PROPERTY OWNERS AND MANAGERS SURVEY
                      MULTI FAMILY PROPERTIES:  REASONS FOR ACQUISITION OF PROPERTY
                                      TABLE 77
    
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    !                     !          !          TYPE OF MULTI FAMILY PROPERTY                   !
    !                     !          !__________________________________________________________!
    !                     !  TOTAL   !         !        !        !         !          ! 50 OR   !
    !                     ! UNITED   !         ! 3 TO 4 ! 5 TO 9 ! 10 TO 19! 20 TO 49 ! MORE    !
    !                     ! STATES   ! 2 UNITS ! UNITS  ! UNITS  !  UNITS  !  UNITS   ! UNITS   !
    !___________________________________________________________________________________________!
    !TOTAL UNITED STATES  ! 20584822 ! 3084750 !2471070 !1894445 ! 1467786 !  2223786 ! 9442986 !
    !___________________________________________________________________________________________!
    !REASONS FOR ACQUISI- !          !         !        !        !         !          !         !
    !TION OF PROPERTY     !          !         !        !        !         !          !         !
    !_____________________!          !         !        !        !         !          !         !
    !ACQUIRED (NOT BY     ! 20027344 ! 2890022 !2312666 !1815033 ! 1436496 !  2175792 ! 9397335 !
    !INHERITANCE OR GIFT)*!          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! AS RESIDENCE        !  1949606 ! 1049782 ! 532646 ! 183224 !   55144 !    60931 !   67879 !
    !___________________________________________________________________________________________!
    ! TO PROVIDE AFFORD-  !  3261494 !  180975 ! 167279 ! 221564 !  182525 !   430320 ! 2078831 !
    ! ABLE HOUSING        !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! FOR INCOME FROM     !  9300019 ! 1517768 !1258098 !1001380 !  670903 !  1099274 ! 3752596 !
    ! RENTS               !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! FOR LONG-TERM       !  5892809 !  671252 ! 656440 ! 629731 !  481804 !   684066 ! 2769516 !
    ! CAPITAL GAINS       !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! TO CONVERT TO NON-  !    48755 !   15142 !  19218 !   3105 !       0 !     2189 !    9101 !
    ! RESIDENTIAL USE     !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! TO CONVERT TO       !    61013 !    8919 !      0 !   7304 !    4231 !     2830 !   37729 !
    ! RESIDENTIAL USE     !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! AS TAX SHELTER      !  1896712 !  252909 ! 237148 ! 160179 !  161867 !   252620 !  831989 !
    !___________________________________________________________________________________________!
    ! AS RETIREMENT       !  3287360 !  648774 ! 716412 ! 509768 !  325881 !   451055 !  635470 !
    ! SECURITY            !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! AS FUTURE SECURITY  !  2444328 !  420468 ! 439248 ! 390715 !  269628 !   309577 !  614692 !
    ! FOR FAMILY          !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    ! OTHER REASONS       !  1431809 !  246433 ! 157639 ! 120159 !   93804 !   168895 !  644879 !
    !___________________________________________________________________________________________!
    ! NOT REPORTED*       !  4868924 !  283664 ! 264929 ! 300679 !  338820 !   502344 ! 3178488 !
    !___________________________________________________________________________________________!
    !ACQUIRED BY          !   557478 !  194726 ! 158405 !  79412 !   31290 !    47994 !   45651 !
    !INHERITANCE OR GIFT  !          !         !        !        !         !          !         !
    !___________________________________________________________________________________________!
    
     *NOTE: Includes not reported on method of acquisition
     NOTE: Items will not sum to totals because of multiple responses