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CRITEF-II PARTNERSHIP REPORTS THIRD QUARTER CASH FLOW FROM OPERATIONS OF 23 CENTS PER BAC

 ROCKVILLE, Md., Nov. 18 /PRNewswire/ -- Capital Realty Investors Tax Exempt Fund Limited Partnership-Series II (CRITEF-II) (AMEX: CRB) reported that cash flow from the partnership's operations for the three months ended Sept. 30, 1993, was $776,780 (approximately 24 cents per Beneficial Assignee Certificate or BAC), down from $852,387 (approximately 26 cents per BAC) for the same period last year. Cash flow decreased primarily due to higher general and administrative expenses, including those relating to the AMEX listing and costs relating to the deed transfer of one property.
 For the nine months ended Sept. 30, 1993, cash flow from partnership operations declined slightly, primarily due to the depletion in March 1993 of property level reserves and borrower guarantees which were used to support debt service; the allocation of funds to reserve for the exterior painting of one of the underlying properties; and higher one- time partnership expenses. These items were offset by one-time property tax refunds.
 Cash flow from the partnership's operations, rather than net income, is a more accurate indicator of this partnership's performance because net income includes depreciation, a non-cash item and does not include deposits or withdrawals to partnership reserves. Total cash flow, which includes deposits or withdrawals to partnership reserves, rather than net income, is the basis for paying distributions to BAC holders.
 Net income for the three months ended Sept. 30, 1993, was $2,379 (approximately 0 cents per BAC), down from $196,785 (approximately 6 cents per BAC) for the third quarter of 1992.
 CRITEF-II is one of two series of securities issued by one partnership -- Capital Realty Investors Tax Exempt Fund Limited Partnership. The partnership was formed in 1986. It offered Series II BACs to investors and invested the offering's net proceeds in five federally tax-exempt municipal mortgage revenue bonds used to finance multifamily housing. These properties are located in Minnesota, Missouri and Washington state.


CAPITAL REALTY INVESTORS TAX EXEMPT FUND LIMITED PARTNERSHIP, SERIES II
 (CRITEF II)
 Summary of Cash Flow and Net Income
 (Unaudited)
 For the three months ended For the nine months ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Cash Flow:
 Cash flow from
 the Partnership's
 operations $776,780 $852,387 $2,471,153 $2,530,855
 Net deposits
 to working
 capital/interest
 reserves -- -- (71,916) (51,505)
 Total cash flow $776,780 $852,387 $2,399,237 $2,479,350
 Distributions paid
 or accrued for
 the period:(A)
 General partner $8,228 $8,308 $24,751 $24,740
 BAC holders $806,441 $814,224 $2,425,831 $2,424,755
 Cash Flow
 per BAC:
 Cash flow from
 the Partnership's
 operations $0.2398 $0.2632 $0.7630 $0.7814
 Net deposits
 to working
 capital/interest
 reserves -- -- (0.0222) (0.0159)
 Total cash flow $0.2398 $0.2632 $0.7408 $0.7655
 Distribution per
 BAC paid or
 accrued for the
 period to BAC
 Holders(A) $0.2490 $0.2514 $0.7490 $0.4973
 Financial Statement Net Income
 Net rental income
 (includes
 depreciation) $98,043 $243,133 $1,088,281 $562,161
 Other expenses (95,664) (46,348) (270,232) (159,514)
 Net income $2,379 $196,785 $818,049 $402,647
 Net income
 allocated to
 BAC holders $2,355 $194,797 $809,787 $398,580
 Net income
 per BAC $ 0.00 $ 0.06 $ 0.25 $ 0.12
 BACs
 outstanding 3,238,760 3,238,760 3,238,760 3,238,760
 (A) Distributions are paid on a semi-annual basis.
 -0- 11/18/93
 /CONTACT: James T. Pastore, 301-231-0323, or Kathleen G. Sloan, 301-231-0384, both for CRITEF-II/
 (CRB)


CO: Capital Realty Tax Exempt Fund Limited Partnership-Series II ST: Maryland IN: FIN SU: ERN

IH-DC -- DC013 -- 5973 11/18/93 11:18 EST
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Date:Nov 18, 1993
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