 2017. Estimates

~~Basis~~The preparation of ~~Presentation~~financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

~~The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.~~17

~~Use~~REAL ofESTATE ~~Estimates~~ASSOCIATES LIMITED IV

~~The~~NOTES ~~preparation~~TO ofFINANCIAL ~~financial~~STATEMENTS statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.– CONTINUED

18Note 1 – Organization and Summary of Significant Accounting Policies (continued)

~~REAL~~Method ~~ESTATE~~of ~~ASSOCIATES~~Accounting ~~LIMITED~~for IVInvestments in the Local Limited Partnership

~~NOTES~~The TOinvestment ~~FINANCIAL~~in ~~STATEMENTS~~the ~~– CONTINUED~~local limited partnership (the “Local Limited Partnership”) is accounted for using the equity method.

~~Note~~Abandonment ~~1 – Organization and Summary~~ of ~~Significant~~Limited ~~Accounting~~Partnership ~~Policies (continued)~~Interests

~~Method~~At ofDecember ~~Accounting~~31, ~~for~~2019 ~~Investments~~and in2018, the ~~Local~~Partnership had outstanding 12,994.22 limited partnership interests. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment. During the years ended December 31, 2019 and 2018, the number of limited partnership interests decreased by 0 and four, respectively.

~~The~~Net ~~investment~~Income in(loss) ~~the~~and ~~local~~Distribution ~~limited~~per ~~partnership (the “Local~~ Limited Partnership”) ~~is accounted for using the equity method.~~ Interest

~~Abandonment~~Net income (loss) per limited partnership interest is computed by dividing the limited partners’ share of ~~Limited~~net ~~Partnership~~income ~~Interests~~(loss) and distribution by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 12,994.22 and 12,998.22 for the years ended December 31, 2019 and 2018, respectively.

AtCash ~~December 31, 2018~~ and ~~2017,~~Cash the Partnership had outstanding 12,994.22 and 12,998.22, respectively, limited partnership interests. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment. During the years ended December 31, 2018 and 2017, the number of limited partnership interests decreased by four and zero, respectively.Equivalents

~~Net~~Cash ~~Income~~and ~~(loss)~~cash equivalents include cash on hand and ~~Distribution~~in ~~Per~~banks. ~~Limited~~At ~~Partnership~~certain ~~Interest~~times, the amount of cash deposited at a bank may exceed the limit on insured deposits.

~~Net~~Impairment ~~income (loss) per limited partnership interest is computed by dividing the limited partners’ share~~ of ~~net~~Long-Lived income (loss) and distribution by the number of limited partnership interests outstanding at the beginning of the year. The number of limited partnership interests used was 12,998.22 for the years ended December 31, 2018 and 2017.Assets

~~Cash~~The ~~and~~Partnership ~~Cash~~reviews ~~Equivalents~~its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recognized during the years ended December 31, 2019 and 2018.

~~Cash~~Segment ~~and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.~~ Reporting

~~Impairment~~Financial ofAccounting ~~Long~~Standards Board Accounting Standards Codification (“ASC”) Topic 280-~~Lived~~10, ~~Assets~~“Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.

~~The~~Fair ~~Partnership~~Value ~~reviews its investments in long-lived assets to determine if there has been any impairment whenever events or changes in circumstances indicate that the carrying amount~~ of ~~the~~Financial asset may not be recoverable. If the sum of the expected future cash flows is less than the carrying amount of the assets, the Partnership recognizes an impairment loss. There were no impairment losses recognized during the years ended December 31, 2018 and 2017. Instruments

~~Segment~~ASC ~~Reporting~~Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment. 18

~~Fair~~REAL ~~Value~~ESTATE ofASSOCIATES ~~Financial~~LIMITED ~~Instruments~~ IV

~~ASC~~NOTES ~~Topic~~TO ~~825,~~FINANCIAL ~~“Financial~~STATEMENTS Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction – CONTINUED

19Note 1 – Organization and Summary of Significant Accounting Policies (continued)

~~REAL~~between ~~ESTATE~~willing ~~ASSOCIATES~~parties, ~~LIMITED~~other IVthan in a forced or liquidation sale. The Partnership believes that the carrying amounts of its assets and liabilities at December 31, 2019 approximated their fair value due to the short term maturity of these instruments.

~~NOTES~~Variable TOInterest ~~FINANCIAL STATEMENTS – CONTINUED~~Entities

~~Note~~The 1Partnership ~~– Organization~~consolidates any variable interest entity in which the Partnership holds a variable interest and ~~Summary~~is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of ~~Significant~~the ~~Accounting~~following ~~Policies~~characteristics: (~~continued~~a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

~~between~~In ~~willing~~determining ~~parties,~~whether ~~other~~it ~~than~~is inthe primary beneficiary of a ~~forced~~VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or ~~liquidation~~likelihood ~~sale.~~for ~~The~~the Partnership ~~believes~~or ~~that~~other investors to provide financial support; and the ~~carrying~~similarity ~~amounts~~with and significance to the business activities of ~~its~~the ~~assets~~Partnership and ~~liabilities~~the atother ~~December~~investors. ~~31,~~Significant ~~2018~~judgments ~~approximated~~related ~~their~~to ~~fair~~these ~~value~~determinations ~~due~~include toestimates about the ~~short~~current ~~term~~and ~~maturity~~future fair values and performance of real estate held by these ~~instruments.~~VIEs and general market conditions.

~~Variable~~At ~~Interest~~December ~~Entities~~31, 2019 and 2018, the Partnership held variable interests in one VIE for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in the Local Limited Partnership, that the general partner of the Local Limited Partnership is the primary beneficiary of the Local Limited Partnership. In making this determination, the Partnership considered the following factors:

~~The Partnership consolidates any variable interest entity in which~~ the ~~Partnership~~general ~~holds~~partner aconducts ~~variable interest~~ and ismanages the ~~primary~~business ~~beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more~~ of the ~~following~~Local ~~characteristics:~~Limited ~~(a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support~~Partnership; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

~~At December 31, 2018 and 2017,~~ the ~~Partnership~~general ~~held~~partner ~~variable~~is ~~interests~~responsible ~~in one VIE~~ for ~~which~~approving ~~the~~operating ~~Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure~~ and ~~the~~capital ~~role~~budgets offor the ~~general~~properties ~~partner~~owned inby the Local Limited Partnership, that the general partner of the Local Limited Partnership is the primary beneficiary of the Local Limited Partnership. In making this determination, the Partnership considered the following factors:;

the general partner ~~conducts~~is ~~and~~obligated ~~manages~~to ~~the~~fund ~~business~~any recourse obligations of the Local Limited Partnership;

~~the general partner has the responsibility for and sole discretion over selecting a property management agent for the Local Limited Partnership’s underlying real estate properties;~~ 19

~~the~~REAL ~~general~~ESTATE ~~partner~~ASSOCIATES isLIMITED ~~responsible for approving operating and capital budgets for the properties owned by the Local Limited Partnership;~~ IV

~~the~~NOTES ~~general~~TO ~~partner~~FINANCIAL isSTATEMENTS ~~obligated to fund any recourse obligations of the Local Limited Partnership;~~ – CONTINUED

20Note 1 – Organization and Summary of Significant Accounting Policies (continued)

~~REAL~~the ~~ESTATE~~general ~~ASSOCIATES~~partner ~~LIMITED~~is IVauthorized to borrow funds on behalf of the Local Limited Partnership; and

~~NOTES~~the TOPartnership, ~~FINANCIAL~~as ~~STATEMENTS~~a –limited partner in the Local Limited Partnership, does not have the ability to direct or otherwise significantly influence the activities of the Local Limited Partnership that most significantly impact such entities’ economic performance. ~~CONTINUED~~

~~Note~~The 1sole ~~– Organization~~VIE at December 31, 2019 consisted of the Local Limited Partnership, which was directly engaged in the ownership and ~~Summary~~management of ~~Significant~~one ~~Accounting~~apartment ~~Policies~~property ~~(continued)~~with a total of 31 units. The Partnership is involved with this VIE as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with this unconsolidated VIE is limited to the Partnership’s recorded investments in and receivables from this VIE, which was zero at both December 31, 2019 and 2018. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

~~the~~Note ~~general~~2 ~~partner~~- isInvestments ~~authorized~~in toand ~~borrow~~Advances ~~funds~~to ~~on behalf of the~~ Local Limited ~~Partnership; and~~ Partnerships

~~the~~As ~~Partnership~~of December 31, as2019 aand 2018, the Partnership held limited ~~partner~~partnership interests in one local limited partnership, Better Housing Associates LP (the “Local Limited Partnership,”). ~~does~~The ~~not~~Local ~~have~~Limited ~~the~~Partnership ~~ability~~owns toa ~~direct~~residential orlow ~~otherwise~~income ~~significantly~~rental ~~influence~~project ~~the~~consisting ~~activities~~of 31 apartment units at December 31, 2019 and 2018, respectively. The mortgage loans of the ~~Local~~project ~~Limited~~are ~~Partnership~~payable ~~that~~to ~~most~~or ~~significantly~~insured ~~impact~~by ~~such~~various ~~entities’~~governmental ~~economic performance~~agencies.

The ~~sole~~Partnership, ~~VIE~~as ata ~~December~~limited 31partner, ~~2018~~does ~~consisted~~not ofhave a contractual relationship with the Local Limited Partnership, ~~which~~or ~~was~~exercise ~~directly~~control ~~engaged~~over in the ~~ownership~~activities and ~~management~~operations, including refinancing or selling decisions, of ~~one~~the ~~apartment~~Local ~~property~~Limited ~~with~~Partnership athat ~~total~~would ofrequire 31or ~~units~~allow for consolidation. ~~The~~Accordingly, the Partnership isaccounts ~~involved~~for ~~with~~its ~~this~~investments ~~VIE~~in asthe aLocal ~~non-controlling~~Limited ~~limited~~Partnership ~~partner~~using the equity ~~holder~~method. The Partnership’s ~~maximum~~is ~~exposure~~allocated toprofits ~~loss~~and aslosses aof ~~result~~the ofLocal Limited Partnership based upon its ~~involvement~~respective ~~with~~ownership ~~this~~percentage ~~unconsolidated~~of ~~VIE~~99%. isDistributions ~~limited~~of tosurplus cash from operations from the Local Limited Partnership are restricted by the Local Limited Partnership’s ~~recorded~~Regulatory ~~investments~~Agreements inwith the United States Department of Housing and ~~receivables~~Urban ~~from~~Development ~~this~~(“HUD”). ~~VIE,~~These ~~which~~restrictions ~~was~~limit ~~zero~~the atdistribution ~~both~~to ~~December~~a 31portion, ~~2018~~generally ~~and~~less ~~2017~~than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership ~~may~~is beuncertain ~~subject~~as toHUD ~~additional~~frequently retains it upon sale or dissolution of the Local Limited Partnership. The Partnership is allocated profits and losses toand receives distributions from refinancings and sales in accordance with the ~~extent~~Local ofLimited ~~any~~Partnership’s ~~financial~~partnership ~~support~~agreement. ~~that~~This agreement limits the Partnership’s ~~voluntarily~~distributions ~~provides~~to an amount substantially less than its ownership percentage in the ~~future~~Local Limited Partnership.

~~Note 2 - Investments in and Advances to Local Limited Partnerships~~ 20

AsREAL ofESTATE ~~December~~ASSOCIATES ~~31,~~LIMITED 2018 and 2017, the Partnership held limited partnership interests in one local limited partnership, Better Housing Associates LP (the “Local Limited Partnership”). The Local Limited Partnership owns a residential low income rental project consisting of 31 apartment units at December 31, 2018 and 2017, respectively. The mortgage loans of the project are payable to or insured by various governmental agencies.IV

~~The~~NOTES ~~Partnership,~~TO asFINANCIAL aSTATEMENTS limited partner, does not have a contractual relationship with the Local Limited Partnership or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Limited Partnership that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Limited Partnership using the equity method. The Partnership is allocated profits and losses of the Local Limited Partnership based upon its respective ownership percentage of 99%. Distributions of surplus cash from operations from the Local Limited Partnership are restricted by the Local Limited Partnership’s Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Limited Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Limited Partnership’s partnership agreement. This agreement limits the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Limited Partnership. – CONTINUED

21Note 2 - Investments in and Advances to Local Limited Partnerships (continued)

~~REAL~~The ~~ESTATE~~individual ~~ASSOCIATES~~investments ~~LIMITED~~are IVcarried at cost plus the Partnership’s share of the Local Limited Partnership’s profits less the Partnership’s share of the Local Limited Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Limited Partnership and is not otherwise committed to provide additional support to it. Therefore, it does not recognize losses once its investment in the Local Limited Partnership reaches zero. Distributions from the Local Limited Partnership are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. During each of the years ended December 31, 2019 and 2018, the Partnership received no distributions from operations of the Local Limited Partnership.

~~NOTES~~At TODecember ~~FINANCIAL~~31, ~~STATEMENTS~~2019 ~~– CONTINUED~~and 2018, the investment balance of the Local Limited Partnership had been reduced to zero.

~~Note~~At 2times, -advances ~~Investments~~are made to the Local Limited Partnership. Advances made by the Partnership to the Local Limited Partnership are considered part of the Partnership’s investment in ~~and~~the limited partnership. Advances made to the Local Limited ~~Partnerships~~Partnership ~~(continued)~~for which the investment has been reduced to zero are generally charged to expense. There were $0 and $49,000 advances made to the Local Limited Partnership during the years ended December 31, 2019 and 2018, respectively.

The ~~individual~~difference ~~investments~~between ~~are carried at cost plus~~ the ~~Partnership’s~~investment ~~share~~per of the ~~Local~~accompanying ~~Limited~~balance ~~Partnership’s~~sheets ~~profits~~at ~~less~~December ~~the~~31, ~~Partnership’s~~2019 ~~share~~and ~~of the Local Limited Partnership’s losses~~2018, ~~distributions~~ and ~~impairment charges. The Partnership is not legally liable for~~ the ~~obligations~~equity ofper the Local Limited Partnership’s ~~and~~condensed iscombined ~~not~~financial ~~otherwise~~statements ~~committed~~is todue ~~provide~~primarily ~~additional support~~ to ~~it.~~cumulative ~~Therefore,~~unrecognized itequity ~~does~~in ~~not recognize~~ losses ~~once~~of ~~its investment in~~ the Local Limited Partnership, ~~reaches~~additional ~~zero.~~basis ~~Distributions~~and ~~from~~costs ~~the~~capitalized ~~Local Limited Partnership are accounted for as a reduction of the investment balance until the investment balance is reduced~~ to ~~zero. When~~ the investment ~~balance has been reduced to zero~~account, ~~subsequent~~cumulative distributions ~~received are~~ recognized as income ~~in the accompanying statements of operations. During each of the years ended December 31, 2018~~ and ~~2017,~~recognition ~~the Partnership received no distributions from operations~~ of ~~the~~impairment ~~Local Limited Partnership~~losses.

AtAlthough ~~December~~the ~~31,~~Partnership’s ~~2018~~recorded value of its investments and ~~2017~~its distributions from the Local Limited Partnership are individually not material to the overall financial position of the Partnership, the ~~investment~~following unaudited condensed combined balance sheets of the aforementioned Local Limited Partnership ~~had~~as ~~been~~of ~~reduced~~December to31, ~~zero.~~2019 and 2018 and the condensed combined results of operations for each of the two years ended December 31, 2019 and 2018 are as follows:

At times, advances are made to the Local Limited Partnership. Advances made by the Partnership to the Local Limited Partnership are considered part of the Partnership’s investment in the limited partnership. Advances made to the Local Limited Partnership for which the investment has been reduced to zero are generally charged to expense. There were $49,000 and $32,000 advances made to the Local Limited Partnership during the years ended December 31, 2018 and 2017, respectively.21

~~The~~REAL ~~difference~~ESTATE ~~between~~ASSOCIATES ~~the~~LIMITED investment per the accompanying balance sheets at December 31, 2018 and 2017, and the equity per the Local Limited Partnership’s condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of the Local Limited Partnership, additional basis and costs capitalized to the investment account, cumulative distributions recognized as income and recognition of impairment losses. IV

~~Although~~NOTES ~~the~~TO ~~Partnership’s~~FINANCIAL ~~recorded~~STATEMENTS value of its investments and its distributions from the Local Limited Partnership are individually not material to the overall financial position of the Partnership, the following unaudited condensed combined balance sheets of the aforementioned Local Limited Partnership as of December 31, 2018 and 2017 and the condensed combined results of operations for each of the two years ended December 31, 2018 and 2017 are as follows: – CONTINUED

22Note 2 - Investments in and Advances to Local Limited Partnerships (continued)

REAL ESTATE ASSOCIATES LIMITED IV

Condensed Combined Balance Sheets of the Local Limited Partnership (in thousands – unaudited)

	December 31,
	2019	2018
Assets:
Land	$ 345	$ 345
Buildings and improvements	2,907	2,894
Accumulated depreciation	(2,546)	(2,458)
Other assets	144	119
Total Assets	$ 850	$ 900
Liabilities and Partners’ Deficit:
Mortgage notes payable	$ 604	$ 618
Other liabilities	1,386	1,387
Partners’ deficit	(1,140)	(1,105)
Total Liabilities and partners’ deficit	$ 850	$ 900

NOTES TO FINANCIAL STATEMENTS – CONTINUED

Condensed Combined Results of Operations of the Local Limited Partnership
(in thousands - unaudited)
	Years Ended December 31,
	2019	2018
Revenues
Rental income	$ 371	$ 359

Expenses
Operating expense	281	331
Financial and entity expenses	36	34
Depreciation and amortization expenses	89	89
Total expenses	406	454
Loss from continuing operations	$ (35)	$ (95)

~~Note~~Real 2Estate -and ~~Investments~~Accumulated inDepreciation ~~and~~of ~~Advances~~the to Local Limited ~~Partnerships (continued)~~Partnership

Condensed Combined Balance Sheets of the Local Limited Partnership (in thousands – unaudited)
	December 31,
	2018	2017
Assets:
Land	$345	$345
Buildings and improvements	2,894	2,882
Accumulated depreciation	(2,458)	(2,369)
Other assets	119	92
Total Assets	$900	$950
Liabilities and Partners’ Deficit:
Mortgage notes payable	$618	$631
Other liabilities	1,387	1,329
Partners’ deficit	(1,105)	(1,010)
Total Liabilities and partners’ deficit	$900	$950

The following unaudited data is a summary of real estate, accumulated depreciation and encumbrances of the Local Limited Partnership: (in thousands – unaudited)

Condensed Combined Results of Operations of the Local Limited Partnership
Description	Encumbrances	Land	Buildings and Personal Property	Total	Accumulated Depreciation	Date of Construction
(in thousands - unaudited)
Better Housing Assoc. LP	$ 604	$ 345	$2,907	$3,252	$2,546	1982-83
	Years Ended December 31,
	2018		2017
Revenues
Rental income	$359		$350
Expenses
Operating expense	331		321
Financial and entity expenses	34		31
Depreciation and amortization expenses	89		87
Total expenses	454		439
Loss from continuing operations	$(95)		$(89)

~~Real Estate and Accumulated Depreciation of the Local Limited Partnership~~22

~~The~~REAL ~~following~~ESTATE ~~unaudited~~ASSOCIATES ~~data~~LIMITED ~~is a summary of real estate, accumulated depreciation and encumbrances of the Local Limited Partnership: (in thousands – unaudited)~~IV

Description	Encumbrances	Land	Buildings and Personal Property	Total	Accumulated Depreciation	Date of Construction
Better Housing Assoc. LP	$ 1,488	$ 345	$ 2,894	$ 3,239	$ 2,458	1982-83

NOTES TO FINANCIAL STATEMENTS – CONTINUED

23Note 2 - Investments in and Advances to Local Limited Partnerships (continued)

~~REAL~~Reconciliation ~~ESTATE~~of ~~ASSOCIATES~~Real ~~LIMITED~~Estate IVand Accumulated Depreciation

~~NOTES~~(in TOthousands ~~FINANCIAL~~- ~~STATEMENTS – CONTINUED~~unaudited)

Note 2 - Investments in and Advances to Local Limited Partnerships (continued)

	Years Ended December 31,
	2019	2018
Real Estate
Balance at beginning of year	$ 3,239	$ 3,227
Property improvements	13	12
Disposals of property	--	--
Balance at end of year	$ 3,252	$ 3,239

Accumulated Depreciation
Balance at beginning of year	$ 2,458	$ 2,369
Depreciation expense	88	89
Disposals of property	--	--
Balance at end of year	$ 2,546	$ 2,458

~~Reconciliation~~The current policy of ~~Real~~the ~~Estate~~United States Department of Housing and ~~Accumulated~~Urban ~~Depreciation~~Development (“HUD”) is to not renew the Housing Assistance Payment (“HAP”) Contracts on a long term basis on the existing terms. In connection with renewals of the HAP Contracts under current law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which may not be the case under existing HAP Contracts. The payments under the renewed HAP Contracts may not be in an amount that would provide sufficient cash flow to permit owners of properties subject to HAP Contracts to meet the debt service requirements of existing loans insured by the Federal Housing Administration of HUD (“FHA”) unless such mortgage loans are restructured. In order to address the reduction in payments under HAP Contracts as a result of current policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 (“MAHRAA”) provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to the Section 8 program. Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first mortgage loan which will be amortized on a current basis and a low interest rate second mortgage loan payable to FHA which will only be payable on maturity of the first mortgage loan. This restructuring results in a reduction in annual debt service payable by the owner of the FHA-insured mortgage loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount. MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy.

~~(in thousands - unaudited)~~23

	Years Ended December 31,
	2018	2017
Real Estate
Balance at beginning of year	$3,227	$3,182
Property improvements	12	45
Disposals of property	--	--
Balance at end of year	$3,239	$3,227
Accumulated Depreciation
Balance at beginning of year	$2,369	$2,282
Depreciation expense	89	87
Disposals of property	--	--
Balance at end of year	$2,458	$2,369

REAL ESTATE ASSOCIATES LIMITED IV

~~The~~NOTES ~~current~~TO ~~policy~~FINANCIAL ofSTATEMENTS the United States Department of Housing and Urban Development (“HUD”) is to not renew the Housing Assistance Payment (“HAP”) Contracts on a long term basis on the existing terms. In connection with renewals of the HAP Contracts under current law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which may not be the case under existing HAP Contracts. The payments under the renewed HAP Contracts may not be in an amount that would provide sufficient cash flow to permit owners of properties subject to HAP Contracts to meet the debt service requirements of existing loans insured by the Federal Housing Administration of HUD (“FHA”) unless such mortgage loans are restructured. In order to address the reduction in payments under HAP Contracts as a result of current policy, the Multi-family Assisted Housing Reform and Affordability Act of 1997 (“MAHRAA”) provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to the Section 8 program. Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first mortgage loan which will be amortized on a current basis and a low interest rate second mortgage loan payable to FHA which will only be payable on maturity of the first mortgage loan. This restructuring results in a reduction in annual debt service payable by the owner of the FHA-insured mortgage loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount. MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy.– CONTINUED

24Note 2 - Investments in and Advances to Local Limited Partnerships (continued)

~~REAL~~When ~~ESTATE~~the ~~ASSOCIATES~~HAP ~~LIMITED~~Contracts IVare subject to renewal, there can be no assurance that the local limited partnerships in which the Partnership has an investment will be permitted to restructure its mortgage indebtedness under MAHRAA. In addition, the economic impact on the Partnership of the combination of the reduced payments under the HAP Contracts and the restructuring of the existing FHA-insured mortgage loans under MAHRAA is uncertain.

~~NOTES~~Note TO3 ~~FINANCIAL STATEMENTS~~ – ~~CONTINUED~~Transactions with Affiliated Parties

~~Note~~Under 2the -terms ~~Investments~~of inthe Restated Certificate and ~~Advances~~Agreement of Limited Partnership, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local Limited ~~Partnerships~~Partnership ~~(continued)~~at the beginning of the year. Invested assets is defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the Local Limited Partnership. The management fee was approximately $7,000 for the years ended December 31, 2019 and 2018. Additionally, the Partnership reimburses NAPICO for expenses incurred by NAPICO on behalf of the Partnership but paid by NAPICO for convenience. These reimbursed expenses were approximately $10,000 and $9,000 for the years ended December 31, 2019 and 2018, respectively.

~~When~~Bethesda ~~the~~and ~~HAP~~its ~~Contracts~~affiliates ~~are~~owned ~~subject~~3,565.94 tolimited ~~renewal,~~partnership ~~there~~interests ~~can~~in bethe noPartnership ~~assurance~~representing ~~that~~27.44% of the ~~local~~outstanding limited ~~partnerships~~partnership interests in ~~which~~ the Partnership ~~has~~at anDecember ~~investment~~31, ~~will~~2019. beIt ~~permitted~~is topossible ~~restructure~~that Bethesda or its ~~mortgage~~affiliates ~~indebtedness~~will ~~under~~acquire ~~MAHRAA~~additional limited partnership interests, either through private purchases or tender offers. InPursuant ~~addition~~to the Partnership Agreement, holders holding a majority of the ~~economic~~limited ~~impact~~partnership interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership ofAgreement and voting to remove the ~~combination~~General Partner. Although the General Partner owes fiduciary duties to the limited partners of the ~~reduced~~Partnership, ~~payments~~the ~~under~~General Partner also owes fiduciary duties to Bethesda as its sole member. As a result, the ~~HAP~~duties ~~Contracts~~of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the ~~restructuring~~duties of the ~~existing~~General ~~FHA-insured~~Partner ~~mortgage~~to ~~loans~~Bethesda ~~under~~as ~~MAHRAA~~its issole ~~uncertain~~member.

Note 34 – ~~Transactions~~Income ~~with Affiliated Parties~~Taxes

~~Under~~The ~~the~~Partnership ~~terms~~is ofnot ~~the~~taxed ~~Restated~~on ~~Certificate~~its ~~and~~income. ~~Agreement~~The ofpartners ~~Limited~~are ~~Partnership,~~taxed ~~the~~in ~~Partnership~~their isindividual ~~obligated~~capacities tobased ~~NAPICO~~upon ~~for~~their andistributive ~~annual~~share ~~management fee equal to 0.4 percent~~ of the Partnership’s ~~original~~taxable ~~remaining~~income ~~invested~~or ~~assets~~loss ofand are allowed the ~~Local~~benefits ~~Limited~~to ~~Partnership~~be atderived ~~the~~from ~~beginning~~offsetting oftheir ~~the~~distributive ~~year.~~share ~~Invested~~of ~~assets~~the istax ~~defined~~losses asagainst ~~the~~taxable ~~costs~~income offrom ~~acquiring~~other ~~project~~sources ~~interests,~~subject ~~including~~to ~~the~~passive ~~proportionate~~loss ~~amount~~limitations. ofThe ~~the~~taxable ~~mortgage~~income ~~loans~~or ~~related~~loss todiffers ~~the~~from ~~Partnership's~~amounts ~~interests~~included in the ~~capital~~statements ~~accounts~~ of ~~the~~operations ~~Local~~because ~~Limited~~different ~~Partnership.~~methods ~~The~~are ~~management~~used ~~fee~~in ~~was~~determining ~~approximately~~the ~~$7,000~~losses ~~for~~of the ~~years~~Local ~~ended~~Limited ~~December~~Partnership ~~31,~~as ~~2018~~discussed ~~and 2017~~below. ~~Additionally,~~The ~~the~~taxable ~~Partnership~~income ~~reimburses~~is ~~NAPICO~~allocated ~~for~~to ~~expenses incurred by NAPICO on behalf of~~ the ~~Partnership~~partner ~~but~~groups ~~paid~~in byaccordance ~~NAPICO~~with ~~for~~Section ~~convenience.~~704(b) ~~These~~of ~~reimbursed~~the ~~expenses~~Internal ~~were~~Revenue ~~approximately~~Code ~~$9,000~~ and ~~$19,000~~therefore ~~for~~is ~~the~~not ~~years~~necessarily ~~ended~~proportionate ~~December~~to ~~31,~~the ~~2018~~interest ~~and~~percentage ~~2017, respectively~~owned.

Bethesda and its affiliates owned 3,337.94 limited partnership interests in the Partnership representing 25.69% of the outstanding limited partnership interests in the Partnership at December 31, 2018. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests, either through private purchases or tender offers. Pursuant to the Partnership Agreement, holders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole member. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole member.24

~~Note~~REAL 4ESTATE ~~– Income~~ASSOCIATES ~~Taxes~~LIMITED IV

~~The~~NOTES ~~Partnership~~TO isFINANCIAL ~~not~~STATEMENTS taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership’s taxable income or loss and are allowed the benefits to be derived from offsetting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts included in the statements of operations because different methods are used in determining the losses of the Local Limited Partnership as discussed below. The taxable income is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.– CONTINUED

25Note 4 – Income Taxes (continued)

~~REAL~~A ~~ESTATE~~reconciliation ~~ASSOCIATES~~follows: ~~LIMITED IV~~

NOTES TO FINANCIAL STATEMENTS – CONTINUED

	Years Ended December 31
	2019	2018
	(in thousands)
Net income per financial statements	$ (83)	$ (114)
Add (deduct):
Partnership’s share of Local Limited Partnership	31	36
Federal taxable income	$ (52)	$ (78)
Federal taxable income per limited partnership interest	$ (4.00)	$ (6.00)

~~Note~~The 4following ~~– Income~~is ~~Taxes~~a ~~(continued)~~reconciliation between the Partnership's reported amounts and Federal tax basis of net assets at December 31, 2019 and 2018:

A reconciliation follows:

	2019	2018
	(in thousands)
Net assets as reported	$ 139	$ 222
Differences in basis of assets and liabilities:
Investment in Local Limited Partnership	(1,271)	(1,302))
Syndication costs	3,565	3,565
Net assets - tax basis	$ 2,433	$ 2,485

	Years Ended December 31
	2018	2017
	(in thousands)
Net income per financial statements	$(114)	$(104)
Add (deduct):
Partnership’s share of Local Limited Partnership	36	3
Federal taxable income	$(78)	$(101)
Federal taxable income per limited partnership interest	$(6.00)	$(7.76)

Note 5 - Contingencies

The ~~following~~General Partner is ainvolved ~~reconciliation~~in ~~between~~various lawsuits arising from transactions in the ~~Partnership's~~ordinary ~~reported~~course ~~amounts~~of ~~and~~business. ~~Federal~~In ~~tax~~the ~~basis~~opinion of ~~net~~management ~~assets~~and atthe ~~December~~General 31Partner, ~~2018~~the ~~and~~claims ~~2017:~~will not result in any material liability to the Partnership.

	2018	2017
	(in thousands)
Net assets as reported	$222	$336
Differences in basis of assets and liabilities:
Investment in Local Limited Partnership	(1,302)	(1,338)
Syndication costs	3,565	3,565
Net assets - tax basis	$2,485	$2,563

Note 6 - Distributions

~~Note~~During 5the -years ~~Contingencies~~ended December 31, 2019 and 2018, the Partnership made no distributions to the limited partners.

~~The~~Note ~~General~~7 ~~Partner~~- isSubsequent ~~involved~~Events in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

~~Note~~The 6Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K ~~Distributions~~was filed.

~~During the years ended December 31, 2018 and 2017, the Partnership made no distributions to the limited partners.~~ 25

~~Note~~Item 79. -Changes ~~Subsequent~~in ~~Events~~and Disagreements with Accountants on Accounting and Financing Disclosure

~~The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed~~None.

26Item 9A. Controls and Procedures

~~Item~~(a)Disclosure ~~9. Changes~~Controls in and ~~Disagreements with Accountants on Accounting and Financing Disclosure~~Procedures

~~None~~The Partnership’s management, with the participation of the Senior Managing Director and SVP of Finance/CFO of National Partnership Investments, LLC (the “General Partner”), who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Senior Managing Director and SVP of Finance/CFO of the General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures were effective as of such date.

~~Item~~Management’s ~~9A. Controls~~Report ~~and~~on ~~Procedures~~ Internal Control Over Financial Reporting

The Partnership’s management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(af)~~Disclosure~~ ~~Controls~~and 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, the Senior Managing Director and ~~Procedures~~ SVP of Finance/CFO of the General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, and effected by the Partnership’s management and other personnel, including third-party public accountants engaged by Bethesda to provide such services, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:

~~The~~pertain ~~Partnership’s~~to ~~management, with~~ the ~~participation~~maintenance of ~~the~~records ~~Senior~~that Managing Director and SVP of Finance/CFO of National Partnership Investments, LLC (the “General Partner”), who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in ~~Rules~~reasonable ~~13a-15(e)~~detail ~~and~~accurately ~~15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Senior Managing Director~~ and ~~SVP~~fairly ofreflect ~~Finance/CFO of~~ the ~~General~~transactions ~~Partner, who are the equivalent of the Partnership’s principal executive officer~~ and ~~principal~~dispositions ~~financial officer, respectively, have concluded that, as~~ of ~~the end of such period, the Partnership’s disclosure controls and procedures were effective as of such date.~~assets;

~~Management’s~~provide ~~Report~~reasonable onassurance ~~Internal~~that ~~Control~~transactions ~~Over~~are ~~Financial~~recorded ~~Reporting~~as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of the Partnership’s management; and

~~The~~provide ~~Partnership’s~~reasonable ~~management~~assurance isregarding ~~responsible~~prevention for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act as a process designed by, or ~~under~~timely ~~the~~detection ~~supervision~~ of, ~~the~~unauthorized ~~Senior Managing Director and SVP of Finance/CFO of the General Partner~~acquisition, ~~who~~use ~~are~~or ~~the~~disposition ~~equivalent~~ of ~~the~~assets ~~Partnership’s~~that ~~principal~~could ~~executive~~have ~~officer~~a ~~and~~material ~~principal~~effect ~~financial~~on ~~officer, respectively, and effected by~~ the ~~Partnership’s management and other personnel, including third-party public accountants engaged by Bethesda to provide such services, to provide reasonable assurance regarding the reliability of~~ financial ~~reporting and the preparation of financial~~ statements ~~for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:~~.

~~pertain~~Because toof ~~the~~its ~~maintenance~~inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of ~~records~~any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in ~~reasonable~~conditions, ~~detail~~or ~~accurately~~that ~~and~~the ~~fairly~~degree ~~reflect~~of compliance with the ~~transactions~~policies ~~and~~or ~~dispositions~~procedures ofmay ~~assets;~~ deteriorate.

~~provide~~The ~~reasonable~~Partnership’s ~~assurance~~management, ~~that~~with ~~transactions~~the participation of the Senior Managing Director and SVP of Finance/CFO of the General Partner, who are ~~recorded~~the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, is responsible for establishing and maintaining adequate internal control over financial reporting (as ~~necessary~~defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) for the Partnership. Our internal control over financial reporting is a process designed to ~~permit~~provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. generally accepted accounting principles,. ~~and~~The Partnership’s management does not expect that ~~receipts~~our disclosure controls and ~~expenditures~~procedures ~~are~~or ~~being~~internal ~~made~~control ~~only~~system inwill ~~accordance~~prevent ~~with~~all ~~authorizations~~errors ofand ~~the~~fraud. ~~Partnership’s~~A ~~management;~~control system, no matter how well conceived and operated, can provide only reasonable, not absolute,

~~provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.~~ 26

assurance that the objectives of the internal control system are achieved. Because of ~~its~~the inherent limitations, in any internal control ~~over~~system, ~~financial~~no ~~reporting~~evaluation ~~may~~of ~~not~~controls ~~prevent~~can orprovide ~~detect~~absolute ~~misstatements.~~assurance ~~Projections~~that all control issues and instances of error or fraud, if any, ~~evaluation~~within ofa ~~effectiveness~~company tohave ~~future~~been ~~periods~~or ~~are~~will ~~subject~~be todetected. ~~the~~Accordingly, ~~risks~~our ~~that~~disclosure controls ~~may~~and ~~become~~procedures ~~inadequate~~are ~~because~~designed ofto ~~changes~~provide inreasonable, ~~conditions~~not absolute, orassurance that the ~~degree~~objectives of ~~compliance~~the ~~with~~internal control system are met. Notwithstanding the ~~policies~~foregoing, orthe ~~procedures~~Partnership’s ~~may~~management ~~deteriorate~~is not aware of any material weakness in the Partnership’s internal control over financial reporting.

27The Partnership’s management assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2019. In making this assessment, the Partnership’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.

~~The~~Based ~~Partnership’s~~on ~~management,~~their ~~with the participation of the Senior Managing Director and SVP of Finance/CFO of the General Partner~~assessment, ~~who are~~ the ~~equivalent of the~~ Partnership’s principal executive officer and principal financial officer, respectively, is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) for the Partnership. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. generally accepted accounting principles. The Partnership’s management ~~does~~concluded ~~not expect~~ that ~~our disclosure controls and procedures or internal control system will prevent all errors and fraud. A control system~~, noas ~~matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives~~ of ~~the~~December ~~internal control system are achieved. Because of the inherent limitations in any internal control system~~31, ~~no evaluation of controls can provide absolute assurance that all control issues and instances of error or fraud~~2019, ~~if any, within a company have been or will be detected. Accordingly, our disclosure controls and procedures are designed to provide reasonable, not absolute, assurance that~~ the ~~objectives of the internal control system are met. Notwithstanding the foregoing, the~~ Partnership’s ~~management is not aware of any material weakness in the Partnership’s~~ internal control over financial reporting is effective.

~~The~~This ~~Partnership’s~~annual ~~management~~report ~~assessed~~does ~~the~~not ~~effectiveness~~include an attestation report of the Partnership’s registered public accounting firm regarding internal control over financial reporting. asManagement’s ofreport ~~December~~was ~~31,~~not ~~2018.~~subject Into ~~making~~attestation ~~this~~by ~~assessment,~~ the Partnership’s ~~management~~registered ~~used~~public ~~the~~accounting ~~criteria~~firm ~~set~~pursuant ~~forth~~to byrules of the ~~Committee~~Securities ofand ~~Sponsoring~~Exchange ~~Organizations~~Commission ofthat permit the ~~Treadway~~Partnership ~~Commission~~to ~~(COSO)~~provide only management’s report in ~~Internal~~this ~~Control-Integrated~~annual ~~Framework~~report.

~~Based~~(b)Changes onin ~~their~~Internal ~~assessment,~~Control ~~the~~Over ~~Partnership’s~~Financial ~~management concluded that, as of December 31, 2018, the Partnership’s internal control over financial reporting is effective.~~Reporting

~~This~~There ~~annual~~has ~~report~~been ~~does~~no ~~not~~change ~~include~~in ~~an attestation report of~~ the Partnership’s ~~registered public accounting firm regarding~~ internal control over financial reporting. ~~Management’s~~(as ~~report~~defined ~~was~~in ~~not~~Rules ~~subject~~13a-15(f) toand ~~attestation~~15d-15(f) byunder the ~~Partnership’s~~Exchange ~~registered~~Act) ~~public~~during ~~accounting~~the ~~firm~~fourth ~~pursuant~~quarter ~~to rules~~ of ~~the~~2019 ~~Securities~~that ~~and~~has ~~Exchange~~materially ~~Commission~~affected, ~~that~~or ~~permit~~is ~~the~~reasonably ~~Partnership~~likely to ~~provide~~materially ~~only~~affect, ~~management~~the Partnership’s ~~report~~internal incontrol ~~this~~over ~~annual~~financial ~~report~~reporting.

~~(b)Changes~~Item in9B. ~~Internal~~Other ~~Control Over Financial Reporting~~ Information

There has been no change in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2018 that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reportingNone.

~~Item 9B. Other Information~~ 27

~~None.~~PART III

28Item 10. Directors, Executive Officers and Corporate Governance

~~PART~~Real ~~III~~Estate Associates Limited IV (the “Partnership” or the “Registrant”) has no officers or directors. The general partner responsible for conducting the business of the Partnership is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the “General Partner”).

~~Item~~The ~~10. Directors,~~General ~~Executive~~Partner ~~Officers~~manages and ~~Corporate~~controls ~~Governance~~ substantially all of the Partnership’s affairs and has general responsibility and ultimate authority in all matters affecting its business. There are no family relationships between or among any officers.

~~Real Estate Associates Limited IV (the “Partnership” or the “Registrant”) has no officers or directors.~~ The ~~general~~names ~~partner~~and ~~responsible~~ages ~~for~~of, ~~conducting~~as ~~the~~well ~~business~~as of the ~~Partnership~~positions isand ~~National~~offices ~~Partnership~~held ~~Investments~~by, ~~LLC,~~the apresent ~~California~~officers ~~limited~~of ~~liability company (“~~NAPICO” orare ~~the~~set ~~“General~~forth ~~Partner”).~~below:

The General Partner manages and controls substantially all of the Partnership’s affairs and has general responsibility and ultimate authority in all matters affecting its business. There are no family relationships between or among any officers.

Name	Age	Position
Brian Flaherty	51	Senior Managing Director
Joseph Dryden	58	SVP of Finance/CFO

~~The~~Brian ~~names~~Flaherty ~~and~~is ~~ages~~the Senior Managing Director of the General Partner and Bethesda Holdings II, asLLC ~~well~~and has served as the equivalent of the chief executive officer of the Partnership since December 19, 2012. In February 2012, Mr. Flaherty was appointed to Senior Managing Director with McGrath Investment Management, LLC with responsibilities for asset management and transactions. Previously, Mr. Flaherty served in various positions at Aimco, which he joined in 2002, most recently serving as Senior Vice President with responsibilities for asset management and ~~offices~~transactions, ~~held~~from byJanuary 2009 to February 2012, ~~the~~and ~~present~~in ~~officers~~various acquisition, asset management, and disposition functions within Aimco covering both conventional and affordable portfolios from 2002 through 2012. Prior to joining Aimco, Mr. Flaherty was Vice President of Acquisitions for NAPICO, ~~are~~responsible ~~set~~for ~~forth~~originating, ~~below:~~structuring, and underwriting equity investments in multi-family Low Income Housing Tax Credit Projects.

Name	Age	Position
Brian Flaherty	50	Senior Managing Director
Joseph Dryden	57	SVP of Finance/CFO

Mr. Joseph Dryden is the SVP of Finance/CFO of the general partner of the Partnership and of Bethesda Holdings II, LLC, and the Chief Financial Officer of the Partnership since October 3, 2013. Since August 2013, Mr. Dryden has worked with McGrath Investment Management, LLC, most recently as CFO. Mr. Dryden joins the Partnership from Republic-Financial, a multinational finance and private equity firm he joined in March 2010, where he served as Republic’s Corporate Controller. As the Corporate Controller, Mr. Dryden was responsible for the development and management of highly complex multi-level consolidated audited financial statements. Prior to Republic, Mr. Dryden was the CFO for Decision Display, a Denver based audio visual company specializing in high tech command centers and control rooms, which he joined in 2005. In this role Mr. Dryden was responsible for all accounting and finance functions including all financial reporting, detailed cash management and forecasting and also managed the company’s banking relationships. Additionally, from 2007 to 2010 Mr. Dryden was the President of Dryden Consulting, an accounting and management consulting firm specializing in GAAP and SEC reporting, internal and external audit assistance and Sarbanes-Oxley compliance. Dryden Consulting’s client list included 1st Data, AIMCO, Crocs, Woodward Governor, McData, and several other large publicly traded companies. Mr. Dryden’s expertise in GAAP financial reporting, SEC reporting, cash management and process improvement enable him to create value for the Partnership. Mr. Dryden received a Bachelor of Arts Degree in Accounting from Clarke University in 1984.

Brian Flaherty is the Senior Managing Director of the General Partner and Bethesda Holdings II, LLC and has served as the equivalent of the chief executive officer of the Partnership since December 19, 2012. In February 2012, Mr. Flaherty was appointed to Senior Managing Director with McGrath Investment Management, LLC with responsibilities for asset management and transactions. Previously, Mr. Flaherty served in various positions at Aimco, which he joined in 2002, most recently serving as Senior Vice President with responsibilities for asset management and transactions, from January 2009 to February 2012, and in various acquisition, asset management, and disposition functions within Aimco covering both conventional and affordable portfolios from 2002 through 2012. Prior to joining Aimco, Mr. Flaherty was Vice President of Acquisitions for NAPICO, responsible for originating, structuring, and underwriting equity investments in multi-family Low Income Housing Tax Credit Projects. 28

~~Mr.~~The ~~Joseph~~Registrant ~~Dryden~~ is ~~the~~not ~~SVP~~aware of ~~Finance/CFO of~~ the ~~general~~involvement ~~partner~~in ofany ~~the~~legal ~~Partnership~~proceedings ~~and of Bethesda Holdings II, LLC, and the Chief Financial Officer of the Partnership since October 3, 2013. Since August 2013, Mr. Dryden has worked~~ with ~~McGrath~~respect Investment Management, LLC, most recently as CFO. Mr. Dryden joins the Partnership from Republic-Financial, a multinational finance and private equity firm he joined in March 2010, where he served as Republic’s Corporate Controller. As the Corporate Controller, Mr. Dryden was responsible for the development and management of highly complex multi-level consolidated audited financial statements. Prior to ~~Republic, Mr. Dryden was~~ the ~~CFO~~executive ~~for~~officers ~~Decision~~listed ~~Display, a Denver based audio visual company specializing~~ in ~~high tech command centers and control rooms, which he joined in 2005. In~~ this ~~role~~Item Mr10. Dryden was responsible for all accounting and finance functions including all financial reporting, detailed cash management and forecasting and also managed the company’s banking relationships. Additionally, from 2007 to 2010 Mr. Dryden was the President of Dryden Consulting, an accounting and management consulting firm specializing in GAAP and SEC reporting, internal and external audit assistance and Sarbanes-Oxley compliance. Dryden Consulting’s client list included 1st Data, AIMCO, Crocs, Woodward Governor, McData, and several other large publicly traded companies. Mr. Dryden’s expertise in GAAP financial reporting, SEC reporting, cash management and process improvement enable him to create value for the Partnership. Mr. Dryden received a Bachelor of Arts Degree in Accounting from Clarke University in 1984.

29The General Partner does not have a separate audit committee. As such, the officers of the General Partner fulfill the functions of an audit committee. The General Partner has determined that Joseph Dryden meets the requirement of an "audit committee financial expert". The General Partner has also determined that Mr. Dryden is independent under applicable SEC rules and regulations.

The ~~Registrant~~Partnership ishas ~~not~~adopted ~~aware~~a code of ~~the~~ethics ~~involvement~~that inis ~~any~~attached ~~legal~~hereto ~~proceedings~~as ~~with~~Exhibit ~~respect to the executive officers listed in this Item 10~~14.

~~The~~Section ~~General Partner does not have~~ 16(a) ~~separate~~Beneficial ~~audit~~Ownership ~~committee.~~Reporting As such, the officers of the General Partner fulfill the functions of an audit committee. The General Partner has determined that Joseph Dryden meets the requirement of an "audit committee financial expert". The General Partner has also determined that Mr. Dryden is independent under applicable SEC rules and regulations.Compliance

~~The~~Section 16(a) (“Section 16(a)”) of the Securities Exchange Act of 1934, as amended, requires directors, executive officers and holders of more than ten percent of the Partnership’s ~~has~~limited ~~adopted~~partner ainterests ~~code~~to file with the SEC initial reports of ~~ethics~~ownership ~~that~~and isreports ~~attached~~of ~~hereto~~changes asin ~~Exhibit~~ownership 14of such securities. Directors, officers and 10% holders are required by SEC rules to furnish the Partnership with copies of all of the Section 16(a) reports they file.

Based solely on a review of reports furnished to the Partnership during the 2019 fiscal year or written representations from the officers of the General Partner, and except as previously disclosed, no directors, officers or 10% holders failed to file on a timely basis reports required by Section 16(a) ~~Beneficial~~during ~~Ownership~~the ~~Reporting~~2019 ~~Compliance~~fiscal year.

~~Section~~Item 16(a) (“Section 16(a)”) of the Securities Exchange Act of 1934, as amended, requires directors, executive officers and holders of more than ten percent of the Partnership’s limited partner interests to file with the SEC initial reports of ownership and reports of changes in ownership of such securities11. ~~Directors,~~Executive ~~officers and 10% holders are required by SEC rules to furnish the Partnership with copies of all of the Section 16(a) reports they file.~~Compensation

~~Based~~None ~~solely on a review~~ of ~~reports furnished to~~ the ~~Partnership during the 2018 fiscal year or written representations from the~~ officers of the General Partner, ~~and~~received ~~except~~any asremuneration ~~previously~~from ~~disclosed,~~the noPartnership ~~directors, officers or 10% holders failed to file on a timely basis reports required by Section 16(a)~~ during the ~~2018~~year ~~fiscal~~ended ~~year~~December 31, 2019.

Item 1112. ~~Executive~~ ~~Compensation~~ Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

~~None~~(a)Security ofOwnership ~~the officers~~ of ~~the~~Certain ~~General~~Beneficial ~~Partner received any remuneration from the Partnership during the year ended December 31, 2018.~~ Owners

~~Item~~The ~~12. Security~~general ~~Ownership~~partners own all of ~~Certain~~the ~~Beneficial~~outstanding ~~Owners~~general ~~and~~partnership ~~Management~~interests ~~and~~of ~~Related~~the ~~Stockholder~~Registrant. ~~Matters~~ Except as noted below, no person or entity is known to own beneficially in excess of 5 percent of the outstanding limited partnership interests.

(a)Security Ownership of Certain Beneficial Owners

Name and address of beneficial owner

Number of limited partnership interests and nature of beneficial ownership

Percentage

Bethesda Holdings II, LLC

Denver, CO

3,565.94

Parent corporation of NAPICO

27.44%

~~The~~(b)None ~~general partners own all~~ of the ~~outstanding~~officers ~~general partnership interests~~ of the ~~Registrant.~~General ~~Except~~Partner asown ~~noted~~directly ~~below, no person~~ or ~~entity~~beneficially isany ~~known~~limited topartnership ~~own~~interests ~~beneficially~~ in ~~excess of 5 percent of~~ the ~~outstanding limited partnership interests~~Registrant.

Name and address of beneficial owner	Number of limited partnership interests and nature of beneficial ownership	Percentage
Bethesda Holdings II, LLC Denver, CO	3,337.94 Parent corporation of NAPICO	25.69%

(c)The Partnership does not have any equity compensation plans.

~~(b)None of the officers of the General Partner own directly or beneficially any limited partnership interests in the Registrant.~~ 29

30Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local Limited Partnership at the beginning of the year. Invested assets is defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the Local Limited Partnership. The management fee was approximately $7,000 for each of the years ended December 31, 2019 and 2018. Additionally, the Partnership reimburses NAPICO for expenses incurred by NAPICO on behalf of the Partnership but paid by NAPICO for convenience. These reimbursed expenses were approximately $10,000 and $9,000 for the years ended December 31, 2019 and 2018, respectively.

~~Item~~Bethesda 13and its affiliates owned 3,565. ~~Certain~~94 ~~Relationships~~limited partnership interests in the Partnership representing 27.44% of the outstanding limited partnership interests in the Partnership at December 31, 2019. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests, either through private purchases or tender offers. Pursuant to the Partnership Agreement, holders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and ~~Related~~voting ~~Transactions~~to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole member. As a result, the duties of the General Partner, as general partner, to the Partnership and ~~Director~~its ~~Independence~~ limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole member.

~~Under~~Neither the ~~terms of the Restated Certificate and Agreement of Limited~~ Partnership, ~~the~~nor ~~Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of~~ the ~~Partnership’s~~General ~~original~~Partner ~~remaining~~has ~~invested~~a ~~assets~~board of ~~the Local Limited Partnership at the beginning of the year~~directors. Invested assets is defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the Local Limited Partnership. The management fee was approximately $7,000 for each of the years ended December 31, 2018 and 2017. Additionally, the Partnership reimburses NAPICO for expenses incurred by NAPICO on behalf of the Partnership but paid by NAPICO for convenience. These reimbursed expenses were approximately $9,000 and $19,000 for the years ended December 31, 2018 and 2017, respectively.

~~Bethesda~~Item ~~and its affiliates owned 3,337~~14.94 ~~limited~~Principal ~~partnership~~Accounting ~~interests~~Fees in the Partnership representing 25.69% of the outstanding limited partnership interests in the Partnership at December 31, 2018. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests, either through private purchases or tender offers. Pursuant to the Partnership Agreement, holders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole member. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole member.Services

~~Neither~~Audit ~~the~~Fees. ~~Partnership~~Fees ~~nor~~for ~~the~~audit ~~General~~services ~~Partner~~totaled ~~has~~approximately a$14,500 ~~board~~for both 2019 and 2018, respectively. Fees for audit services also include fees for the reviews of ~~directors~~the Partnership’s Quarterly Reports on Form 10-Q.

~~Item~~Audit-Related 14Fees. ~~Principal~~ ~~Accounting Fees and Services~~ None

~~Audit~~Tax Fees. Fees for ~~audit~~tax services totaled approximately $1410,~~500~~000 for both ~~2018~~2019 and ~~2017~~2018, respectively. ~~Fees for audit services also include fees for the reviews of the Partnership’s Quarterly Reports on Form 10-Q.~~

~~Audit-Related~~All Other Fees. None

~~Tax Fees. Fees for tax services totaled approximately $10,000 for both 2018 and 2017, respectively.~~30

~~All~~PART ~~Other Fees. None~~IV

31Item 15. Exhibits, Financial Statement Schedules

~~PART~~(a)The IVfollowing financial statements of the Partnership are included in Item 8:

~~Item~~Balance ~~15. Exhibits~~Sheets at December 31, ~~Financial~~2019 ~~Statement~~and ~~Schedules~~ 2018.

~~(a)The~~Statements ~~following~~of ~~financial~~Operations ~~statements~~for of the ~~Partnership~~years ~~are~~ended ~~included~~December in31, ~~Item~~2019 8: and 2018.

~~Balance~~Statements ~~Sheets~~of atChanges in Partners' Capital for the years ended December 31, ~~2018~~2019 and ~~2017~~2018.

Statements of ~~Operations~~Cash Flows for the years ended December 31, ~~2018~~2019 and ~~2017~~2018.

~~Statements~~Notes ofto ~~Changes~~Financial ~~in Partners' Capital for the years ended December 31, 2018 and 2017~~Statements.

~~Statements~~Schedules ofare ~~Cash~~omitted ~~Flows~~ for the ~~years~~reason ~~ended~~that ~~December~~they ~~31,~~are ~~2018~~inapplicable ~~and~~or ~~2017~~equivalent information has been included elsewhere herein.

~~Notes to Financial Statements.~~(b)Exhibits:

~~Schedules~~See ~~are~~Exhibit ~~omitted for the reason that they are inapplicable or equivalent information has been included elsewhere herein~~index.

~~(b)Exhibits~~The agreements included as exhibits to this Form 10-K contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

~~See~~should ~~Exhibit~~not ~~index.~~in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

~~The~~have ~~agreements~~been ~~included~~qualified asby ~~exhibits~~disclosures tothat ~~this~~were ~~Form~~made ~~10-K~~to ~~contain~~the ~~representations~~other ~~and~~party ~~warranties~~in byconnection ~~each~~with of the ~~parties~~negotiation toof the applicable agreement., ~~These~~which ~~representations~~disclosures ~~and~~are ~~warranties~~not ~~have~~necessarily ~~been~~reflected ~~made~~in ~~solely for~~ the ~~benefit of the other parties to the applicable~~ agreement ~~and:~~;

~~should~~may ~~not~~apply instandards ~~all instances be treated as categorical statements~~ of ~~fact,~~materiality ~~but~~in ~~rather as~~ a way ofthat ~~allocating~~is ~~the~~different ~~risk~~from towhat ~~one~~may ofbe ~~the~~viewed ~~parties~~as ifmaterial ~~those statements prove~~ to bean ~~inaccurate~~investor; and

~~have~~were ~~been~~made ~~qualified~~only byas ~~disclosures~~of ~~that~~the ~~were~~date ~~made~~of to the applicable agreement or such other ~~party~~date inor ~~connection~~dates ~~with~~as ~~the~~may ~~negotiation~~be ofspecified in the ~~applicable~~ agreement, ~~which~~and ~~disclosures~~ are ~~not~~subject ~~necessarily~~to ~~reflected~~more inrecent ~~the agreement;~~developments.

Accordingly, these representations and warranties may ~~apply~~not ~~standards~~describe the actual state of ~~materiality~~affairs inas aof ~~way~~the date they were made or at any other time. The Partnership acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is ~~different~~responsible ~~from~~for ~~what~~considering ~~may~~whether beadditional ~~viewed~~specific asdisclosures of material information regarding material contractual provisions are required to anmake ~~investor;~~the statements in this Form 10-K not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-K and the Partnership’s other public filings, which are available without charge through the SEC’s websi1te at http://www.sec.gov.

~~were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.~~ 31

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Partnership acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Form 10-K not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-K and the Partnership’s other public filings, which are available without charge through the SEC’s websi1te at http://www.sec.gov. SIGNATURES

32Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SIGNATURES

	REAL ESTATE ASSOCIATES LIMITED IV

	By:National Partnership Investments, LLC
	General Partner

Date: March 11, 2020	By: /s/ Brian Flaherty
	Brian Flaherty
	Title: Senior Managing Director

Date: March 11, 2020	By: /s/ Joseph Dryden
	Joseph Dryden
	Title: SVP of Finance/CFO

Pursuant to the requirements of ~~Section 13 or 15(d) of~~ the Securities Exchange Act of 1934, ~~the~~this ~~registrant~~report has ~~duly~~been ~~caused~~signed ~~this~~below ~~report~~by tothe befollowing ~~signed~~persons on ~~its~~ behalf byof the ~~undersigned,~~registrant ~~thereunto~~and ~~duly~~in ~~authorized~~the capacities and on the dates indicated.

	REAL ESTATE ASSOCIATES LIMITED IV
/s/ Brian Flaherty	Senior Managing Director	Date: March 11, 2020
	By:National Partnership Investments, LLC
Brian Flaherty
	General Partner
/s/ Joseph Dryden	SVP of Finance/CFO	Date: March 11, 2020
Date: March 25, 2019	By:/s/ Brian Flaherty
Joseph Dryden
	Brian Flaherty
	Title: Senior Managing Director
Date: March 25, 2019	By:/s/ Joseph Dryden
	Joseph Dryden
	Title: SVP of Finance/CFO

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 registrant and in the capacities and on the dates indicated.32

/s/ Brian Flaherty	Senior Managing Director	Date: March 25, 2019
Brian Flaherty
/s/ Joseph Dryden	SVP of Finance/CFO	Date: March 25, 2019
Joseph Dryden

REAL ESTATE ASSOCIATES LIMITED IV

33EXHIBIT INDEX

~~REAL~~ExhibitDescription ~~ESTATE~~of ~~ASSOCIATES LIMITED IV~~Exhibit

~~EXHIBIT~~3 ~~INDEX~~Articles of incorporation and by laws. The Registrant is not incorporated. The Partnership Agreement was filed with Form S-11, File No. 274063 which is hereby incorporated by reference.

~~Exhibit Description~~3.1Amendments to Restated Certificate and Agreement of ~~Exhibit~~Limited Partnership (filed with the Partnership’s Current Report on Form 8-K dated February 2, 2005 and incorporated herein by reference).

3.2Restated ~~Articles~~Certificate ofand ~~incorporation~~Agreement ~~and~~of byLimited ~~laws.~~Partnership ~~The~~(complete ~~Registrant~~text isas ~~not~~amended) ~~incorporated.~~(filed ~~The~~with the Partnership’s ~~Agreement~~Current ~~was~~Report ~~filed~~on ~~with~~ Form S8-~~11,~~K ~~File~~dated ~~No.~~February ~~274063~~2, ~~which~~2005 isand ~~hereby~~ incorporated herein by reference).

310.~~1Amendments~~1Agreement tofor ~~Restated~~Purchase ~~Certificate~~ and ~~Agreement~~Sale of ~~Limited~~Real ~~Partnership~~Property, ~~(filed~~by ~~with~~and ~~the~~between ~~Partnership’s~~Better ~~Current~~Housing ~~Report~~Associates, onLimited ~~Form~~Partnership, ~~8-K~~a ~~dated~~Connecticut ~~February~~limited 2liability company, ~~2005~~ and ~~incorporated~~Hartford ~~herein~~Preservation byA ~~reference)~~LLC, a Connecticut limited liability company.

~~3.2Restated~~14Code ~~Certificate~~of Business Conduct and ~~Agreement~~Ethics of ~~Limited~~Real ~~Partnership~~Estate ~~(complete~~Associates ~~text~~Limited asIV. ~~amended)~~ (filed with the Partnership’'s ~~Current~~Annual Report on Form 810-K dated ~~February~~April 21, ~~2005~~2013 and incorporated ~~herein~~ by reference herein).

1031.~~1Assignment~~1Certification ~~and~~of ~~Assumption~~equivalent ~~Agreement~~of byChief ~~and~~Executive ~~between~~Officer ~~Real~~pursuant ~~Estate~~to ~~Associates~~Securities ~~Limited~~Exchange ~~IV,~~Act aRules ~~California limited partnership, Terrace House, LLC,~~ 13a-14(a ~~Connecticut limited liability company~~)/15d-14(a), W.as ~~Matthew~~Adopted ~~Harp~~Pursuant ~~and~~to ~~John~~Section D.302 ~~Prete,~~of ~~dated October 22, 2012, incorporated by reference to~~ the ~~Partnership’s Current Report on Form 8~~Sarbanes-KOxley ~~dated~~Act ~~October~~of ~~22, 2012~~2002.

~~14Code~~31.2Certification of ~~Business~~equivalent ~~Conduct and Ethics~~ of ~~Real~~Chief ~~Estate~~Financial ~~Associates~~Officer ~~Limited~~pursuant ~~IV.~~to ~~(filed~~Securities ~~with~~Exchange ~~the~~Act ~~Partnership's~~Rules ~~Annual~~13a-14(a)/15d-14(a), ~~Report~~as onAdopted ~~Form~~Pursuant ~~10-K~~to ~~dated~~Section ~~April~~302 1,of ~~2013~~the ~~and~~Sarbanes-Oxley ~~incorporated~~Act byof ~~reference herein)~~2002.

3132.1Certification of equivalent of Chief Executive Officer and Chief Financial Officer pursuant to ~~Securities~~18 ~~Exchange~~U.S.C. ~~Act~~Section ~~Rules 13a-14(a)/15d-14(a)~~1350, as Adopted Pursuant to Section ~~302~~906 of the Sarbanes-Oxley Act of 2002. (1)

31101XBRL (Extensible Business Reporting Language).~~2Certification~~ ofThe ~~equivalent~~following ofmaterials ~~Chief~~from ~~Financial~~Real ~~Officer~~Estate ~~pursuant~~Associates toLimited ~~Securities~~IV’s ~~Exchange~~Annual ~~Act~~Report ~~Rules~~on ~~13a~~Form 10-14K for the fiscal year ended December 31, 2019, formatted in XBRL: (ai)~~/15d-14~~ balance sheets, (aii) statements of operations, as(iii) ~~Adopted~~statements ~~Pursuant~~of tochanges ~~Section~~in ~~302~~partners’ equity, (iv) statements of ~~the~~cash ~~Sarbanes-Oxley~~flows, ~~Act~~and of(v) ~~2002~~notes to financial statements.

~~32.1Certification~~(1)Furnished ofbut ~~equivalent~~not ~~of Chief Executive Officer and Chief Financial Officer pursuant to 18 U~~filed.~~S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (1)~~

101XBRL (Extensible Business Reporting Language). The following materials from Real Estate Associates Limited IV’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statements of changes in partners’ equity, (iv) statements of cash flows, and (v) notes to financial statements. 33

(1)Furnished but not filed.

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