10-Q 1 tenq.txt 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarter Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter ended June 30, 2003 Commission file number 33-11194 CENTURY PACIFIC HOUSING FUND-I (Exact name of registrant as specified in its charter) California 95-3938971 (state of other jurisdiction of (I.R.S. Employer incorporation of organization) Identification Number) 1925 Century Park East, Suite 1900 Los Angeles, CA 90067 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (800)262-8242 No Change (Former name, former address and former fiscal year if changed since last report) Indicate by a check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [x] No[ ] CENTURY PACIFIC HOUSING FUND I TABLE OF CONTENTS Page PART I FINANCIAL INFORMATION Item 1 Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . 3 Item 2 Management's Discussion and Analysis Of Financial Condition and Results of Operations. . . . . . . . . . . . . . . . . . 11 Item 3 Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . . 16 Item 4 Controls and Procedures . . . . . . . . . . . 16 PART II OTHER INFORMATION Item 6 Exhibits and Reports on Form 8-K . . . . . . . 17 SIGNATURE CERTIFICATIONS EXHIBITS 2 PART I FINANCIAL INFORMATION ITEM 1 FINANCIAL STATEMENTS CENTURY PACIFIC HOUSING FUND-I BALANCE SHEET (Unaudited) June 30, March 31, 2003 2003 -------- --------- ASSETS Cash $0 $0 Receivable from Related Parties (Note 3) 4,934 4,934 Investments in Limited Partnerships (Note 4) 0 0 -------- --------- $4,934 $4,934 -------- --------- LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Accounts Payable and Accrued Expenses 10,800 10,800 Advance From Affiliate 62,455 62,455 Amounts Payable to Related Parties (Note 3) 1,159,072 1,144,072 --------- --------- 1,232,327 1,217,327 --------- --------- Commitments and Contingencies Partners' Equity (Deficit), per accompanying statement General Partners (403,270) (402,970) Limited Partners, $1,000 stated value per unit, 50,000 units authorized, 22,315 units issued and outstanding (824,123) (809,423) --------- --------- (1,227,393) (1,212,393) ---------- ---------- $4,934 $4,934 ---------- ---------- The accompanying notes are an integral part of this statement. 3 CENTURY PACIFIC HOUSING FUND-I STATEMENT OF OPERATIONS (Unaudited) Three Months Ended June 30, 2003 2002 ------- ------- Revenues: Interest Income $0 $0 Other Income 0 0 --------- -------- 0 0 --------- -------- Expenses: General and Administrative (Note 3) 15,000 15,015 Equity in Net Losses of Operating Partnership (Note 4) 0 0 --------- -------- 15,000 15,015 --------- -------- Net Loss $(15,000) $(15,015) ========= ======== Allocation of Net Loss General Partners $(300) $(300) Limited Partners (14,700) (14,715) --------- -------- $(15,000) $(15,015) ========= ======== Net Loss Per Unit of Limited Partnership Interest (1) (1) ======= ====== Average Number of Units Outstanding 22,315 22,315 ======= ====== The accompanying notes are an integral part of this statement. 4 CENTURY PACIFIC HOUSING FUND-I STATEMENT OF PARTNERS' EQUITY (DEFICIT) June 30, 2003 (Unaudited) General Limited Partners Partners Total -------- -------- ----- Balance at March 31, 2003 $(402,970) $(809,423) $(1,212,393) Net Loss (300) (14,700) (15,000) --------- --------- ----------- Equity (Deficit) at June 30, 2003 $(403,270) $(824,123) $(1,227,393) --------- --------- ----------- Percentage Interest June 30, 2003 2% 98% 100% --------- --------- ----------- The accompanying notes are an integral part of this statement. 5 CENTURY PACIFIC HOUSING FUND-I STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended June 30, 2003 2002 -------- -------- Cash Flow From Operating Activities: Net Loss $(15,000) $(15,015) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Increase in payable to related parties 15,000 15,000 ------- -------- Net Cash (Used in) Operating Activities $0 $(15) ------- -------- Net Decrease in Cash $0 $(15) Cash Beginning of Period 0 537 ------- -------- Cash End of Period $0 522 ------- -------- The accompanying notes are an integral part of this statement. 6 CENTURY PACIFIC HOUSING FUND-I a California Limited Partnership NOTES TO FINANCIAL STATEMENTS NOTE 1 - DESCRIPTION OF THE PARTNERSHIP AND ITS ORGANIZATION: Century Pacific Housing Fund I, a California limited partnership (the "Partnership" or "CPHF-I") was formed on October 6, 1986 for the purpose of raising capital by offering and selling limited partnership interests and then acquiring limited partnership interests in partnerships (the "Operating Partnerships") which acquire and operate existing residential apartment rental properties (the "Properties"). The general partners of the Partnership are Century Pacific Capital Corporation, a California corporation ("CPCC"), and Irwin Jay Deutch, an individual (collectively, the "General Partners"). The General Partners and affiliates of the General Partners (the "General Partners and Affiliates") have interests in the Partnership and receive compensation from the Partnership and the Operating Partnerships (Note 3). The Properties qualify for the "Low-Income Housing Tax Credit" established by Section 42 of the Tax Reform Act of 1986 (the "Low-Income Housing Tax Credit") and one Property qualifies for Historic Rehabilitation Tax Credits (collectively the "Tax Credits"). These Properties are leveraged low-income multifamily residential complexes and some receive one or more forms of assistance from federal, state or local governments, or agencies (the "Government Agencies") while others do not receive any subsidy from Government Agencies although some may have mortgage loans insured by a Government Agency. In July 1987, the Partnership began raising capital from sales of limited partnership interests at $1,000 per interest ("unit"). The limited partnership offering closed in April 1988, with 22,315 units having been sold. The Partnership acquired limited partnership interest ranging from 90% to 99% in 21 Operating Partnerships, which have invested in rental property. Basis of Presentation The accompanying unaudited financial statements of Century Pacific Housing Fund I (the "Company") as of June 30, 2003 and March 31, 2003(the March 31, 2003 financial information included herein has been extracted from the Company's audited financial statements on Form 10-K) and for the three months ended June 30, 2003 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of the Partnership's management, all adjustments (consisting of only normal recurring adjustments) considered necessary to present fairly the financial statements have been made. 7 The statements of operations for the three months ended June 30, 2003 are not necessarily indicative of the results that may be expected for the entire year. These statements should be read in conjunction with the financial statements and related notes thereto included on form 10-K for the year ended March 31, 2003. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The following are the Partnership's significant accounting policies: Method of Accounting for Investments in Operating Partnerships: The Partnership uses the equity method to account for its investment in the Operating Partnerships in which it has invested (Note 4). Under the equity method of accounting, the investment is carried at cost and adjusted for the Partnership's share of the Operating Partnerships' results of operations and by cash distributions received. Equity in the loss of each Operating Partnership allocated to the Partnership is not recognized to the extent that the investment balance would become negative. Basis of Accounting: The Partnership maintains its financial records on the tax basis. Memorandum entries, while not recorded in the records of the Partnership, have been made in the financial statements to reflect accounting principles generally accepted in the United States of America. On August 7, 1991, management of the Partnership changed from a calendar year end to a fiscal year end of March 31 for financial reporting purposes. Accordingly, the Partnership's quarterly periods end June 30, September 30, and December 31. The Operating Partnerships, for financial reporting purposes, have a calendar year. The Partnership, as well as the Operating Partnerships, have a calendar year for income tax purposes. Syndication Costs: Public offering costs have been recorded as a direct reduction to the capital accounts of the Limited Partners. Organization, Acquisition and Other Costs: Costs incurred in organizing the Partnership and expenditures made by the Partnership in connection with its acquiring limited partnership interests in Operating Partnerships are deferred and amortized over a period of sixty months on a straight-line basis. Costs paid by the Partnership for organization of the Operating Partnerships as well as direct costs of acquiring Properties, including acquisition fees and reimbursable acquisition expenses paid to the General Partners, have been capitalized as investments in Operating Partnerships. Other fees and expenses of the Partnership are recognized as expenses in the period the related services are received. 8 Income Taxes: No provision has been made for income taxes in the accompanying financial statements since such taxes and/or the recapture of the Tax Credit benefits received, if any, are the liability of the individual partners. The Partnership uses the accrual method of accounting for tax purposes. NOTE 3 - TRANSACTIONS WITH THE GENERAL PARTNERS AND AFFILIATES OF THE GENERAL PARTNERS: The General Partners of the Partnership are CPCC and Irwin Jay Deutch. The original limited partner of the Partnership is Westwood Associates whose partners are Irwin Jay Deutch and key employees of CPCC. Century Pacific Placement Corporation ("CPPC"), an affiliate of the General Partners, served as the broker-dealer-manager for sales of limited partnership interests in the Partnership. Century Pacific Realty Corporation ("CPRC"), an affiliate of CPCC, is a general partner in each of the Operating Partnerships. The General Partners have an aggregate one percent interest in the Partnership, as does the original limited partner. CPRC has a one percent interest in each of the Operating Partnerships, except for one Operating Partnership in which it has a one-half percent interest. The General Partners and Affiliates receive compensation and reimbursement of expenses from the Partnership, as set forth in the limited partnership agreement, for their services in managing the Partnership and its business. The General Partners and Affiliates also receive compensation and reimbursement of expenses from the Operating Partnerships. This compensation and reimbursement includes services provided to the Partnership during its offering stage, acquisition stage, operational stage, and termination or refinancing stage. 9 NOTE 4 - INVESTMENTS IN OPERATING PARTNERSHIPS: The following is a summary of the Partnership's investments in Operating Partnerships: June 30, 2003 March 31, 2003 ------------- -------------- Cash Contributions to Operating Partnerships to fund purchase of beneficial interest in Properties $15,497,467 $15,497,467 Cash Contributions to Operating Partnerships to fund operations 6,150 6,150 Cash Distribution from Operating Partnerships (6,326) (6,326) Acquisition and Organization Cost 3,342,778 3,342,778 Equity in net losses of Operating Partnerships (18,840,069) (18,840,069) ------------ ----------- $ 0 $ 0 ============ =========== The names and locations of the Properties in which the Operating Partnerships hold beneficial interests at June 30, 2003 are as follows: Name of Operating Partnership Property Name Location Century Pacific Housing Partnership- I (CPHP-I) Charter House Dothan, Alabama CPHP-II Sunset Park Denver, Colorado CPHP-V Jaycee Towers Dayton, Ohio CPHP-VII Gulfway Terrace New Orleans, Louisiana CPHP-VIII Sunset Townhouses Newton, Kansas CPHP-IX Wind Ridge Wichita, Kansas CPHP-X Bergen Circle Springfield, MA. CPHP-XIII Atlantis Virginia Beach, VA. CPHP-XVI Rockwell Villas Oklahoma City, OK. CPHP-XVII London Square Village Oklahoma City, OK. CPHP-XVIII Ascension Towers Memphis, Tennessee CPHP-XIX Coleman Manor Baltimore, Maryland CPHP-XX Holiday Heights Fort Worth, Texas CPHP-XXII Harriet Tubman Terrace Berkeley, California The following combined statements of operations are prepared on the accrual basis and summarizes the operations of the Operating Partnerships for the three months ended June 30, 2003 and June 30, 2002. 10 Three Months Ended June 30, 2003 2002 Revenues: Rental Income $2,637,491 $4,213,441 Other 77,316 99,943 --------- --------- 2,714,807 4,313,384 --------- --------- Expenses Oper, Gen.& Adm. 2,222,654 3,481,727 Depreciation 674,501 1,035,466 Interest 651,239 758,859 --------- --------- 3,548,394 5,276,052 --------- --------- Net Loss $(833,587) $(962,668) ========= ========= ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS Results of Operations CHARTER HOUSE APARTMENTS - Dothan, Alabama Charter House Apartments is a complex of 25 garden-style residential buildings comprised of 100 units and a separate office facility on 14 acres of well-landscaped, rolling terrain. The unit mix consists of 52 two-bedroom and 48 three-bedroom units. Occupancy rate was 100% at June 30, 2003. Cash flow from operations was adequate to cover operating costs, debt service, and reserve accounts while maintaining levels for contingencies. Property rents were last increased in January 2001, and current annual gross potential rental revenue is approximately $295,720. SUNSET PARK APARTMENTS - Denver, Colorado Sunset Park Apartments is a contemporary 13-story elevator building of steel and masonry construction. The 242 units in the building consist of 3 two-bedroom units, 155 one-bedroom, and 84 efficiency units. Occupancy rate averaged 98% during the quarter. Cash flow from operations was adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in May and June, 2002, and the current annual gross potential rental revenue is approximately $1,163,736. The land, building and personal property are under sale contract for approximately $4,800,000. 11 HIGHLAND PARK APARTMENTS - Topeka, Kansas Highland Park Apartments is a 200-unit townhouse complex of 30 residential buildings situated on 15 acres. The two-story, modern townhouse buildings of wood frame and brick consist of 20 one-bedroom, 140 two-bedroom and 40 three-bedroom apartments. In May 2002, the land, building and personal property was sold For approximately $2,800,000.00 FOREST GLEN ESTATES - Kansas City, Kansas Forest Glen Estates is a 160-unit complex of 26 residential buildings situated on 17 acres. The property is comprised of one, two and three bedroom units with 140 two and three bedrooms in a multi-level townhouse style consisting of ground floor living and dining areas, upstairs bedrooms, and a basement. In June 2002, the land, building and personal property was sold for approximately $3,500,000.00 JAYCEE TOWERS - Dayton, Ohio Jaycee Towers is a 204-unit high-rise apartment building designated for the elderly and/or handicapped. There are 2 elevators to accommodate the twelve floors. Occupancy during the quarter averaged 95%. Cash flow was ample to satisfy operating costs, debt service and reserve accounts. Property rents were increased in July 2002 bringing the annual gross potential rental revenue to approximately $943,536. GREEN MEADOWS APARTMENTS - Danville, Illinois Green Meadows is a 150-unit garden complex consisting of 40 one-bedroom, 78 two-bedroom and 32 three-bedroom apartments. The units are arranged in 10 two-story buildings on 12 acres of land. In September 2002, the land, building and personal property was sold for approximately $1,700,000. GULFWAY TERRACE APARTMENTS - New Orleans, Louisiana Gulfway Terrace is an attractive 205-unit complex of 30 two-story apartment buildings and one single-story management office building on approximately 9 acres. The one-bedroom units are flats while the two and three-bedroom units are designed as townhouses. Occupancy was 81% at quarter's end. Cash flow was adequate to cover debt service and operating expenses. A 2% property rent increase took effect in November 2002, bringing the current annual gross potential rental revenue to approximately $1,001,400. 12 SUNSET TOWNHOUSES - Newton, Kansas Sunset Townhouse Apartments is a garden style complex of 10 rectangular buildings designed as two-story townhouses on 6.4 acres of land. There are 50 units in the complex made up of 32 two-bedrooms and 18 three-bedroom units. Occupancy rate averaged 52% for the quarter. Cash flow was barely adequate to cover operating costs, debt service and reserves. Property rents were last increased in April 1996, and annual gross potential rental revenue is approximately $211,800. The property is under sale contract for approximately $760,000. WIND RIDGE APARTMENTS (Aka Meridian Village) - Wichita, Kansas Wind Ridge Apartments is a 136-unit townhouse complex consisting of 35 two-story buildings situated on a 10-acre site. Constructed in 1969, the complex consists of 12 one-bedroom flats and 48 two-bedroom, 60 three-bedroom and 16 four-bedroom townhouse units. Occupancy averaged 88% during the quarter. Cash flow was barely adequate to cover operating expenses and debt service. Property rents were last adjusted in October 2002 and annual gross potential rental revenue is approximately $793,860. BERGEN CIRCLE - Springfield, Massachusetts Bergen Circle is a modern complex of 201 residential units consisting of 41 three and four-bedroom townhouses, 2 seven-story towers with 160 one and two-bedroom units and a free standing one-story masonry building for commercial tenants. The property averaged a 96% occupancy rate. Cash flow from operations was adequate to meet operating costs, debt service, and reserve accounts. Property rents for the Section 8 covered units were last increased in May 1995, and current annual gross potential rental revenue is approximately $1,647,768. CONTINENTAL TERRACE - Fort Worth, Texas Constructed in 1971, this garden-style complex consists of 200 units arranged in 34 two-story buildings on over 12 acres of land. It has 48 one-bedroom flats with 88 two-bedroom, 56 three-bedroom and 8 four-bedroom townhouse units. In December 2002, the land, building and personal property was sold for approximately $4,000,000. YALE VILLAGE - Houston, Texas Constructed in 1970, this garden-style complex consists of 250 units in 35 two-story buildings situated on 12.7 acres of land. There are 38 one-bedroom, 88 two-bedroom, 88 three-bedroom, 28 four-bedroom and 8 five-bedroom townhouse apartments. In December 2002, the land, building and personal property was sold for approximately $6,700.000. 13 ATLANTIS APARTMENTS - Virginia Beach, Virginia Constructed in 1970, this 208-unit complex is made up of 19 two-story buildings on over 14 acres of land. There are 20 one-bedroom, 96 two-bedroom and 92 three-bedroom apartments. The property's occupancy rate was 99% during the quarter. Cash flow was barely adequate to cover operating costs, debt service and reserve accounts. Property rents were last adjusted in May 2002, and the current annual gross potential rental revenue is approximately $1,282,416. KINGS ROW - Houston, Texas Constructed in 1968, this garden-style apartment complex consists of 180 units arranged in 18 two-story buildings on approximately 10 acres of land. The complex includes 20 one-bedroom, 54 two-bedroom, 82 three-bedroom and 24 four-bedroom apartments. In December 2002, the land, building and personal property was sold for approximately $5,300,000. CASTLE GARDENS - Lubbock, Texas Constructed in 1971, this garden-style complex consists of 152 apartments arranged in 14 two-story rectangular buildings. It has 16 one-bedroom, 104 two-bedroom and 32 three-bedroom units. In December 2002, the land, building and personal property was sold for approximately $3,200,000. ROCKWELL VILLAS - Oklahoma City, Oklahoma This garden-style complex consists of 60 units arranged in 5 buildings on approximately 4 acres of land. Constructed in 1970, the buildings include 24 one-bedroom, 24 two-bedroom, and 12 three-bedroom apartments. Occupancy rate averaged 90% during the quarter. Cash flow was barely adequate to cover operating costs, debt service, and reserve accounts for contingencies. Property rents were last adjusted in November 2002, and annual gross potential rental revenue is approximately $296,352. LONDON SQUARE - Oklahoma City, Oklahoma Constructed in 1970, this garden-style complex is made up of 18 rectangular two-story buildings, situated on over 12 acres of land. There are a total of 200 units consisting of 24 one-bedroom, 96 two-bedroom and 80 three-bedroom apartments. The property's occupancy rate averaged 89% for the quarter. Cash flow was barely adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in March 2002, and annual gross potential rental revenue is approximately $1,101,792. 14 ASCENSION TOWERS - Memphis, Tennessee Constructed in 1975, the property is a 13-story high-rise apartment building designated for the elderly and/or handicapped. Situated on almost 2 acres of land, the building contains 195 one-bedroom units and an office on the ground floor. The property boasts a 84% occupancy for several quarters in a row. Cash flow was adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in January 2001. Annual gross potential rental revenue is approximately $830,256. COLEMAN MANOR - Baltimore, Maryland This historic property, originally built in 1903, was reconstructed in 1988. This four-story building designated for the elderly and/or handicapped, consists of 47 one-bedroom units and 3 reserved guest/managerial units. Occupancy was 96% during the quarter. Cash flow was adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in December 1997, and annual gross potential rental revenue is approximately $365,100. HOLIDAY HEIGHTS - Fort Worth, Texas Constructed in 1972, the garden-style complex consists of 100 units, arranged in 20 two-story buildings, situated on over 9 acres of land. There are 40 one-bedroom, 44 two-bedroom and 16 three-bedroom apartments. The property had a 97% occupancy rate. Cash flow was adequate to cover operating costs, debt service, and reserve accounts. Annual gross potential rental revenue is approximately $633,600 which took effect September, 2002. HARRIET TUBMAN - Berkeley, California This property is a mid-rise apartment building with 91 units for the elderly and/or handicapped. Constructed in 1975, the six-story structure is made up of 1 two-bedroom, 42 one-bedroom and 48 studio apartments. Occupancy was 100% for the quarter and cash flow was adequate to satisfy debt service, operating costs, and reserve accounts. Property rents were increased in August 2001, and the current annual gross potential rental revenue is approximately $568,932. Liquidity and Capital Resources The partnership is currently experiencing a liquidity problem. Under the Partnership Agreement, the Partnership is entitled to receive distributions of surplus cash from the Operating Partnerships, which is to provide the funds necessary for the Partnership to meet its administrative expenses and pay the Partnerships management fees. At the present time, the Operating Partnerships 15 have not generated sufficient cash distributions to fund the Partnership's expenses. As a result of the foregoing, the Partnership has been dependent upon its affiliates and the General Partners for continued financial support to meet its expenses. Though there can be no assurance, management believes that affiliates and/or the General Partners, though not required to do so, will continue to fund operations of the Partnership and defer receipt of payment of allocated overhead administrative expenses and partnership management fees. Allocated administrative expenses paid or accrued to affiliates and the General Partners represent reimbursement of the actual cost of goods and materials used for or by the Partnership, salaries, related payroll costs and other administrative items incurred or allocated, and direct expenses incurred in rendering legal, accounting/bookkeeping, computer, printing and public relations services. Items excluded from the overhead allocation include overhead expenses of the General Partners, including rent and salaries of employees not specifically performing the services described above. Unpaid allocated administrative expenses and partnership management fees, an annual amount up to .5% of invested assets, will accrue for payment in future operating years. The Partnership is not expected to have access to any significant sources of financing. Accordingly, if unforeseen contingencies arise that cause an Operating Partnership to require additional capital to sustain operations, in addition to that previously contributed by the Partnership, the source of the required capital needs maybe from (i) limited reserves from the Partnership (which may include distributions received from Operating Partnerships that would otherwise be available for distribution to partners), (ii) debt financing at the Operating Partnership level (which may not be available), (iii) additional equity contributions from the general partner of Operating Partnerships (which may not be available). There can be no assurance that any of these sources would be readily available to provide for possible additional capital requirements, which be necessary to sustain operations of the Operating Partnerships. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Due to the nature of our operations, we have concluded that there is no material market risk exposure and, therefore, no quantitative tabular disclosures are required. ITEM 4. CONTROLS AND PROCEDURES (a) Evaluation of Disclosure Controls and Procedures The Partnership's Chief Executive Officer and Chief Financial Officer have reviewed and evaluated the effectiveness of the Partnership's disclosure controls and procedures (as defined in Exchange Act Rules 240.13a-14(C) and 15d-14(c))as of the date ninety days before the filing date of this quarterly report. Based on that evaluation, they have concluded that the Partnership's current disclosure controls and procedures are effective in timely providing them with material information relating to the Partnership required to be disclosed in the reports of the Partnership files or submits under the Exchange Act. 16 (b) Changes in Internal Controls There have not been any significant changes in the Partnership's internal controls or in other factors that could significantly affect these controls subsequent to August 14, 2003, the date of evaluation. There were no significant deficiencies or material weaknesses, and therefore no corrective actions were taken. PART II OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits We have listed the exhibits by numbers corresponding to the Exhibit Table of Item 601 in Regulation S-K on the Exhibit list attached to this report. (b) Reports on Form 8-K None 17 * * * SIGNATURE * * * Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTURY PACIFIC HOUSING FUND-I a California limited partnership By: Century Pacific Capital Corporation, a California Corporation General Partner /s/Irwin J. Deutch By: ------------------ Irwin J. Deutch President 18 * * * CERTIFICATIONS * * * I, Irwin J. Deutch, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Century Pacific Housing Fund I; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditor's any material weaknesses in internal controls; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 14, 2003 /s/ Irwin J. Deutch -------------------------- Irwin J. Deutch President, Chief Executive Officer 19 * * * CERTIFICATIONS * * * I, Essie Safaie, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Century Pacific Housing Fund I; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement were made, not misleading with respect to the period covered by this quarterly report; 3. Based on my knowledge, the financial statements and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have: a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the "Evaluation date"); and c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function): a. all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize and report financial data and have identified for the registrant's auditor's any material weaknesses in internal controls; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: August 14, 2003 /s/ Essie Safaie ----------------------- Essie Safaie Chief Financial Officer 20 EXHIBITS Exhibit Number Description ------- ----------- 99.1 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* 99.2 Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002* *Filed herewith 21

December 31, March 31, 2002 2002 ----------- ----------- ASSETS Cash $ 0 $ 569 Receivable from Related Parties(Note 3) 4,934 4,934 Investments in Limited Partnerships (Note 4) 0 0 ----------- ----------- $ 4,934 $ 5,503 ----------- ----------- LIABILITIES AND PARTNERS' EQUITY (DEFICIT) Accounts Payable and Accrued Expenses 5,000 9,285 Advance From Affiliate 62,455 62,455 Amounts Payable to Related Parties (Note 3) 1,129,072 1,080,533 ----------- ----------- 1,196,527 1,152,273 ----------- ----------- Commitments and Contingencies Partners' Equity (Deficit), per accompanying statement General Partners (402,554) (401,658) Limited Partners, $1,000 stated value per unit, 50,000 units authorized, 22,315 units issued and outstanding (789,039) (745,112) ----------- ----------- (1,191,593) (1,146,770) ----------- ----------- $ 4,934 $ 5,503 ----------- -----------

Three Months Ended Nine Months Ended December 31, December 31, 2002 2001 2002 2001 -------- -------- -------- -------- Revenues: Interest Income $ 0 $ 0 $ 0 $ 0 Other Income 0 400 0 400 -------- -------- -------- -------- 0 400 0 400 -------- -------- -------- -------- Expenses: General and Administrative (Note 3) 14,325 15,048 44,823 45,170 Equity in Net Losses of Operating Partnership (Note 4) 0 0 0 0 -------- -------- -------- -------- 14,325 15,048 44,823 45,170 -------- -------- -------- -------- Net Loss $(14,325) $(14,648) $(44,823) $(44,770) -------- -------- -------- -------- Allocation of Net Loss General Partners $ (286) $ (293) $ (896) $ (895) Limited Partners (14,039) (14,355) (43,927) (43,875) -------- -------- -------- -------- $(14,325) $(14,648) $(44,823) $(44,770) ======== ======== ======== ======== Net Loss Per Unit of Limited Partnership Interest $ (1) $ (1) $ (2) $ (2) ======== ======== ======== ======== Average Number of Units Outstanding 22,315 22,315 22,315 22,315 ======== ======== ======== ========

General Limited Partners Partners Total ----------- ----------- ----------- Balance at March 31, 2002 $ (401,658) $ (745,112) $(1,146,770) Net Loss (896) (43,927) (44,823) ----------- ----------- ----------- Equity (Deficit) at December 31, 2002 $ (402,554) $ (789,039) $(1,191,593) ----------- ----------- ----------- Percentage Interest December 31, 2002 2% 98% 100% ----------- ----------- -----------

Nine Months Ended December 31, 2002 2001 -------- -------- Cash Flow From Operating Activities: Net Loss $(44,823) $(44,770) Adjustments to reconcile net loss to net cash used in operating activities: Equity in net losses of Operating partnerships 0 0 Decrease in receivable from related parties 0 0 Decrease in accounts payable and accrued expenses (4,285) (4,300) Increase in payable to related parties 48,539 45,000 -------- -------- Net Cash Used in Operating Activities $ (569) $ (4,070) -------- -------- Net Decrease in Cash ($569) ($4,422) Cash Beginning of Period 569 4,685 -------- -------- Cash End of Period 0 615 -------- --------

December 31, 2002 March 31, 2002 ----------------- -------------- Cash Contributions to Operating Partnerships to fund purchase of beneficial interest in Properties $15,497,467 $15,497,467 Cash Contributions to Operating Partnerships to fund operations 6,150 6,150 Cash Distribution from Operating Partnerships (6,326) (6,326) Acquisition and Organization Cost 3,342,778 3,342,778 Equity in net losses of Operating Partnerships (18,840,069) (18,840,069) ----------- ----------- $ 0 $ 0 =========== ===========

Name of Operating Partnership Property Name Location Century Pacific Housing Partnership- I (CPHP-I) Charter House Dothan, Alabama CPHP-II Sunset Park Denver, Colorado CPHP-III Highland Park Topeka, Kansas CPHP-IV Forest Glen Estates Kansas City, Kansas CPHP-V Jaycee Towers Dayton, Ohio CPHP-VI Green Meadows Danville, Illinois CPHP-VII Gulfway Terrace New Orleans, Louisiana CPHP-VIII Sunset Townhouses Newton, Kansas CPHP-IX Wind Ridge Wichita, Kansas CPHP-X Bergen Circle Springfield, MA. CPHP-XI Continental Terrace Fort Worth, Texas CPHP-XII Yale Village Houston, Texas CPHP-XIII Atlantis Virginia Beach, VA. CPHP-XIV Kings Row Houston, Texas CPHP-XV Castle Gardens Lubbock, Texas CPHP-XVI Rockwell Villas Oklahoma City, OK. CPHP-XVII London Square Village Oklahoma City, OK. CPHP-XVIII Ascension Towers Memphis, Tennessee CPHP-XIX Coleman Manor Baltimore, Maryland CPHP-XX Holiday Heights Fort Worth, Texas CPHP-XXII Harriet Tubman Terrace Berkeley, California

Three Months Ended Nine Months Ended December 31, December 31, 2002 2001 2002 2001 ------------ ------------ ------------ ------------ Revenues: Rental Income $ 3,546,252 $ 4,121,319 $ 11,698,148 $ 12,231,988 Other 98,396 92,549 294,862 242,050 ------------ ------------ ------------ ------------ 3,644,648 4,213,868 11,993,010 12,474,038 ------------ ------------ ------------ ------------ Expenses Oper, Gen.& Adm. 3,095,340 3,791,234 9,771,346 10,877,117 Depreciation 920,229 1,061,451 2,886,051 3,318,426 Interest 1,042,611 445,324 2,579,832 1,486,656 ------------ ------------ ------------ ------------ 5,058,180 5,298,009 15,237,229 15,682,199 ------------ ------------ ------------ ------------ Net Loss $ (1,413,531) $ (1,084,141) $ (3,244,219) $ (3,208,161) ============ ============ ============ ============

Filing Compare · CENTURY PACIFIC HOUSING FUND I