----

----

| Delaware                                                                    |   | 13-3458875                                  |
|-----------------------------------------------------------------------------|--------|---------------------------------------------|
| (State or Other Jurisdiction of Organization)                               |   | (I.R.S. Employer Identification No.)        |
|                                                                        |   |                                        |
| Richman Tax Credit Properties L.P.340 Pemberwick RoadGreenwich, Connecticut |   |   06831                           |
| (Address of Principal Executive Offices)                                    |   | (Zip Code)                                  |
|                                                                        |   |                                        |
| Registrant's Telephone Number, Including Area Code:                         |   | (203) 869-0900                              |
|                                                                        |   |                                        |
| Securities Registered Pursuant to Section 12(b) of the Act:                 |   |                                        |
|  None                                                                  |   |  None                                  |
| (Title of Each Class)                                                       |   | (Name of Each Exchange on Which Registered) |
|                                                                        |   |                                        |
| Securities Registered Pursuant to Section 12(g) of the Act:                 |   |                                        |
|                                                                        |   |                                        |
| Units of Limited Partnership Interest                                       |
| (Title of Class)                                                            |

----

----

----

| Risks Relating to Registrant’s Business and Industry |
|------------------------------------------------------------|

| ·   | the adverse use of adjacent or neighborhood real estate; |
|--------------------|----------------------------------------------------------|

| ·   | regulated rents, which may adversely impact rent increases; |
|--------------------|-------------------------------------------------------------|

| ·   | utility allowances, which may adversely impact rents charged to tenants from year to year in certain locations; |
|--------------------|-----------------------------------------------------------------------------------------------------------------|

| ·   | the inability of tenants to pay rent in light of current market conditions; |
|--------------------|-----------------------------------------------------------------------------|

| ·   | changes in the demand for or supply of competing properties; |
|--------------------|--------------------------------------------------------------|

| ·   | changes in state or local tax rates and assessments; |
|--------------------|------------------------------------------------------|

----

| Item 1A.   Risk Factors (Continued). |
|------------------------------------------------|

| ·   | increases in utility charges; |
|--------------------|-------------------------------|

| ·   | unexpected expenditures for repairs and maintenance; |
|--------------------|------------------------------------------------------|

| ·   | the discovery of previously undetected environmentally hazardous conditions; |
|--------------------|------------------------------------------------------------------------------|

| ·   | costs associated with complying with the Americans with Disabilities Act; |
|--------------------|---------------------------------------------------------------------------|

| ·   | uninsured losses relating to real property or excessively expensive premiums for insurance coverage; |
|--------------------|------------------------------------------------------------------------------------------------------|

| ·   | lawsuits from tenants or guests in connection with injuries that occur on the Properties; |
|--------------------|-------------------------------------------------------------------------------------------|

| ·   | changes in local economic conditions; and |
|--------------------|-------------------------------------------|

| ·   | changes in interest rates and the availability of financing (including changes resulting from current market conditions). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------|

----

| Item 1A.   Risk Factors (Continued). |
|------------------------------------------------|

| Item 2.      Properties. |
|---------------------------------------------------|

----

----

|                                                                                                                   |   |      |              |   |         |   |                    | Mortgage loans |   |       |
|------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------------|--------|--------------|--------|-------------------------|----------------|--------|------------|
| Name of Local Partnership                                                                                              |   | Number    |              |   |         |   |                    | payable as of  |   | Subsidy    |
| Name of apartment complex                                                                                              |   | of rental |              |   | Capital      |   |                    | December 31,   |   | (see       |
| Apartment complex location                                                               |   | units     |              |   | contribution |   |                    | 2010           |   | footnotes) |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |
| 4611 South Drexel Limited Partnership (3), (9)South Drexel ApartmentsChicago, Illinois                                 |   |      |   44         |   |         | $      | 1,354,968               |           |   | $          | -- | (3) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| B & V, Ltd. (3)Homestead ApartmentsHomestead, Florida                                                              |   |      |   158        |   |         |   |   2,050,795        |           |   |       | -- | (3) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| B & V Phase I, Ltd. (3)Gardens of HomesteadHomestead, Florida                                                      |   |      |   97         |   |         |   |   140,000          |           |   |       | -- | (3) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Blue Hill Housing Limited Partnership (3)Blue Hill HousingGrove Hall, Massachusetts                                    |   |      |   144        |   |         |   |   4,506,082        |           |   |       | -- | (3) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Cityside Apartments, L.P.Cityside ApartmentsTrenton, New Jersey                                                        |   |      |   126        |   |         |   |   6,098,988        |           |   |       |   5,970,916 |   |   |   (1a&c) |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Cobbet Hill Associates Limited Partnership (9)Cobbet Hill ApartmentsLynn, Massachusetts                                |   |      |   117        |   |         |   |   5,303,771        |           |   |       |   12,660,960 |   |   |   (1a,b&c) |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Dunbar Limited Partnership (4), (7)Spring Grove ApartmentsChicago, Illinois                                            |   |      |   101        |   |         |   |   1,518,229        |           |   |       | -- | (4) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Dunbar Limited Partnership No. 2 (4), (7)Park View ApartmentsChicago, Illinois                                         |   |      |   102        |   |         |   |   1,701,849        |           |   |       | -- | (4) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Erie Associates Limited Partnership (3)Erie ApartmentsSpringfield, Massachusetts                                       |   |      |   18         |   |         |   |   755,737          |           |   |       | -- | (3) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Federal Apartments Limited Partnership (8)Federal ApartmentsFort Lauderdale, Florida                                   |   |      |   164        |   |         |   |   2,832,224        |           |   |       |   5,734,673 |   |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Golden Gates Associates (4), (6)Golden GatesBrooklyn, New York                                                         |   |      |   85         |   |         |   | 879,478                 |           |   |       | -- | (4) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |
| Grove Park Housing, A California Limited   Partnership (3)Grove Park ApartmentsGarden Grove, California |   |      |     104 |   |         |   |     1,634,396 |           |   |       | -- | (3) |   |   |
|                                                                                                                   |   |      |              |   |         |   |                    |           |   |       |   |   |   |   |

----

| Item 2.      Properties (Continued). |
|---------------------------------------------------------------|

|                                                                                                                         |   |      |              |   |         |   |                    | Mortgage loans |       |    |             |
|------------------------------------------------------------------------------------------------------------------------------|--------|-----------|-------------------|--------|--------------|--------|-------------------------|----------------|------------|---------|------------------|
| Name of Local Partnership                                                                                                    |   | Number    |              |   |         |   |                    | payable as of  |       | Subsidy |             |
| Name of apartment complex                                                                                                    |   | of rental |              |   | Capital      |   | December 31,            |           | (see       |    |
| Apartment complex location                                                                     |   | units     |              |   | contribution |   | 2010                    |           | footnotes) |    |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |
| Gulf Shores Apartments Ltd.Morgan Trace ApartmentsGulf Shores, Alabama                                                       |   |      |   50         |   |         | $      |  352,693           |           |       | $       |  1,416,118  |   |   |   | (1b)   |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |
| Hilltop North Associates, A Virginia Limited   Partnership (3), (9)Hilltop North ApartmentsRichmond, Virginia |   |      |     160 |   |         |   |     1,470,734 |           |       |    | --               | (3) |   |   |   |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |
| Madison-Bellefield AssociatesBellefield DwellingsPittsburgh, Pennsylvania                                                    |   |      |   158        |   |         |   |   1,047,744        |           |       |    |   1,766,845 |   |   |  (1a&c) |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |
| Pine Hill Estates Limited Partnership (3), (5)Pine Hill EstatesShreveport, Louisiana                                         |   |      |   110        |   |         |   |   613,499          |           |       |    | --               | (3) |   |   |   |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |
| Santa Juanita Limited Dividend Partnership L.P.Santa Juanita ApartmentsBayamon, Puerto Rico                                  |   |      |   45         |   |         |   | 313,887                 | (2)            |       |    |   1,352,101 |   |   |  (1a,b,c&d) |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |
| Vista del Mar Limited Dividend Partnership L.P. (9)Vista del Mar ApartmentsFajardo, Puerto Rico                              |   |      |   152        |   |         |   |   3,363,345        |           |       |    |   5,566,410 |   |   |  (1a,b,c&d) |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |
| Winnsboro Homes Limited Partnership (3), (5)Winnsboro HomesWinnsboro, Louisiana                                              |   |      |   50         |   |         |   |   289,730          |           |       |    | --               | (3) |   |   |   |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |
|                                                                                                                         |   |      |              |   |         | $      | 36,228,149              |           |       | $       | 34,468,023       |   |   |   |   |   |
|                                                                                                                         |   |      |              |   |         |   |                    |           |       |    |             |   |   |   |   |   |

|   | (1)   |      | Description of Subsidies:                                                                                                                                                                                                                                                                    |
|--------|-----------------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |            |      |                                                                                                                                                                                                                                                                                         |
|   |            | (a)  | Section 8 of Title II of the Housing and Community Development Act of 1974 allows qualified low-income tenants to pay thirty percent of their monthly income as rent with the balance paid by the federal government.                                                                        |
|   |            |      |                                                                                                                                                                                                                                                                                         |
|   |            | (b)       | The Local Partnership's debt structure includes a principal or interest payment subsidy.                                                                                                                                                                                                     |
|   |            |      |                                                                                                                                                                                                                                                                                         |
|   |            | (c)       | The Local Partnership’s Section 8 contracts are currently subject to renewal under applicable HUD guidelines.                                                                                                                                                                          |
|   |            |      |                                                                                                                                                                                                                                                                                         |
|   |            | (d)       | The Local Partnership entered into a restructuring agreement of its Section 8 contracts and debt structure under applicable HUD guidelines in 2008.                                                                                                                                          |
|   |            |      |                                                                                                                                                                                                                                                                                         |
|   | (2)             |      | Reflects amount attributable to Registrant only.                                                                                                                                                                                                                                             |
|   |            |      |                                                                                                                                                                                                                                                                                         |
|   | (3)             |      | The Local Partnership Interest is no longer owned by Registrant; there are no assets or liabilities related to such Local Partnership included in the combined balance sheets of the Local Partnerships as of December 31, 2010 and 2009 in Note 6 to the accompanying financial statements. |

----

| Item 2.      Properties (Continued).  |
|---------------------------------------------------------------------|

| (4)           | The Local Partnership Interest is no longer owned by Registrant; there are no assets or liabilities related to such Local Partnership included in the combined balance sheet of the Local Partnerships as of December 31, 2010 in Note 6 to the accompanying financial statements. |
|------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5)           | Registrant sold its Local Partnership Interest in November 2009 to an affiliate of the Local General Partner.  The combined statement of operations of the Local Partnerships for the year ended December 31, 2009 included in Note 6 to the accompanying financial statements includes results of operations for such Local Partnership through the date of sale. |
|------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (6)           | Registrant sold its Local Partnership Interest in November 2010 to an affiliate of the Local General Partner.  The combined statement of operations of the Local Partnerships for the year ended December 31, 2010 included in Note 6 to the accompanying financial statements includes results of operations for such Local Partnership for the year ended December 31, 2010 (see Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, herein). |
|------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7)           | The Local Partnership sold its underlying Property in December 2010 to an affiliate of the Local General Partner.  The combined statement of operations of the Local Partnerships for the year ended December 31, 2010 included in Note 6 to the accompanying financial statements includes results of operations for such Local Partnership for the year ended December 31, 2010 (see Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, herein). |
|------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8)           | Registrant sold its Local Partnership Interest in May 2011 (see Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations, herein). |
|------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (9)           | Capital contribution includes voluntary advances made by Registrant to the Local Partnership. |
|------------------------------------------------------------|-----------------------------------------------------------------------------------------------|

| Item 3.      Legal Proceedings. |
|----------------------------------------------------------|

| None. |
|-------|

| Item 4.      Removed and Reserved. |
|-------------------------------------------------------------|

----

| Item 5.      Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 7.      Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
|------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

| ·   | Registrant accounts for its investment in local partnerships in accordance with the equity method of accounting. |
|---------------|------------------------------------------------------------------------------------------------------------------|

| ·   | If the book value of Registrant’s investment in a Local Partnership exceeds the estimated value derived by management, Registrant reduces its investment in any such Local Partnership and includes such reduction in equity in loss of investment in local partnerships.  Registrant makes such assessment at least annually in the fourth quarter of its fiscal year or whenever there are indications that a permanent impairment may have occurred.  A loss in value of an investment in a Local Partnership other than a temporary decline would be recorded as an impairment loss.  Impairment is measured by comparing the investment carrying amount to the estimated residual value of the investment. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Registrant does not consolidate the accounts and activities of the Local Partnerships, which are considered Variable Interest Entities as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810; Subtopic 10, because Registrant is not considered the primary beneficiary.  Registrant’s balance in investment in local partnerships represents the maximum exposure to loss in connection with such investments.  Registrant’s exposure to loss on the Local Partnerships is mitigated by the condition and financial performance of the underlying Properties as well as the financial strength of the Local General Partners.  In addition, the Local Partnerships’ partnership agreements grant the Local General Partners the power to direct the activities that most significantly impact the Local Partnerships’ economic success. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| Item 8.      Financial Statements and Supplementary Data. |
|------------------------------------------------------------------------------------|

|                                                    | Page     |
|---------------------------------------------------------|----------|
|                                                    |     |
| Report of Independent Registered Public Accounting Firm | 18  |
|                                                    |     |
| Balance Sheets                                          | 19  |
|                                                    |     |
| Statements of Operations                                | 20  |
|                                                    |     |
| Statements of Changes in Partners' Equity (Deficit)     | 21  |
|                                                    |     |
| Statements of Cash Flows                                | 22  |
|                                                    |     |
| Notes to Financial Statements                           | 24  |

----

----

|                                                                        |   | 2011   |      |   | 2010   |   |
|-----------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
|                                                                        |   |   |      |   |   |   |
| ASSETS                                                                      |   |   |      |   |   |   |
|                                                                        |   |   |      |   |   |   |
| Cash and liquid investments                                                 |   |   |      |   |   |   |
|                                                                        |   |   |      |   |   |   |
| Cash and cash equivalents                                                   |   | $      | 154,743   |   |   | $      | 295,778 |   |
| Investment in Pemberwick Fund                                               |   |   | 1,161,425 |   |   |   | 1,555,638 |   |
| Investment in bond                                                          |   |   | 99,872    |   |   |   |   |   |
|                                                                        |   |   |      |   |   |   |   |   |
| Total cash and liquid investments                                           |   |   | 1,416,040 |   |   |   | 1,851,416 |   |
|                                                                        |   |   |      |   |   |   |   |   |
| Due from local partnerships                                                 |   |   | 50,000    |   |   |   |   |   |
| Interest receivable                                                         |   |   | 123       |   |   |   |   |   |
| Investment in local partnerships                                            |   |   | 382,951   |   |   |   | 270,769 |   |
|                                                                        |   |   |      |   |   |   |   |   |
|                                                                        |   | $      | 1,849,114 |   |   | $      | 2,122,185 |   |
|                                                                        |   |   |      |   |   |   |   |   |
| LIABILITIES AND PARTNERS’ EQUITY (DEFICIT)                            |   |   |      |   |   |   |   |   |
|                                                                        |   |   |      |   |   |   |   |   |
| Liabilities                                                                 |   |   |      |   |   |   |   |   |
|                                                                        |   |   |      |   |   |   |   |   |
| Accounts payable and accrued expenses                                       |   | $      | 92,911    |   |   | $      | 73,923 |   |
| Deferred revenue                                                            |   |   | 50,000    |   |   |   |   |   |
| Payable to general partner and affiliates                                   |   |   | 152,528   |   |   |   | 369,406 |   |
|                                                                        |   |   |      |   |   |   |   |   |
|                                                                        |   |   | 295,439   |   |   |   | 443,329 |   |
|                                                                        |   |   |      |   |   |   |   |   |
| Commitments and contingencies                                               |   |   |      |   |   |   |   |   |
|                                                                        |   |   |      |   |   |   |   |   |
| Partners’ equity (deficit)                                            |   |   |      |   |   |   |   |   |
|                                                                        |   |   |      |   |   |   |   |   |
| General partner                                                             |   |   | (350,341  | )      |   |   | (348,912 | ) |
| Limited partners (41,286 units of limited partnership interest outstanding) |   |   | 1,886,338 |   |   |   | 2,027,768 |   |
| Accumulated other comprehensive income                                      |   |   | 17,678    |   |   |   |   |   |
|                                                                        |   |   |      |   |   |   |   |   |
|                                                                        |   |   | 1,553,675 |   |   |   | 1,678,856 |   |
|                                                                        |   |   |      |   |   |   |   |   |
|                                                                        |   | $      | 1,849,114 |   |   | $      | 2,122,185 |   |

----

|                                                                                             |   | 2011   |     |   | 2010   |   |     | 2009   |   |
|--------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
|                                                                                             |   |   |     |   |   |   |     |   |   |
| REVENUE                                                                                          |   |   |     |   |   |   |     |   |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |
| Interest                                                                                         |   | $      | 27,209   |   |   | $      | 2,750    |   |   | $ | 19,277 |   |
| Other income from local partnerships                                                             |   |   | 57,393   |   |   |   | 36,221   |   |   |   | 31,221 |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| TOTAL REVENUE                                                                                    |   |   | 84,602   |   |   |   | 38,971   |   |   |   | 50,498 |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| EXPENSES                                                                                         |   |   |     |   |   |   |     |   |   |   |   |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| Administration fees - affiliate                                                                  |   |   | 163,371  |   |   |   | 183,723  |   |   |   | 183,723 |   |
| Management fee - affiliate                                                                       |   |   | 175,466  |   |   |   | 175,466  |   |   |   | 175,466 |   |
| Professional fees                                                                                |   |   | 59,225   |   |   |   | 81,492   |   |   |   | 73,913 |   |
| State of New Jersey filing fees                                                                  |   |   | 41,599   |   |   |   | 39,002   |   |   |   | 42,158 |   |
| Printing, postage and other                                                                      |   |   | 27,982   |   |   |   | 14,939   |   |   |   | 12,783 |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| TOTAL EXPENSES                                                                                   |   |   | 467,643  |   |   |   | 494,622  |   |   |   | 488,043 |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
|                                                                                             |   |   | (383,041 | )      |   |   | (455,651 | )      |   |   | (437,545 | ) |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| Equity in income (loss) of investment in local partnerships                                      |   |   | 112,182  |   |   |   | 56,282   |   |   |   | (17,924 | ) |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| Loss prior to gain on sale of limited partner interests/local partnership properties             |   |   | (270,859 | )      |   |   | (399,369 | )      |   |   | (455,469 | ) |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| Gain on sale of limited partner interests/local partnership properties                           |   |   | 128,000  |   |   |   | 217,800  |   |   |   |   |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| NET LOSS                                                                                         |   |   | (142,859 | )      |   |   | (181,569 | )      |   |   | (455,469 | ) |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| Other comprehensive income                                                                       |   |   | 17,678   |   |   |   |     |   |   |   |   |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| COMPREHENSIVE LOSS                                                                               |   | $      | (125,181 | )      |   | $      | (181,569 | )      |   | $ | (455,469 | ) |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| NET LOSS ATTRIBUTABLE TO                                                                         |   |   |     |   |   |   |     |   |   |   |   |   |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| General partner                                                                                  |   | $      | (1,429   | )      |   | $      | (1,816   | )      |   | $ | (4,555 | ) |
| Limited partners                                                                                 |   |   | (141,430 | )      |   |   | (179,753 | )      |   |   | (450,914 | ) |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
|                                                                                             |   | $      | (142,859 | )      |   | $      | (181,569 | )      |   | $ | (455,469 | ) |
|                                                                                             |   |   |     |   |   |   |     |   |   |   |   |   |
| NET LOSS per unit of limited partnership interest (41,286 units of limited partnership interest) |   | $      | (3.43    | )      |   | $      | (4.35    | )      |   | $ | (10.92 | ) |

----

|                                       |   |   GeneralPartner |     |   |   LimitedPartners |   |      | AccumulatedOtherComprehensiveIncome |   |   |    Total |   |
|--------------------------------------------|--------|----------------------------|----------|--------|-----------------------------|--------|-----------|-------------------------------------|--------|--------|-------------------------|--------|
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |
| Partners' equity (deficit), March 30, 2008 |   | $                          | (342,541 | )      |                        | $      | 2,658,435 |                                |   | $      |                    |   |   | $ | 2,315,894 |   |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |
| Net loss                                   |   |                       | (4,555   | )      |                        |   | (450,914  | )                                   |   |   |                    |   |   |   | (455,469 | ) |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |
| Partners' equity (deficit), March 30, 2009 |   |                       | (347,096 | )      |                        |   | 2,207,521 |                                |   |   |                    |   |   |   | 1,860,425 |   |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |
| Net loss                                   |   |                       | (1,816   | )      |                        |   | (179,753  | )                                   |   |   |                    |   |   |   | (181,569 | ) |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |
| Partners' equity (deficit), March 30, 2010 |   |                       | (348,912 | )      |                        |   | 2,027,768 |                                |   |   |                    |   |   |   | 1,678,856 |   |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |
| Net loss                                   |   |                       | (1,429   | )      |                        |   | (141,430  | )                                   |   |   |                    |   |   |   | (142,859 | ) |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |
| Other comprehensive income                 |   |                       |     |   |                        |   |      |                                |   |   | 17,678                  |   |   |   | 17,678 |   |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |
| Partners' equity (deficit), March 30, 2011 |   | $                          | (350,341 | )      |                        | $      | 1,886,338 |                                |   | $      | 17,678                  |   |   | $ | 1,553,675 |   |
|                                       |   |                       |     |   |                        |   |      |                                |   |   |                    |   |   |   |   |   |

----

|                                                                                               |   | 2011   |     |   | 2010   |   |       | 2009   |   |
|----------------------------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|------------|--------|--------|
|                                                                                               |   |   |     |   |   |   |       |   |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                               |   |   |     |   |   |   |       |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |
| Interest received                                                                                  |   | $      | 30,884   |   |   | $      | 2,750      |   |   | $ | 19,277 |   |
| Cash paid for                                                                                      |   |   |     |   |   |   |       |   |   |   |   |   |
| Administration fees                                                                                |   |   | (298,903 | )      |   |   | (25,506    | )      |   |   | (181,686 | ) |
| Management fee                                                                                     |   |   | (256,812 | )      |   |   | (50,000    | )      |   |   | (175,466 | ) |
| Professional fees                                                                                  |   |   | (68,027  | )      |   |   | (88,144    | )      |   |   | (78,390 | ) |
| State of New Jersey filing fee                                                                     |   |   | (16,684  | )      |   |   | (40,384    | )      |   |   | (52,011 | ) |
| Printing, postage and other expenses                                                               |   |   | (25,107  | )      |   |   | (19,270    | )      |   |   | (36,783 | ) |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Net cash used in operating activities                                                              |   |   | (634,649 | )      |   |   | (220,554   | )      |   |   | (505,059 | ) |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Investments in Pemberwick Fund                                                                     |   |   | (118,727 | )      |   |   | (1,556,555 | )      |   |   |   |   |
| Redemptions from Pemberwick Fund                                                                   |   |   | 527,888  |   |   |   | 917        |   |   |   |   |   |
| Investment in bond                                                                                 |   |   | (100,940 | )      |   |   |       |   |   |   |   |   |
| Distributions received from local partnerships                                                     |   |   | 7,393    |   |   |   | 36,221     |   |   |   | 31,221 |   |
| Deposit received in connection with sale of limited partner interests/local partnership properties |   |   | 50,000   |   |   |   |       |   |   |   |   |   |
| Proceeds in connection with sale of limited partner interests/local partnership properties         |   |   | 128,000  |   |   |   | 217,800    |   |   |   |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Net cash provided by (used in) investing activities                                                |   |   | 493,614  |   |   |   | (1,301,617 | )      |   |   | 31,221 |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Net decrease in cash and cash equivalents                                                          |   |   | (141,035 | )      |   |   | (1,522,171 | )      |   |   | (473,838 | ) |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Cash and cash equivalents at beginning of year                                                     |   |   | 295,778  |   |   |   | 1,817,949  |   |   |   | 2,291,787 |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS AT END OF YEAR                                                           |   | $      | 154,743  |   |   | $      | 295,778    |   |   | $ | 1,817,949 |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| SIGNIFICANT NONCASH INVESTING AND FINANCING ACTIVITIES                                             |   |   |     |   |   |   |       |   |   |   |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Unrealized gain on investment in Pemberwick Fund                                                   |   | $      | 14,948   |   |   |   |       |   |   |   |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Unrealized gain on investment in bond                                                              |   | $      | 2,730    |   |   |   |       |   |   |   |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |
| Increase in due from local partnerships included in other income from local partnerships           |   | $      | 50,000   |   |   |   |       |   |   |   |   |   |
|                                                                                               |   |   |     |   |   |   |       |   |   |   |   |   |

----

|                                                                       |   | 2011   |     |   | 2010   |   |     | 2009   |   |
|----------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|
|                                                                       |   |   |     |   |   |   |     |   |   |
| RECONCILIATION OF NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES        |   |   |     |   |   |   |     |   |   |
|                                                                       |   |   |     |   |   |   |     |   |   |
| Net loss                                                                   |   | $      | (142,859 | )      |   | $      | (181,569 | )      |   | $ | (455,469 | ) |
|                                                                       |   |   |     |   |   |   |     |   |   |   |   |   |
| Adjustments to reconcile net loss to net cash used in operating activities |   |   |     |   |   |   |     |   |   |   |   |   |
|                                                                       |   |   |     |   |   |   |     |   |   |   |   |   |
| Equity in loss (income) of investment in local partnerships                |   |   | (112,182 | )      |   |   | (56,282  | )      |   |   | 17,924 |   |
| Gain on sale of limited partner interests/local partnership properties     |   |   | (128,000 | )      |   |   | (217,800 | )      |   |   |   |   |
| Other income from local partnerships                                       |   |   | (57,393  | )      |   |   | (36,221  | )      |   |   | (31,221 | ) |
| Accrued interest purchased at date of investment in bond                   |   |   | 1,750    |   |   |   |     |   |   |   |   |   |
| Amortization of premium on investment in bond                              |   |   | 2,048    |   |   |   |     |   |   |   |   |   |
| Increase in interest receivable                                            |   |   | (123     | )      |   |   |     |   |   |   |   |   |
| Increase (decrease) in accounts payable and accrued expenses               |   |   | 18,988   |   |   |   | (12,365  | )      |   |   | (38,330 | ) |
| Increase (decrease) in payable to general partner and affiliates           |   |   | (216,878 | )      |   |   | 283,683  |   |   |   | 2,037 |   |
|                                                                       |   |   |     |   |   |   |     |   |   |   |   |   |
| NET CASH USED IN OPERATING ACTIVITIES                                      |   | $      | (634,649 | )      |   | $      | (220,554 | )      |   | $ | (505,059 | ) |
|                                                                       |   |   |     |   |   |   |     |   |   |   |   |   |

----

| 1. | Organization, Purpose and Summary of Significant Accounting Policies |
|----|----------------------------------------------------------------------|

----

| 1. | Organization, Purpose and Summary of Significant Accounting Policies (Continued) |
|----|----------------------------------------------------------------------------------|

| ●   | Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Partnership has the ability to access;                                   |
|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                |                                                                                                                                                                                           |
| ●   | Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as interest rates andyield curves that are observable at commonly quoted intervals; and |
|                |                                                                                                                                                                                           |
| ●   | Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity’s own assumptions as there is little, if any, related market activity.      |

----

| 1. | Organization, Purpose and Summary of Significant Accounting Policies (Continued) |
|----|----------------------------------------------------------------------------------|

| 2. | Capital Contributions |
|----|-----------------------|

| 3. | Cash and Cash Equivalents |
|----|---------------------------|

| 4. | Investment in Pemberwick Fund |
|----|-------------------------------|

----

| 4. | Investment in Pemberwick Fund (Continued) |
|----|-------------------------------------------|

| 5. | Investment in Bond |
|----|--------------------|

|   Description and maturity |   | Amortizedcost |   |   | Grossunrealizedgain |   |   | Grossunrealizedloss |   |   | Estimatedfair value |   |
|--------------------------------------|--------|---------------|--------|--------|---------------------|--------|--------|---------------------|--------|--------|--------------------------|--------|
|                                 |   |          |   |   |                |   |   |                |   |   |                     |   |
| Corporate debt security              |   |          |   |   |                |   |   |                |   |   |                     |   |
| Callable in September 2013           |   | $             | 97,142 |   |                | $      | 2,730  |                |   | $      | --                       |   |   | $ | 99,872 |   |

| 6. | Investment in Local Partnerships |
|----|----------------------------------|

| 1.     | Cityside Apartments, L.P. (“Cityside”)*;                                                          |
|--------|---------------------------------------------------------------------------------------------------------------|
| 2.     | Cobbet Hill Associates Limited Partnership (“Cobbet”)*;                                           |
| 3.     | Federal Apartments Limited Partnership (“Federal”);                                               |
| 4.     | Gulf Shores Apartments Ltd.;                                                                                  |
| 5.     | Madison-Bellefield Associates (“Madison-Bellefield”);                                             |
| 6.     | Santa Juanita Limited Dividend Partnership L.P. (“Santa Juanita”); and                            |
| 7.     | Vista del Mar Limited Dividend Partnership L.P.                                                               |
|   |                                                                                                          |
|   | *Affiliates of the General Partner are a general partner of and/or provide services to the Local Partnership. |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|              |   | 2010   |      |   | 2009   |   |
|-------------------|--------|--------|-----------|--------|--------|--------|
|              |   |   |      |   |   |   |
| Total assets      |   | $      | 2,226,380 |   |   | $      | 2,384,770 |   |
|              |   |   |      |   |   |   |   |   |
| Total liabilities |   | $      | 1,849,453 |   |   | $      | 2,121,157 |   |
|              |   |   |      |   |   |   |   |   |
| Revenue           |   | $      | 1,468,351 |   |   | $      | 1,402,980 |   |
|              |   |   |      |   |   |   |   |   |
| Net income        |   | $      | 113,314   |   |   | $      | 56,850 |   |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|                                                                                        |   | 2010   |        |   | 2009   |   |
|---------------------------------------------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                                                        |   |   |        |   |   |   |
| ASSETS                                                                                      |   |   |        |   |   |   |
|                                                                                        |   |   |        |   |   |   |
| Cash and cash equivalents                                                                   |   | $      | 245,508     |   |   | $      | 779,375 |   |
| Rents receivable                                                                            |   |   | 78,090      |   |   |   | 97,266 |   |
| Escrow deposits and reserves                                                                |   |   | 2,245,359   |   |   |   | 3,854,262 |   |
| Land                                                                                        |   |   | 2,128,231   |   |   |   | 2,406,862 |   |
| Buildings and improvements (net of accumulated depreciation of $46,165,125 and $58,615,916) |   |   | 14,852,647  |   |   |   | 22,604,712 |   |
| Intangible assets (net of accumulated amortization of $480,931 and $504,340)                |   |   | 469,462     |   |   |   | 621,561 |   |
| Other assets                                                                                |   |   | 579,318     |   |   |   | 535,269 |   |
|                                                                                        |   |   |        |   |   |   |   |   |
|                                                                                        |   | $      | 20,598,615  |   |   | $      | 30,899,307 |   |
|                                                                                        |   |   |        |   |   |   |   |   |
| LIABILITIES AND PARTNERS' EQUITY (DEFICIT)                                                  |   |   |        |   |   |   |   |   |
|                                                                                        |   |   |        |   |   |   |   |   |
| Liabilities                                                                                 |   |   |        |   |   |   |   |   |
|                                                                                        |   |   |        |   |   |   |   |   |
| Accounts payable and accrued expenses                                                       |   | $      | 627,146     |   |   | $      | 1,121,812 |   |
| Due to related parties                                                                      |   |   | 3,420,766   |   |   |   | 4,143,753 |   |
| Mortgage loans                                                                              |   |   | 34,468,023  |   |   |   | 49,482,089 |   |
| Notes payable                                                                               |   |   | 1,208,205   |   |   |   | 1,301,342 |   |
| Accrued interest                                                                            |   |   | 14,517,093  |   |   |   | 14,975,202 |   |
| Other liabilities                                                                           |   |   | 144,632     |   |   |   | 235,528 |   |
|                                                                                        |   |   |        |   |   |   |   |   |
|                                                                                        |   |   | 54,385,865  |   |   |   | 71,259,726 |   |
|                                                                                        |   |   |        |   |   |   |   |   |
| Partners' equity (deficit)                                                                  |   |   |        |   |   |   |   |   |
|                                                                                        |   |   |        |   |   |   |   |   |
| American Tax Credit Properties L.P.                                                         |   |   |        |   |   |   |   |   |
| Capital contributions, net of distributions                                                 |   |   | 19,052,362  |   |   |   | 23,104,418 |   |
| Cumulative loss                                                                             |   |   | (18,072,825 | )      |   |   | (22,237,063 | ) |
|                                                                                        |   |   |        |   |   |   |   |   |
|                                                                                        |   |   | 979,537     |   |   |   | 867,355 |   |
| General partners and other limited partners                                                 |   |   |        |   |   |   |   |   |
| Capital contributions, net of distributions                                                 |   |   | 898,477     |   |   |   | 919,795 |   |
| Cumulative loss                                                                             |   |   | (35,665,264 | )      |   |   | (42,147,569 | ) |
|                                                                                        |   |   |        |   |   |   |   |   |
|                                                                                        |   |   | (34,766,787 | )      |   |   | (41,227,774 | ) |
|                                                                                        |   |   |        |   |   |   |   |   |
|                                                                                        |   |   | (33,787,250 | )      |   |   | (40,360,419 | ) |
|                                                                                        |   |   |        |   |   |   |   |   |
|                                                                                        |   | $      | 20,598,615  |   |   | $      | 30,899,307 |   |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|                                                                                                                                                  |   | 2010   |                    |   | 2009   |   |       | 2008   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|-------------------------|--------|--------|--------|------------|--------|--------|
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |
| REVENUE                                                                                                                                               |   |   |                    |   |   |   |       |   |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |
| Rental                                                                                                                                                |   | $      | 10,756,948              |   |   | $      | 11,431,839 |   |   | $ | 11,210,753 |   |
| Interest and other                                                                                                                                    |   |   | 915,864                 |   |   |   | 272,470    |   |   |   | 238,868 |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| TOTAL REVENUE                                                                                                                                         |   |   | 11,672,812              |   |   |   | 11,704,309 |   |   |   | 11,449,621 |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| EXPENSES                                                                                                                                              |   |   |                    |   |   |   |       |   |   |   |   |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| Administrative                                                                                                                                        |   |   | 2,397,258               |   |   |   | 2,525,280  |   |   |   | 2,570,853 |   |
| Utilities                                                                                                                                             |   |   | 1,324,839               |   |   |   | 1,381,485  |   |   |   | 1,387,111 |   |
| Operating and maintenance                                                                                                                             |   |   | 3,290,934               |   |   |   | 2,865,897  |   |   |   | 3,225,325 |   |
| Taxes and insurance                                                                                                                                   |   |   | 925,718                 |   |   |   | 1,045,516  |   |   |   | 1,058,450 |   |
| Financial                                                                                                                                             |   |   | 3,052,201               |   |   |   | 3,483,214  |   |   |   | 3,485,837 |   |
| Depreciation and amortization                                                                                                                         |   |   | 3,304,169               |   |   |   | 3,421,887  |   |   |   | 3,345,616 |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| TOTAL EXPENSES                                                                                                                                        |   |   | 14,295,119              |   |   |   | 14,723,279 |   |   |   | 15,073,192 |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| Loss from operations before gain on sale of property                                                                                                  |   |   | (2,622,307              | )      |   |   | (3,018,970 |   |   |   | (3,623,571 | ) |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| Gain on sale of property                                                                                                                              |   |   | 5,594,810               |   |   |   |       |   |   |   |   |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| NET INCOME (LOSS)                                                                                                                                     |   | $      | 2,972,503               |   |   | $      | (3,018,970 | )      |   | $ | (3,623,571 | ) |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| NET INCOME (LOSS) ATTRIBUTABLE TO                                                                                                                     |   |   |                    |   |   |   |       |   |   |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
| American Tax Credit Properties L.P.                                                                                                                   |   | $      | 112,182                 |   |   | $      | 56,282     |   |   | $ | (17,924 | ) |
|    General partners and other limited partners (includes Partnership loss in excess of investment of $2,873,786, $3,007,303 and $3,519,891) |   |   |     2,860,321 |   |   |   | (3,075,252 | )      |   |   | (3,605,647 | ) |
|                                                                                                                                                  |   |   |                    |   |   |   |       |   |   |   |   |   |
|                                                                                                                                                  |   | $      | 2,972,503               |   |   | $      | (3,018,970 | )      |   | $ | (3,623,571 | ) |

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|        Name of Local Partnership |   |  Investment inLocalPartnershipbalance as ofMarch 30, 2010 |    |   |  Partnership'sequity inincome for theyear endedMarch 30,2011 |   |    |  Cashdistributionsreceived duringthe year endedMarch 30,2011 |   |   | Cashdistributionsclassified asother incomeduring theyear endedMarch 30,2011 |   |   |  Investment inLocalPartnershipbalance as ofMarch 30,2011 |   |
|---------------------------------------------------------------------|--------|---------------------------------------------------------------------|---------|--------|-------------------------------------------------------------------|--------|---------|-------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|
|                                                                |   |                                                                |    |   |                                                              |   |    |                                                              |   |   |                                                                        |   |   |                                                          |   |
| Cityside Apartments, L.P.                                           |   | $                                                                   | --      |   |                                                              | $      | --      | (1)                                                               |   | $      | --                                                                          |   |   | $                                                             | --     |   |   | $ | -- |   |
| Cobbet Hill Associates Limited Partnership                          |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | --                                                                          |   |   |                                                          | --     |   |   |   | -- |   |
| Dunbar Limited Partnership                                          |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | (25,000                                                                     | ) (2)  |   |                                                          | 25,000 |   |   |   | -- |   |
| Dunbar Limited Partnership No. 2                                    |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | (25,000                                                                     | ) (2)  |   |                                                          | 25,000 |   |   |   | -- |   |
| Federal Apartments Limited Partnership                              |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | (5,000                                                                      | )      |   |                                                          | 5,000  |   |   |   | -- |   |
| Golden Gates Associates                                             |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | --                                                                          |   |   |                                                          | --     |   |   |   | -- |   |
| Gulf Shores Apartments Ltd.                                         |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | --                                                                          |   |   |                                                          | --     |   |   |   | -- |   |
| Madison-Bellefield Associates                                       |   |                                                                | 270,769 |   |                                                              |   | 112,182 |                                                              |   |   | --                                                                          |   |   |                                                          | --     |   |   |   | 382,951 |   |
| Santa Juanita Limited Dividend Partnership L.P.                     |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | --                                                                          |   |   |                                                          | --     |   |   |   | -- |   |
| Vista del Mar Limited Dividend Partnership L.P.                     |   |                                                                | --      |   |                                                              |   | --      | (1)                                                               |   |   | (2,393                                                                      | )      |   |                                                          | 2,393  |   |   |   | -- |   |
|                                                                |   |                                                                |    |   |                                                              |   |    |                                                              |   |   |                                                                        |   |   |                                                          |   |   |   |   |   |   |
|                                                                |   | $                                                                   | 270,769 |   |                                                              | $      | 112,182 |                                                              |   | $      | (57,393                                                                     | )      |   | $                                                             | 57,393 |   |   | $ | 382,951 |   |

|       (1) | Additional equity in loss of investment is not allocated to the Partnership until equity in income is earned or additional investment is made by the Partnership. |
|------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|       (2) | Included in due from local partnerships in the accompanying balance sheet of the Partnership as of March 30, 2011. |
|------------------------------------|--------------------------------------------------------------------------------------------------------------------|

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|        Name of Local Partnership |   |  Investment inLocalPartnershipbalance as ofMarch 30, 2009 |    |   |  Partnership'sequity inincome for theyear endedMarch 30,2010 |   |   |  Cashdistributionsreceived duringthe year endedMarch 30,2010 |   |   | Cashdistributions classified asother incomeduring theyear endedMarch 30,2010 |   |   |  Investment inLocalPartnershipbalance as ofMarch 30,2010 |   |
|---------------------------------------------------------------------|--------|---------------------------------------------------------------------|---------|--------|-------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|--------|-----------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------|--------|
|                                                                |   |                                                                |    |   |                                                              |   |   |                                                              |   |   |                                                                              |   |   |                                                          |   |
| Cityside Apartments, L.P.                                           |   | $                                                                   | --      |   |                                                              | $      | --     | (1)                                                               |   | $      | --                                                                                |   |   | $                                                             | --     |   |   | $ | -- |   |
| Cobbet Hill Associates Limited Partnership                          |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | --                                                                                |   |   |                                                          | --     |   |   |   | -- |   |
| Dunbar Limited Partnership                                          |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | --                                                                                |   |   |                                                          | --     |   |   |   | -- |   |
| Dunbar Limited Partnership No. 2                                    |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | --                                                                                |   |   |                                                          | --     |   |   |   | -- |   |
| Federal Apartments Limited Partnership                              |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | --                                                                                |   |   |                                                          | --     |   |   |   | -- |   |
| Golden Gates Associates                                             |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | --                                                                                |   |   |                                                          | --     |   |   |   | -- |   |
| Gulf Shores Apartments Ltd.                                         |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | (2,500                                                                            | )      |   |                                                          | 2,500  |   |   |   | -- |   |
| Madison-Bellefield Associates                                       |   |                                                                | 214,487 |   |                                                              |   | 56,282 |                                                              |   |   | --                                                                                |   |   |                                                          | --     |   |   |   | 270,769 |   |
| Pine Hill Estates Limited Partnership                               |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | (2,500                                                                            | )      |   |                                                          | 2,500  |   |   |   | -- |   |
| Santa Juanita Limited Dividend Partnership L.P.                     |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | --                                                                                |   |   |                                                          | --     |   |   |   | -- |   |
| Vista del Mar Limited Dividend Partnership L.P.                     |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | (28,721                                                                           | )      |   |                                                          | 28,721 |   |   |   | -- |   |
| Winnsboro Homes Limited Partnership                                 |   |                                                                | --      |   |                                                              |   | --     | (1)                                                               |   |   | (2,500                                                                            | )      |   |                                                          | 2,500  |   |   |   | -- |   |
|                                                                |   |                                                                |    |   |                                                              |   |   |                                                              |   |   |                                                                              |   |   |                                                          |   |   |   |   |   |   |
|                                                                |   | $                                                                   | 214,487 |   |                                                              | $      | 56,282 |                                                              |   | $      | (36,221                                                                           | )      |   | $                                                             | 36,221 |   |   | $ | 270,769 |   |

|        (1) | Additional equity in loss of investment is not allocated to the Partnership until equity in income is earned or additional investment is made by the Partnership. |
|------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | Investment in Local Partnerships (Continued) |
|----|----------------------------------------------|

|  Name of Local Partnership                 |   | Mortgageloans payable |       |   | Land   |   |      | Buildings andimprovements |   |   | Accumulateddepreciation |   |
|-------------------------------------------------|--------|-----------------------|------------|--------|--------|--------|-----------|---------------------------|--------|--------|-------------------------|--------|
|                                            |   |                  |       |   |   |   |      |                      |   |   |                    |   |
| Cityside Apartments, L.P.                       |   | $                     | 5,970,916  |   |   | $      | 131,591   |                      |   | $      | 14,008,843              |   |   | $ | (10,636,810 | ) |
| Cobbet Hill Associates Limited Partnership      |   |                  | 12,660,960 |   |   |   | 504,683   |                      |   |   | 17,312,082              |   |   |   | (13,547,816 | ) |
| Federal Apartments Limited Partnership          |   |                  | 5,734,673  |   |   |   | 279,750   |                      |   |   | 9,104,769               |   |   |   | (6,994,603 | ) |
| Gulf Shores Apartments Ltd.                     |   |                  | 1,416,118  |   |   |   | 172,800   |                      |   |   | 1,802,416               |   |   |   | (1,436,781 | ) |
| Madison-Bellefield Associates                   |   |                  | 1,766,845  |   |   |   | 245,000   |                      |   |   | 6,313,697               |   |   |   | (4,719,000 | ) |
| Santa Juanita Limited Dividend Partnership L.P. |   |                  | 1,352,101  |   |   |   | 228,718   |                      |   |   | 2,558,702               |   |   |   | (1,893,585 | ) |
| Vista del Mar Limited Dividend Partnership L.P. |   |                  | 5,566,410  |   |   |   | 565,689   |                      |   |   | 9,917,263               |   |   |   | (6,936,530 | ) |
|                                            |   |                  |       |   |   |   |      |                      |   |   |                    |   |   |   |   |   |
|                                            |   | $                     | 34,468,023 |   |   | $      | 2,128,231 |                      |   | $      | 61,017,772              |   |   | $ | (46,165,125 | ) |

|  Name of Local Partnership                 |   | Mortgageloans payable |       |   | Land   |   |      | Buildings andimprovements |   |   | Accumulateddepreciation |   |
|-------------------------------------------------|--------|-----------------------|------------|--------|--------|--------|-----------|---------------------------|--------|--------|-------------------------|--------|
|                                            |   |                  |       |   |   |   |      |                      |   |   |                    |   |
| Cityside Apartments, L.P.                       |   | $                     | 6,215,599  |   |   | $      | 131,591   |                      |   | $      | 14,008,843              |   |   | $ | (10,124,521 | ) |
| Cobbet Hill Associates Limited Partnership      |   |                  | 12,818,125 |   |   |   | 504,683   |                      |   |   | 17,209,417              |   |   |   | (12,863,704 | ) |
| Dunbar Limited Partnership                      |   |                  | 4,892,499  |   |   |   | 117,126   |                      |   |   | 7,307,029               |   |   |   | (4,911,808 | ) |
| Dunbar Limited Partnership No. 2                |   |                  | 5,227,689  |   |   |   | 131,920   |                      |   |   | 7,593,407               |   |   |   | (5,337,424 | ) |
| Federal Apartments Limited Partnership          |   |                  | 5,756,282  |   |   |   | 279,750   |                      |   |   | 9,096,875               |   |   |   | (6,652,119 | ) |
| Golden Gates Associates                         |   |                  | 4,212,731  |   |   |   | 29,585    |                      |   |   | 6,009,830               |   |   |   | (4,552,173 | ) |
| Gulf Shores Apartments Ltd.                     |   |                  | 1,425,518  |   |   |   | 172,800   |                      |   |   | 1,802,416               |   |   |   | (1,370,053 | ) |
| Madison-Bellefield Associates                   |   |                  | 1,987,478  |   |   |   | 245,000   |                      |   |   | 6,188,464               |   |   |   | (4,503,411 | ) |
| Santa Juanita Limited Dividend Partnership L.P. |   |                  | 1,364,786  |   |   |   | 228,718   |                      |   |   | 2,494,614               |   |   |   | (1,795,971 | ) |
| Vista del Mar Limited Dividend Partnership L.P. |   |                  | 5,581,382  |   |   |   | 565,689   |                      |   |   | 9,509,733               |   |   |   | (6,504,732 | ) |
|                                            |   |                  |       |   |   |   |      |                      |   |   |                    |   |   |   |   |   |
|                                            |   | $                     | 49,482,089 |   |   | $      | 2,406,862 |                      |   | $      | 81,220,628              |   |   | $ | (58,615,916 | ) |

|                       |   |  Balance as ofDecember 31, 2009 |        |   | Net changeduring the year endedDecember 31, 2010 |   |        |  Balance as ofDecember 31, 2010 |   |
|----------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------------------|--------|-------------|--------------------------------------|--------|
|                       |   |                                 |        |   |                                             |   |        |                                 |   |   |   |   |
| Land                       |   | $                                    | 2,406,862   |   |                                             | $      | (278,631    | )                                    |   | $ | 2,128,231 |   |
| Buildings and improvements |   |                                 | 81,220,628  |   |                                             |   | (20,202,856 | )                                    |   |   | 61,017,772 |   |
|                       |   |                                 |        |   |                                             |   |        |                                 |   |   |   |   |
|                       |   |                                 | 83,627,490  |   |                                             |   | (20,481,487 | )                                    |   |   | 63,146,003 |   |
| Accumulated depreciation   |   |                                 | (58,615,916 | )      |                                             |   | 12,450,791  |                                 |   |   | (46,165,125 | ) |
|                       |   |                                 |        |   |                                             |   |        |                                 |   |   |   |   |
|                       |   | $                                    | 25,011,574  |   |                                             | $      | (8,030,696  | )                                    |   | $ | 16,980,878 |   |
|                       |   |                                 |        |   |                                             |   |        |                                 |   |   |   |   |

----

| 7. | Transactions with General Partner and Affiliates |
|----|--------------------------------------------------|

|                           |   | 2010   |   |   | 2009     |   |   | 2008   |   |
|--------------------------------|--------|--------|--------|--------|----------|--------|--------|--------|--------|
|                           |   | Paid   |   |   | Incurred |   |   | Paid   |   |   | Incurred |   |   | Paid |   |   | Incurred |   |
|                           |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Property management fees |   | $      | 80,609 |   |     | $      | 87,639 |   |   | $ | 89,329 |   |   | $ | 100,947 |   |   | $ | 91,139 |   |   | $ | 93,015 |   |
|                           |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| 8. | Taxable Loss |
|----|--------------|

|                                                                                                |   | 2011   |             |   | 2010   |   |             | 2009   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|------------------|--------|--------|--------|------------------|--------|--------|
|                                                                                                |   |   |             |   |   |   |             |   |   |
| Financial statement net loss for the years ended March 30, 2011, 2010 and 2009                      |   | $      | (142,859         | )      |   | $      | (181,569         | )      |   | $ | (455,469 | ) |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Add (less) net transactions occurring between                                                       |   |   |             |   |   |   |             |   |   |   |   |   |
| January 1, 2008 to March 30, 2008                                                                   |   |   | --               |   |   |   | --               |   |   |   | (126,095 | ) |
| January 1, 2009 to March 30, 2009                                                                   |   |   | --               |   |   |   | (112,288         | )      |   |   | 112,288 |   |
| January 1, 2010 to March 30, 2010                                                                   |   |   | (118,151         | )      |   |   | 118,151          |   |   |   | -- |   |
| January 1, 2011 to March 30, 2011                                                                   |   |   | 110,315          |   |   |   | --               |   |   |   | -- |   |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Adjusted financial statement net loss for the years ended December 31, 2010, 2009 and 2008          |   |   | (150,695         | )      |   |   | (175,706         | )      |   |   | (469,276 | ) |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Adjustment to Management Fees and Administration Fees pursuant to Internal Revenue Code Section 267 |   |   | (196,452         | )      |   |   | (52,036          | )      |   |   |   334,735 |   |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Differences arising from equity in income (loss) of investment in local partnerships                |   |   | 3,705,005        |   |   |   | (1,615,979       | )      |   |   | (2,228,519 | ) |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Differences in gain (loss) on sale of limited partner interests/local partnership properties        |   |   |   3,646,206 |   |   |   |   2,340,588 |   |   |   | (668,278 | ) |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Other income from local partnerships                                                                |   |   | (62,073          | )      |   |   | (57,762          | )      |   |   | (5,000 | ) |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Interest on Advance to Local Partnership recorded for tax purposes                                  |   |   | 5,743            |   |   |   | 31,552           |   |   |   | -- |   |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Nondeductible flow-through expenses                                                                 |   |   | --               |   |   |   | 99               |   |   |   | 50 |   |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Other differences                                                                                   |   |   | 4,054            |   |   |   | (818             | )      |   |   | 5,240 |   |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |
| Tax return income (loss) for the years ended December 31, 2010, 2009 and 2008                       |   | $      | 6,951,788        |   |   | $      | 469,938          |   |   | $ | (3,031,048 | ) |
|                                                                                                |   |   |             |   |   |   |             |   |   |   |   |   |

|                                                   |   | 2010   |        |   | 2009   |   |
|--------------------------------------------------------|--------|--------|-------------|--------|--------|--------|
|                                                   |   |   |        |   |   |   |
| Investment in local partnerships - financial reporting |   | $      | 382,951     |   |   | $      | 270,769 |   |
| Investment in local partnerships - tax                 |   |   | (25,757,681 | )      |   |   | (33,168,574 | ) |
|                                                   |   |   |        |   |   |   |   |   |
|                                                   |   | $      | 26,140,632  |   |   | $      | 33,439,343 |   |

----

| 9. | Fair Value of Financial Instruments |
|----|-------------------------------------|

----

| Management’s Annual Report on Internal Control Over Financial Reporting |
|-------------------------------------------------------------------------------|

----

|                 | Served in present |                         |
|----------------------|-------------------|------------------------------|
| Name                 | capacity since1   | Position held                |
|                 |              |                         |
| Richard Paul Richman | February 10, 1988 | Director                     |
| David A. Salzman     | February 2, 2001  | President                    |
| James Hussey         | January 20, 2009  | Vice President and Treasurer |
| Gina K. Dodge        | February 10, 1988 | Secretary                    |
| Charles L. Krafnick  | February 1, 2001  | Assistant Treasurer          |

----

----

|               |   | 2011   |   |   | 2010   |   |
|--------------------|--------|--------|--------|--------|--------|--------|
|               |   |   |   |   |   |   |
| Audit Fees         |   | $      | 39,825 |   |   | $      | 39,825 |   |
| Audit-Related Fees |   |   | --     |   |   |   | -- |   |
| Tax Fees           |   | $      | 13,814 |   |   | $      | 13,275 |   |
| All Other Fees     |   |   | --     |   |   |   | -- |   |

----

|   |                                                                                                                  | Incorporated by                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                               |     Reference to                                                                |
| 3.1    | Certificate of Limited Partnership of Registrant                                                                      | Exhibit 3.2 to Amendment No. 2 to the Registration Statement on Form S-11 dated April 29, 1988 (File No. 33-20391) |
|   |                                                                                                                  |                                                                                                               |
| 4.1    | Amended and Restated Agreement of Limited Partnership of Registrant                                                   | Exhibit A to Registrant’s Prospectus filed May 6, 1988 (File No. 33-20391)                                   |
|   |                                                                                                                  |                                                                                                               |
| 10.1   | 4611 South Drexel Limited Partnership Agreement of Limited Partnership                                                | Exhibit 10.3 to Form 10-Q Report for the period ended December 30, 1989 (File No. 0-17619)                         |
|   |                                                                                                                  |                                                                                                               |
| 10.2   | B & V, Ltd. Fourth Amended and Restated Agreement and Certificate of Limited Partnership                          | Exhibit 10.3 to Form 8-K Report dated January 17, 1989 (File No. 33-20391)                                         |
|   |                                                                                                                  |                                                                                                               |
| 10.3   | B & V Phase I, Ltd. Amended and Restated Agreement of Limited Partnership                                         | Exhibit 10.1 to Form 10-Q Report for the period ended September 29, 1994 (File No. 0-17619)                        |
|   |                                                                                                                  |                                                                                                               |
| 10.4   | B & V Phase I, Ltd. Assignment of Partnership Interests, Assumption of Responsibilities, and Waiver of Conditions | Exhibit 10.4 to Form 10-K Report for the year ended March 30, 1997(File No. 0-17619)                               |
|   |                                                                                                                  |                                                                                                               |
| 10.5   | Blue Hill Housing Limited Partnership Amended and Restated Agreement and Certificate of Limited Partnership           | Exhibit 10.7 to Form 8-K Report dated January 17, 1989 (File No. 33-20391)                                         |
|   |                                                                                                                  |                                                                                                               |
| 10.6   | Cityside Apartments, L.P. Amended and Restated Agreement of Limited Partnership                                       | Exhibit 10.3 to Form 10-K Report for the year ended March 30, 1990(File No. 0-17619)                               |
|   |                                                                                                                  |                                                                                                               |
| 10.7   | Amendment No. 1 to Cityside Apartments, L.P. Amended and Restated Agreement of Limited Partnership                    | Exhibit 10.4 to Form 10-K Report for the year ended March 30, 1992(File No. 0-17619)                               |
|   |                                                                                                                  |                                                                                                               |
| 10.8   | Amendment No. 2 to Cityside Apartments, L.P. Amended and Restated Agreement of Limited Partnership                    | Exhibit 10.5 to Form 10-K Report for the year ended March 30, 1992(File No. 0-17619)                               |

----

|   |                                                                                                                                     | Incorporated by                                                                              |
|--------|------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                                                  |     Reference to                                          |
| 10.9   | Amendment No. 3 to Cityside Apartments, L.P. Amended and Restated Agreement of Limited Partnership                                       | Exhibit 10.6 to Form 10-K Report for the year ended March 30, 1992(File No. 0-17619)         |
|   |                                                                                                                                     |                                                                                         |
| 10.10  | Cobbet Hill Associates Limited Partnership Amended and Restated Agreement and Certificate of Limited Partnership                         | Exhibit 10.4 to Form 10-K Report for the year ended March 30, 1990(File No. 0-17619)         |
|   |                                                                                                                                     |                                                                                         |
| 10.11  | Cobbet Hill Associates Limited Partnership First Amendment to Amended and Restated Agreement and Certificate of Limited Partnership      | Exhibit 10.8 to Form 10-K Report for the year ended March 30, 1993(File No. 0-17619)         |
|   |                                                                                                                                     |                                                                                         |
| 10.12  | Cobbet Hill Associates Limited Partnership Second Amendment to the Amended and Restated Agreement and Certificate of Limited Partnership | Exhibit 10.9 to Form 10-K Report for the year ended March 30, 1993(File No. 0-17619)         |
|   |                                                                                                                                     |                                                                                         |
| 10.13  | Dunbar Limited Partnership Second Amended and Restated Agreement of Limited Partnership                                                  | Exhibit 10.5 to Form 10-K Report for the year ended March 30, 1990(File No. 0-17619)         |
|   |                                                                                                                                     |                                                                                         |
| 10.14  | Dunbar Limited Partnership No. 2 Second Amended and Restated Agreement of Limited Partnership                                            | Exhibit 10.6 to Form 10-K Report for the year ended March 30, 1990(File No. 0-17619)         |
|   |                                                                                                                                     |                                                                                         |
| 10.15  | Erie Associates Limited Partnership Amended and Restated Agreement and Certificate of Limited Partnership                                | Exhibit 10.2 to Form 10-K Report for the year ended March 30, 1989(File No. 33-20391)        |
|   |                                                                                                                                     |                                                                                         |
| 10.16  | Federal Apartments Limited Partnership Amended and Restated Agreement of Limited Partnership                                             | Exhibit 10.8 to Form 10-K Report for the year ended March 30, 1990(File No. 0-17619)         |
|   |                                                                                                                                     |                                                                                         |
| 10.17  | First Amendment to Federal Apartments Limited Partnership Amended and Restated Agreement of Limited Partnership                          | Exhibit 10.14 to Form 10-K Report for the year ended March 30, 1993 (File No. 0-17619)       |
|   |                                                                                                                                     |                                                                                         |
| 10.18  | Second Amendment to Federal Apartments Limited Partnership Amended and Restated Agreement of Limited Partnership                         | Exhibit 10.15 to Form 10-K Report  for the year ended March 30, 1993 (File No. 0-17619) |
|   |                                                                                                                                     |                                                                                         |
| 10.19  | Golden Gates Associates Amended and Restated Agreement of Limited Partnership                                                            | Exhibit 10.1 to Form 8-K Report dated January 17, 1989(File No. 33-20391)                    |
|   |                                                                                                                                     |                                                                                         |
| 10.20  | Grove Park Housing, A California Limited Partnership Amended and Restated Agreement of Limited Partnership                               | Exhibit 10.10 to Form 10-K Report for the year ended March 30, 1990 (File No. 0-17619)       |
|   |                                                                                                                                     |                                                                                         |
| 10.21  | Gulf Shores Apartments Ltd. Amended and Restated Agreement and Certificate of Limited Partnership                                        | Exhibit 10.3 to Form 10-K Report for the year ended March 30, 1989(File No. 33-20391)        |

----

|   |                                                                                                                                                                                           | Incorporated by                                                                            |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                                                                                                        |     Reference to                                        |
| 10.22  | Hilltop North Associates, A Virginia Limited Partnership Amended and Restated Agreement of Limited Partnership                                                                                 | Exhibit 10.12 to Form 10-K Report for the year ended March 30, 1990(File No. 0-17619)      |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.23  | Madison-Bellefield Associates Amended and Restated Agreement and Certificate of Limited Partnership                                                                                            | Exhibit 10.2 to Form 8-K Report dated January 17, 1989(File No. 33-20391)                  |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.24  | Amended and Restated Articles of Partnership in Commendam of Pine Hill Estates Limited Partnership                                                                                             | Exhibit 10.2 to Form 10-Q Report for the period ended December 30, 1989(File No. 0-17619)  |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.25  | Santa Juanita Limited Dividend Partnership Amended and Restated Agreement of Limited Partnership                                                                                               | Exhibit 10.4 to Form 10-Q Report for the period ended December 30, 1989(File No. 0-17619)  |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.26  | Second Amendment of Limited Partnership of Santa Juanita Limited Dividend Partnership and Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership                         | Exhibit 10.23 to Form 10-K Report for the year ended March 30, 1994(File No. 0-17619)      |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.27  | Amendment No. 1 to Santa Juanita Limited Dividend Partnership L.P. Amended and Restated Agreement of Limited Partnership(Replaces in its entirety Exhibit 10.24 hereof.)                       | Exhibit 10.1 to Form 10-Q Report for the period ended September 29, 1995(File No. 0-17619) |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.28  | Amendment No. 2 to Santa Juanita Limited Dividend Partnership L.P. Amended and Restated Agreement of Limited Partnership                                                                       | Exhibit 10.2 to Form 10-Q Report for the period ended September 29, 1995(File No. 0-17619) |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.29  | Vista Del Mar Limited Dividend Partnership Amended and Restated Agreement and Certificate of Limited Partnership                                                                               | Exhibit 10.1 to Form 10-K Report for the year ended March 30, 1989(File No. 33-20391)      |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.30  | Certificate of Amendment of Limited Partnership of Vista Del Mar Limited Dividend Partnership and Amendment No. 1 to the Amended and Restated Agreement and Certificate of Limited Partnership | Exhibit 10.25 to Form 10-K Report for the year ended March 30, 1994(File No. 0-17619)      |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.31  | Amendment No. 1 to Vista del Mar Limited Dividend Partnership L.P. Amended and Restated Agreement of Limited Partnership(Replaces in its entirety Exhibit 10.28 hereof.)                       | Exhibit 10.3 to Form 10-Q Report for the period ended September 29, 1995(File No. 0-17619) |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.32  | Amendment No. 2 to Vista del Mar Limited Dividend Partnership L.P. Amended and Restated Agreement of Limited Partnership                                                                       | Exhibit 10.4 to Form 10-Q Report for the period ended September 29, 1995(File No. 0-17619) |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.33  | Amended and Restated Articles of Partnership in Commendam of Winnsboro Homes Limited Partnership                                                                                               | Exhibit 10.1 to Form 10-Q Report for the period ended December 30, 1989(File No. 0-17619)  |
|   |                                                                                                                                                                                           |                                                                                       |
| 10.34  | The B & V, Ltd.Investment Agreement                                                                                                                                                        | Exhibit 10.2 to Form 10-Q Report for the period ended September 29, 1994(File No. 0-17619) |

----

|   |                                                                                                                                        | Incorporated by                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------|
|   | Exhibit                                                                                                                                     |     Reference to                                        |
| 10.35  | The B & V Phase I, Ltd.Investment Agreement                                                                                             | Exhibit 10.3 to Form 10-Q Report for the period ended September 29, 1994(File No. 0-17619) |
|   |                                                                                                                                        |                                                                                       |
| *31.1  | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer                                                                           |                                                                                       |
|   |                                                                                                                                        |                                                                                       |
| *31.2  | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.                                                                          |                                                                                       |
|   |                                                                                                                                        |                                                                                       |
| *32.1  | Section 1350 Certification of Chief Executive Officer.                                                                                      |                                                                                       |
|   |                                                                                                                                        |                                                                                       |
| *32.2  | Section 1350 Certification of Chief Financial Officer.                                                                                      |                                                                                       |
|   |                                                                                                                                        |                                                                                       |
| 99.22  | Pages 21 through 35 of Prospectus dated May 6, 1988 filed pursuant to Rule 424(b)(3) under the Securities Act of 1933                       | Exhibit 99.22 to Form 10-K Report for the year ended March 30, 2009(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.23  | Pages 51 through 75 of Prospectus dated May 6, 1988 filed pursuant to Rule 424(b)(3) under the Securities Act of 1933                       | Exhibit 99.23 to Form 10-K Report for the year ended March 30, 2009(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.24  | Pages 89 through 91 of Prospectus dated May 6, 1988 filed pursuant to Rule 424(b)(3) under the Securities Act of 1933                       | Exhibit 99.24 to Form 10-K Report for the year ended March 30, 2009(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.25  | Pages 16 through 19 of Prospectus dated May 6, 1988 filed pursuant to Rule 424(b)(3) under the Securities Act of 1933                       | Exhibit 99.25 to Form 10-K Report for the year ended March 30, 2009(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.26  | Supplement No. 1 dated August 11, 1988 to Prospectus dated May 6, 1988 filed pursuant to Rule 424(b)(3) under the Securities Act of 1933    | Exhibit 99.26 to Form 10-K Report for the year ended March 30, 2009(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.27  | Supplement No. 2 dated September 20, 1988 to Prospectus dated May 6, 1988 filed pursuant to Rule 424(b)(3) under the Securities Act of 1933 | Exhibit 99.27 to Form 10-K Report for the year ended March 30, 2009(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.28  | Independent Auditors’ Report of Cobbet Hill Associates Limited Partnership as of and for the years ended December 31, 2005 and 2004   | Exhibit 99.26 to Form 10-K Report for the year ended March 30, 2006(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.29  | Audited Financial Statements of Madison-Bellefield Associates Limited Partnership as of and for the years ended December 31, 2005 and 2004  | Exhibit 99.27 to Form 10-K Report for the year ended March 30, 2006(File No. 0-17619)      |
|   |                                                                                                                                        |                                                                                       |
| 99.30  | Audited Financial Statements of Madison-Bellefield Associates Limited Partnership as of and for the year ended December 31, 2006            | Exhibit 99.28 to Form 10-K Report for the year ended March 30, 2007(File No. 0-17619)      |

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|                            | AMERICAN TAX CREDIT PROPERTIES L.P.                |
|---------------------------------|----------------------------------------------------|
|                            | (a Delaware limited partnership)                   |
|                            |                                               |   |
|                            | By:  Richman Tax Credit Properties L.P., |
|                            |                                               |   General Partner |
|                            |                                               |   |
|                            | By:  Richman Tax Credit Properties Inc., |
|                            |                                               |   general partner |
|                            |                                               |   |
| Dated:  June 28, 2011 | /s/David Salzman                                   |
|                            | David Salzman                                      |
|                            | Chief Executive Officer                            |
|                            |                                               |   |
|                            |                                               |   |
| Dated:  June 28, 2011 | /s/James Hussey                                    |
|                            | James Hussey                                       |
|                            | Chief Financial Officer                            |

| Signature                                                                                                                                                                                                                                                              |   | Title                                             | Date          |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|---------------|
|                                                                                                                                                                                                                                                                   |   |                                              |          |
|                                                                                                                                                                                                                                                                   |   |                                              |          |
| /s/David Salzman                                          |   | Chief Executive Officer of  the general | June 28, 2011 |
| (David Salzman)                                                                                                                                                                                                                                                        |   | partner of the General Partner                    |          |
|                                                                                                                                                                                                                                                                   |   |                                              |          |
| /s/James Hussey                                           |   | Chief Financial Officer of the general            | June 28, 2011 |
| (James Hussey)                                                                                                                                                                                                                                                         |   | partner of the General Partner                    |          |
|                                                                                                                                                                                                                                                                   |   |                                              |          |
| /s/Richard Paul Richman                                                                                                                                                                                                                                           |   | Director of the general partner of the            | June 28, 2011 |
| (Richard Paul Richman)                                                                                                                                                                                                                                                 |   | General Partner                                   |          |

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