|   | [X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------|

|   | [  ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES      EXCHANGE ACT OF 1934 |
|--------|-------------------------------------------------------------------------------------------------------------------|

| Florida                                                             |   | 65-0142704                                                                 |
|---------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (IRS      Employer No.)                                                    |
|                                                                |   |                                                                       |
| 880 Carillon Parkway                                                |   | St.      Petersburg,   Florida    33716 |
| (Address      of principal executive offices)                       |   | (Zip      Code)                                                            |

| Registrant’s      Telephone Number, Including Area Code: |   | (727)567-1000 |
|----------------------------------------------------------------|--------|---------------|

| YES  [X] | NO  [  ] |
|--------------------|------------------------------|

| YES  [X] | NO  [  ] |
|--------------------|------------------------------|

| Large      accelerated filer [  ] | Accelerated      filer [  ] |
|---------------------------------------------|---------------------------------------|
| Non-accelerated      filer [  ]   | Smaller      Reporting Company [X]    |

| Yes      [  ] | No      [X] |
|-------------------------|-------------|

----

----

|                                                               | SERIES      2                                                                  |   | SERIES      3                                                |   | SERIES      4                                                                  |
|--------------------------------------------------------------------|--------------------------------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------|
|                                                               | December      31,                                                              |   | March      31,                                               |   | December      31,                                                              |   | March      31, |   | December      31, |   | March      31, |
|                                                               | 2009                                                                           |   | 2009                                                         |   | 2009                                                                           |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                             |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Current      Assets:                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                     | $       460,243                        |   | $    161,708                        |   | $       115,749                        |   | $    148,892  |   | $       184,034  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Assets                                                  | $       460,243                        |   | $    161,708                        |   | $       115,749                        |   | $    148,892  |   | $       184,034  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                             |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Current      Liabilities:                                          |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                   | $           5,570  |   | $        8,464  |   | $           5,695  |   | $        8,265  |   | $           5,080  |   | $         9,602  |
| Distribution      Payable                                          | 347,753                                                                   |   | 16,121                                                  |   | 3,249                                                                     |   | 3,249  |   | 3,492  |   | 192,692  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Current Liabilities                                     | 353,323                                                                   |   | 24,585                                                  |   | 8,944                                                                     |   | 11,514  |   | 8,572  |   | 202,294  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Long-Term      Liabilities:                                        |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Payable      to General Partners                                   | 847,475                                                                   |   | 813,714                                                 |   | 704,700                                                                   |   | 676,401  |   | 881,431  |   | 863,408  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                   |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which  |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| 6,136,      5,456, and 6,915 for Series 2, 3, and 4, respectively, |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| have      been issued at December 31, 2009 and March 31, 2009      | (883,737)                                                                      |   | (817,096)                                                    |   | (597,654)                                                                      |   | (539,371) |   | (710,895) |   | (663,078) |
| General      Partners                                              | 143,182                                                                   |   | 140,505                                                 |   | (241)                                                                          |   | 348  |   | 4,926  |   | 5,389  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Partners' Deficit                                       | (740,555)                                                                      |   | (676,591)                                                    |   | (597,895)                                                                      |   | (539,023) |   | (705,969) |   | (657,689) |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                       | $       460,243                        |   | $    161,708                        |   | $       115,749                        |   | $    148,892  |   | $       184,034  |   | $     408,013  |
|                                                               |                                                                           |   |                                                         |   |                                                                           |   |   |   |   |   |   |

----

|                                                              | SERIES      5                                                       |   | SERIES      6                                     |   | TOTAL      SERIES 2 - 6                                             |
|-------------------------------------------------------------------|---------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------------------------------------------------------------|
|                                                              | December      31,                                                   |   | March      31,                                    |   | December      31,                                                   |   | March      31, |   | December      31, |   | March      31, |
|                                                              | 2009                                                                |   | 2009                                              |   | 2009                                                                |   | 2009 |   | 2009 |   | 2009 |
| ASSETS                                                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Assets:                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Cash      and Cash Equivalents                                    | $       217,252             |   | $    107,240             |   | $       232,311             |   | $    427,375  |   | $    1,209,589  |   | $  1,253,228  |
| Receivable      - Other                                           | 124,273                                                        |   | -                                            |   | -                                                              |   | -  |   | 124,273  |   | -  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Assets                                                 | $       341,525             |   | $    107,240             |   | $       232,311             |   | $    427,375  |   | $    1,333,862  |   | $  1,253,228  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| LIABILITIES      AND PARTNERS' DEFICIT                            |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Current      Liabilities:                                         |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | $         34,985  |   | $      13,333  |   | $         11,050  |   | $      16,006  |   | $         62,380  |   | $       55,670  |
| Distribution      Payable                                         | 148,519                                                        |   | 3,704                                        |   | -                                                              |   | 130,517  |   | 503,013  |   | 346,283  |
| Deferred      Gain on Sale of Project Partnerships                | 122,273                                                        |   | -                                            |   | -                                                              |   | -  |   | 122,273  |   | -  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Current Liabilities                                    | 305,777                                                        |   | 17,037                                       |   | 11,050                                                         |   | 146,523  |   | 687,666  |   | 401,953  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Long-Term      Liabilities:                                       |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Payable      to General Partners                                  | 890,069                                                        |   | 832,457                                      |   | 1,252,762                                                      |   | 1,191,713  |   | 4,576,437  |   | 4,377,693  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Partners'      Equity (Deficit):                                  |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Limited      Partner Assignees - 40,000 BAC's authorized of which |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| 8,616      and 10,105 for Series 5 and 6, respectively, have      |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| been      issued at December 31, 2009 and March 31, 2009          | (855,761)                                                           |   | (742,574)                                         |   | (1,031,518)                                                         |   | (912,084) |   | (4,079,565) |   | (3,674,203) |
| General      Partners                                             | 1,440                                                          |   | 320                                          |   | 17                                                             |   | 1,223  |   | 149,324  |   | 147,785  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Partners' Deficit                                      | (854,321)                                                           |   | (742,254)                                         |   | (1,031,501)                                                         |   | (910,861) |   | (3,930,241) |   | (3,526,418) |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |
| Total      Liabilities and Partners' Deficit                      | $       341,525             |   | $    107,240             |   | $       232,311             |   | $    427,375  |   | $    1,333,862  |   | $  1,253,228  |
|                                                              |                                                                |   |                                              |   |                                                                |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                                          |   | SERIES      3                                                 |   | SERIES      4                                     |
|---------------------------------------------------------------------------|--------------------------------------------------------|--------|---------------------------------------------------------------|--------|---------------------------------------------------|
|                                                                      | 2009                                                   |   | 2008                                                          |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                 |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                                  | $       3,442  |   | $        1,569   |   | $      2,552   |   | $      1,040  |   | $         268  |   | $              -  |
| Total      Revenues                                                       | 3,442                                             |   | 1,569                                                    |   | 2,552                                        |   | 1,040  |   | 268  |   | -  |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Expenses:                                                                 |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 10,769                                            |   | 10,842                                                   |   | 9,433                                        |   | 9,499  |   | 6,008  |   | 6,800  |
| General      and Administrative:                                          |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| General      Partner                                                      | 10,343                                            |   | 13,046                                                   |   | 10,903                                       |   | 11,511  |   | 6,542  |   | 9,254  |
| Other                                                                     | (295)                                                  |   | 3,133                                                    |   | 3,168                                        |   | 3,466  |   | 3,329  |   | 3,046  |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                                       | 20,817                                            |   | 27,021                                                   |   | 23,504                                       |   | 24,476  |   | 15,879  |   | 19,100  |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (17,375)                                               |   | (25,452)                                                      |   | (20,952)                                          |   | (23,436) |   | (15,611) |   | (19,100) |
| Gain      on Sale of Project Partnerships                                 | 315,065                                           |   | 7,741                                                    |   | -                                            |   | -  |   | 2,000  |   | -  |
| Interest      Income                                                      | 4                                                 |   | 217                                                      |   | 3                                            |   | 162  |   | 5  |   | 296  |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss)                                                    | $   297,694                        |   | $     (17,494)                       |   | $   (20,949)                       |   | $   (23,274) |   | $   (13,606) |   | $   (18,804) |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Allocation      of Net Income (Loss):                                     |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Assignees                                                                 | $   294,717                        |   | $     (17,319)                       |   | $   (20,740)                       |   | $   (23,041) |   | $   (13,470) |   | $   (18,616) |
| General      Partners                                                     | 2,977                                             |   | (175)                                                         |   | (209)                                             |   | (233) |   | (136) |   | (188) |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
|                                                                      | $   297,694                        |   | $     (17,494)                       |   | $   (20,949)                       |   | $   (23,274) |   | $   (13,606) |   | $   (18,804) |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss) Per Beneficial Assignee Certificate                | $       48.03  |   | $         (2.82) |   | $       (3.80) |   | $       (4.22) |   | $       (1.95) |   | $       (2.69) |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding               | 6,136                                             |   | 6,136                                                    |   | 5,456                                        |   | 5,456  |   | 6,915  |   | 6,915  |
|                                                                      |                                                   |   |                                                          |   |                                              |   |   |   |   |   |   |

----

|                                                                        | SERIES      5                                    |   | SERIES      6                                                 |   | TOTAL      SERIES 2 - 6                           |
|-----------------------------------------------------------------------------|--------------------------------------------------|--------|---------------------------------------------------------------|--------|---------------------------------------------------|
|                                                                        | 2009                                             |   | 2008                                                          |   | 2009                                              |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                   |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Distribution      Income                                                    | $      7,339  |   | $        3,594   |   | $      6,313   |   | $         982  |   | $      19,914  |   | $        7,185  |
| Total      Revenues                                                         | 7,339                                       |   | 3,594                                                    |   | 6,313                                        |   | 982  |   | 19,914  |   | 7,185  |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Expenses:                                                                   |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                                 | 19,204                                      |   | 19,299                                                   |   | 20,349                                       |   | 19,786  |   | 65,763  |   | 66,226  |
| General      and Administrative:                                            |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| General      Partner                                                        | 18,372                                      |   | 21,487                                                   |   | 21,079                                       |   | 23,307  |   | 67,239  |   | 78,605  |
| Other                                                                       | 2,535                                       |   | 4,179                                                    |   | 4,118                                        |   | 4,086  |   | 12,855  |   | 17,910  |
| Impairment      Loss on Investment in Project Partnerships                  | -                                           |   | -                                                        |   | -                                            |   | 22,839  |   | -  |   | 22,839  |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Total      Expenses                                                         | 40,111                                      |   | 44,965                                                   |   | 45,546                                       |   | 70,018  |   | 145,857  |   | 185,580  |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Loss      Before Equity in Loss of Project Partnerships and Other    Income | (32,772)                                         |   | (41,371)                                                      |   | (39,233)                                          |   | (69,036) |   | (125,943) |   | (178,395) |
| Equity      in Loss of Project Partnerships                                 | -                                           |   | (3,197)                                                       |   | -                                            |   | (11,967) |   | -  |   | (15,164) |
| Gain      on Sale of Project Partnerships                                   | 144,815                                     |   | -                                                        |   | -                                            |   | 36,665  |   | 461,880  |   | 44,406  |
| Interest      Income                                                        | 2                                           |   | 272                                                      |   | 7                                            |   | 387  |   | 21  |   | 1,334  |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss)                                                      | $  112,045                        |   | $     (44,296)                       |   | $   (39,226)                       |   | $   (43,951) |   | $    335,958  |   | $   (147,819) |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Allocation      of Net Income (Loss):                                       |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Assignees                                                                   | $  110,132                        |   | $     (43,853)                       |   | $   (38,834)                       |   | $   (51,140) |   | $    331,805  |   | $   (153,969) |
| General      Partners                                                       | 1,913                                       |   | (443)                                                         |   | (392)                                             |   | 7,189  |   | 4,153  |   | 6,150  |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
|                                                                        | $  112,045                        |   | $     (44,296)                       |   | $   (39,226)                       |   | $   (43,951) |   | $    335,958  |   | $   (147,819) |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Net      Income (Loss) Per Beneficial Assignee Certificate                  | $      12.78  |   | $         (5.09) |   | $       (3.84) |   | $       (5.06) |   |   |   |   |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding                 | 8,616                                       |   | 8,616                                                    |   | 10,105                                       |   | 10,105  |   |   |   |   |
|                                                                        |                                             |   |                                                          |   |                                              |   |   |   |   |   |   |

----

|                                                                      | SERIES      2                                          |   | SERIES      3                                                |   | SERIES      4                          |
|---------------------------------------------------------------------------|--------------------------------------------------------|--------|--------------------------------------------------------------|--------|----------------------------------------|
|                                                                      | 2009                                                   |   | 2008                                                         |   | 2009                                   |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                 |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Distribution      Income                                                  | $     11,088             |   | $        8,919  |   | $    16,045   |   | $    10,457  |   | $      6,925  |   | $    10,990  |
| Total      Revenues                                                       | 11,088                                            |   | 8,919                                                   |   | 16,045                            |   | 10,457  |   | 6,925  |   | 10,990  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Expenses:                                                                 |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                               | 33,761                                            |   | 35,355                                                  |   | 28,299                            |   | 28,497  |   | 18,023  |   | 25,730  |
| General      and Administrative:                                          |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| General      Partner                                                      | 33,700                                            |   | 41,406                                                  |   | 31,655                            |   | 35,270  |   | 20,377  |   | 31,848  |
| Other                                                                     | 7,603                                             |   | 15,476                                                  |   | 14,974                            |   | 18,419  |   | 16,824  |   | 17,267  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Total      Expenses                                                       | 75,064                                            |   | 92,237                                                  |   | 74,928                            |   | 82,186  |   | 55,224  |   | 74,845  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Loss      Before Gain on Sale of Project Partnerships and Other    Income | (63,976)                                               |   | (83,318)                                                     |   | (58,883)                               |   | (71,729) |   | (48,299) |   | (63,855) |
| Gain      on Sale of Project Partnerships                                 | 331,632                                           |   | 7,741                                                   |   | -                                 |   | -  |   | 2,000  |   | 145,527  |
| Interest      Income                                                      | 12                                                |   | 3,527                                                   |   | 11                                |   | 3,512  |   | 19  |   | 5,379  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Net      Income (Loss)                                                    | $   267,668                        |   | $     (72,050)                      |   | $   (58,872)            |   | $   (68,217) |   | $   (46,280) |   | $    87,051  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Allocation      of Net Income (Loss):                                     |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Assignees                                                                 | $   264,991                        |   | $     (71,329)                      |   | $   (58,283)            |   | $   (67,535) |   | $   (45,817) |   | $    86,180  |
| General      Partners                                                     | 2,677                                             |   | (721)                                                        |   | (589)                                  |   | (682) |   | (463) |   | 871  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
|                                                                      | $   267,668                        |   | $     (72,050)                      |   | $   (58,872)            |   | $   (68,217) |   | $   (46,280) |   | $    87,051  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Net      Income (Loss) Per Beneficial Assignee Certificate                | $       43.19  |   | $       (11.62)           |   | $     (10.68) |   | $     (12.38) |   | $       (6.63) |   | $      12.46  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding               | 6,136                                             |   | 6,136                                                   |   | 5,456                             |   | 5,456  |   | 6,915  |   | 6,915  |
|                                                                      |                                                   |   |                                                         |   |                                   |   |   |   |   |   |   |

----

|                                                                        | SERIES      5                                               |   | SERIES      6                                      |   | TOTAL      SERIES 2 - 6                            |
|-----------------------------------------------------------------------------|-------------------------------------------------------------|--------|----------------------------------------------------|--------|----------------------------------------------------|
|                                                                        | 2009                                                        |   | 2008                                               |   | 2009                                               |   | 2008 |   | 2009 |   | 2008 |
| Revenues:                                                                   |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Distribution      Income                                                    | $    21,968                        |   | $      11,239   |   | $      23,039   |   | $      19,934  |   | $    79,065  |   | $      61,539  |
| Total      Revenues                                                         | 21,968                                                 |   | 11,239                                        |   | 23,039                                        |   | 19,934  |   | 79,065  |   | 61,539  |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Expenses:                                                                   |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Asset      Management Fee - General Partner                                 | 57,612                                                 |   | 57,897                                        |   | 61,049                                        |   | 68,938  |   | 198,744  |   | 216,417  |
| General      and Administrative:                                            |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| General      Partner                                                        | 57,110                                                 |   | 65,838                                        |   | 61,200                                        |   | 78,142  |   | 204,042  |   | 252,504  |
| Other                                                                       | 19,320                                                 |   | 24,434                                        |   | 21,454                                        |   | 22,938  |   | 80,175  |   | 98,534  |
| Impairment      Loss on Investment in Project Partnerships                  | -                                                      |   | -                                             |   | -                                             |   | 22,839  |   | -  |   | 22,839  |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Total      Expenses                                                         | 134,042                                                |   | 148,169                                       |   | 143,703                                       |   | 192,857  |   | 482,961  |   | 590,294  |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Loss      Before Equity in Loss of Project Partnerships and Other    Income | (112,074)                                                   |   | (136,930)                                          |   | (120,664)                                          |   | (172,923) |   | (403,896) |   | (528,755) |
| Equity      in Loss of Project Partnerships                                 | -                                                      |   | (18,638)                                           |   | -                                             |   | (4,692) |   | -  |   | (23,330) |
| Gain      on Sale of Project Partnerships                                   | 144,815                                                |   | -                                             |   | -                                             |   | 36,665  |   | 478,447  |   | 189,933  |
| Interest      Income                                                        | 7                                                      |   | 3,092                                         |   | 24                                            |   | 7,648  |   | 73  |   | 23,158  |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Net      Income (Loss)                                                      | $    32,748                        |   | $   (152,476)                       |   | $   (120,640)                       |   | $   (133,302) |   | $    74,624  |   | $   (338,994) |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Allocation      of Net Income (Loss):                                       |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Assignees                                                                   | $    31,628                        |   | $   (150,951)                       |   | $   (119,434)                       |   | $   (139,597) |   | $    73,085  |   | $   (343,232) |
| General      Partners                                                       | 1,120                                                  |   | (1,525)                                            |   | (1,206)                                            |   | 6,295  |   | 1,539  |   | 4,238  |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
|                                                                        | $    32,748                        |   | $   (152,476)                       |   | $   (120,640)                       |   | $   (133,302) |   | $    74,624  |   | $   (338,994) |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Net      Income (Loss) Per Beneficial Assignee Certificate                  | $        3.67  |   | $       (17.52) |   | $       (11.82) |   | $       (13.81) |   |   |   |   |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |
| Number      of Beneficial Assignee Certificates Outstanding                 | 8,616                                                  |   | 8,616                                         |   | 10,105                                        |   | 10,105  |   |   |   |   |
|                                                                        |                                                        |   |                                               |   |                                               |   |   |   |   |   |   |

----

|                              | SERIES      2                      |   | SERIES      3                          |
|-----------------------------------|------------------------------------|--------|----------------------------------------|
|                              |                               |   | General                                |   |   |   |   |   | General |   |   |
|                              | Assignees                          |   | Partners                               |   | Total |   | Assignees |   | Partners |   | Total |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008    | $    (709,923) |   | $    138,065  |   | $    (571,858) |   | $   (449,798) |   | $        1,253  |   | $   (448,545) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Capital      Contributions        | -                             |   | 3,357                             |   | 3,357  |   | -  |   | -  |   | -  |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Loss                     | (71,329)                           |   | (721)                                  |   | (72,050) |   | (67,535) |   | (682) |   | (68,217) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (11,099)                           |   | -                                 |   | (11,099) |   | -  |   | -  |   | -  |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $    (792,351) |   | $    140,701  |   | $    (651,650) |   | $   (517,333) |   | $           571  |   | $   (516,762) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009    | $    (817,096) |   | $    140,505  |   | $    (676,591) |   | $   (539,371) |   | $           348  |   | $   (539,023) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Net      Income (Loss)            | 264,991                       |   | 2,677                             |   | 267,668  |   | (58,283) |   | (589) |   | (58,872) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (331,632)                          |   | -                                 |   | (331,632) |   | -  |   | -  |   | -  |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2009 | $    (883,737) |   | $    143,182  |   | $    (740,555) |   | $   (597,654) |   | $          (241) |   | $   (597,895) |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |
|                              |                               |   |                                   |   |   |   |   |   |   |   |   |

----

|                              | SERIES      4                      |   | SERIES      5                                                |
|-----------------------------------|------------------------------------|--------|--------------------------------------------------------------|
|                              |                               |   | General                                                      |   |   |   |   |   | General |   |   |
|                              | Assignees                          |   | Partners                                                     |   | Total |   | Assignees |   | Partners |   | Total |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008    | $    (583,401) |   | $        3,026  |   | $    (580,375) |   | $   (550,103) |   | $        2,227  |   | $   (547,876) |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Net      Income (Loss)            | 86,180                        |   | 871                                                     |   | 87,051  |   | (150,951) |   | (1,525) |   | (152,476) |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (145,527)                          |   | -                                                       |   | (145,527) |   | -  |   | -  |   | -  |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $    (642,748) |   | $        3,897  |   | $    (638,851) |   | $   (701,054) |   | $           702  |   | $   (700,352) |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009    | $    (663,078) |   | $        5,389  |   | $    (657,689) |   | $   (742,574) |   | $           320  |   | $   (742,254) |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Net      (Loss) Income            | (45,817)                           |   | (463)                                                        |   | (46,280) |   | 31,628  |   | 1,120  |   | 32,748  |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (2,000)                            |   | -                                                       |   | (2,000) |   | (144,815) |   | -  |   | (144,815) |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2009 | $    (710,895) |   | $        4,926  |   | $    (705,969) |   | $   (855,761) |   | $        1,440  |   | $   (854,321) |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |
|                              |                               |   |                                                         |   |   |   |   |   |   |   |   |

----

|                              | SERIES      6                            |   | TOTAL      SERIES 2 - 6                                                                 |
|-----------------------------------|------------------------------------------|--------|-----------------------------------------------------------------------------------------|
|                              |                                     |   | General                                                                                 |   |   |   |   |   | General |   |   |
|                              | Assignees                                |   | Partners                                                                                |   | Total |   | Assignees |   | Partners |   | Total |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2008    | $     (692,755) |   | $       (6,005)                                      |   | $      (698,760) |   | $  (2,985,980) |   | $    138,566  |   | $  (2,847,414) |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Capital      Contributions        | -                                   |   | -                                                                                  |   | -  |   | -  |   | 3,357  |   | 3,357  |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Net      (Loss) Income            | (139,597)                                |   | 6,295                                                                              |   | (133,302) |   | (343,232) |   | 4,238  |   | (338,994) |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | (36,665)                                 |   | -                                                                                  |   | (36,665) |   | (193,291) |   | -  |   | (193,291) |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2008 | $     (869,017) |   | $           290             |   | $      (868,727) |   | $  (3,522,503) |   | $    146,161  |   | $  (3,376,342) |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Balance      at March 31, 2009    | $     (912,084) |   | $        1,223                             |   | $      (910,861) |   | $  (3,674,203) |   | $    147,785  |   | $  (3,526,418) |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Net      (Loss) Income            | (119,434)                                |   | (1,206)                                                                                 |   | (120,640) |   | 73,085  |   | 1,539  |   | 74,624  |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Distributions      to Assignees   | -                                   |   | -                                                                                  |   | -  |   | (478,447) |   | -  |   | (478,447) |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
| Balance      at December 31, 2009 | $  (1,031,518)                 |   | $             17  |   | $   (1,031,501) |   | $  (4,079,565) |   | $    149,324  |   | $  (3,930,241) |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |
|                              |                                     |   |                                                                                    |   |   |   |   |   |   |   |   |

----

|                                                                                           | SERIES      2                                                                                                        |   | SERIES      3                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      Income (Loss)                                                                         | $       267,668                                                              |   | $       (72,050)                                                                  |   | $       (58,872) |   | $          (68,217) |
| Adjustments      to Reconcile Net Income (Loss) to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                                      | -                                                                                                               |   | (1,144)                                                                                                              |   | -  |   | (1,242) |
| Gain      on Sale of Project Partnerships                                                      | (331,632)                                                                                                            |   | (7,741)                                                                                                              |   | -  |   | -  |
| Distribution      Income                                                                       | (11,088)                                                                                                             |   | (8,919)                                                                                                              |   | (16,045) |   | (10,457) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | -                                                                                                               |   | 1,610                                                                                                           |   | -  |   | 1,610  |
| Increase      in Payable to General Partners                                                   | 30,867                                                                                                          |   | 31,883                                                                                                          |   | 25,729  |   | 24,926  |
| Net      Cash Used in Operating Activities                                                     | (44,185)                                                                                                             |   | (56,361)                                                                                                             |   | (49,188) |   | (53,380) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                          | 11,088                                                                                                          |   | 8,918                                                                                                           |   | 16,045  |   | 10,457  |
| Net      Proceeds from Sale of Project Partnerships                                            | 331,632                                                                                                         |   | 7,741                                                                                                           |   | -  |   | -  |
| Redemption      of Investment Securities                                                       | -                                                                                                               |   | 125,000                                                                                                         |   | -  |   | 125,000  |
| Purchase      of Investment Securities                                                         | -                                                                                                               |   | (119,758)                                                                                                            |   | -  |   | (129,655) |
| Net      Cash Provided by Investing Activities                                                 | 342,720                                                                                                         |   | 21,901                                                                                                          |   | 16,045  |   | 5,802  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Capital      Contributions                                                                     | -                                                                                                               |   | 3,357                                                                                                           |   | -  |   | -  |
| Net      Cash Provided by Financing Activities                                                 | -                                                                                                               |   | 3,357                                                                                                           |   | -  |   | -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      (Decrease) in Cash and Cash Equivalents                                          | 298,535                                                                                                         |   | (31,103)                                                                                                             |   | (33,143) |   | (47,578) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 161,708                                                                                                         |   | 83,047                                                                                                          |   | 148,892  |   | 75,920  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $       460,243                                                              |   | $         51,944                                                   |   | $      115,749  |   | $           28,342  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $       331,632                                                              |   | $         11,099                                                   |   | $                  -  |   | $                     -  |
| Distribution      to Assignees                                                                 | (331,632)                                                                                                            |   | (11,099)                                                                                                             |   | -  |   | -  |
|                                                                                           | $                  -  |   | $                  -  |   | $                  -  |   | $                     -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                           | SERIES      4                                                                                                        |   | SERIES      5                                                                                                        |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      (Loss) Income                                                                         | $       (46,280)                                                                  |   | $         87,051                                                   |   | $         32,748  |   | $        (152,476) |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Discount      on Investment in Securities                                                      | -                                                                                                               |   | (1,724)                                                                                                              |   | -  |   | (447) |
| Equity      in Loss of Project Partnerships                                                    | -                                                                                                               |   | -                                                                                                               |   | -  |   | 18,638  |
| Gain      on Sale of Project Partnerships                                                      | (2,000)                                                                                                              |   | (145,527)                                                                                                            |   | (144,815) |   | -  |
| Distribution      Income                                                                       | (6,925)                                                                                                              |   | (10,990)                                                                                                             |   | (21,968) |   | (11,239) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | -                                                                                                               |   | 2,254                                                                                                           |   | -  |   | 1,610  |
| Increase      in Payable to General Partners                                                   | 13,501                                                                                                          |   | 18,315                                                                                                          |   | 77,264  |   | 53,037  |
| Net      Cash Used in Operating Activities                                                     | (41,704)                                                                                                             |   | (50,621)                                                                                                             |   | (56,771) |   | (90,877) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                          | 6,925                                                                                                           |   | 10,990                                                                                                          |   | 21,968  |   | 13,713  |
| Net      Proceeds from Sale of Project Partnerships                                            | 2,000                                                                                                           |   | 145,527                                                                                                         |   | 144,815  |   | -  |
| Redemption      of Investment Securities                                                       | -                                                                                                               |   | 175,000                                                                                                         |   | -  |   | 125,000  |
| Purchase      of Investment Securities                                                         | -                                                                                                               |   | (180,132)                                                                                                            |   | -  |   | (49,487) |
| Net      Cash Provided by Investing Activities                                                 | 8,925                                                                                                           |   | 151,385                                                                                                         |   | 166,783  |   | 89,226  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Paid to Assignees                                                           | (191,200)                                                                                                            |   | (130,693)                                                                                                            |   | -  |   | (179,988) |
| Net      Cash Used in Financing Activities                                                     | (191,200)                                                                                                            |   | (130,693)                                                                                                            |   | -  |   | (179,988) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| (Decrease)      Increase in Cash and Cash Equivalents                                          | (223,979)                                                                                                            |   | (29,929)                                                                                                             |   | 110,012  |   | (181,639) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 408,013                                                                                                         |   | 97,986                                                                                                          |   | 107,240  |   | 258,274  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $       184,034                                                              |   | $         68,057                                                   |   | $       217,252  |   | $            76,635  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $                  -  |   | $         24,550                                                   |   | $       145,231  |   | $                      -  |
| Distribution      to Assignees                                                                 | -                                                                                                               |   | (24,550)                                                                                                             |   | (145,231) |   | -  |
| Increase      in Receivable - Other                                                            | -                                                                                                               |   | (167,361)                                                                                                            |   | (124,273) |   | -  |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | -                                                                                                               |   | 166,683                                                                                                         |   | 122,273  |   | -  |
| Increase      in Payable to General Partners                                                   | -                                                                                                               |   | 678                                                                                                             |   | 2,000  |   | -  |
|                                                                                           | $                  -  |   | $                  -  |   | $                   -  |   | $                      -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

|                                                                                           | SERIES      6                                                                                                        |   | TOTAL      SERIES 2 - 6                                                                                              |
|------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
|                                                                                           | 2009                                                                                                                 |   | 2008                                                                                                                 |   | 2009 |   | 2008 |
| Cash      Flows from Operating Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Net      (Loss) Income                                                                         | $         (120,640)                                                                                   |   | $         (133,302)                                                                                   |   | $        74,624  |   | $           (338,994) |
| Adjustments      to Reconcile Net (Loss) Income to Net Cash Used in Operating      Activities: |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Impairment      Loss on Investment in Project Partnerships                                     | -                                                                                                               |   | 22,839                                                                                                          |   | -  |   | 22,839  |
| Discount      on Investment in Securities                                                      | -                                                                                                               |   | (2,477)                                                                                                              |   | -  |   | (7,034) |
| Equity      in Loss of Project Partnerships                                                    | -                                                                                                               |   | 4,692                                                                                                           |   | -  |   | 23,330  |
| Gain      on Sale of Project Partnerships                                                      | -                                                                                                               |   | (36,665)                                                                                                             |   | (478,447) |   | (189,933) |
| Distribution      Income                                                                       | (23,039)                                                                                                             |   | (19,934)                                                                                                             |   | (79,065) |   | (61,539) |
| Changes      in Operating Assets and Liabilities:                                              |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Interest Receivable                                                           | -                                                                                                               |   | 3,865                                                                                                           |   | -  |   | 10,949  |
| Increase      in Payable to General Partners                                                   | 56,638                                                                                                          |   | 60,864                                                                                                          |   | 203,999  |   | 189,025  |
| Net      Cash Used in Operating Activities                                                     | (87,041)                                                                                                             |   | (100,118)                                                                                                            |   | (278,889) |   | (351,357) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Investing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Distributions      Received from Project Partnerships                                          | 23,039                                                                                                          |   | 19,934                                                                                                          |   | 79,065  |   | 64,012  |
| Net      Proceeds from Sale of Project Partnerships                                            | -                                                                                                               |   | 36,665                                                                                                          |   | 478,447  |   | 189,933  |
| Redemption      of Investment Securities                                                       | -                                                                                                               |   | 300,000                                                                                                         |   | -  |   | 850,000  |
| Purchase      of Investment Securities                                                         | -                                                                                                               |   | (260,300)                                                                                                            |   | -  |   | (739,332) |
| Net      Cash Provided by Investing Activities                                                 | 23,039                                                                                                          |   | 96,299                                                                                                          |   | 557,512  |   | 364,613  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      Flows from Financing Activities:                                                     |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Capital      Contributions                                                                     | -                                                                                                               |   | -                                                                                                               |   | -  |   | 3,357  |
| Distributions      Paid to Assignees                                                           | (131,062)                                                                                                            |   | (39,915)                                                                                                             |   | (322,262) |   | (350,596) |
| Net      Cash Used in Financing Activities                                                     | (131,062)                                                                                                            |   | (39,915)                                                                                                             |   | (322,262) |   | (347,239) |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Decrease      in Cash and Cash Equivalents                                                     | (195,064)                                                                                                            |   | (43,734)                                                                                                             |   | (43,639) |   | (333,983) |
| Cash      and Cash Equivalents at Beginning of Year                                            | 427,375                                                                                                         |   | 128,416                                                                                                         |   | 1,253,228  |   | 643,643  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Cash      and Cash Equivalents at End of Period                                                | $      232,311                                                                    |   | $        84,682                                                         |   | $   1,209,589  |   | $        309,660  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Supplemental      disclosure of non-cash activities:                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
| Increase      in Distribution Payable                                                          | $             545                              |   | $        36,665                                                         |   | $      477,408  |   | $          72,314  |
| Decrease      in Payable to General Partners                                                   | (545)                                                                                                                |   | -                                                                                                               |   | (545) |   | -  |
| Distribution      to Assignees                                                                 | -                                                                                                               |   | (36,665)                                                                                                             |   | (476,863) |   | (72,314) |
| Increase      in Receivable - Other                                                            | -                                                                                                               |   | (95,143)                                                                                                             |   | (124,273) |   | (262,504) |
| Increase      in Deferred Gain on Sale of Project Partnerships                                 | -                                                                                                               |   | 94,409                                                                                                          |   | 122,273  |   | 261,092  |
| Increase      in Payable to General Partners                                                   | -                                                                                                               |   | 734                                                                                                             |   | 2,000  |   | 1,412  |
|                                                                                           | $                  -  |   | $                  -  |   | $                  -  |   | $                    -  |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |
|                                                                                           |                                                                                                                 |   |                                                                                                                 |   |   |   |   |

----

| 1)   | Gateway’s      capital contribution, |
|----------------|--------------------------------------------|

| 2)   | Acquisition      fees paid to the General Partner for services rendered in selecting      properties for acquisition, |
|----------------|-----------------------------------------------------------------------------------------------------------------------|

| 3)   | Acquisition      expenses including legal fees, travel and other miscellaneous costs      relating to acquiring properties. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------|

----

| 1)   | Increased      for equity in income or decreased for equity in loss of the Project      Partnerships, |
|----------------|-------------------------------------------------------------------------------------------------------|

| 2)   | Decreased      for cash distributions received from the Project    Partnerships, |
|----------------|----------------------------------------------------------------------------------|

| 3)   | Decreased      for the amortization of the acquisition fees and  expenses, |
|----------------|----------------------------------------------------------------------------|

| 4)   | Decreased,      where appropriate, for impairment. |
|----------------|----------------------------------------------------|

----

----

|          | 2009                            |   | 2008                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    33,761 |   | $    35,355 |
| Series      3 | 28,299                          |   | 28,497                          |
| Series      4 | 18,023                          |   | 25,730                          |
| Series      5 | 57,612                          |   | 57,897                          |
| Series      6 | 61,049                          |   | 68,938                          |
| Total         | $  198,744            |   | $  216,417            |

|          | 2009                            |   | 2008                            |
|---------------|---------------------------------|--------|---------------------------------|
| Series      2 | $    33,700 |   | $    41,406 |
| Series      3 | 31,655                          |   | 35,270                          |
| Series      4 | 20,377                          |   | 31,848                          |
| Series      5 | 57,110                          |   | 65,838                          |
| Series      6 | 61,200                          |   | 78,142                          |
| Total         | $  204,042            |   | $  252,504            |

----

|  As      of December 31, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 2 - 12, Series 3 - 15, and Series 4 - 9) which own and operate      government assisted multi-family housing complexes.  Cash flows      from operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                                    |

|                                               | SERIES      2                                                                                                                    |   | SERIES      3                                                                                                        |   | SERIES      4                                                                                                                    |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                               | December      31,                                                                                                                |   | March      31,                                                                                                       |   | December      31,                                                                                                                |   | March      31, |   | December      31, |   | March      31, |
|                                               | 2009                                                                                                                             |   | 2009                                                                                                                 |   | 2009                                                                                                                             |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     2,073,022                                                                                    |   | $   3,159,579                                                                                    |   | $     2,494,974                                                                                    |   | $   2,494,974  |   | $     1,402,420  |   | $   1,556,420  |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Partnerships      (1)                              | (2,162,502)                                                                                                                      |   | (3,298,001)                                                                                                          |   | (2,675,808)                                                                                                                      |   | (2,675,808) |   | (1,479,274) |   | (1,645,185) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Project      Partnerships                          | (34,090)                                                                                                                         |   | (59,212)                                                                                                             |   | (93,673)                                                                                                                         |   | (93,673) |   | (42,900) |   | (45,823) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Adjustment                                         | (123,570)                                                                                                                        |   | (197,634)                                                                                                            |   | (274,507)                                                                                                                        |   | (274,507) |   | (119,754) |   | (134,588) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 161,803                                                                                                                     |   | 254,188                                                                                                         |   | 318,739                                                                                                                     |   | 318,739  |   | 147,412  |   | 164,485  |
| Accumulated      amortization of acquisition       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| fees      and expenses                             | (38,233)                                                                                                                         |   | (56,554)                                                                                                             |   | (44,232)                                                                                                                         |   | (44,232) |   | (27,658) |   | (29,897) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $                    -  |   | $                  -  |   | $                    -  |   | $                  -  |   | $                    -  |   | $                  -  |

| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $3,384,351      in Series 2, $6,171,245 in Series 3, and $2,641,538 in Series 4 for the      period ended December 31, 2009; and cumulative suspended losses of      $5,135,273 in Series 2, $5,884,963 in Series 3, and $2,922,713 in Series 4      for the year ended March 31, 2009 are not  included. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  As      of December 31, 2009, Gateway had acquired a 99% interest in the profits,      losses, and Tax Credits as a limited partner in Project Partnerships      (Series 5 - 23 and Series 6 - 29) which own and operate government      assisted multi-family housing complexes.  Cash flows from      operations are allocated according to each Project Partnership      agreement.  Upon dissolution, proceeds will be distributed      according to each Project Partnership agreement. |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |   |   |   |   |   |
| The      following is a summary of Investments in Project Partnerships as      of:                                                                                                                                                                                                                                                                                                                                                                                                                                     |

|                                               | SERIES      5                                                                                                                    |   | SERIES      6                                                                                                        |   | TOTAL      SERIES 2 - 6                                                                                                          |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                               | December      31,                                                                                                                |   | March      31,                                                                                                       |   | December      31,                                                                                                                |   | March      31, |   | December      31, |   | March      31, |
|                                               | 2009                                                                                                                             |   | 2009                                                                                                                 |   | 2009                                                                                                                             |   | 2009 |   | 2009 |   | 2009 |
| Capital      Contributions to Project Partnerships |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| and      purchase price paid for limited partner   |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| interests      in Project Partnerships             | $     4,228,261                                                                                    |   | $   5,097,323                                                                                    |   | $     5,424,795                                                                                    |   | $   5,424,795  |   | $   15,623,472  |   | $   17,733,091  |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      equity in losses of Project        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Partnerships      (1)                              | (4,389,478)                                                                                                                      |   | (5,329,389)                                                                                                          |   | (5,590,369)                                                                                                                      |   | (5,590,369) |   | (16,297,431) |   | (18,538,752) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Cumulative      distributions received from        |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Project      Partnerships                          | (146,951)                                                                                                                        |   | (160,153)                                                                                                            |   | (191,505)                                                                                                                        |   | (191,505) |   | (509,119) |   | (550,366) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Investment      in Project Partnerships before     |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Adjustment                                         | (308,168)                                                                                                                        |   | (392,219)                                                                                                            |   | (357,079)                                                                                                                        |   | (357,079) |   | (1,183,078) |   | (1,356,027) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Excess      of investment cost over the underlying |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| assets      acquired:                              |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Acquisition      fees and expenses                 | 428,682                                                                                                                     |   | 531,092                                                                                                         |   | 557,032                                                                                                                     |   | 557,032  |   | 1,613,668  |   | 1,825,536  |
| Accumulated      amortization of acquisition       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| fees      and expenses                             | (120,514)                                                                                                                        |   | (138,873)                                                                                                            |   | (177,114)                                                                                                                        |   | (177,114) |   | (407,751) |   | (446,670) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Reserve      for Impairment of Investment in       |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Project      Partnerships                          | -                                                                                                                           |   | -                                                                                                               |   | (22,839)                                                                                                                         |   | (22,839) |   | (22,839) |   | (22,839) |
|                                               |                                                                                                                             |   |                                                                                                                 |   |                                                                                                                             |   |   |   |   |   |   |
| Investments      in Project Partnerships           | $                    -  |   | $                  -  |   | $                    -  |   | $                  -  |   | $                    -  |   | $                    -  |

| (1)      In accordance with Gateway's accounting policy to not carry investments in      Project Partnerships below zero, cumulative suspended losses of $6,713,160      in Series 5 and $5,651,942 in Series 6 for the period ended December 31,      2009; and cumulative suspended losses of $7,971,901 in Series 5 and      $5,086,927 in Series 6 for the year ended March 31, 2009 are not      included. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         | SERIES      2                                                                                                                                      |   | SERIES      3                                                                                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                                                                             |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      assets                          | $        1,087,599                                                                                    |   | $     1,778,708                                                                                    |   | $        1,669,967  |   | $       1,699,623  |
| Investment      properties, net              | 5,586,489                                                                                                                                     |   | 8,794,652                                                                                                                   |   | 4,510,137  |   | 5,107,438  |
| Other      assets                            | 21,290                                                                                                                                        |   | 27,428                                                                                                                      |   | 82,709  |   | 46,100  |
| Total      assets                            | $        6,695,378                                                                                    |   | $   10,600,788                                                                                               |   | $        6,262,813  |   | $       6,853,161  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      liabilities                     | $           415,507                                                                    |   | $        643,122                                                                    |   | $           268,155  |   | $          329,995  |
| Long-term      debt                          | 10,092,682                                                                                                                                    |   | 15,397,880                                                                                                                  |   | 12,616,228  |   | 12,743,481  |
| Total      liabilities                       | 10,508,189                                                                                                                                    |   | 16,041,002                                                                                                                  |   | 12,884,383  |   | 13,073,476  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Partners'      equity (deficit)              |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Limited      Partner                         | (3,540,484)                                                                                                                                        |   | (5,296,295)                                                                                                                      |   | (6,819,191) |   | (6,439,981) |
| General      Partners                        | (272,327)                                                                                                                                          |   | (143,919)                                                                                                                        |   | 197,621  |   | 219,666  |
| Total      partners' deficit                 | (3,812,811)                                                                                                                                        |   | (5,440,214)                                                                                                                      |   | (6,621,570) |   | (6,220,315) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      liabilities and partners' deficit | $        6,695,378                                                                                    |   | $   10,600,788                                                                                               |   | $        6,262,813  |   | $       6,853,161  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                                                                             |   |
| Rental      and other income                 | $        1,166,771                                                                                    |   | $     1,678,125                                                                                    |   | $        1,621,638  |   | $       1,571,970  |
| Expenses:                                    |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Operating      expenses                      | 988,387                                                                                                                                       |   | 1,316,616                                                                                                                   |   | 1,236,322  |   | 1,221,377  |
| Interest      expense                        | 163,425                                                                                                                                       |   | 250,212                                                                                                                     |   | 187,996  |   | 190,122  |
| Depreciation      and amortization           | 290,828                                                                                                                                       |   | 453,006                                                                                                                     |   | 486,494  |   | 485,503  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      expenses                          | 1,442,640                                                                                                                                     |   | 2,019,834                                                                                                                   |   | 1,910,812  |   | 1,897,002  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Net      loss                                | $          (275,869)                                                                             |   | $       (341,709)                                                                             |   | $          (289,174) |   | $         (325,032) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Other      partners' share of net loss       | $              (2,759)                                                       |   | $           (3,417)                                                       |   | $              (2,892) |   | $             (3,250) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Gateway's      share of net loss             | $          (273,110)                                                                             |   | $       (338,292)                                                                             |   | $          (286,282) |   | $         (321,782) |
| Suspended      losses                        | 273,110                                                                                                                                       |   | 338,292                                                                                                                     |   | 286,282  |   | 321,782  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $                    -  |   | $                       -  |   | $                      -  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |

----

|                                         | SERIES      4                                                                                                                                      |   | SERIES      5                                                                                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                                                                             |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      assets                          | $        1,079,083                                                                                    |   | $      1,005,445                                                                              |   | $        2,763,214  |   | $        3,062,634  |
| Investment      properties, net              | 3,731,574                                                                                                                                     |   | 4,404,575                                                                                                                   |   | 11,932,523  |   | 15,019,478  |
| Other      assets                            | 17,658                                                                                                                                        |   | 10,711                                                                                                                      |   | 28,741  |   | 21,251  |
| Total      assets                            | $        4,828,315                                                                                    |   | $      5,420,731                                                                              |   | $      14,724,478  |   | $      18,103,363  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Current      liabilities                     | $           201,716                                                                    |   | $         233,769                                                              |   | $           588,146  |   | $           706,593  |
| Long-term      debt                          | 7,292,474                                                                                                                                     |   | 8,148,148                                                                                                                   |   | 21,464,260  |   | 25,895,934  |
| Total      liabilities                       | 7,494,190                                                                                                                                     |   | 8,381,917                                                                                                                   |   | 22,052,406  |   | 26,602,527  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Partners'      equity (deficit)              |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Limited      Partner                         | (2,800,419)                                                                                                                                        |   | (3,100,842)                                                                                                                      |   | (7,104,284) |   | (8,242,851) |
| General      Partners                        | 134,544                                                                                                                                       |   | 139,656                                                                                                                     |   | (223,644) |   | (256,313) |
| Total      partners' deficit                 | (2,665,875)                                                                                                                                        |   | (2,961,186)                                                                                                                      |   | (7,327,928) |   | (8,499,164) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      liabilities and partners' deficit | $        4,828,315                                                                                    |   | $      5,420,731                                                                              |   | $      14,724,478  |   | $      18,103,363  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                                                                             |   |
| Rental      and other income                 | $           882,005                                                                    |   | $         978,424                                                              |   | $        2,631,847  |   | $        3,013,964  |
| Expenses:                                    |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Operating      expenses                      | 648,830                                                                                                                                       |   | 807,917                                                                                                                     |   | 1,999,094  |   | 2,422,631  |
| Interest      expense                        | 119,852                                                                                                                                       |   | 133,462                                                                                                                     |   | 339,749  |   | 418,326  |
| Depreciation      and amortization           | 243,461                                                                                                                                       |   | 263,702                                                                                                                     |   | 665,685  |   | 799,591  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Total      expenses                          | 1,012,143                                                                                                                                     |   | 1,205,081                                                                                                                   |   | 3,004,528  |   | 3,640,548  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Net      loss                                | $          (130,138)                                                                             |   | $       (226,657)                                                                             |   | $           (372,681) |   | $           (626,584) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Other      partners' share of net loss       | $              (3,283)                                                       |   | $           (3,014)                                                       |   | $               (3,727) |   | $               (6,266) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Gateway's      share of net loss             | $          (126,855)                                                                             |   | $       (223,643)                                                                             |   | $           (368,954) |   | $           (620,318) |
| Suspended      losses                        | 126,855                                                                                                                                       |   | 223,643                                                                                                                     |   | 368,954  |   | 601,680  |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $                    -  |   | $                       -  |   | $             (18,638) |
|                                         |                                                                                                                                               |   |                                                                                                                             |   |   |   |   |

----

|                                         | SERIES      6                                                                                                                                      |   | TOTAL      SERIES 2 - 6                                                    |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|
|                                         | 2009                                                                                                                                               |   | 2008                                                                       |   | 2009 |   | 2008 |
| SUMMARIZED      BALANCE SHEETS               |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Assets:                                      |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Current      assets                          | $        3,720,581                                                                                    |   | $      3,786,421                        |   | $      10,320,444  |   | $      11,332,831  |
| Investment      properties, net              | 17,379,305                                                                                                                                    |   | 18,284,212                                                            |   | 43,140,028  |   | 51,610,355  |
| Other      assets                            | 24,784                                                                                                                                        |   | 39,912                                                                |   | 175,182  |   | 145,402  |
| Total      assets                            | $      21,124,670                                                                                               |   | $    22,110,545                                   |   | $      53,635,654  |   | $      63,088,588  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Liabilities      and Partners' Deficit:      |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Current      liabilities                     | $           627,874                                                                    |   | $         631,148        |   | $        2,101,398  |   | $        2,544,627  |
| Long-term      debt                          | 27,221,318                                                                                                                                    |   | 27,409,226                                                            |   | 78,686,962  |   | 89,594,669  |
| Total      liabilities                       | 27,849,192                                                                                                                                    |   | 28,040,374                                                            |   | 80,788,360  |   | 92,139,296  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Partners'      deficit                       |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Limited      Partner                         | (6,150,768)                                                                                                                                        |   | (5,404,521)                                                                |   | (26,415,146) |   | (28,484,490) |
| General      Partners                        | (573,754)                                                                                                                                          |   | (525,308)                                                                  |   | (737,560) |   | (566,218) |
| Total      partners' deficit                 | (6,724,522)                                                                                                                                        |   | (5,929,829)                                                                |   | (27,152,706) |   | (29,050,708) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Total      liabilities and partners' deficit | $      21,124,670                                                                                               |   | $    22,110,545                                   |   | $      53,635,654  |   | $      63,088,588  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| SUMMARIZED      STATEMENTS OF OPERATIONS     |                                                                                                                                               |   |                                                                       |   |
| Rental      and other income                 | $        3,092,399                                                                                    |   | $      3,022,806                        |   | $        9,394,660  |   | $      10,265,289  |
| Expenses:                                    |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Operating      expenses                      | 2,450,338                                                                                                                                     |   | 2,246,764                                                             |   | 7,322,971  |   | 8,015,305  |
| Interest      expense                        | 405,206                                                                                                                                       |   | 429,699                                                               |   | 1,216,228  |   | 1,421,821  |
| Depreciation      and amortization           | 808,031                                                                                                                                       |   | 819,258                                                               |   | 2,494,499  |   | 2,821,060  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Total      expenses                          | 3,663,575                                                                                                                                     |   | 3,495,721                                                             |   | 11,033,698  |   | 12,258,186  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Net      loss                                | $               (571,176)                                                                             |   | $            (472,915)                       |   | $            (1,639,038) |   | $             (1,992,897) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Other      partners' share of net loss       | $                   (6,161)                                                       |   | $                (6,088) |   | $                 (18,822) |   | $                  (22,035) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Gateway's      share of net loss             | $               (565,015)                                                                             |   | $            (466,827)                       |   | $            (1,620,216) |   | $             (1,970,862) |
| Suspended      losses                        | 565,015                                                                                                                                       |   | 462,135                                                               |   | 1,620,216  |   | 1,947,532  |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |
| Equity      in Loss of Project Partnerships  | $                       -  |   | $                (4,692) |   | $                       -  |   | $                  (23,330) |
|                                         |                                                                                                                                               |   |                                                                       |   |   |   |   |

----

| Transaction        |                                     |                      | Net      Proceeds        | Gain      (Loss)                      |
|--------------------|------------------------------------------|---------------------------|--------------------------|---------------------------------------|
| Month      / Year  | Project      Partnership                 | Net      Proceeds         | Per      BAC             | on      Disposal                      |
| December      2009 | Charleston      Properties               | $  87,503  | $  14.26  | $    87,503  |
| December      2009 | Pocola      Properties                   | 98,566               | 16.06               | 98,566                           |
| December      2009 | Sallisaw      Properties II              | 128,995              | 21.02               | 128,995                          |
| October      2009  | Sylacauga      Heritage Apartments, Ltd. | -                    | -                   | -                                |
| August      2009   | Lewiston      Limited Partnership        | 16,568               | 2.70                | 16,568                           |
|               |                                     |                      |                     | $  331,632             |

| Transaction       |                                     |                                                                       | Net      Proceeds                                              | Gain      (Loss)                                                     |
|-------------------|------------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------|
| Month      / Year | Project      Partnership                 | Net      Proceeds                                                          | Per      BAC                                                   | on      Disposal                                                     |
| October      2009 | Village      Apartments of St. Joseph II | $           -  | $         -  | $          -  |
|              | Other,      net (see below)              | -                                                                     | -                                                         | 2,000                                                           |
|              |                                     |                                                                       |                                                           | $  2,000                                              |

| Transaction        |                                  |                       | Net      Proceeds        | Gain      (Loss)                                                                       | Deferred      Gain         |
|--------------------|---------------------------------------|----------------------------|--------------------------|----------------------------------------------------------------------------------------|----------------------------|
| Month      / Year  | Project      Partnership              | Net      Proceeds          | Per      BAC             | on      Disposal                                                                       | on      Disposal           |
| December      2009 | Pine      Terrace Apartments, L.P.    | $  122,273  | $  14.19  | $             -  | $  122,273  |
| December      2009 | Shellman      Housing, L.P.           | 12,181                | 1.41                | 12,181                                                                            | -                     |
| December      2009 | Crisp      Properties, L.P.           | 131,990               | 15.32               | 131,574                                                                           | -                     |
| October      2009  | Village      Apartments of Effingham  | 756                   | 0.09                | 756                                                                               | -                     |
| October      2009  | Village      Apartments of Seymour II | 304                   | 0.03                | 304                                                                               | -                     |
|               |                                  |                       |                     | $  144,815                                                              | $  122,273  |

----

| Transaction         |                        |                     | Net      Proceeds       | Gain      (Loss)                     |
|---------------------|-----------------------------|--------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds        | Per      BAC            | on      Disposal                     |
| September      2008 | Prairie      Apartments     | $  7,741  | $  1.26  | $    7,741  |
|                | Other,      net (see below) | -                   | -                  | 5,300                           |
|                |                        |                     |                    | $  13,041             |

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Williston      Properties    | $  43,512  | $  6.29  | $    43,512  |
| December      2008  | St.      George Properties   | 43,592               | 6.30               | 43,592                           |
| December      2008  | Jonesville      Manor        | 79,579               | 11.51              | 79,499                           |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                           |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,645                          |
|                | Other,      net (see below)  | -                    | -                  | 1,850                            |
|                |                         |                      |                    | $  313,648             |

----

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      (Loss)         |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      BAC                                             | on      Disposal         |
|              | Other,      net (see below) | $          -  | $        -  | $  3,700  |
|              |                        |                                                                 |                                                     | $  3,700  |

| Transaction         |                        |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|-----------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Newport      Village        | $  46,919  | $  4.64  | $    46,369  |
| December      2008  | Blacksburg      Terrace     | 47,490               | 4.70               | 47,410                           |
| September      2008 | Spruce      Apartments      | 9,442                | 0.93               | 9,442                            |
| September      2008 | Shannon      Apartments     | 7,741                | 0.77               | 7,741                            |
| September      2008 | Cornell      Apartments     | 9,741                | 0.96               | 9,741                            |
| September      2008 | Winter      Park Apartments | 9,741                | 0.96               | 9,741                            |
|                |                        |                      |                    | $  130,444             |

----

----

----

----

----

| Transaction        |                                     |                      | Net      Proceeds        | Gain      (Loss)                      |
|--------------------|------------------------------------------|---------------------------|--------------------------|---------------------------------------|
| Month      / Year  | Project      Partnership                 | Net      Proceeds         | Per      BAC             | on      Disposal                      |
| December      2009 | Charleston      Properties               | $  87,503  | $  14.26  | $    87,503  |
| December      2009 | Pocola      Properties                   | 98,566               | 16.06               | 98,566                           |
| December      2009 | Sallisaw      Properties II              | 128,995              | 21.02               | 128,995                          |
| October      2009  | Sylacauga      Heritage Apartments, Ltd. | -                    | -                   | -                                |
| August      2009   | Lewiston      Limited Partnership        | 16,568               | 2.70                | 16,568                           |
|               |                                     |                      |                     | $  331,632             |

| Transaction       |                                     |                                                                       | Net      Proceeds                                              | Gain      (Loss)                                                     |
|-------------------|------------------------------------------|----------------------------------------------------------------------------|----------------------------------------------------------------|----------------------------------------------------------------------|
| Month      / Year | Project      Partnership                 | Net      Proceeds                                                          | Per      BAC                                                   | on      Disposal                                                     |
| October      2009 | Village      Apartments of St. Joseph II | $           -  | $         -  | $          -  |
|              | Other,      net (see below)              | -                                                                     | -                                                         | 2,000                                                           |
|              |                                     |                                                                       |                                                           | $  2,000                                              |

----

| Transaction        |                                  |                       | Net      Proceeds        | Gain      (Loss)                                                                       | Deferred      Gain         |
|--------------------|---------------------------------------|----------------------------|--------------------------|----------------------------------------------------------------------------------------|----------------------------|
| Month      / Year  | Project      Partnership              | Net      Proceeds          | Per      BAC             | on      Disposal                                                                       | on      Disposal           |
| December      2009 | Pine      Terrace Apartments, L.P.    | $  122,273  | $  14.19  | $             -  | $  122,273  |
| December      2009 | Shellman      Housing, L.P.           | 12,181                | 1.41                | 12,181                                                                            | -                     |
| December      2009 | Crisp      Properties, L.P.           | 131,990               | 15.32               | 131,574                                                                           | -                     |
| October      2009  | Village      Apartments of Effingham  | 756                   | 0.09                | 756                                                                               | -                     |
| October      2009  | Village      Apartments of Seymour II | 304                   | 0.03                | 304                                                                               | -                     |
|               |                                  |                       |                     | $  144,815                                                              | $  122,273  |

| Transaction         |                        |                     | Net      Proceeds       | Gain      (Loss)                     |
|---------------------|-----------------------------|--------------------------|-------------------------|--------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds        | Per      BAC            | on      Disposal                     |
| September      2008 | Prairie      Apartments     | $  7,741  | $  1.26  | $    7,741  |
|                | Other,      net (see below) | -                   | -                  | 5,300                           |
|                |                        |                     |                    | $  13,041             |

----

| Transaction         |                         |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|------------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership     | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Williston      Properties    | $  43,512  | $  6.29  | $    43,512  |
| December      2008  | St.      George Properties   | 43,592               | 6.30               | 43,592                           |
| December      2008  | Jonesville      Manor        | 79,579               | 11.51              | 79,499                           |
| September      2008 | Rural      Development Group | 24,550               | 3.55               | 24,550                           |
| June      2008      | Norton      Green            | 120,977              | 17.49              | 120,645                          |
|                | Other,      net (see below)  | -                    | -                  | 1,850                            |
|                |                         |                      |                    | $  313,648             |

| Transaction       |                        |                                                                 | Net      Proceeds                                        | Gain      (Loss)         |
|-------------------|-----------------------------|----------------------------------------------------------------------|----------------------------------------------------------|--------------------------|
| Month      / Year | Project      Partnership    | Net      Proceeds                                                    | Per      BAC                                             | on      Disposal         |
|              | Other,      net (see below) | $          -  | $        -  | $  3,700  |
|              |                        |                                                                 |                                                     | $  3,700  |

| Transaction         |                        |                      | Net      Proceeds       | Gain      (Loss)                      |
|---------------------|-----------------------------|---------------------------|-------------------------|---------------------------------------|
| Month      / Year   | Project      Partnership    | Net      Proceeds         | Per      BAC            | on      Disposal                      |
| December      2008  | Newport      Village        | $  46,919  | $  4.64  | $    46,369  |
| December      2008  | Blacksburg      Terrace     | 47,490               | 4.70               | 47,410                           |
| September      2008 | Spruce      Apartments      | 9,442                | 0.93               | 9,442                            |
| September      2008 | Shannon      Apartments     | 7,741                | 0.77               | 7,741                            |
| September      2008 | Cornell      Apartments     | 9,741                | 0.96               | 9,741                            |
| September      2008 | Winter      Park Apartments | 9,741                | 0.96               | 9,741                            |
|                |                        |                      |                    | $  130,444             |

----

| Durango      C.W.W. Limited Partnership      | Richland      Elderly Housing, Ltd., L.P.   |
|----------------------------------------------|---------------------------------------------|
| Pearson      Elderly Housing, Ltd., L.P.     | Mt.      Vernon Elderly Housing, Ltd., L.P. |
| Lakeland      Elderly Apartments, Ltd., L.P. |                                        |

| Hornellsville      Apartments   | Heritage      Villas, L.P. |
|---------------------------------|----------------------------|
| Weston      Apartments, Limited | Elkhart      Apts., Ltd.   |
| Nowata      Properties          | Poteau      Properties II  |
| Roland      Properties II       | Sallisaw      Properties   |
| Stilwell      Properties        | Waldron      Properties    |

| Stilwell      Properties II           | Westville      Properties |
|---------------------------------------|---------------------------|
| Spring      Hill Senior Housing, L.P. |                      |

| Carrollton      Club, Ltd., L.P.       | Crawford      Rental Housing, L.P.         |
|----------------------------------------|--------------------------------------------|
| Greensboro      Properties, Ltd., L.P. | Greensboro      Properties, L.P., Phase II |
| Alma      Properties                   | Clayton      Properties                    |
| Mill      Creek Properties V           | Spring      Hill Housing, L.P.             |

----

| Dawson      Elderly, L.P. | Parsons      Properties, L.P. |
|---------------------------|-------------------------------|

| Countrywood      Apartments, Limited | Wildwood      Apartments, Limited |
|--------------------------------------|-----------------------------------|

| Blackshear      Apartments, L.P. Phase II | Woodcrest      Associates of South Boston |
|-------------------------------------------|-------------------------------------------|

| Meadowcrest      Apartments, Ltd.               | Lancaster      House |
|-------------------------------------------------|----------------------|
| Country      Place Apartments – Coal City |                 |

----

----

----

| GATEWAY TAX CREDIT FUND II,      LTD.         |
|-----------------------------------------------|
| (A      Florida Limited Partnership)          |
| By:      Raymond James Tax Credit Funds, Inc. |
| (the      Managing General Partner)           |

| Date:      February 12,      2010 |   | By:/s/ Ronald M.      Diner |
|-----------------------------------|--------|-----------------------------|
|                              |   | Ronald      M. Diner        |
|                              |   | President                   |

| Date:      February 12,      2010 |   | By:/s/ Toni S.      Matthews                   |
|-----------------------------------|--------|------------------------------------------------|
|                              |   | Toni      S. Matthews                          |
|                              |   | Vice      President and Chief FinancialOfficer |