﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2023v5.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2024-11-08T10:11:36-05:00</ReturnTs>
    <TaxPeriodEndDt>2023-12-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>610866166</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>MILLER MAYER SULLIVAN &amp; STEVENS LLP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>2365 HARRODSBURG RD STE A100</AddressLine1Txt>
        <CityNm>LEXINGTON</CityNm>
        <StateAbbreviationCd>KY</StateAbbreviationCd>
        <ZIPCd>40504</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-01-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>611183268</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>BRENT SPENCE SQUARE APARTMENTS INC</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>BREN</BusinessNameControlTxt>
      <PhoneNum>8595814445</PhoneNum>
      <USAddress>
        <AddressLine1Txt>111 BRENT SPENCE SQ</AddressLine1Txt>
        <CityNm>COVINGTON</CityNm>
        <StateAbbreviationCd>KY</StateAbbreviationCd>
        <ZIPCd>41011</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>GORDON ROLFES</PersonNm>
      <PersonTitleTxt>PRESIDENT</PersonTitleTxt>
      <PhoneNum>8595814445</PhoneNum>
      <SignatureDt>2024-11-15</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>false</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>JENNIFER L BARTON CPA</PreparerPersonNm>
      <PTIN>P00365499</PTIN>
      <PhoneNum>8592233095</PhoneNum>
      <PreparationDt>2024-11-01</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2024-10-15 13:58:12Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="12">
    <IRS990PF documentId="RetDoc12">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>2607707</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ContriRcvdRevAndExpnssAmt>20617</ContriRcvdRevAndExpnssAmt>
        <InterestOnSavRevAndExpnssAmt>54</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>54</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>54</InterestOnSavingsAdjNetIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc9">482951</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeAdjNetIncmAmt>482951</OtherIncomeAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>503622</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>54</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>483005</TotalAdjNetIncmAmt>
        <OthEmplSlrsWgsRevAndExpnssAmt>88912</OthEmplSlrsWgsRevAndExpnssAmt>
        <OthEmplSlrsWgsAdjNetIncmAmt>88912</OthEmplSlrsWgsAdjNetIncmAmt>
        <PensionEmplBnftRevAndExpnssAmt>10491</PensionEmplBnftRevAndExpnssAmt>
        <PensionEmplBnftAdjNetIncmAmt>10491</PensionEmplBnftAdjNetIncmAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc6">289</LegalFeesRevAndExpnssAmt>
        <LegalFeesDsbrsChrtblAmt>289</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc3">14149</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesChrtblPrpsAmt>14149</AccountingFeesChrtblPrpsAmt>
        <InterestRevAndExpnssAmt>62303</InterestRevAndExpnssAmt>
        <InterestAdjNetIncmAmt>62303</InterestAdjNetIncmAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc11">6134</TaxesRevAndExpnssAmt>
        <TaxesAdjNetIncmAmt>6134</TaxesAdjNetIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc8">320097</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>54</OtherExpensesNetInvstIncmAmt>
        <OtherExpensesAdjNetIncmAmt>300830</OtherExpensesAdjNetIncmAmt>
        <OtherExpensesDsbrsChrtblAmt>19213</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>502375</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>54</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesAdjNetIncmAmt>468670</TotOprExpensesAdjNetIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>33651</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>0</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>0</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>502375</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>54</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesAdjNetIncmAmt>468670</TotalExpensesAdjNetIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>33651</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>1247</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>0</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>14335</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>104143</CashBOYAmt>
        <CashEOYAmt>90833</CashEOYAmt>
        <CashEOYFMVAmt>90833</CashEOYFMVAmt>
        <SavAndTempCashInvstBOYAmt>39661</SavAndTempCashInvstBOYAmt>
        <AcctRcvblBOYAmt>300</AcctRcvblBOYAmt>
        <PrepaidExpensesBOYAmt>30673</PrepaidExpensesBOYAmt>
        <PrepaidExpensesEOYAmt>29463</PrepaidExpensesEOYAmt>
        <PrepaidExpensesEOYFMVAmt>29463</PrepaidExpensesEOYFMVAmt>
        <OtherInvestmentsBOYAmt>522049</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc4">522049</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>522049</OtherInvestmentsEOYFMVAmt>
        <LandBldgEquipCostOrOtherBssAmt>4433357</LandBldgEquipCostOrOtherBssAmt>
        <LandBldgEquipAccumDeprecAmt>2692080</LandBldgEquipAccumDeprecAmt>
        <LandBOYAmt>1812143</LandBOYAmt>
        <LandEOYAmt referenceDocumentId="RetDoc5">1741277</LandEOYAmt>
        <LandEOYFMVAmt>1741277</LandEOYFMVAmt>
        <OtherAssetsBOYAmt referenceDocumentId="RetDoc7">162555</OtherAssetsBOYAmt>
        <OtherAssetsEOYAmt referenceDocumentId="RetDoc7">224085</OtherAssetsEOYAmt>
        <OtherAssetsEOYFMVAmt referenceDocumentId="RetDoc7">224085</OtherAssetsEOYFMVAmt>
        <TotalAssetsBOYAmt>2671524</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>2607707</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>2607707</TotalAssetsEOYFMVAmt>
        <AccountsPayableBOYAmt>58808</AccountsPayableBOYAmt>
        <AccountsPayableEOYAmt>23758</AccountsPayableEOYAmt>
        <MortgagesAndNotesPayableBOYAmt>1292812</MortgagesAndNotesPayableBOYAmt>
        <MortgagesAndNotesPayableEOYAmt referenceDocumentId="RetDoc2">1261413</MortgagesAndNotesPayableEOYAmt>
        <OtherLiabilitiesBOYAmt referenceDocumentId="RetDoc10">165094</OtherLiabilitiesBOYAmt>
        <OtherLiabilitiesEOYAmt referenceDocumentId="RetDoc10">166479</OtherLiabilitiesEOYAmt>
        <TotalLiabilitiesBOYAmt>1516714</TotalLiabilitiesBOYAmt>
        <TotalLiabilitiesEOYAmt>1451650</TotalLiabilitiesEOYAmt>
        <OrganizationFollowsFASB117Ind>X</OrganizationFollowsFASB117Ind>
        <NoDonorRstrNetAssestsBOYAmt>1154810</NoDonorRstrNetAssestsBOYAmt>
        <NoDonorRstrNetAssestsEOYAmt>1156057</NoDonorRstrNetAssestsEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>1154810</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>1156057</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>2671524</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>2607707</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>1154810</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>1247</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>1156057</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>1156057</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>0</InvestmentIncomeExciseTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>false</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>GORDON ROLFES</IndividualWithBooksNm>
        <PhoneNum>8595814445</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>111 BRENT SPENCE SQ</AddressLine1Txt>
          <CityNm>COVINGTON</CityNm>
          <StateAbbreviationCd>KY</StateAbbreviationCd>
          <ZIPCd>41011</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KAREN HARGETT</PersonNm>
          <USAddress>
            <AddressLine1Txt>111 BRENT SPENCE SQ</AddressLine1Txt>
            <CityNm>COVINGTON</CityNm>
            <StateAbbreviationCd>KY</StateAbbreviationCd>
            <ZIPCd>41011</ZIPCd>
          </USAddress>
          <TitleTxt>EXECUTIVE DI</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>DAVID SCHROEDER</PersonNm>
          <USAddress>
            <AddressLine1Txt>111 BRENT SPENCE SQ</AddressLine1Txt>
            <CityNm>COVINGTON</CityNm>
            <StateAbbreviationCd>KY</StateAbbreviationCd>
            <ZIPCd>41011</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>GORDON ROLFES</PersonNm>
          <USAddress>
            <AddressLine1Txt>111 BRENT SPENCE SQ</AddressLine1Txt>
            <CityNm>COVINGTON</CityNm>
            <StateAbbreviationCd>KY</StateAbbreviationCd>
            <ZIPCd>41011</ZIPCd>
          </USAddress>
          <TitleTxt>PRESIDENT</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>JOHN WENDERFER</PersonNm>
          <USAddress>
            <AddressLine1Txt>111 BRENT SPENCE SQ</AddressLine1Txt>
            <CityNm>COVINGTON</CityNm>
            <StateAbbreviationCd>KY</StateAbbreviationCd>
            <ZIPCd>41011</ZIPCd>
          </USAddress>
          <TitleTxt>DIRECTOR</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp>
        <Description1Txt>PROVIDE HOUSING TO LOW INCOME FAMILIES</Description1Txt>
        <Expenses1Amt>468959</Expenses1Amt>
      </SummaryOfDirectChrtblActyGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>0</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>97488</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>2516874</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>2614362</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>1451650</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>1162712</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>28378</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>1134334</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>56717</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>56717</MinimumInvestmentReturnAmt>
        <DistributableBeforeAdjAmt>56717</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>56717</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>56717</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>33651</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>33651</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>56717</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr4Amt>48267</ExcessDistributionCyovYr4Amt>
        <ExcessDistributionCyovYr3Amt>8832</ExcessDistributionCyovYr3Amt>
        <TotalExcessDistributionCyovAmt>57099</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>33651</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>33651</AppliedToCurrentYearAmt>
        <ExcessDistriCyovAppCYCorpusAmt>23066</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>23066</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>34033</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>34033</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear4Amt>25201</ExcessFromYear4Amt>
        <ExcessFromYear3Amt>8832</ExcessFromYear3Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <ProgramServiceRevenueDtl>
          <Desc>RENTAL INCOME</Desc>
          <RelatedOrExemptFunctionIncmAmt>469826</RelatedOrExemptFunctionIncmAmt>
        </ProgramServiceRevenueDtl>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>54</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <OtherRevenueDescribedGrp>
          <Desc>TENANT CHARGES</Desc>
          <RelatedOrExemptFunctionIncmAmt>13125</RelatedOrExemptFunctionIncmAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>54</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>482951</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>483005</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <IRS990ScheduleB documentId="RetDoc1">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorBusinessName>
          <BusinessNameLine1Txt>LILLIAN KRACZEK</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>C/O BOONE CO CAP FUNDS PRJT</BusinessNameLine2Txt>
        </ContributorBusinessName>
        <ContributorUSAddress>
          <AddressLine1Txt>2950 WASHINGTON STREET</AddressLine1Txt>
          <CityNm>BURLINGTON</CityNm>
          <StateAbbreviationCd>KY</StateAbbreviationCd>
          <ZIPCd>41005</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>20617</TotalContributionsAmt>
        <PersonContributionInd>X</PersonContributionInd>
      </ContributorInformationGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="RetDoc3">
      <AccountingFeesDetail>
        <Amt>14149</Amt>
        <DisbursementsCharitablePrpsAmt>14149</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc4">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>INVESTMENT-PANORAMA PLUS APTS</CategoryOrItemTxt>
        <ListedAtCostOrFMVCd>AT COST</ListedAtCostOrFMVCd>
        <BookValueAmt>522049</BookValueAmt>
        <EOYFMVAmt>522049</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LandEtcSchedule2 documentId="RetDoc5">
      <LandEtcGrp>
        <CostOrOtherBasisAmt>4433357</CostOrOtherBasisAmt>
        <AccumulatedDepreciationAmt>2692080</AccumulatedDepreciationAmt>
        <BookValueAmt>1741277</BookValueAmt>
        <EOYFMVAmt>1741277</EOYFMVAmt>
      </LandEtcGrp>
    </LandEtcSchedule2>
    <LegalFeesSchedule documentId="RetDoc6">
      <LegalFeesGrp>
        <LegalFeesAmt>289</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>289</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <MortgagesAndNotesPayableSch documentId="RetDoc2">
      <NotePayableGrp>
        <LenderNameGrp>
          <PersonNm>MORTGAGE</PersonNm>
        </LenderNameGrp>
        <BalanceDueAmt>1261413</BalanceDueAmt>
      </NotePayableGrp>
    </MortgagesAndNotesPayableSch>
    <OtherAssetsSchedule documentId="RetDoc7">
      <OtherAssetsScheduleGrp>
        <Desc>ESCROW DEPOSITS</Desc>
        <BOYBookValueAmt>3346</BOYBookValueAmt>
        <EOYBookValueAmt>9982</EOYBookValueAmt>
        <EOYFMVAmt>9982</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>RESERVE FOR REPLACEMENTS</Desc>
        <BOYBookValueAmt>123040</BOYBookValueAmt>
        <EOYBookValueAmt>138460</EOYBookValueAmt>
        <EOYFMVAmt>138460</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>FINANCING FEES</Desc>
        <BOYBookValueAmt>36169</BOYBookValueAmt>
        <EOYBookValueAmt>34597</EOYBookValueAmt>
        <EOYFMVAmt>34597</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
      <OtherAssetsScheduleGrp>
        <Desc>TENANTS SECURITY DEPOSITS</Desc>
        <EOYBookValueAmt>41046</EOYBookValueAmt>
        <EOYFMVAmt>41046</EOYFMVAmt>
      </OtherAssetsScheduleGrp>
    </OtherAssetsSchedule>
    <OtherExpensesSchedule documentId="RetDoc8">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>UTILITIES</Desc>
        <RevenueAndExpensesPerBooksAmt>74037</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>74037</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>45327</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>45327</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ADMINISTRATIVE</Desc>
        <RevenueAndExpensesPerBooksAmt>17767</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>54</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>17713</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>16992</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>16992</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OPERATING AND MAINTENANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>60752</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>60752</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ANNUAL MONITORING FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>1500</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1500</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>INVESTMENT DEPRECIATION</Desc>
        <RevenueAndExpensesPerBooksAmt>103722</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>103722</AdjustedNetIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc9">
      <OtherIncomeDetail>
        <Desc>RENTAL INCOME</Desc>
        <RevenueAndExpensesPerBooksAmt>469826</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>469826</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
      <OtherIncomeDetail>
        <Desc>TENANT CHARGES</Desc>
        <RevenueAndExpensesPerBooksAmt>13125</RevenueAndExpensesPerBooksAmt>
        <AdjustedNetIncomeAmt>13125</AdjustedNetIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherLiabilitiesSchedule documentId="RetDoc10">
      <OtherLiabilitiesDetail>
        <Desc>LOAN FROM AFFLIATE-PANORAMA</Desc>
        <BOYBookValueAmt>125000</BOYBookValueAmt>
        <EOYBookValueAmt>125000</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
      <OtherLiabilitiesDetail>
        <Desc>TENANT SECURITY DEPOSITS</Desc>
        <BOYBookValueAmt>40094</BOYBookValueAmt>
        <EOYBookValueAmt>41479</EOYBookValueAmt>
      </OtherLiabilitiesDetail>
    </OtherLiabilitiesSchedule>
    <TaxesSchedule documentId="RetDoc11">
      <TaxesDetail>
        <Amt>6134</Amt>
        <AdjustedNetIncomeAmt>6134</AdjustedNetIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>